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Document

Exhibit 10.2

REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of March 9, 2022, to be effective as of the Closing (as defined below), is by and among Chesapeake Energy Corporation, an Oklahoma corporation (the “Company”), Radler 2000 Limited Partnership, a Texas limited partnership (“R2KLP”) and any Transferees thereof which hold Registrable Securities (R2KLP, together with any Transferees, the “Holders”).
RECITALS:
WHEREAS, this Agreement is being entered into pursuant to (i) the Membership Interest Purchase Agreement (the “R2KLP Membership Interest Purchase Agreement”), dated as of January 24, 2022, by and among R2KLP, Tug Hill Inc., a Nevada corporation, the Company and Chesapeake Appalachia, L.L.C., an Oklahoma limited liability company (“CALLC”) and (ii) the Membership Interest Purchase Agreement (the “THM Membership Interest Purchase Agreement”, together with the R2KLP Membership Interest Purchase Agreement, the “Membership Interest Purchase Agreements”), dated as of January 24, 2022, by and among R2KLP, Tug Hill Inc., a Nevada corporation, the Company and CALLC;
WHEREAS, at the time of the closing of the transactions contemplated by the Membership Interest Purchase Agreements (the “Closing”), the Company shall issue to the Holders 1,837,479 shares of Company Common Stock (the “Shares”) in the aggregate;
WHEREAS, this Agreement shall become effective as of the Closing; and
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows:
ARTICLE I
DEFINITIONS
As used herein, the following terms shall have the following respective meanings:
“Adoption Agreement” means an Adoption Agreement in the form attached hereto as Exhibit A.
“Affiliate” means, as to any Person, any other Person who directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person. As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control with,” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person.
“Agreement” has the meaning set forth in the introductory paragraph.
“August 2021 Holders” means the holders that are party to the August 2021 Registration Rights Agreement.
“August 2021 Registration Rights Agreement” means the Registration Rights Agreement, dated as of August 10, 2021 by and among the Company and the other parties thereto.
“Board” means the board of directors of the Company.
“Business Day” means a day other than a day on which banks in the State of New York or the State of Delaware are authorized or obligated to be closed.
“Closing” has the meaning set forth in the recitals.
“Commission” means the Securities and Exchange Commission or any successor governmental agency.
“Company” has the meaning set forth in the introductory paragraph.

“Company Common Stock” means the common stock of the Company, par value $0.01 per share.
“Company Securities” has the meaning set forth in Section 2.4(c)(i).
“Company Underwritten Offering” has the meaning set forth in Section 2.4(a).
“Effectiveness Period” has the meaning set forth in Section 2.1(c).
“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.
“February 2021 Holders” means the holders that are party to the February 2021 Registration Rights Agreement.
“February 2021 Registration Rights Agreement” means the Registration Rights Agreement, dated as of February 9, 2021 by and among the Company and the other parties thereto.
“Financial Counterparty” has the meaning set forth in Section 2.6(a)(xiv).
“Holder(s)” has the meaning set forth in the introductory paragraph.
“Holder Underwritten Offering” has the meaning set forth in Section 2.2(a).
“Holder Underwritten Offering Request” has the meaning set forth in Section 2.2(a).
“Indemnified Party” has the meaning set forth in Section 3.3.
“Indemnifying Party” has the meaning set forth in Section 3.3.
“Lock-up Period” has the meaning set forth in Section 2.11(a).
“Losses” has the meaning set forth in Section 3.1.
“Managing Underwriter” means, with respect to any Underwritten Offering, the lead book-running manager(s) of such Underwritten Offering.
“Maximum Number of Shares” has the meaning set forth in Section 2.4(c).
“Membership Interest Purchase Agreements” has the meaning set forth in the recitals.
“Opt-Out Notice” has the meaning set forth in Section 2.10.
“Permitted Transferees” means, with respect to any Holder, (i) any Affiliate of such Holder or (ii) any of the direct or indirect partners, members or beneficiaries of such Holder.
“Person” means any individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, governmental entity, association or unincorporated organization, or any other form of business or professional entity.
“Piggyback Holders” has the meaning set forth in Section 2.4(a).
“R2KLP Membership Interest Purchase Agreement” has the meaning set forth in the recitals.
“Registrable Securities” means (a) the Shares and (b) any securities issued or issuable with respect to the Shares by way of conversion, concession, stock dividend or stock split or other distribution, recapitalization or reclassification, or in connection with any reorganization or other recapitalization, merger, consolidation or otherwise; provided, however, that a Registrable Security shall cease to be a Registrable Security when (i) a Registration Statement covering such Registrable Security has become effective under the Securities Act and such Registrable Security has been Transferred by the holder of such Registrable Security pursuant to such Registration Statement as a 
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result of which the legend on any certificate or book-entry notation representing such Registrable Security restricting Transfer of such Registrable Security has been removed, (ii) such Registrable Security is Transferred pursuant to Rule 144 under the Securities Act or pursuant to any other exemption from the registration requirements of the Securities Act without volume limitations or other restrictions, (iii) such Registrable Security has ceased to be outstanding, (iv) or such Registrable Security has been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction or (v) such Registrable Security has been sold or disposed of in a transaction in which the Transferor’s rights under this Agreement are not assigned to the Transferee pursuant to Section 5.3.
“Registration Expenses” means all expenses incurred by the Company in complying with Article II, including, without limitation, (i) all registration and filing fees, (ii) printing expenses, (iii) fees and disbursements of independent public accountants for the Company incurred specifically in connection with such registration, (iv) fees and expenses (including reasonable and customary counsel fees) incurred in connection with complying with state securities or “blue sky” laws, (v) fees, costs and expenses (including reasonable and customary counsel fees) incurred by the Company related to any roadshows conducted in connection with the marketing of any Holder Underwritten Offering, (vi) fees of the Financial Industry Regulatory Authority, Inc. and (vi) fees of transfer agents and registrars, but excluding, in each case, any Selling Expenses.
“Registration Statement” means any registration statement of the Company filed or to be filed with the Commission under the Securities Act, including the related prospectus, amendments and supplements to such registration statement, and including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement.
“Requesting Holder” has the meaning set forth in Section 2.2(a).
“Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. References to any rule under the Securities Act shall be deemed to refer to any similar or successor rule or regulation.
“Selling Expenses” means all (a) underwriting fees, discounts and selling commissions allocable to the sale of Registrable Securities, (b) transfer taxes allocable to the sale of the Registrable Securities, (c) fees, costs and expenses (including reasonable and customary counsel fees) incurred by the Holders related to any roadshows conducted in connection with the marketing of any Holder Underwritten Offering and (d) fees and expenses of counsel engaged by any Holders (subject to Article III).
“Selling Holder” means a Holder selling Registrable Securities pursuant to a Registration Statement.
“Shares” has the meaning set forth in the recitals.
“Shelf Registration Statement” has the meaning set forth in Section 2.1(a).
“Suspension Period” has the meaning set forth in Section 2.3.
“THM Membership Interest Purchase Agreement” has the meaning set forth in the recitals.
“Transfer” means any sale, assignment, transfer, conveyance, gift, pledge, distribution, hypothecation or other encumbrance or any other disposition, whether voluntary, involuntary by operation of law, whether effected directly or indirectly, or the entry into any legally binding contract, commitment or understanding with respect to any sale, assignment, transfer, conveyance, gift, pledge, distribution, hypothecation or other encumbrance or any other disposition, whether voluntary, involuntary or by operation of law, whether effected directly or indirectly, including, with respect to any capital stock or interests in capital stock, the entry into any swap or any contract, transaction or series of transactions that hedges or transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of such capital stock or interest in capital stock, whether any such swap, contract, transaction or series of transactions is to be settled by delivery of Company Securities, in cash or otherwise. “Transfers” or “Transferred” shall each have a correlative meaning. “Transfer,” when used as a verb, and “Transferee” and “Transferor” have correlative meanings.
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“Underwritten Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which shares of Company Common Stock are sold to an underwriter on a firm commitment basis for reoffering to the public.
“Underwritten Offering Filing” means (a) with respect to a Holder Underwritten Offering, a preliminary prospectus supplement (or prospectus supplement if no preliminary prospectus supplement is used) to the Shelf Registration Statement relating to such Holder Underwritten Offering, and (b) with respect to a Company Underwritten Offering, (i) a preliminary prospectus supplement (or prospectus supplement if no preliminary prospectus supplement is used) to an effective shelf registration statement (other than the Shelf Registration Statement) in which Registrable Securities could be included and Holders could be named as selling security holders without the filing of a post-effective amendment thereto (other than a post-effective amendment that becomes effective upon filing) or (ii) a Registration Statement (other than the Shelf Registration Statement), in each case relating to such Company Underwritten Offering.
“WKSI” means a well-known seasoned issuer (as defined in Rule 405 under the Securities Act).
ARTICLE II
REGISTRATION RIGHTS
Section 2.1    Shelf Registration Statement.
(a)    The Company shall, as soon as practicable after the Closing, but in any event within fifteen (15) calendar days after the Closing (or such later date as mutually agreed in writing by the Company and the Holders), file a Registration Statement (the “Shelf Registration Statement”), under the Securities Act to permit the public resale of the Registrable Securities by the Holders from time to time as permitted by Rule 415 under the Securities Act and shall use commercially reasonable efforts to cause such Registration Statement to become or be declared effective as soon as practicable after the filing thereof, including by filing an automatic shelf registration statement that becomes effective upon filing with the Commission in accordance with Rule 462(e) under the Securities Act to the extent the Company is then a WKSI. Following the effective date of the Shelf Registration Statement or when a supplement to any prospectus forming a part of the Shelf Registration Statement has been filed, the Company shall notify the Holders of the effectiveness of the Shelf Registration Statement.
(b)    The Shelf Registration Statement shall be on Form S-3 or, if Form S-3 is not then available to the Corporation, on Form S-1 or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities and shall contain a prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar rule adopted by the Commission then in effect) at any time beginning on the effective date for the Shelf Registration Statement. The Shelf Registration Statement shall provide for the resale pursuant to any method or combination of methods legally available to the Holders and requested by the Holders.
(c)    The Company shall use commercially reasonable efforts to cause the Shelf Registration Statement to remain effective, and to be supplemented and amended to the extent necessary to ensure that the Shelf Registration Statement is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities by the Holders until all of the Registrable Securities have ceased to be Registrable Securities or the earlier termination of this Agreement (as to all Holders) pursuant to Section 5.2 (the “Effectiveness Period”).
(d)    When the Shelf Registration Statement is effective, (i) such Registration Statement (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (ii) in the case of any prospectus contained in the Shelf Registration Statement, such prospectus will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which such statements are made, not misleading.
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Section 2.2    Holder Underwritten Offering Requests.
(a)    If the Holders elect to dispose of Registrable Securities under a Registration Statement pursuant to an Underwritten Offering and reasonably expects gross proceeds of at least $50 million from such Underwritten Offering, then the Company shall, at the request (a “Holder Underwritten Offering Request”) of such Holders (in such capacity, “Requesting Holders”), enter into an underwriting agreement, and perform its obligations thereunder, in a form as is customary in Underwritten Offerings of securities by the Company with the underwriter or underwriters selected pursuant to Section 2.2(b) and shall take all such other reasonable actions as are requested by the Managing Underwriter of such Underwritten Offering and the Requesting Holders to expedite or facilitate the disposition of such Registrable Securities (a “Holder Underwritten Offering”); provided, however, that the Company shall have no obligation to facilitate or participate in more than two Holder Underwritten Offerings during any 12-month period, and no more than one Holder Underwritten Offering in any 90-day period. Notwithstanding any other provision of this Agreement to the contrary, the Holders may not demand more than three Holder Underwritten Offerings in the aggregate.
(b)    A majority of the Requesting Holders shall select the underwriters in any Holder Underwritten Offering and shall determine the pricing of the shares of Company Common Stock offered pursuant to any Holder Underwritten Offering, the applicable underwriting discounts and commissions and the timing of any Holder Underwritten Offering.
Section 2.3    Delay and Suspension Rights. Notwithstanding any other provision of this Agreement, the Company may (a) delay filing or effectiveness of a Shelf Registration Statement (or any amendment thereto) or effecting a Holder Underwritten Offering or (b) suspend the Holders’ use of any prospectus that is a part of a Shelf Registration Statement upon written notice to each Holder whose Registrable Securities are included in such Shelf Registration Statement (provided that in no event shall such notice contain any material non-public information regarding the Company) (in which event such Holder shall discontinue sales of Registrable Securities pursuant to such Registration Statement but may settle any then-contracted sales of Registrable Securities), in each case for a period of up to 60 days, if the Board determines that (i) such delay or suspension is in the best interest of the Company and its stockholders generally due to a pending financing or other transaction involving the Company, including a proposed sale of shares of Company Common Stock pursuant to a registration of Company Securities, (ii) such registration or offering would render the Company unable to comply with applicable securities laws or (iii) such registration offering would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a “Suspension Period”); provided, however, that in no event shall any Suspension Periods collectively exceed an aggregate of 105 days in any twelve-month period. For the purposes of calculating the number of days of one or more Suspension Periods under this Section 2.3, such number shall include any number of days during the applicable period during which the Holders were obligated to discontinue their disposition of Registrable Securities pursuant to Section 2.6(b) of this Agreement.
Section 2.4    Piggyback Registration Rights.
(a)    Subject to Section 2.4(c), if the Company at any time proposes to file an Underwritten Offering Filing for a Company Underwritten Offering of shares of Company Common Stock for its own account (a “Company Underwritten Offering”), it will give written notice of such Company Underwritten Offering to each Holder, which notice shall be held in strict confidence by such Holders and shall include the anticipated filing date of the Underwritten Offering Filing and, if known, the number of shares of Company Common Stock that are proposed to be included in such Company Underwritten Offering, and of such Holders’ rights under this Section 2.4(a). Such notice shall be given promptly (and in any event at least five Business Days before the filing of the Underwritten Offering Filing or two Business Days before the filing of the Underwritten Offering Filing in connection with a bought or overnight Underwritten Offering). Each such Holder shall then have four Business Days (or one Business Day in the case of a bought or overnight Underwritten Offering) after the date on which the Holders received notice pursuant to this Section 2.4(a) to request inclusion of Registrable Securities in the Company Underwritten Offering (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder and such other information as is reasonably required to effect the inclusion of such Registrable Securities) (any such Holder making such request, a “Piggyback Holders”). If no request for inclusion from a Holder is received within such period, such Holder shall have no further right to participate in such Company Underwritten Offering. Subject to Section 2.4(c), the Company shall use its commercially reasonable efforts to include in the Company Underwritten Offering 
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all Registrable Securities that the Company has been so requested to include by the Piggyback Holders; provided, however, that if, at any time after giving written notice of a proposed Company Underwritten Offering pursuant to this Section 2.4(a) and prior to the execution of an underwriting agreement with respect thereto, the Company or such other Persons who have or have been granted registration rights, as applicable, shall determine for any reason not to proceed with or to delay such Company Underwritten Offering, the Company shall give written notice of such determination to the Piggyback Holders (which such Holders will hold in strict confidence) and (i) in the case of a determination not to proceed, shall be relieved of its obligation to include any Registrable Securities in such Company Underwritten Offering (but not from any obligation of the Company to pay the Registration Expenses in connection therewith), and (ii) in the case of a determination to delay, shall be permitted to delay inclusion of any Registrable Securities for the same period as the delay in including the shares of Company Common Stock to be sold for the Company’s account or for the account of such other Persons who have or have been granted registration rights, as applicable.
(b)    Each Selling Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any Company Underwritten Offering at any time prior to the launch of an offering; upon written notification to the Company and the underwriters (if any) of the Selling Holder’s intention to withdraw from such Piggyback Registration prior to the launch of an offering; further any Holder may elect not to be notified of any Company Underwritten Offering by delivering an Opt-Out Notice to the Company in writing requesting that such Holder not receive notice from the Company of any proposed Company Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing.
(c)    If the Managing Underwriter of the Company Underwritten Offering shall inform the Company of its belief that the number of Registrable Securities requested to be included in such Company Underwritten Offering, when added to the number of shares of Company Common Stock proposed to be offered by the Company or such other Persons who have or have been granted registration rights (and any other shares of Company Common Stock requested to be included by any other Persons having registration rights on parity with the Piggyback Holders with respect to such offering), would materially adversely affect such offering, then the Company shall include in such Company Underwritten Offering, to the extent of the total number of securities which the Company is so advised can be sold in such offering without so materially adversely affecting such offering (the “Maximum Number of Shares”), shares of Company Common Stock in the following priority:
(i)    First, all shares of Company Common Stock that the Company proposes to include for its own account (the “Company Securities”);
(ii)    Second, if the Company Underwritten Offering is for the account of the Company, to the extent that the number of Company Securities is less than the Maximum Number of Shares, or if the Company Underwritten Offering is for the account of any other Persons who have or have been granted registration rights, the shares of Company Common Stock requested to be included by the February 2021 Holders, if any, pro rata among the February 2021 Holders;
(iii)    Third, if the Company Underwritten Offering is for the account of the Company, to the extent that the number of Company Securities is less than the Maximum Number of Shares, or if the Company Underwritten Offering is for the account of any other Persons who have or have been granted registration rights, the shares of Company Common Stock requested to be included by the Piggyback Holders, the August 2021 Holders and holders of any other shares of Company Common Stock requested to be included by Persons having rights of registration on parity with the Piggyback Holders with respect to such offering, pro rata among the Piggyback Holders and such other holders based on the number of shares of Company Common Stock each requested to be included; and
(iv)    Fourth, other securities requested to be included, if any, pro rata among the holders of such other securities.
(d)    The Company shall select the underwriters in any Company Underwritten Offering and shall determine the pricing of the shares of Company Common Stock offered pursuant to any Company Underwritten Offering, the applicable underwriting discounts and commissions and the timing of any such Company Underwritten Offering.
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Section 2.5    Participation in Underwritten Offerings.
(a)    In connection with any Underwritten Offering contemplated by Sections 2.2 or 2.4, the underwriting agreement into which each Selling Holder and the Company shall enter into shall contain such representations, covenants, indemnities (subject to Article III) and other rights and obligations as are customary in Underwritten Offerings of securities by the Company; provided, that the Company shall not be required to make any representations or warranties with respect to written information specifically provided by a Selling Holder for inclusion in the applicable Registration Statement. No Selling Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of and title to, the securities being registered on its behalf, its intended method of distribution and any other representation required by law.
(b)    Any participation by Holders in a Company Underwritten Offering shall be in accordance with the plan of distribution of the Company.
(c)    No Holder shall be entitled to sell any Registrable Securities in connection with any Company Underwritten Offering in which such Holder elects to include Registrable Securities pursuant to Section 2.4, unless such Holder (i) supplies any information reasonably requested by the Company in connection with the preparation of a Registration Statement and/or any other documents relating to such registered offering, (ii) executes and delivers all agreements and other documents and instruments being executed by all holders on substantially the same terms reasonably requested by the Company or the Managing Underwriter, as applicable, to effectuate such registered offering, including, without limitation, underwriting agreements (subject to Section 2.5(a)), custody agreements, questionnaires, indemnities, powers of attorney, lock-ups and “hold back” agreements, and (iii) agrees not to sell or purchase any securities of the Company, as applicable, for the same period of time following the registered offering as is agreed to by the Company and the other participating holders, and further agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the Transfer of securities of the Company beneficially owned or owned of record by such Holder during such period.
(d)    If the Company or Managing Underwriter, as applicable, requests that the Holders take any of the actions referred to in Section 2.5(c), the Holders shall take such action promptly but in any event within three Business Days following the date of such request.
Section 2.6    Registration Procedures.
(a)    In connection with its obligations under this Article II, the Company will:
(i)    promptly prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement;
(ii)    if applicable, use commercially reasonable efforts to register or qualify all Registrable Securities and other securities covered by such Registration Statement under such other securities or blue sky laws of such jurisdictions as each Holder thereof shall reasonably request, to keep such registration or qualification in effect for so long as such Registration Statement remains in effect, and to take any other action which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the securities owned by such seller, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (ii) be obligated to be so qualified or to consent to general service of process in any such jurisdiction;
(iii)    in connection with an Underwritten Offering, use all commercially reasonable efforts to provide to each Holder, on the date that shares of Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters by the Company in an underwritten public offering, addressed to the underwriters, (ii) a letter dated as of such date, from the independent public accountants of the Company, in form and substance as is customarily given 
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by independent public accountants to underwriters in an underwritten public offering, addressed to the underwriters and (iii) an engineers’ reserve report letter as of such date, from the independent petroleum engineers of the Company, in form and substance as is customarily given by independent petroleum engineers to underwriters in an underwritten public offering, addressed to the underwriters;
(iv)    promptly notify each Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and at the request of any such seller promptly prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
(v)    promptly notify each Holder and any underwriters of the notification to the Company by the Commission of its initiation of any proceeding with respect to the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, and in the event of the issuance of any stop order suspending the effectiveness of such Registration Statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction, use its reasonable best efforts to obtain promptly the withdrawal of such order;
(vi)    promptly notify each Holder and any underwriters of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction;
(vii)    otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act;
(viii)    make available to each Holder (i) promptly after the same is prepared and publicly distributed, filed with the Commission, or received by the Company, one copy of each Registration Statement and any amendment thereto, each preliminary prospectus and prospectus and each amendment or supplement thereto, each letter written by or on behalf of the Company to the Commission or the staff of the Commission (or other governmental agency or self-regulatory body or other body having jurisdiction, including any domestic or foreign securities exchange), and each item of correspondence from the Commission or the staff of the Commission (or other governmental agency or self-regulatory body or other body having jurisdiction, including any domestic or foreign securities exchange), in each case relating to such Registration Statement, and (ii) such number of copies of each prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as any Holder or any underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities. The Company will promptly notify the Holders of the effectiveness of each Registration Statement or any post-effective amendment or the filing of any supplement or amendment to such Registration Statement or of any prospectus supplement. The Company will promptly respond to any and all comments received from the Commission, with a view towards causing each Registration Statement or any amendment thereto to be declared effective by the Commission as soon as practicable and shall file an acceleration request, if necessary, as soon as practicable following the resolution or clearance of all Commission comments or, if applicable, following notification by the Commission that any such Registration Statement or any amendment thereto will not be subject to review;
(ix)    take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, that, to the extent that any prohibition is applicable to the Company, the Company will take all reasonable action to make any such prohibition inapplicable;
(x)    provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement;
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(xi)    cause all Registrable Securities covered by such Registration Statement to be listed on a national securities exchange or trading system (if any) and on any securities exchange on which the Company Common Stock is then listed;
(xii)    if requested by the Holders, cooperate with the Holders and the Managing Underwriter (if any) to facilitate the timely preparation and delivery of certificates (which shall not bear any restrictive legends unless required under applicable law) representing securities sold under the Registration Statement, and enable such securities to be in such denominations and registered in such names as such Holders or the Managing Underwriter (if any) may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such Registration Statement a supply of such certificates;
(xiii)    enter into such customary agreements and take such other actions as the Holders shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, in the case of a Holder Underwritten Offering or Company Underwritten Offering, to agree, and to cause its directors and “executive officers” (as defined under Section 16 of the Exchange Act) to agree, to such “lock-up” arrangements for up to 30 days with the underwriters thereof to the extent reasonably requested by the Managing Underwriters, subject to exceptions for permitted sales by directors and executive officers during such period consistent with underwritten offerings previously conducted by the Company); and
(xiv)    in connection with any transaction or series of anticipated transactions (a) effected pursuant to the Shelf Registration Statement, (b) with reasonably anticipated gross proceeds in excess of $150 million or involving Registrable Securities having a fair market value in excess of $150 million and (c) involving a broker, agent, counterparty, underwriter, bank or other financial institution (“Financial Counterparty”), to the extent reasonably requested by the Financial Counterparty in order to engage in the proposed transaction, the Company will use its commercially reasonable efforts to cooperate with the Holders to allow the Financial Counterparty to conduct customary “underwriter’s due diligence” with respect to the Company.
(b)    Each Holder agrees by acquisition of such Registrable Securities that upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.6(a)(iv) or Section 2.6(a)(v), such Holder will forthwith discontinue such Holder’s disposition of Registrable Securities pursuant to the Registration Statement until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.6(a)(iv) or Section 2.6(a)(v), as applicable, as filed with the Commission or until it is advised in writing by the Company that the use of such Registration Statement may be resumed, and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. The Company may provide appropriate stop orders to enforce the provisions of this Section 2.6(b).
Section 2.7    Cooperation by Holders. The Company shall have no obligation to include Registrable Securities of a Holder in any Registration Statement or Underwritten Offering if such Holder fails to timely furnish such information that the Company determines, after consultation with its counsel, is reasonably required for any registration statement or prospectus supplement, as applicable, to comply with the Securities Act.
Section 2.8    Expenses. The Company shall be responsible for all Registration Expenses incident to its performance of or compliance with its obligations under this Article II. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder.
Section 2.9    Other Registration Rights. From and after the Closing, the Company shall not, without the prior written consent of the Holders, enter into any agreement with any current or future holder of any securities of the Company (other than the February 2021 Holders) that would allow such current or future holder to require the Company to include securities in any registration statement filed by the Company for the Holders on a basis other than pari passu with, or expressly subordinate to, the piggyback rights of the Holders hereunder; provided, that in no event shall the Company enter into any agreement that would provide another holder of securities of the Company the right to participate in a Holder Underwritten Offering.
9

Section 2.10    Opt-Out Notices. Any Holder may deliver written notice (an “Opt-Out Notice”) to the Company requesting that such Holder not receive notice from the Company of the proposed filing of any Holder Underwritten Offering, Company Underwritten Offering, the withdrawal of any Holder Underwritten Offering or Company Underwritten Offering or any event that could lead to a Suspension Period, in which case the Company shall not be required to provide such notice(s); provided, however, that such Holder may later revoke any such Opt-Out Notice in writing.
Section 2.11    Lock-up Restrictions.
(a)    Except as permitted by Section 2.11(b), for a period of 90 days from the date of the Closing (the “Lock-up Period”), no Holder (which for the avoidance of doubt, shall include any Transferee thereof) shall Transfer any Registrable Securities beneficially owned or owned of record by such Holder (including securities held as a custodian), except to a Permitted Transferee.
(b)    Notwithstanding the provisions set forth in Section 2.11(a), Transfers of Registrable Securities beneficially owned or owned of record by a Holder are permitted (i) by virtue of the governing documents of such Holder or by virtue of the laws of the jurisdiction of formation of such Holder upon such Holder’s dissolution; and (ii) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Company Common Stock for cash, securities or other property.
(c)    Each Holder hereby represents and warrants that it now has, and except as contemplated by this Section 2.11(c), for the duration of the applicable Lock-up Period will have, good and marketable title to its Registrable Securities, free and clear of all liens, encumbrances, and claims that could impact the ability of such Holder to comply with the foregoing restrictions. Each Holder agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the Transfer of securities of the Company beneficially owned or owned of record by such Holder during the Lock-up Period.
ARTICLE III
INDEMNIFICATION AND CONTRIBUTION
Section 3.1    Indemnification by the Company. The Company will indemnify and hold harmless each Selling Holder, its officers and directors and each Person (if any) that controls such Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages, liabilities, costs and expenses (including attorneys’ fees) (“Losses”) caused by, arising out of, resulting from or related to any untrue statement or alleged untrue statement of a material fact (a) contained in any Registration Statement relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (b) included in any prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, provided, however, that such indemnity shall not apply to that portion of such Losses caused by, or arising out of, any untrue statement, or alleged untrue statement or any such omission or alleged omission, to the extent such statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of such Holder expressly for use therein.
Section 3.2    Indemnification by the Holders. The Holders agree to indemnify and hold harmless the Company, its officers and directors and each Person (if any) that controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all Losses caused by, arising out of, resulting from or related to any untrue statement or alleged untrue statement of a material fact (a) contained in any Registration Statement relating to Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (b) included in any prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, only to the extent such statement or omission was made in reliance upon and in conformity with information furnished in writing by or on behalf of such Holder expressly for use in any Registration Statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus.
10

Section 3.3    Indemnification Procedures. In case any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 3.1 or Section 3.2, such Person (the “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing (provided that the failure of the Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Article III, except to the extent the Indemnifying Party is actually prejudiced by such failure to give notice), and the Indemnifying Party shall be entitled to participate in such proceeding and, unless in the reasonable opinion of outside counsel to the Indemnified Party a conflict of interest between the Indemnified Party and Indemnifying Party may exist in respect of such claim, to assume the defense thereof jointly with any other Indemnifying Party similarly notified, to the extent that it chooses, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the Indemnifying Party to such Indemnified Party that it so chooses, the Indemnifying Party shall not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that (a) if the Indemnifying Party fails to assume the defense or employ counsel reasonably satisfactory to the Indemnified Party, (b) if such Indemnified Party who is a defendant in any action or proceeding which is also brought against the Indemnifying Party reasonably shall have concluded that there may be one or more legal defenses available to such Indemnified Party which are not available to the Indemnifying Party or (c) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct then, in any such case, the Indemnified Party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all Indemnified Parties in each jurisdiction, except to the extent any Indemnified Party reasonably shall have concluded that there may be legal defenses available to such party or parties which are not available to the other Indemnified Parties or to the extent representation of all Indemnified Parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct) and the Indemnifying Party shall be liable for any expenses therefor. No Indemnifying Party shall, without the written consent of the Indemnified Party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the Indemnified Party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Party from all liability arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any Indemnified Party.
Section 3.4    Contribution.
(a)    If the indemnification provided for in this Article III is unavailable to an Indemnified Party in respect of any Losses in respect of which indemnity is to be provided hereunder, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall to the fullest extent permitted by law contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of such party in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company (on the one hand) and a Holder (on the other hand) shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
(b)    The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Article III were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 3.4(a). The amount paid or payable by an Indemnified Party as a result of the Losses referred to in Section 3.4(a) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Article III, no Holder shall be liable for indemnification or contribution pursuant to this Article III for any amount in excess of the net proceeds of the offering received by such Holder, less the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
11

ARTICLE IV
RULE 144
With a view to making available the benefits of certain rules and regulations of the Commission that may permit the resale of the Registrable Securities without registration, the Company agrees to use its commercially reasonable efforts to:
(a)    make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times from and after the Closing;
(b)    file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all times from and after the Closing; and
(c)    until the one-year anniversary of this Agreement and upon the reasonable written request of a Holder owning any Registrable Securities, furnish a written statement of the Company as to whether it has complied with the reporting requirements of Rule 144 under the Securities Act.
ARTICLE V
MISCELLANEOUS
Section 5.1    Effectiveness. This Agreement shall not become effective until the Closing and shall thereafter be effective until terminated in accordance with the terms of this Agreement. In the event that the Partnership Interest Purchase Agreement is terminated prior to the consummation of the transactions contemplated thereby, this Agreement and all the terms hereunder shall also terminate, regardless of any other provisions set forth in this Agreement.
Section 5.2    Termination. After effectiveness in accordance with Section 5.1, this Agreement shall terminate, and the parties shall have no further rights or obligations hereunder on the date when there shall no longer be any Registrable Securities outstanding.
Section 5.3    Transfer of Rights. The rights to registration and other rights under this Agreement may be assigned to a Transferee of Registrable Securities if (a) such Holder shall give the Company written notice prior to the time of such assignment stating the name and address of the Transferee and identifying the securities with respect to which the rights under this Agreement are being assigned; (b) such Transferee has delivered to the Company a duly executed Adoption Agreement; (c) such Registrable Securities remain Registrable Securities following such assignment; and (d) immediately following such assignment the further disposition of such securities by such Transferee shall be restricted to the extent set forth under applicable law. For the avoidance of doubt, no assignment by any Holder of such Holder’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment in accordance with Section 5.8 and (ii) a duly executed Adoption Agreement from such Transferee. Any Transfer or assignment made other than as provided in this Section 5.3 shall be null and void.
Section 5.4    Severability. If any provision of this Agreement shall be determined to be illegal and unenforceable by any court of law, the remaining provisions shall be severable and enforceable in accordance with their terms.
Section 5.5    Governing Law; Waiver of Jury Trial.
(a)    This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws that would direct the application of the laws of another jurisdiction.
12

(b)    THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY PARTY AGAINST ANOTHER IN ANY MATTER WHATSOEVER ARISING OUT OF OR IN RELATION TO OR IN CONNECTION WITH THIS AGREEMENT. FURTHER, NOTHING HEREIN SHALL DIVEST A COURT OF COMPETENT JURISDICTION OF THE RIGHT AND POWER TO GRANT A TEMPORARY RESTRAINING ORDER, TO GRANT TEMPORARY INJUNCTIVE RELIEF, OR TO COMPEL SPECIFIC PERFORMANCE OF ANY DECISION OF AN ARBITRAL TRIBUNAL MADE PURSUANT TO THIS PROVISION.
Section 5.6    Adjustments Affecting Registrable Securities. The provisions of this Agreement shall apply to any and all shares of capital stock of the Company or any successor or assignee of the Company (whether by merger, consolidation, division, sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution for Registrable Securities, by reason of any stock dividend, split, reverse split, combination, recapitalization, reclassification, merger, consolidation, division or otherwise in such a manner and with such appropriate adjustments as to reflect the intent and meaning of the provisions hereof and so that the rights, privileges, duties and obligations hereunder shall continue with respect to the capital stock of the Company as so changed.
Section 5.7    Binding Effects; Benefits of Agreement. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns and each Holder and its successors and assigns. Except as provided in Section 5.3, neither this Agreement nor any of the rights, benefits or obligations hereunder may be assigned or transferred, by operation of law or otherwise, by any Holder without the prior written consent of the Company.
Section 5.8    Notices. All notices or other communications which are required or permitted hereunder shall be in writing and shall be deemed to have been given if (a) personally delivered, (b) sent by nationally recognized overnight courier, (c) sent by registered or certified mail, postage prepaid, return receipt requested, or (d) sent by email. Such notices and other communications must be sent to the following addresses or email addresses:
(a)    If to the Company, to:
CHESAPEAKE ENERGY CORPORATION
6100 North Western Ave.
Oklahoma City, Oklahoma 73118
Attention:  Benjamin E. Russ
E-mail:  ben.russ@chk.com
with copies (which shall not constitute notice) to:
SHEARMAN & STERLING LLP
800 Capitol, Suite 2200
Houston, Texas 77002
Attention:  Jeremy Kennedy; Bill Nelson
E-mail:  Jeremy.Kennedy@Shearman.com; Bill.Nelson@Shearman.com
(b)    If to the Holders, to:
RADLER 2000 LIMITED PARTNERSHIP
1320 S. University Drive, Suite 500
Fort Worth, TX 76107
Attn:  Evan Radler
Email:  eradler@tug-hillop.com
with copies (which shall not constitute notice) to:
GIBSON, DUNN & CRUTCHER LLP
811 Main Street, Suite 3000
Houston, Texas 77002
Attn:  Michael P. Darden; Jeffrey A. Chapman
Email:  mpdarden@gibsondunn.com; jchapman@gibsondunn.com
13

and
AKIN GUMP STRAUSS HAUER & FELD LLP
2300 N. Field Street, Suite 1800
Dallas, Texas 75201
Attn:  Wesley P. Williams; Cole Bredthauer
Email: WilliamsW@akingump.com; CBredthauer@akingump.com
or to such other address or email address as the party to whom notice is to be given may have furnished to such other party in writing in accordance herewith. Any such communication shall be deemed to have been received (a) when delivered, if personally delivered, (b)the next Business Day after delivery, if sent by nationally recognized, overnight courier, (c) on the second Business Day following the date on which the piece of mail containing such communication is posted, if sent by first-class mail or (d) on the date sent, if sent by email during normal business hours of the recipient or on the next Business Day, if sent by email after normal business hours of the recipient.
Section 5.9    Modification; Waiver. This Agreement may be amended, modified or supplemented only by a written instrument duly executed by the Company and the Holders of a majority of the Registrable Securities. No course of dealing between the Company and the Holders (or any of them) or any delay in exercising any rights hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.
Section 5.10    Entire Agreement. Except as otherwise expressly provided herein, this Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of the parties in connection therewith.
Section 5.11    Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart shall be deemed to be an original instrument, but all such counterparts taken together shall constitute but one agreement.
[signature page follows]
14

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed by its undersigned duly authorized representative as of the date first written above.
									
	 	CHESAPEAKE ENERGY CORPORATION
	 	 
	 	By:	/s/ Benjamin E. Russ
	 	Name:	Benjamin E. Russ
	 	Title:	Executive Vice President, General
	 	 	Counsel and Corporate Secretary

15

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed by its undersigned duly authorized representative as of the date first written above.

									
	 	RADLER 2000 LIMITED PARTNERSHIP
	 	 
		By:	Tug Hill, Inc., its general partner
			
	 	By:	/s/ Michael Radler
	 	Name:	Michael Radler
	 	Title:	CEO

16

EXHIBIT A
ADOPTION AGREEMENT
This Adoption Agreement (“Adoption Agreement”) is executed by the undersigned transferee (“Transferee”) pursuant to the terms of the Registration Rights Agreement (as amended from time to time, the “Registration Rights Agreement”), dated as of [●], 2022, Chesapeake Energy Corporation, an Oklahoma corporation (the “Company”), Radler 2000 Limited Partnership, a Texas limited partnership (“R2KLP”) and any Transferees thereof, that hold Registrable Securities (the “Holders”), that hold Registrable Securities. Terms used and not otherwise defined in this Adoption Agreement have the meanings set forth in the Registration Rights Agreement.
By the execution of this Adoption Agreement, the Transferee agrees as follows:
1.    Acknowledgement. Transferee acknowledges that Transferee is acquiring certain shares of Company Common Stock subject to the terms and conditions of Registration Rights Agreement, among the Company and the Holders.
2.    Agreement. Transferee (a) agrees that the shares of Company Common Stock acquired by Transferee shall be bound by and subject to the terms of the Registration Rights Agreement, pursuant to the terms thereof, and (b) hereby adopts the Registration Rights Agreement with the same force and effect as if he, she or it were originally a party thereto.
3.    Notice. Any notice required as permitted by the Registration Rights Agreement shall be given to Transferee at the address listed below Transferee’s signature.
4.    Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption Agreement to acknowledge its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the shares of Company Common Stock and other securities referred to above and in the Registration Rights Agreement, to the terms of the Registration Rights Agreement.

									
	 	Signature:
	 	 
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	Contact Person:	 
	 	 
	 	Telephone Number:	 
	 	 
	 	Email:Exhibit 10.1

 

EXECUTION VERSION

 

SIXTH AMENDMENT

Dated as of March 3, 2022

to

REVOLVING CREDIT AND SECURITY AGREEMENT

Dated as of February 4, 2019

 

This SIXTH AMENDMENT TO REVOLVING
CREDIT AND SECURITY AGREEMENT (this “Amendment”), dated as of March 3, 2022, is entered into by and among GOLUB CAPITAL
BDC 3, INC., a Maryland corporation and GBDC 3 FUNDING II LLC, a Delaware limited liability company, as borrowers (in such capacity, each
a “Borrower”, and together, the “Borrowers”) and Signature Bank, as the administrative agent and
a lender under the Credit Agreement (as defined below) (“Signature Bank”).

 

RECITALS

 

WHEREAS, the Borrowers and Signature
Bank are parties to that certain Revolving Credit and Security Agreement, dated as of February 4, 2019 (as amended by that certain First
Amendment to Revolving Credit and Security Agreement, dated as of April 8, 2019, that certain Second Amendment to Revolving Credit and
Security Agreement, dated as of May 31, 2019, that certain Additional Borrower Joinder Agreement to Revolving Credit and Security Agreement,
dated as of August 23, 2019, that certain Third Amendment to Revolving Credit and Security Agreement dated as of February 7, 2020, that
certain Fourth Amendment to Revolving Credit and Security Agreement dated as of February 4, 2021, that certain Fifth Amendment to Revolving
Credit and Security Agreement dated as of February 4, 2022, and as may be further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”);

 

WHEREAS, the parties hereto
wish to make certain changes to the Credit Agreement as further described herein.

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements contained herein and in the Credit Agreement, the parties hereto agree as follows:

 

Section 1.               Definitions. All capitalized terms not otherwise defined herein are used as defined in the Credit Agreement.

 

Section 2.               Changes to the Credit Agreement.

 

2.1.          As of the Effective Date, certain sections of the Credit Agreement (including the Schedules and Exhibits thereto) are hereby amended
as set forth on Annex A to this Amendment. Language being inserted into the applicable section of the Credit Agreement is evidenced
on Annex A by bold and underline formatting in the same manner as the following example: double-underlined
text.  Language being deleted from the applicable section of the Credit Agreement is evidenced on Annex A
by strike through formatting in the same manner as the following example: stricken text.

 

    -1- 

     

    

 

2.2.          Exhibit B to the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex B to this Amendment.

 

2.3.          Exhibit H to the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex C to this Amendment.

 

2.4.          Exhibit J to the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex D to this Amendment.

 

Section 3.              Conditions Precedent to Closing. Section 2 hereof shall become effective on the date (the “Effective
Date”) upon which each of the following conditions precedent have been satisfied or waived:

 

3.1.          Signature Bank shall have received a counterpart (or counterparts) of this Amendment, executed and delivered by Borrowers, or other
evidence satisfactory to Signature Bank of the execution and delivery of this Amendment by Borrowers;

 

3.2.          Signature Bank shall have received (a) true and correct copies of the resolutions adopted by Borrowers approving or consenting
to the transactions contemplated by this Amendment, certified by a Responsible Officer of Borrowers, as in effect on the Effective Date,
(b) certificates of good standing, and (c) satisfactory reports of searches of Filings in the jurisdiction of formation or registration
of the Borrowers; and

 

3.3.          Borrowers shall have paid all fees and other amounts due and payable on or prior to the date hereof, including, without limitation,
(a) payment of an extension fee in an amount equal to $412,500, which amount shall be payable to Signature Bank and shall be fully earned
as of the Effective Date, non-refundable and not creditable against any other fee due and owing under the Loan Documents, and (b) payment
of all reasonable expenses required to be reimbursed or paid by Borrowers hereunder, including the reasonable and documented fees and
disbursements of Cadwalader, Wickersham & Taft LLP.

 

Section 4.               Miscellaneous.

 

4.1.          Reaffirmation of Covenants, Representations and Warranties. Upon the effectiveness of this Amendment, each Borrower hereby
reaffirms all covenants applicable to it, and confirms the representations and warranties set forth in the Credit Agreement and the other
Loan Documents are true and correct in all material respects (except to the extent such representations and warranties expressly relate
to an earlier date).

 

4.2.          Representations and Warranties. Each Borrower hereby represents and warrants that (i) this Amendment constitutes a legal,
valid and binding obligation of such Person, enforceable against it in accordance with its terms, subject to Debtor Relief Laws and general
equitable principles (whether considered a proceeding in equity or at law), and (ii) upon the Effective Date, no Event of Default or Potential
Default shall exist.

 

4.3.          References to the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to
 “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean
and be a reference to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other document, instrument
or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as
amended hereby.

 

    -2- 

     

    

 

4.4.          Effect on Credit Agreement. Except as specifically amended above, the Credit Agreement and all other Loan Documents executed
and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 

4.5.          No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power
or remedy of Signature Bank or any other Lender under the Credit Agreement or any other document, instrument or agreement executed in
connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein.

 

4.6.          Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York.

 

4.7.          Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns.

 

4.8.          Headings. Section headings in this Amendment are for reference only and shall in no way affect the interpretation of this
Amendment.

 

4.9.          Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute
one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed
counterpart hereof, or a signature page hereto, by facsimile or in a .pdf or similar file shall be effective as delivery of a manually
executed original counterpart thereof.

 

[Signatures Follow]

 

    -3- 

     

    

 

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

 

	 	BORROWERS: 
	 	 	 
	 	GOLUB CAPITAL BDC 3, INC., a Maryland corporation
	 	 	 
	 	By: 	/s/ Christopher C. Ericson
	 	Name: 	Christopher C. Ericson
	 	Title: 	Chief Financial Officer
	 	 	 
	 	 	 
	 	GBDC 3 FUNDING II LLC, a Delaware limited liability company
	 	 	 
	 	By:	Golub Capital BDC 3, Inc., its sole member
	 	 	 
	 	By: 	/s/ Christopher C. Ericson
	 	Name: 	Christopher C. Ericson
	 	Title: 	Chief Financial Officer

 

 

Signature Bank – Golub BDC 3

Sixth Amendment to Revolving Credit and Security
Agreement

 

    

     

    

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 	 
	 	SIGNATURE BANK
	 	 	 
	 	 	 
	 	By: 	/s/ Trevor Freeman
	 	Name: 	Trevor Freeman
	 	Title: 	Managing Director
	 	 	 
	 	 	 
	 	By: 	/s/ Charles W. Newcomb
	 	Name: 	Charles W. Newcomb
	 	Title: 	Managing Director

 

 

Signature Bank – Golub BDC 3

Sixth Amendment to Revolving Credit and Security
Agreement

 

    

     

    

 

Annex A

 

[Attached]

 

    

     

    

 

 
 

Conformed
Copy Through the 5thAnnex
A to Sixth Amendment

 

 

REVOLVING CREDIT AND SECURITY AGREEMENT

 

 

GOLUB CAPITAL BDC 3, INC.,

as Borrower

 

and

 

SIGNATURE BANK,

as Administrative Agent and a Lender

 

 

February 4, 2019

 

     

     

    

 

Table
of Contents

 

Page

 

	Section 1.	DEFINITIONS     	1

 

		1.1.	Defined
Terms.	1

 

		1.2.	Other
Definitional Provisions.	21

 

		1.3.	Accounting
Terms.	22

 

		1.4.	UCC
Terms.	22

 

		1.5.	Times
of Day.	22

 

		1.6.	Defined
Terms.	22

 

		1.7.	Exchange
Rates; Currency Equivalents.	23

 

	Section 2.	REVOLVING
CREDIT LOANS     	23

 

		2.1.	The
Commitments.	23

 

		2.2.	Limitation
on Borrowings and Re-borrowings.	23

 

		2.3.	Borrowings.	23

 

		2.4.	Interest.	25

 

		2.5.	Use
of Proceeds.	26

 

		2.6.	Fees.	27

 

		2.7.	Unused
Commitment Fee.	27

 

		2.8.	Extension
of Maturity Date.	27

 

	Section 3.	PAYMENT
OF OBLIGATIONS     	28

 

		3.1.	Payment
of Obligations.	28

 

		3.2.	Payment
of Interest.	28

 

		3.3.	Payments
on the Obligations.	28

 

		3.4.	Prepayments.	29

 

		3.5.	Reduction
or Early Termination of Commitments.	30

 

		3.6.	Increase
in the Maximum Commitment.	30

 

		3.7.	Joint
and Several Liability.	31

 

	Section 4.	CHANGE
IN CIRCUMSTANCES	31

 

		4.1.	Taxes.	31

 

		4.2.	Increased
Cost and Capital Adequacy.	36

 

		4.3.	Funding
Losses.	36

 

		4.4.	Inability
to Determine Rates.	37

 

    i

     

    

 

Table
of Contents

(continued)

 

Page

 

		4.5.	Mitigation.	37

 

		4.6.	Survival.	37

 

		4.7.	Benchmark
Replacement Setting.	37

 

		4.8.	Illegality.	37

 

	Section 5.	SECURITY     	38

 

		5.1.	Liens
and Security Interest.	38

 

		5.2.	The
Collateral Account; the Investment Collection Account; Capital Calls.	39

 

		5.3.	Agreement
to Deliver Additional Collateral Documents.	41

 

		5.4.	Subordination.	41

 

	Section 6.	CONDITIONS
PRECEDENT TO LENDING.     	41

 

		6.1.	Obligations
of the Lenders.	41

 

		6.2.	Conditions
to all Loans.	43

 

		6.3.	Additional
Borrowers.	44

 

	Section 7.	REPRESENTATIONS
AND WARRANTIES OF THE BORROWERS     	46

 

		7.1.	Organization
and Good Standing.	46

 

		7.2.	Authorization
and Power.	46

 

		7.3.	No
Conflicts or Consents.	46

 

		7.4.	Enforceable
Obligations.	46

 

		7.5.	Priority
of Liens; Eligibility of Investments.	46

 

		7.6.	Financial
Condition.	47

 

		7.7.	Full
Disclosure.	47

 

		7.8.	No
Default.	47

 

		7.9.	No
Litigation.	47

 

		7.10.	Material
Adverse Change.	47

 

		7.11.	Taxes.	48

 

		7.12.	Principal
Office; Jurisdiction of Formation.	48

 

		7.13.	ERISA.	48

 

		7.14.	Compliance
with Law.	48

 

		7.15.	Capital
Commitments and Contributions.	48

 

		7.16.	Fiscal
Year.	48

 

    ii

     

    

 

Table
of Contents

(continued)

 

Page

 

		7.17.	Investor
Documents.	48

 

		7.18.	Margin
Stock.	49

 

		7.19.	Investment
Company Act.	49

 

		7.20.	No
Defenses.	49

 

		7.21.	No
Withdrawals or Reductions of Capital Commitments.	49

 

		7.22.	Sanctions.	49

 

		7.23.	Insider.	50

 

		7.24.	Financial
Condition.	50

 

		7.25.	Other
Investment Vehicles.	50

 

		7.26.	Borrowing
Base Certificate and Investment Report.	50

 

	Section 8.	AFFIRMATIVE
COVENANTS OF THE BORROWERS     	50

 

		8.1.	Financial
Statements, Reports and Notices.	50

 

		8.2.	Payment
of Obligations.	53

 

		8.3.	Maintenance
of Existence and Rights.	54

 

		8.4.	Books
and Records; Access.	54

 

		8.5.	Compliance
with Law.	54

 

		8.6.	Authorizations
and Approvals.	54

 

		8.7.	Maintenance
of Liens.	54

 

		8.8.	Compliance
with Constituent Documents.	54

 

		8.9.	Investor
Default.	54

 

		8.10.	Solvency.	54

 

		8.11.	Accounts.	55

 

		8.12.	Sanctions.	55

 

		8.13.	Taxes.	55

 

		8.14.	Insurance.	55

 

		8.15.	Authorization
and Power.	55

 

		8.16.	Further
Assurances.	55

 

		8.17.	Inspection
of Investment Documents.	55

 

	Section 9.	NEGATIVE
COVENANTS     	55

 

		9.1.	Borrower
Information.	55

 

    iii

     

    

 

Table
of Contents

(continued)

 

Page

 

		9.2.	Mergers,
Etc.	56

 

		9.3.	Negative
Pledge.	56

 

		9.4.	Admission
of Investors.	56

 

		9.5.	Constituent
Documents.	56

 

		9.6.	Status
of BDC.	57

 

		9.7.	Certain
Restrictions on Subsidiaries.	57

 

		9.8.	Alternative
Investment Vehicles.	57

 

		9.9.	Limitation
on Indebtedness.	57

 

		9.10.	Capital
Commitments.	57

 

		9.11.	Capital
Calls.	57

 

		9.12.	ERISA
Compliance.	58

 

		9.13.	Limitations
on Distributions.	58

 

		9.14.	Limitation
on Withdrawals from Collateral Account and Investment Collection Account.	58

 

		9.15.	Transactions
with Affiliates.	58

 

		9.16.	Investment
Company.	58

 

		9.17.	Deemed
Capital Contributions.	59

 

		9.18.	Transactions
with Lenders or Affiliates.	59

 

		9.19.	Investor
Liens.	59

 

		9.20.	Limitation
on Investments.	59

 

		9.21.	Use
of Proceeds; Sanctions.	59

 

		9.22.	No
Cancellations, Withdrawals or Reductions of Capital Commitments.	60

 

		9.23.	Net
Asset Value.	60

 

		9.24.	Debt
Coverage Test.	60

 

		9.25.	Investor
Documents.	60

 

	Section 10.	EVENTS
OF DEFAULT     	60

 

		10.1.	Events
of Default.	60

 

		10.2.	Remedies
Upon Event of Default.	62

 

		10.3.	Lender
Offset.	65

 

		10.4.	Good
Faith Duty to Cooperate.	65

 

    iv

     

    

 

 

 

Table
of Contents

(continued)

 

Page

 

	Section 11.	MISCELLANEOUS	66
	 	 	 	 
	 	11.1.	Amendments.	66
	 	 	 	 
	 	11.2.	Waiver.	67
	 	 	 	 
	 	11.3.	Payment
of Expenses; Indemnity.	67
	 	 	 	 
	 	11.4.	Notice.	68
	 	 	 	 
	 	11.5.	Governing
Law.	69
	 	 	 	 
	 	11.6.	Choice
of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury.	69
	 	 	 	 
	 	11.7.	Invalid
Provisions.	69
	 	 	 	 
	 	11.8.	Entirety.	70
	 	 	 	 
	 	11.9.	Successors
and Assigns; Participations.	70
	 	 	 	 
	 	11.10.	Treatment
of Certain Information; Confidentiality.	73
	 	 	 	 
	 	11.11.	All
Powers Coupled with Interest.	74
	 	 	 	 
	 	11.12.	Headings.	74
	 	 	 	 
	 	11.13.	Survival.	74
	 	 	 	 
	 	11.14.	Full
Recourse.	74
	 	 	 	 
	 	11.15.	USA
PATRIOT Act Notice.	74
	 	 	 	 
	 	11.16.	Multiple
Counterparts.	75
	 	 	 	 
	 	11.17.	Term
of Agreement.	75
	 	 	 	 
	 	11.18.	Conflicts.	75
	 	 	 	 
	 	11.19.	Borrower
Liability.	75
	 	 	 	 
	Section 12.	     AGENCY
PROVISIONS	     76
	 	 	 	 
	 	12.1.	Appointment
and Authorization of Administrative Agent.	76
	 	 	 	 
	 	12.2.	Delegation
of Duties.	76
	 	 	 	 
	 	12.3.	Exculpatory
Provisions.	77
	 	 	 	 
	 	12.4.	Reliance
on Communications.	77
	 	 	 	 
	 	12.5.	Notice
of Default.	78
	 	 	 	 
	 	12.6.	Non-Reliance
on Administrative Agent and Other Lenders.	78
	 	 	 	 
	 	12.7.	Indemnification.	78
	 	 	 	 
	 	12.8.	Administrative
Agent in Its Individual Capacity.	79
	 	 	 	 
	 	12.9.	Resignation
of Administrative Agent.	79
	 	 	 	 
	 	12.10.	Administrative
Agent May File Proofs of Claim.	79

 

    v 

     

    

 

Table
of Contents

(continued)

 

SCHEDULES

 

	SCHEDULE I:	Borrower Information
	SCHEDULE II:	Lender Commitments
	SCHEDULE III:	Eligible Investments as of the Closing Date

 

EXHIBITS

 

	EXHIBIT A:	Schedule of Investors
	EXHIBIT B:	Form of Request for Borrowing
	EXHIBIT C:	Form of Compliance Certificate
	EXHIBIT D:	Form of Responsible Officer’s Certificate
	EXHIBIT E:	Form of Subscription Agreement
	EXHIBIT F:	Form of Investment Report
	EXHIBIT G:	Form of Borrowing Base Certificate
	EXHIBIT H:	Form of Extension Notice
	EXHIBIT I-1:	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships
  For U.S. Federal Income Tax Purposes)
	EXHIBIT I-2:	U.S. Tax Compliance Certificate (For Foreign Participants That Are Not
  Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT I-3:	U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships
  For U.S. Federal Income Tax Purposes)
	EXHIBIT I-4:	U.S. Tax Compliance Certificate (For Foreign Lenders
That Are Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT J:	Form of Notice of Continuation/Conversion
	EXHIBIT K:	Form of Additional Borrower Joinder Agreement

 

    vi 

     

    

 

REVOLVING CREDIT AND SECURITY AGREEMENT

 

THIS REVOLVING CREDIT AND
SECURITY AGREEMENT (this “Credit Agreement”), dated February 4, 2019, by and among (a) GOLUB CAPITAL
BDC 3, INC., a Maryland corporation, as initial borrower (the “Initial Borrower”), (b) SIGNATURE BANK,
a New York corporation (“Signature Bank”), as Administrative Agent and a Lender, (c) each of the other lending
institutions that from time to time becomes a lender hereunder (collectively referred to as “Lenders”; and each individually,
a “Lender”), and (d) each of the other Borrowers that from time to time becomes party hereto.

 

A.            Borrowers
have requested that Lenders make loans to provide working capital to Borrowers for purposes permitted under their Constituent Documents
(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.

 

C.            It
is the intent of the Borrowers, Administrative Agent and the Lenders that, affiliated funds may be added as Borrowers under this Credit
Agreement (subject to each Lender’s underwriting criteria) pursuant to documentation acceptable to Administrative Agent and the
Lenders.

 

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:

 

Section 1.               DEFINITIONS

 

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 any Eligible Institution that enters into a Deposit Account Control Agreement with respect to a Collateral Account or Investment
Collection Account in accordance with Section 5.2(b).

 

“Additional Borrower”
means each Person which becomes a Borrower under this Credit Agreement pursuant to Section 6.3.

 

“Additional Borrower
Joinder” means a joinder agreement, in form and substance reasonably acceptable to Administrative Agent, pursuant to which new
Borrowers join the Credit Facility in accordance with Section 6.3.

 

“Adjusted
LIBOR” means, for any LIBOR Rate Loan, for any Interest Period therefor, the rate per annum (rounded upwards,
if necessary, to the nearest 1/100 of 1%) determined by Administrative Agent to be equal to the quotient obtained by dividing: (i) LIBOR
for such LIBOR Rate Loan for such Interest Period; by (ii) one (1) minus the LIBOR Reserve Requirement for such LIBOR Rate Loan
for such Interest Period. If the calculation of clause (a) of Adjusted LIBOR results in a rate for such clause (a) of Adjusted
LIBOR that is less than zero (0), clause (a) of Adjusted LIBOR shall be deemed to be zero (0) for all purposes of the Loan Documents.

 

    1 

     

    

 

“Administration Agreement”
means the Administration Agreement between the Initial Borrower and the Administrator dated as of September 29, 2017, as it may be
amended, amended and restated, supplemented or otherwise modified from time to time.

 

“Administrative Agent”
means Signature Bank, until the appointment of a successor “Administrative Agent” pursuant to Section 12.9 and,
thereafter, shall mean such successor “Administrative Agent”.

 

“Administrator”
means Golub Capital LLC, a Delaware limited liability company.

 

“Affiliate”
of any Person means any other Person that, directly or indirectly, controls or is controlled by, or is under common control with, such
Person.

 

“Agent-Related Person”
has the meaning provided in Section 12.3.

 

“Alternative
Currency” means any of Euro, Sterling, Canadian Dollars, Australian Dollars and any other currency (other than
Dollars) requested by the Borrowers and approved by the Administrative Agent and the Lenders in their sole discretion.

 

“Alternative Investment
Vehicle” means an entity created in accordance with the Operative Documents of a Borrower to make Investments, including, but
not limited to, any parallel fund.

 

“AMERIBOR”
means, for any Business Day, a rate per annum equal to the overnight unsecured American Interbank Offered Rate (ticker AMERIBOR) as provided
by the AMERIBOR Administrator (or a successor administrator) to, and published by, authorized distributors of AMERIBOR.

 

“AMERIBOR
Administrator” means the American Financial Exchange (AFX) (or a successor administrator of AMERIBOR or Term AMERIBOR selected by
Administrative Agent in its reasonable discretion).

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Borrower and its Subsidiaries from time to
time concerning or relating to bribery or corruption.

 

“Anti–Terrorism
Laws” means any Applicable Law relating to money laundering or terrorism, including, without limitation, Executive Order 13224,
the OFAC Regulations, the Bank Secrecy Act, the PATRIOT Act, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701
et seq., the Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive orders or regulations promulgated thereunder.

 

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

 

    2 

     

    

 

“Applicable Rate”
means (a) at any time the NAV Coverage Condition is in effect, (x) with respect
to LIBOR Rate Loans, Adjusted LIBORTerm SOFR Loans or
Daily Simple SOFR Loans, Term SOFR or Daily Simple SOFR for the applicable Interest Period plus 200 basis points (2.00%) plus
the applicable Spread Adjustment, and (y) with respect to Prime Rate Loans, the Prime Rate in effect from day to day less
90 basis points (0.90 %) (provided that solely for the purpose of this subsection (a), such rates provided for in this subsection
(a) will not take effect until the NAV Coverage Condition is in effect for twelve (12) consecutive Business Days),
and (b) otherwise, (x) with
respect to LIBOR Rate Loans, Adjusted LIBORTerm SOFR
Loans or Daily Simple SOFR Loans, Term SOFR or Daily Simple SOFR for the applicable Interest Period plus 170 basis points (1.70%)
plus the applicable Spread Adjustment, and (y) with respect to Prime Rate Loans, the Prime
Rate in effect from day to day less 120 basis points (1.20%); provided
that, in each case , in the event such rate of interest is less than zero, such
rate shall be deemed to be zero for purposes of this Credit Agreement.and (c) with
respect to any Benchmark Replacement other than Term SOFR or Daily Simple SOFR, the Applicable Rate referenced in clauses (a) above
to the extent the NAV Coverage Condition is in effect and clause (b) above to the extent the NAV Coverage Condition is not in effect;
provided, that, with respect to any Benchmark Replacement other than Term SOFR or Daily Simple SOFR, such margin may be adjusted by Administrative
Agent and the Borrowers after giving due consideration to any then-evolving or prevailing market convention or any Relevant Government
Authority recommendations for determining a spread adjustment to the newly applicable Benchmark Replacement.

 

“Assignee”
has the meaning provided in Section 11.9(b).

 

“Australian
Dollars” means the lawful currency of Australia.

 

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

 

“Available
Commitment” means, at any time of determination, the lesser of: (a) the Maximum Commitment; and (b) the sum of (i)(x) from
February 7, 2020 until (and including) April 7, 2020, eighty percent (80%) of the aggregate Unfunded Capital Commitments and
Pending Capital Calls (to the extent that the applicable Capital Call was made less than ten (10) days prior to the time of determination)
of the Investors that are not Defaulting Investors; and (y) after April 7, 2020, seventy-five percent (75%) of the aggregate
Unfunded Capital Commitments and Pending Capital Calls (to the extent that the applicable Capital Call was made less than ten (10) days
prior to the time of determination) of the Investors that are not Defaulting Investors, plus (ii) the NAV Advance
Amount, minus, in each case, the FX Reserve Amount.

 

“BBSW
Rate” means, with respect to any Loan
denominated in Australian Dollars, the applicable rate shown on the display “BBSW Page” (or any display substituted therefor)
published by Bloomberg (or if such service is no longer available or widely used in the market, the applicable screen page published
by Reuters or another commercially available source providing quotations of such rate as selected by
Administrative Agent in its reasonable discretion from time to time) as of 10:00 a.m. (Sydney, Australia
time) two (2) Business Days prior to the commencement of the related Interest Period and for a period comparable to the applicable
Interest Period of the requested Loan.

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark,
as applicable, (a) if the then-current Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may
be used for determining the length of an Interest Period or (b) otherwise, any payment period for interest calculated with reference
to such Benchmark (or any component thereof) that is or may be used for determining any frequency of making payments of interest calculated
with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark
that is then-removed from the definition of “Interest Period” pursuant to Section 4.7(d).

 

    3 

     

    

 

“Benchmark”
means, initially, the Term SOFR Reference Rate and Daily Simple SOFR; provided, however, that if a Benchmark Transition Event has occurred
with respect to the Term SOFR Reference Rate, Daily Simple SOFR or the then-current Benchmark, then “Benchmark” means the
applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 4.7.

 

“Benchmark
Replacement” means, with respect to any Benchmark
Transition Event, any of the alternatives set forth below as selected by Administrative Agent in its sole discretion for the applicable
Benchmark Replacement Date:

 

(1)            Term
AMERIBOR;

 

(2)            Daily
Simple AMERIBOR; or

 

(3)            the
alternate benchmark rate that has been selected by Administrative Agent and
the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for
determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining
a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated or bilateral credit facilities.

 

Notwithstanding
the foregoing, in no event shall any Benchmark Replacement be less than the Floor.

 

“Benchmark
Replacement Conforming Changes” has the meaning provided in Section 4.7(b).

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)            in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event”, the later of (i) the date
of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such
Benchmark (or such component thereof); or

 

    4 

     

    

 

(2)            in
the case of clause (3) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark (or
the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such
Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof)
to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles
for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference to
the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such
component thereof) continues to be provided on such date.

 

For the avoidance of doubt,
the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to
any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors
of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely; provided that at
the time of such statement
or publication there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof);

 

(2)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with
jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease
to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that at the time of
such statement or publication there is no successor administrator that will continue to provide any Available Tenor of such Benchmark
(or such component thereof); or

 

(3)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing
that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative
or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

 

    5 

     

    

 

For the avoidance of doubt,
a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication
of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component
used in the calculation thereof).

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date
has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes of this Credit Agreement
and under any Loan Document and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all
purposes hereunder and under any Loan Document.

 

“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.

 

“Borrower”
means the Initial Borrower and any Additional Borrower becoming party hereto. “Borrowers” means all such Persons, collectively.

 

“Borrower Party”
has the meaning provided in Section 12.1(a).

 

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

 

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

 

“Business
Day” means (a) 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;
(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, any day
that is a Business Day described in clause (a) of this definition and that is also a day for trading by
and between banks in Dollar deposits in the London interbank market; (c) in respect of Loans or payments under this Credit
Agreement in Euros or Sterling, any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET)
payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the
Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euros; and (d) if such day relates
to any dealings in an Alternative Currency to be carried out pursuant to this Credit Agreement, any
day in which banks are open for foreign currency exchange business in the principal finance center of the country of such
Alternative Currency..

 

“Bylaws”
means the Bylaws of the Initial Borrower adopted August 2, 2017, as the same may be further amended, restated, modified or supplemented
in accordance with the terms hereof.

 

    6 

     

    

 

“Canadian
Dollars” or “Cdn.$” means the lawful currency of Canada.

 

“Capital Call”
means, for any Borrower, a call upon its Investors for payment of all or any portion of their Capital Commitments; “Capital Calls”
means all such Capital Calls, collectively.

 

“Capital Commitment”
means, for any Borrower, the capital commitment of its Investors in the amount set forth in the applicable Subscription Agreements; “Capital
Commitments” means all such Capital Commitments, collectively.

 

“Capital Contribution”
means, for any Borrower, the amount of cash actually contributed by its Investors with respect to their Capital Commitments; “Capital
Contributions” means all Capital Contributions, collectively.

 

“CDOR
Rate” means, with respect to any Loan denominated in Canadian Dollars, the applicable rate shown on the display
referred to as the “CDOR Page” (or any display substituted therefor) published by Bloomberg (or if such service is no longer
available or widely used in the market, the applicable screen page published by Reuters or another commercially available source
providing quotations of such rate as selected by Administrative Agent
in its reasonable discretion from time to time) as of 11:00 a.m. (Toronto,
Canada time) two (2) Business Days prior to the commencement of the related Interest Period and for a period comparable to the applicable
Interest Period of the requested Loan.

 

“Change in Law”
means the occurrence, after the Closing Date, of: (a) the adoption or taking effect of any law, rule, regulation or treaty; (b) any
change in Applicable Law 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.

 

“Charter”
means the articles of amendment and restatement of the Initial Borrower dated as of September 29, 2017, filed with the Maryland Secretary
of State, as the same may be further amended, restated, modified or supplemented in accordance with the terms hereof.

 

“Closing Date”
means the date hereof.

 

“Collateral”
has the meaning provided in Section 5.1(a).

 

“Collateral Account”
means the deposit account or accounts of the applicable Borrower, in the name of such Borrower, held at the Account Bank for such Borrower,
into which all Capital Contributions to such Borrower are to be funded, as such accounts are listed on Schedule I. “Collateral
Accounts” means all such accounts, collectively.

 

    7 

     

    

 

“Commitment”
means the obligation of each Lender to make Loans up to the amount set forth on Schedule II hereto (or on an assignment agreement
in connection with any assignment made pursuant to Section 11.9); “Commitments” means all such Commitments,
collectively.

 

“Commitment Period”
means the “Commitment Period” (as defined in the form Subscription Agreement).

 

“Competitor”
means any “business development company” under the Investment Company Act of 1940, as amended, and any private fund that
invests in loans or promissory notes as portfolio assets.

 

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

 

“Conforming
Changes” means, with respect to either the use or administration of Term SOFR or Daily Simple SOFR or the use, administration,
adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the
definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest
Period” or any similar or analogous definition (or the addition of a concept of “interest period”), timing and frequency
of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices,
the applicability and length of lookback periods, the applicability of terms herein and other technical, administrative or operational
matters) that Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit
the use and administration thereof by Administrative Agent in a manner substantially consistent with market practice (or, if Administrative
Agent decides that adoption of any portion of such market practice is not administratively feasible or if Administrative Agent determines
that no market practice for the administration of any such rate exists, in such other manner of administration as Administrative Agent
reasonably decides is necessary in connection with the administration of this Credit Agreement and the other Loan Documents).

 

“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, for any Person, such Person’s formation documents, as certified (if applicable) with the Secretary of State or equivalent
of such Person’s state of formation on a date that is no earlier than thirty (30) days prior to the Closing Date, and, (a) if
such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability
company agreement (or similar agreement), (c) if such Person is a partnership, its partnership agreement (or similar agreement),
or, if such Person is an exempted limited partnership registered in the Cayman Islands: (i) its exempted limited partnership agreement,
(ii) its certificate of registration, and (iii) its Section 9(1) statement and any Section 10(1) statements,
if applicable, and (d) if such Person is an exempted company incorporated with limited liability under the laws of the Cayman Islands,
its memorandum and articles of association, its certificate of incorporation (and any certificate of incorporation on change of name),
each of the foregoing with all current amendments or modifications thereto. For the avoidance of doubt, the Constituent Documents of the
Initial Borrower shall include its Operative Documents.

 

    8 

     

    

 

“Controlled Group”
means a corporation, trade or business that is, along with the applicable Borrower, a member of a controlled group of corporations or
a controlled group of trades or businesses, as described in Section 414 of the Internal Revenue Code or Section 4001 of ERISA.

 

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

 

“Cost
of Funds” means, with respect to a Loan in an Alternative Currency, the actual cost to a Lender of funding
or maintaining such Loan in the applicable currency from whatever source it may reasonably select for the relevant Interest Period.

 

“Cost
of Funds Rate” means a rate per annum notified by the applicable Lender as soon as practicable after the occurrence
of the events specified in Section 4.4 hereof which expresses as a percentage rate the actual Cost of Funds to such Lender.

 

“Cost Basis”
means, as of any date of determination, with respect to any Eligible Investment, the par value of such Eligible Investment.

 

“Credit Agreement”
has the meaning provided in the preamble hereof.

 

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

 

“Daily
Simple AMERIBOR” means, for any day, AMERIBOR, with the conventions for this rate (which may include a lookback) being established
by Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body or any evolving
or then-prevailing market convention for determining “Daily Simple AMERIBOR” for syndicated or bilateral business loans; provided,
however, if Administrative Agent decides that any such convention is not administratively feasible for Administrative Agent, then Administrative
Agent may establish another convention in its reasonable discretion.

 

“Daily
Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by Administrative
Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body or any evolving or then-prevailing
market convention for determining “Daily Simple SOFR” for syndicated or bilateral business loans; provided, however, if Administrative
Agent decides that any such convention is not administratively feasible for Administrative Agent, then Administrative Agent may establish
another convention in its reasonable discretion.

 

“Daily
Simple SOFR Conversion Date” has the meaning provided in Section 2.3(i).

 

“Daily
Simple SOFR Loan”
means a Loan that bears interest at a rate based on Daily
Simple SOFR.

 

“Debtor Relief Laws”
means, as applicable, 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, winding up, reorganization, or similar debtor relief
laws of the United States or other applicable jurisdictions from time to time in effect.

 

    9 

     

    

 

“Default Rate”
means, on any day, the lesser of: (a) the rate otherwise applicable plus 200 basis points (2.00%) and (b) the Maximum Rate.

 

“Defaulting Investor”
is any Investor:

 

(a)            that
has not funded any portion of a Capital Call made by the applicable Borrower when due in accordance with such Capital Call and has not
cured such failure in accordance with the applicable Subscription Agreement, unless Administrative Agent elects in writing, in its sole
discretion, to waive any such failure;

 

(b)            that,
to the knowledge of the applicable Borrower, (i) applies 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) files a voluntary petition as
debtor in bankruptcy or admit in writing that it is unable to pay its debts as they become due; (iii) makes a general assignment
for the benefit of creditors; (iv) files a petition or answer seeking reorganization or an arrangement with creditors or take advantage
of any Debtor Relief Laws; (v) files an answer admitting the material allegations of, or consent to, or default in answering, a petition
filed against it in any bankruptcy, reorganization, winding up or insolvency proceeding; or (vi) takes personal, partnership, limited
liability company, corporate or trust action, as applicable, for the purpose of effecting any of the foregoing; or

 

(c)            as
to which, to the knowledge of the applicable Borrower, an involuntary case or other proceeding has been commenced against, seeking liquidation,
reorganization or other relief with respect to such Investor or such Investor’s debts under any Debtor Relief Law or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of such Investor or any substantial part of such Investor’s
property, or 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 Investor or of all or substantially all of such Investor’s assets, or an order for relief shall be entered
in respect of such Investor in a proceeding under the United States Bankruptcy Code.

 

“Defaulting Lender”
means any Lender that has failed to fund all or any portion of the Loans required to be funded by it hereunder within two (2) Business
Days of written notice of such delinquency by Administrative Agent or Borrowers; provided that, for the avoidance of doubt, 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.

 

“Deposit Account
Control Agreement” means each deposit account 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.

 

“Distribution”
has the meaning provided in Section 9.13.

 

    10 

     

    

 

“Dollar
Equivalent” means, at any time: (a) with respect to any amount denominated in Dollars, such amount; and
(b) with respect to any amount denominated in any Alternative Currency, the Spot Rate for such Alternative
Currency.

 

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

 

“Eligible Assignee”
means: (a) any Person that meets the requirements to be an assignee under Section 11.9(b); (b) a Lender; (c) an
Affiliate of a Lender; or (d) any other Person (other than a natural person) that is a commercial bank, finance company, insurance
company or other financial institution (other than a Competitor) that is engaged in making, purchasing, or otherwise investing in commercial
loans in the ordinary course of its business and that is regulated by the United States Federal Reserve Bank, Office of the Comptroller
of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision or any other governmental agency, and approved by
Administrative Agent.

 

“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.

 

“Eligible Investments”
means Investments owned by the Additional Borrowers that have been approved as eligible investments by the Administrative Agent in its
commercially reasonable discretion and in respect of which the Administrative Agent has received copies of each Investment Document related
thereto. For the avoidance of doubt, any Investment that is (i) sold, assigned, transferred or otherwise disposed of or removed from
the Collateral in accordance with Section 9.20, (ii) subject to any Debtor Relief Law, or (iii) designated by the
Additional Borrowers to the Administrative Agent in writing as no longer constituting an “Eligible Investment” shall, in each
case, be excluded from the calculation of the Available Commitment. No Eligible Investments exist as of the date hereof. In the event
Additional Borrowers join this Credit Agreement, their Eligible Investments as of the date of joinder will be listed on Schedule III
hereto. For the avoidance of doubt, the definition of Eligible Investments shall not include (a) any Investments or other assets
to the extent any valid contract with respect to such Investment or asset or any applicable law prohibits the grant of a security interest
in such Investment, asset or contract, (b) Margin Stock, (c) equity interests in any Subsidiary of a Borrower, (d) cash
or cash equivalents, repurchase agreements and any other liquid investment products and (e) Excluded Amounts.

 

“EMU
Legislation” means the legislative measures of the European council for the introduction of, changeover to
or operation of a single or unified European currency.

 

“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.

 

    11 

     

    

 

“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.

 

“EURIBOR”
means, with respect to any Loan denominated in Euro, the applicable rate shown on the display referred to as the “EURIBOR Page”
(or any display substituted therefor) published by Bloomberg (or if such service is no longer available or widely used in the market,
the applicable screen page published by Reuters or another commercially available source providing quotations of such rate as selected
by Administrative Agent in its reasonable discretion from time to time) as of 11:00 a.m. (Frankfurt time) two (2) Business Days
prior to the commencement of the related Interest Period and for a period comparable to the applicable Interest Period of the requested
Loan.

 

“Euro”
and “€” mean the lawful currency of the Participating Member States introduced in accordance with the EMU Legislation.

 

“Erroneous
Payment” has the meaning provided in Section 12.11(a).

 

“Erroneous
Payment Deficiency Assignment” has the meaning provided in Section 12.11(d).

 

“Erroneous
Payment Impacted Class” has the meaning provided in Section 12.11(d).

 

“Erroneous
Payment Return Deficiency” has the meaning provided in Section 12.11(d).

 

“Erroneous
Payment Subrogation Rights” has the meaning provided in Section 12.11(d).

 

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

 

“Excluded Amount”
means, as of any date of determination, with respect to any Investment: (a) any amount that is attributable to the reimbursement
of payment by the applicable Additional Borrower of any tax, fee or other charge imposed by any Governmental Authority on such Investment,
(b) any interest or fees (including origination, agency, structuring, management or other up-front fees) that are for the account
of the applicable Person from whom the applicable Additional Borrower purchased such Investment, (c) any reimbursement of insurance
premiums relating to such Investment, (d) any escrows relating to taxes, insurance and other amounts in connection with such Investment
which are held in an escrow account for the benefit of the applicable Additional Borrower pursuant to escrow arrangements under the Investment
Documents and (e) any amount deposited into the Investment Collection Account in error.

 

    12 

     

    

 

“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 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.

 

“Excused Investor”
is any Investor that has claimed or exercised an excuse or exclusion right with respect to the funding of a particular Capital Call made
by the applicable Borrower.

 

“Extension Notice”
means a written notice by Administrative Agent, on behalf of the Lenders, substantially in the form of Exhibit H.

 

“Extension Request”
has the meaning provided in Section 2.8.

 

“Facility Fee”
has the meaning provided in Section 2.6.

 

“Fair Market Value”
means, with respect to Eligible Investments acquired since the most recent quarter end for which financial statements of the Additional
Borrowers are available, the Cost Basis thereof, and with respect to all other Eligible Investments, the value for such Eligible Investment
determined by the Additional Borrowers in accordance with GAAP and as set forth in such most recent quarterly or, if applicable, annual
financial statements of the Additional Borrowers.

 

“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 or any analogous provision
of non-U.S. law and any intergovernmental agreements entered into in connection with the implementation of such Sections adopting any
U.S. or non-U.S. fiscal or regulatory legislation, current or future laws, regulations, rules, promulgations, official interpretations
or guidance notes relating to, or official agreements implementing, any such intergovernmental agreements.

 

“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 Administrative Agent in any other jurisdiction in which any Borrower
may be formed.

 

“Floor”
means a rate of interest equal to zero percent (0.0%).

 

    13 

     

    

 

“Foreign Lender”
means, with respect to each Borrower, (a) if such Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if
such 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 such
Borrower is resident for tax purposes.

 

“FX
Reserve Amount” means, at any date of determination, an amount equal to ten percent (10%) of the Dollar Equivalent
of the aggregate Principal Obligations denominated in an Alternative Currency, as determined
by the Administrative Agent in its sole discretion.

 

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

 

“Guarantor”
means any present or future guarantor of any Borrower’s obligations under this Credit Agreement or any other Loan Document.

 

“Guaranty Obligations”
means, with respect to a Borrower, without duplication, any obligation, contingent or otherwise, of such Borrower pursuant to which such
Borrower 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 such Borrower (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.

 

“Indebtedness”
means, with respect to any Person at any date, without duplication, the sum of: (a) all liabilities, obligations and indebtedness
for borrowed money including obligations for borrowed money evidenced by bonds, debentures, notes or other similar instruments; (b) all
obligations to pay the deferred purchase price of property or services (including, without limitation, all obligations under non- competition,
earn-out or similar agreements, but excluding trade payables in the ordinary course of business not more than ninety (90) days delinquent);
(c) all attributable indebtedness in respect of capital leases and synthetic leases; (d) all obligations under conditional sale
or other title retention agreements relating to property purchased 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, whether or not such indebtedness shall have
been assumed by such Person or is limited in recourse; (f) all obligations, contingent or otherwise, relative to the face amount
of letters of credit, whether or not drawn, and banker’s acceptances; (g) all obligations to repurchase any securities which
repurchase obligation is related to the issuance thereof; (h) all net obligations under any hedge agreements; and (i) any Guaranty
Obligations with respect to any of the foregoing guaranteed by such Person.

 

    14 

     

    

 

“Indemnified Liabilities”
has the meaning provided in Section 11.3(b).

 

“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 Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

“Indemnitee”
has the meaning provided in Section 11.3(b).

 

“Initial Borrower”
has the meaning provided in the preamble hereof.

 

“Interest Option”
means the Prime Rate or Adjusted LIBOR, Term SOFR or
Daily Simple SOFR.

 

“Interest Payment
Date” means (a) with respect to any Prime Rate Loan or Daily Simple SOFR Loan,
the first calendar day of each calendar month, (b) as to any LIBOR Rate Loan in respect of which
a Borrower has selected a one-, two-, or three- month Interest Period,with respect to
any Term SOFR Loan, the last day of such Interest Period for such LIBOR Rate Loan;,
(c) the date of any prepayment of any Loan, as to the amount prepaid; and (d) the
Maturity Date., and (e) in the event of any conversion
of a Term SOFR Loan prior to the end of the current Interest Period, regarding accrued interest on such Term SOFR Loan, the effective
date of such conversion; provided, however, any Interest Period that would otherwise end on a day that is not a Business Day shall
be extended to the next succeeding Business Day.

 

“Interest
Period” means, with respect to any LIBOR Rate Loan, the period commencing on (and including) the date of such
Borrowing and ending on (but excluding) the numerically corresponding day in the calendar month that is one (1), two (2) or three
(3) months thereafter, as the Borrower may elect; provided that:

 

“Interest
Period” means (a) with respect to a Daily Simple SOFR Loan or Prime Rate Loans, (i) initially the period commencing on (and including)
the date of the initial purchase or funding of such Loan (or the related Daily Simple SOFR Conversion Date, as applicable pursuant to
Section 2.3(i)), and ending on (and including) the last calendar day of such month, and (ii) thereafter, each period commencing on (and
including) the first calendar day of the succeeding calendar month and ending on (and including) the last calendar day of such month,and (b) with respect to any Term
SOFR Loan, the 1 month maturity period for fixed rate Term SOFR Loans selected by a Borrower. If an Interest Period would otherwise end
on a day that is not a Business Day, it shall automatically extend until the next Business Day, provided that, if there is no subsequent
Business Day in the same calendar month, such Interest Period shall end on the next preceding Business Day; provided, however, any tenor
that has been removed by Administrative Agent pursuant to Section 4.7(d) hereof shall not be available for selection by Borrower in such
Request for Borrowing; provided that, in each case:

 

    15 

     

    

 

 

(ia)     any
Interest Period 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 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, such Interest Period shall end on the next preceding Business Day;

 

(iib)     if
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

 

(iiic)     in
the case of any Interest Period 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) the Maturity Date and the duration of each Interest Period which commences on or
after the Maturity Date shall be of a duration selected by the Administrative Agent in its sole discretion.

 

For purposes hereof, the date
of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.

 

“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.

 

“Investment”
means any portfolio investment of a Borrower, including, for the avoidance of doubt, any follow-on investment thereto, but excluding cash
and cash equivalents, repurchase agreements and other liquid investment products and equity interests in any Subsidiary of a Borrower.

 

“Investment Adviser”
means (a) with respect to the Initial Borrower, GC Advisors LLC, and (b) with respect to each Additional Borrower joining the
Credit Facility after the Closing Date, the entity, if any, appointed, employed or contracted with by such Borrower and responsible for
directing or performing the day-to-day business affairs of such Borrower, as set forth in its joinder documentation.

 

“Investment Advisory
Agreement” means (a) with respect to the Initial Borrower, the investment advisory agreement by and between the Investment
Adviser and the Initial Borrower dated as of September 29, 2017, and (b) with respect to each Additional Borrower joining the
Credit Facility after the Closing Date, the investment management or similar agreement among any one or more Borrowers and its Investment
Adviser, as it may be restated, modified, amended or supplemented from time to time in accordance with the terms thereof.

 

“Investment Collection
Account” means the bank account or accounts of the applicable Additional Borrower listed on Schedule I with respect to such
Additional Borrower held at the Administrative Agent for such Additional Borrower, into which proceeds of and distributions from any Eligible
Investment received or otherwise collected by the Additional Borrower shall be deposited, including all funds or other assets on deposit
therein or credited thereto. “Investment Collection Accounts” means all such accounts, collectively.

 

    16 

     

    

 

“Investment Documents”
means, for each Eligible Investment, the following documents or instruments entered into in respect of such Investment (including all
material amendments, supplements or modifications thereto), to the extent applicable, reasonably available and not waived by the Administrative
Agent in its sole discretion:

 

(a)            evidence
of the applicable Additional Borrower’s direct or indirect ownership of such Investment, any certificates representing equity interests
issued to the applicable Additional Borrower, a copy of any executed promissory note or certificated note or, in the case of a lost note,
a copy of the executed underlying promissory note or, in the case of a noteless loan, the applicable assignment agreement, loan agreement
or other document pursuant to which the applicable Additional Borrower acquired such Investment, in each case which may be redacted in
the sole discretion, exercised in good faith, of the applicable Additional Borrowers for pricing or other confidential information that
does not pertain to the key terms of the security or obligation;

 

(b)            copies
of the executed (i) credit or loan agreement, note purchase agreement or indenture, as applicable, (ii) any guaranty agreement,
pledge agreement, and/or security agreement or similar material collateral documentation, as applicable and reasonably available, and
(iii) related Constituent Documents for such Investments, as applicable and reasonably available; and

 

(c)            to
the extent reasonably requested by the Administrative Agent, copies of any other material agreements, certificates and documentation related
to such Investment that the applicable Additional Borrower possesses.

 

“Investment Obligor”
means, with respect to any Investment, the issuer or obligor of such Investment (and any guarantor thereof), as applicable.

 

“Investment Report”
means a report setting forth the applicable Eligible Investments of each Additional Borrower, which report shall be substantially in the
form attached hereto as Exhibit F. For the avoidance of doubt, such report shall set forth the Fair Market Value of each Eligible
Investment.

 

“Investor”
means any Person that has a Capital Commitment to a Borrower.

 

“Investor 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 the applicable
Subscription Agreement or its Side Letter as a matter of right (i.e., not in Borrower’s discretion).

 

“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.

 

    17 

     

    

 

“Lender”
has the meaning provided in the preamble hereof.

 

“Lender Party”
has the meaning provided in Section 12.1(a).

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender (or an Affiliate of such Lender) designated as such in writing to the Administrative
Agent, as may be changed from time to time by notice to the Administrative Agent.

 

“LIBOR”
means:

 

(a) with
respect to any LIBOR Rate Loan denominated in Dollars for any Interest Period, the rate of interest per annum 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)
(“ICE LIBOR”) for deposits in Dollars in minimum amounts of at least $1,000,000 for
a period equal to such Interest Period (commencing on the date of determination of such interest rate) published by Bloomberg (or if such
service is no longer available or widely used in the market, the applicable screen page published by Reuters or another commercially
available source providing quotations of such rate as selected by Administrative Agent in its reasonable discretion from time to time)
at approximately 11:00 a.m. (London time) two (2) Business Days prior to the commencement of such Interest Period (for delivery
on the first day of such Interest Period);

 

(b) with
respect to any LIBOR Rate Loan denominated in Euro, EURIBOR for a period equal to the
applicable Interest Period;

 

(c) with
respect to any LIBOR Rate Loan denominated in Sterling, ICE LIBOR for deposits in Sterling in minimum amounts of at least £1,000,000
for a period equal to such Interest Period (commencing on the date of determination of such interest rate) published by Bloomberg (or
if such service is no longer available or widely used in the market, the applicable screen page published by Reuters or another commercially
available source providing quotations of such rate as selected by Administrative Agent in its reasonable discretion from time to time)
at approximately 11:00 a.m. (London time) two (2) Business Days prior to the commencement of such Interest Period (for delivery
on the first day of such Interest Period);

 

(d) with
respect to any LIBOR Rate Loan denominated in Canadian Dollars, the CDOR Rate for a period equal to the applicable Interest Period;

 

(e) with
respect to any LIBOR Rate Loan denominated in Australian Dollars, the BBSW Rate for a period equal to the applicable Interest Period;
and

 

(f) with
respect to any LIBOR Rate Loan denominated in an Alternative Currency other than Euro, Sterling, Canadian Dollars or Australian Dollars
for any Interest Period, ICE LIBOR for deposits in the relevant Alternative Currency and the relevant Interest Period, as published
by Bloomberg (or if such service is no longer available or widely used in the market, the applicable screen page published by Reuters
or another commercially available source providing quotations of such rate as selected by Administrative Agent in its reasonable discretion
from time to time) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period
(for delivery on the first day of such Interest Period);

 

provided, that if for any reason such rate is not available for the applicable Interest Period but is
available for periods that are longer than such Interest Period, the applicable rate shall be ICE LIBOR, EURIBOR, the CDOR Rate or the
BBSW Rate, as applicable, for the shortest available period that is longer than such Interest Period with respect to such Loan, in either
case 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%); and provided further that if such rate is not available at such time for any reason, then “LIBOR” for such Interest
Period shall be a comparable index rate agreed by Administrative Agent and the Borrowers. Each calculation by Administrative Agent of
LIBOR shall be conclusive and binding for all purposes, absent manifest error. If the calculation of LIBOR results in a LIBOR rate of
less than zero (0), LIBOR shall be deemed to be zero (0) for all purposes of the Loan Documents.

 

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

 

“LIBOR
Rate Loan” means a Loan that bears interest
at a rate based on Adjusted LIBOR (or, if applicable pursuant to Section 4.4(a),
the Cost of Funds Rate).

 

    18 

     

    

 

“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. Adjusted LIBOR shall be adjusted automatically on and as of the effective date of any change
in the LIBOR Reserve Requirement. Each determination by Administrative Agent of the LIBOR Reserve Requirement shall, in the absence of
manifest error, be conclusive and binding.

 

“Lien”
means any lien, mortgage, security interest, security assignment, 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, each Lender assignment agreement, a Federal Reserve Form U-1, each Deposit Account Control Agreement,
and such other agreements and documents, and any amendments or supplements thereto or modifications thereof, executed or delivered pursuant
to the terms of such other Loan Documents.

 

“Loans”
means loansPrime Rate Loans, Term SOFR Loans and Daily
Simple SOFR Loans made by the Lenders to any Borrower pursuant to the terms and conditions of this Credit Agreement and the
other Loan Documents.

 

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

 

“Material Adverse
Change” means any one or more of (a) a material adverse change in the perfection or priority of Administrative Agent’s
Lien in the Collateral; (b) a material adverse change in the business, operations or condition (financial or otherwise) of Borrowers;
and (c) a material adverse change in the prospect of repayment of any portion of the Obligations.

 

“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 the applicable Borrowers (taken as a whole)
to perform their material obligations under any of the Loan Documents or any of their Constituent Documents; or (c) the validity
or enforceability of any of the Loan Documents or such Constituent Documents, or the rights and remedies of the Lenders hereunder or thereunder
taken as a whole.

 

“Material Amendment”
has the meaning provided in Section 9.5.

 

“Maturity Date”
means the earliest of: (a) the Stated Maturity Date; (b) the date upon which Administrative Agent declares the Obligations due
and payable after the occurrence of an Event of Default; (c) forty-five (45) days prior to the earlier of (i) the last day any
Borrower is authorized pursuant to the Constituent Documents of Borrowers to make Capital Calls for the purpose of repaying the Obligations,
and (ii) the termination of the Constituent Documents of Borrowers; and (d) the date upon which Borrowers terminate the Commitments
pursuant to Section 3.5.

 

    19 

     

    

 

“Maximum Commitment”
means $275,000,000180,000,000, as such amount
may be increased by Borrowers in accordance with Section 3.6 or decreased by Borrowers pursuant to Section 3.5.

 

“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 July 2017 (together with any appendices and supplements
thereto), as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms hereof.

 

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

 

“NAV Advance Amount”
means (a) at any time there are less than ten Eligible Investments, zero (0), and (b) at any time there are ten or more Eligible
Investments, twenty-five percent (25%) of the aggregate Fair Market Value of such Eligible Investments, provided that such amount
does not exceed the aggregate par value of such Eligible Investments, and, if such amount exceeds the aggregate par value of such Eligible
Investments, the NAV Advance Amount for the purposes of this clause (b) shall be the aggregate par value of such Eligible Investments.

 

“NAV Coverage Condition”
means, on any date of determination, that (a) seventy-five percent (75%) of the aggregate Unfunded Capital Commitments and Pending
Capital Calls (to the extent that the applicable Capital Call was made less than ten (10) days prior to the time of determination)
of the Investors that are not Defaulting Investors equal less than (b) eighty-five percent (85%) of the outstanding Loans.

 

“Notice of Continuation”
has the meaning provided in Section 2.3(j).

 

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

 

“Obligations”
means all present and future indebtedness, obligations, and liabilities of such Borrowers to the Lenders and Administrative Agent, and
all renewals and extensions thereof (including, without limitation, Loans), or any part thereof, arising pursuant to the Loan Documents
(including, without limitation, indemnity provisions), 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.

 

“OFAC”
means the United States Department of the Treasury’s Office of Foreign Assets Control.

 

“OFAC Regulations”
means the regulations promulgated by OFAC, as amended. “Operating Company” means an “operating company”
within the meaning of 29 C.F.R. §2510.3-101(c) of the Plan Asset Regulations.

 

“Operative Documents”
means, with respect to the Initial Borrower, its Charter, Bylaws, Investment Advisory Agreement, Administration Agreement, Memorandum
and the form Subscription Agreement attached as Exhibit E hereto.

 

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

 

    20 

     

    

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of any 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, or 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 (including any stamp duty arising as a result of any original Loan Document brought into the Cayman
Islands or presented before a Cayman Islands court), court, documentary, excise, property, 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.

 

“Overadvance”
has the meaning provided in Section 3.4(b).

 

“Participant”
has the meaning provided in Section 11.9(e).

 

“Participant Register”
has the meaning provided in Section 11.9(e).

 

“PATRIOT Act”
has the meaning provided in Section 11.15.

 

“Payment
Recipient” is defined in Section 12.11(a) hereof.

 

“Pending Capital
Call” means a Capital Call that has been made on an Investor but that has not yet been funded by such Investor.

 

“Periodic
Term SOFR Determination Day” has the meaning specified in the definition of “Term SOFR”.

 

“Permitted Indebtedness”
means (a) the Obligations, (b) Indebtedness secured by Liens permitted under clause (c) of the definition of “Permitted
Liens”, (c) unsecured Indebtedness in the ordinary course of business in an aggregate amount not to exceed Two Hundred Fifty
Thousand Dollars ($250,000.00) outstanding at any time, and (d) Indebtedness that is in compliance with Section 9.24.

 

“Permitted
Liens” means (a) any Liens pursuant to the Loan Documents, (b) Liens for taxes, fees, assessments or other
government charges or levies, either (i) not due and payable or (ii) being contested in good faith and for which the
applicable Borrower maintains adequate reserves on its books, provided that no notice of any such Lien has been filed or
recorded under the Internal Revenue Code and the Treasury Regulations adopted thereunder, (c) Liens arising from judgments in
circumstances not constituting an Event of Default under Section 10.1(h) and (d) customary Liens of depositary
banks on the accounts such depositary banks hold.

 

“Person”
means an individual, sole proprietorship, joint venture, association, trust, estate, business trust, corporation, company, limited liability
company, exempted company, limited liability partnership, limited partnership, exempted limited partnership, nonprofit corporation, partnership,
sovereign government or agency, instrumentality, or political subdivision thereof, 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.

 

“Plan Asset Regulations”
means the U.S.  Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified in application by Section 3(42)
of ERISA.

 

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

 

    21 

     

    

 

“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”
is the rate of interest per annum from time to time published in the money rates section of The Wall Street Journal or any successor
publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero,
such rate shall be deemed to be zero for purposes of this Credit Agreement; and provided further that if such rate of interest, as set
forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as reasonably
determined by Administrative Agent, the “Prime Rate” shall mean the rate of interest per annum announced by Administrative
Agent as its prime rate in effect at its principal office in the State of California (such Administrative Agent announced Prime Rate not
being intended to be the lowest rate of interest charged by Administrative Agent in connection with extensions of credit to debtors);
provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Credit
Agreement.

  

“Prime Rate Conversion Date” has the meaning
provided in Section 2.3(i).

 

“Prime Rate Loan”
means a Loan (other than a LIBOR Rate Loan) denominated in DollarsTerm
SOFR Loan or Daily Simple SOFR Loan) that bears interest at a rate based on the Prime Rate.

 

“Principal Obligations”
means the aggregate outstanding principal amount of the Loans.

 

“Prior Loan Agreement”
means that certain Revolving Credit Agreement among the Initial Borrower and Sumitomo Mitsui Banking Corporation, dated as of March 16,
2018, as amended, restated, supplemented or otherwise modified from time to time.

 

“Pro Rata Share”
means, with respect to each Lender, the percentage obtained from the fraction (i) (A) the numerator of which is the Commitment
of such Lender, and (B) the denominator of which is the aggregate Commitments of all Lenders; or (ii) in the event the Commitments
have been terminated: (A) the numerator of which is the Commitment of such Lender as in effect immediately prior to such termination,
and (B) the denominator of which is the aggregate Commitments of all Lenders as in effect immediately prior to such termination.

 

“Proceedings”
has the meaning provided in Section 7.9.

 

“Proposed Amendment”
has the meaning provided in Section 9.5.

 

“Recallable Capital”
means, for any Investor, at any time, any amounts distributed to such Investor that are added back to such Investor’s Uncalled Capital
Commitment and subject to recall as a Capital Contribution pursuant to the applicable Subscription Agreement.

 

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

 

“Regulation
D,” “Regulation T,” “Regulation U,” and “Regulation X” means
Regulation D, T, U, or X 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 applicable to member banks of the Federal
Reserve System.

 

    22 

     

    

 

“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.

 

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

 

“Required Lenders”
means, at any time, (a) if only one (1) Lender holds the Commitments, such Lender, and (b) if more than one (1) Lender
holds the Commitments then in effect, at least two (2) Lenders who hold more than fifty percent (50%) of the Commitments then in
effect, or if the Commitments have been terminated, the Loans then outstanding; provided that, for purposes of this clause (b),
the Commitments of, and the portion of the Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of Required Lenders; provided further that a Lender and its Affiliates shall be deemed one Lender.

 

“Required Payment
Time” means (a) within three (3) Business Days, to the extent such funds are available in the Collateral Account;
and (b) otherwise, within fifteen (15) days.

 

“Resignation Effective
Date” has the meaning provided in Section 12.9.

 

“Responsible Officer”
means an authorized officer, director or signatory of any Person who has the power to bind such Person. Any document delivered under any
Loan Document 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.

 

“Revaluation
Date” means each of the following: (a) each date of a Borrowing; (b) each date on which a Borrowing
Base Certificate must otherwise be delivered pursuant to the terms of this Credit Agreement;
(c) solely with respect to the calculation of the Unused Commitment
Fee, the first day of related fiscal quarter for any date of determination of the Unused Commitment Fee in such fiscal quarter; and (d) any
other time requested by the Administrative Agent or the Borrowers in their sole discretion, but not more than once per calendar month.

 

“RIC” means
a “Regulated Investment Company” under the Internal Revenue Code.

 

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

 

“Sanction(s)”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
government, including those administered by OFAC, the U.S. Department of State or the U.S. Department of Commerce, (b) the United
Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom, or (c) other relevant sanctions
authority.

 

“Sanctioned Country”
means, at any time, a country, region or territory which is itself subject to, or the subject or target of, Sanctions.

 

“Sanctioned Person”
means (a) a Person that is the subject or target of any Sanctions or is otherwise listed in any Sanctions-related list of designated
Persons maintained by OFAC, the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council, the European
Union or any European Union EU member state, (b)(i) an agency of the government of a Sanctioned Country, (ii) an organization
controlled by a Sanctioned Country, or (iii) any Person operating, organized or resident in a Sanctioned Country, or (c) any
Person or organization owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).

 

    23 

     

    

 

“Sanctions Laws”
means all laws, rules, and regulations of any jurisdiction applicable to any Borrower from time to time concerning or relating to transactions
with a Sanctioned Country or a Sanctioned Person.

 

“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.

 

“Side Letter”
means any side letter executed by an Investor with any Borrower or the Investment Adviser with respect to such Investor’s rights
and/or obligations under its Subscription Agreement and any other applicable Operative Document.

 

“Signature Bank”
has the meaning provided in the first paragraph hereof.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“Solvent”
means, with respect to any Borrower, as of any date of determination, that as of such date: (a) the fair value of the assets of such
Borrower are greater than the total amount of liabilities, including contingent liabilities, of such Borrower; (b) the fair value
of the assets of such Borrower are not less than the amount that will be required to pay the probable liability of such Borrower on its
debts as they become absolute and matured; (c) such Borrower 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 as they become absolute and matured; and (d) such Borrower is
not engaged in a business or transaction, and is not about to engage in a business or transaction, for which its assets would constitute
unreasonably small capital.

 

“Special Purpose
Entity” means a corporation, partnership, limited liability company or other entity, including, without limitation, any subsidiary,
special purpose vehicle, or alternative investment vehicle, in each case that holds Investments of or on behalf of, or which are otherwise
beneficially owned directly or indirectly by, or controlled by, a Borrower.

 

“Spread
Adjustment” means, for any calculation with respect to a Term SOFR Loan or Daily Simple SOFR Loan, a percentage per annum set forth
below (and in the case of a Term SOFR Loan, for the applicable Interest Period therefor):

 

Daily Simple
SOFR Loans: 0.10%

 

    24 

     

    

 

Term
SOFR Loans:

“Spot Rate” means the currency exchange
rate for the purchase of Dollars in the applicable Alternative Currency on any Revaluation Date that appears on the Bloomberg screen page for
such Alternative Currency (or if such service is no longer available or widely used in the market, the applicable screen page published
by Reuters or another commercially available source providing quotations of such rate as selected by Administrative Agent in its reasonable
discretion from time to time) on such Revaluation Date, provided that, in the case of a payment to be made on a particular day, at the
end of the immediately preceding Business Day.

 

	Interest Period	Percentage
	One month	0.10%

 

“Standstill Period”
has the meaning provided in Section 10.2(b).

 

“Stated Maturity
Date” means March  43, 20222023,
subject to Borrowers’ extension of such date under Section 2.8.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Subscription Agreement”
means a Subscription Agreement, substantially in the form attached hereto as Exhibit E, and any related supplement thereto
executed by an Investor in connection with the subscription for a partnership interest in a Borrower, as amended, restated, supplemented
or otherwise modified from time to time; “Subscription Agreements” means all Subscription Agreements, collectively.

 

“Subscription Documents”
means with respect to any Investor, its Subscription Agreement and Side Letter, as applicable.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of
the equity 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
otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.

 

“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.

 

 “Term AMERIBOR” means the AMERIBOR forward-looking benchmark interest rate for the applicable Interest Period as provided
by the AMERIBOR Administrator (or a successor administrator) to, and published by, authorized distributors of AMERIBOR, with the conventions
for this rate being established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant
Governmental Body or any evolving or then-prevailing market convention for determining “Term AMERIBOR” for syndicated or bilateral
business loans; provided, however, if Administrative Agent decides that any such convention is not administratively feasible for Administrative
Agent, then Administrative Agent may establish another convention in its reasonable discretion.

 

    25 

     

    

 

“Term
SOFR” means, for any calculation with respect to a Term SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable
Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities
Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however,
if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable
tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate
has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the
first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term
SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government
Securities Business Days prior to such Periodic Term SOFR Determination Day; provided, however, in no event shall the Term SOFR for any
Term SOFR Loan be less than the Floor.

 

“Term
SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference
Rate selected by Administrative Agent in its reasonable discretion).

 

“Term
SOFR Conversion Date” has the meaning provided in Section 2.3(i).

 

“Term
SOFR Loan” means a Loan bearing interest at a rate based on Term SOFR.

 

“Term
SOFR Reference Rate” means the forward-looking term rate based on SOFR.

 

“Type of Loan”
means a Prime Rate Loan or a LIBOR Rate, Daily Simple
SOFR Loan or a Term SOFR 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 to the applicable
Borrower.

 

“Unfunded Capital
Commitment” means, with respect to any Investor at any time, such Investor’s Uncalled Capital Commitment to the applicable
Borrower minus any portion thereof subject to a Pending Capital Call.

 

“Unused Commitment
Fee” means a fee equal to 25 basis points (0.25%) per annum of the average unused portion of the Commitments, as determined
by Administrative Agent. The unused portion of the Commitments, for purposes of this definition, shall equal the difference between (x) the
Commitments (as they may be reduced or increased from time to time pursuant to the provisions of this Credit Agreement) and (y) the
average for the period of the daily closing balance of Loans outstanding.

 

    26 

     

    

 

“U.S. Government
Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities.

  

“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 specified in Section 4.1(g).

 

“Watch List”
means a list of all the adversely risk rated loans of the Additional Borrowers, which list shall be in a customary form of presentation
reasonably acceptable to Administrative Agent.

 

“Withholding Agent”
means any Borrower and Administrative Agent.

 

1.2.         Other
Definitional Provisions.  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 to this Credit Agreement, unless otherwise defined therein;

 

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

 

(f)            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”;

 

(g)            a
Potential Default is “continuing” if it has not been cured or waived and an Event of Default is “continuing”
if it has not been waived or, to the extent permitted hereby, cured; and

 

(h)            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.

 

    27 

     

    

 

1.3.         Accounting
Terms.  All accounting terms not specifically or completely defined in any Loan Document shall be construed in conformity with, and
all financial data (including financial ratios and other financial calculations) required to be submitted hereunder shall be prepared
in conformity with GAAP, except as otherwise specifically prescribed herein.

  

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.

 

1.5.         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.

 

1.6.         Defined
Terms.  Certain defined terms hereunder are defined by cross reference to the Initial Borrower’s form Subscription Agreement
and certain provisions of this Credit Agreement and the other Loan Documents reference particular sections of the Initial Borrower’s
form Subscription Agreement. With respect to any Additional Borrower that joins the Credit Facility after the Closing Date in accordance
with the terms hereof, such definitions and provisions with respect to each such Additional Borrower, as applicable, shall be deemed
to refer to the definitions and sections in each such Additional Borrower’s form Subscription Agreement, as applicable, that correspond
to the stated definitions and sections of the Initial Borrower’s Subscription Agreement.

 

1.7.         Exchange
Rates; Currency Equivalents. Administrative
Agent shall determine the Spot Rates as of each applicable date required to be used for calculating
Dollar Equivalent amounts of Principal Obligations denominated in Alternative Currencies. In the case of a Spot Rate required to be calculated
as of a Revaluation Date, such Spot Rate shall become effective as of such Revaluation Date and shall be the Spot Rate employed in converting
any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered
by a Credit Party hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount
of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as reasonably determined
by the Administrative Agent based on the Spot Rate as of the last Revaluation Datedoes
not warrant or accept responsibility for, and shall not have any liability with respect to (i) the continuation of, administration of,
submission of, calculation of or any other matter related to the Prime Rate, Term SOFR, Daily Simple SOFR or any component definition
thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark
Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including
any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity
as, the Prime Rate, Term SOFR, Daily Simple SOFR or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect,
implementation or composition of any Conforming Changes. Administrative Agent and its affiliates or other related entities may engage
in transactions that affect the calculation of the Prime Rate, Term SOFR, Daily Simple SOFR any alternative, successor or replacement
rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. Administrative
Agent may select information sources or services in its reasonable discretion to ascertain the Prime Rate, Term SOFR, Daily Simple SOFR
or any other Benchmark, in each case pursuant
to the terms of this Credit Agreement,
and shall have no liability to Borrower or any other person or entity for damages of any kind, including direct or indirect, special,
punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or
in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
The foregoing provisions shall not apply to actions taken by the Administrative Agent that constitute gross negligence, bad faith or
willful misconduct (as determined by a court of competent jurisdiction by final and nonappealable judgment).

 

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Section 2.             REVOLVING
CREDIT LOANS

 

2.1.         The
Commitments.  Each Lender severally agrees, on any Business Day during the Availability Period, to make Loans to Borrowers at any
time and from time to time in an aggregate principal amount up to such Lender’s Commitment, subject to the limitations in Section 2.2
and the other terms and conditions herein set forth. Borrowers may borrow, repay without penalty or premium, and re-borrow Loans
hereunder, during the Availability Period, subject to the limitations and conditions set forth in Sections 2.2 and 6 and
the other terms and conditions herein set forth.

 

2.2.         Limitation
on Borrowings and Re-borrowings.  No Lender shall be required to advance any Loan hereunder if after giving effect thereto (a) the
Dollar Equivalent of the Principal Obligations would exceed the Available Commitment,
(b) the Dollar Equivalent of the Principal Obligations of such Lender would exceed
its Commitment, (c) the aggregate Dollar Equivalent of the Principal Obligations
would exceed the Maximum Commitment or (d) the conditions precedent for such Borrowing in Section 6 have not been satisfied.

 

2.3.         Borrowings.

 

(a)            Request
for Borrowing.  The applicable Borrower shall give Administrative Agent notice of each requested Borrowing hereunder, which notice
shall be in writing (a “Request for Borrowing”), in the form of Exhibit B hereto. Each Request for Borrowing
shall be irrevocable and effective upon receipt by Administrative Agent and shall be furnished to Administrative Agent (i) no later
than 10:00 a.m. (Eastern time) on the requested date of the funding of a Prime Rate Loan, and (ii) no
later than 10:00 a.m. at least one (1) U.S. Government Securities Business Day prior to the requested date of Borrowing in
the case of a Daily Simple SOFR Loan, and (iii) no later than 12:00 p.m. (Eastern time) at
least three (3) U.S.
Government Securities Business Days prior to the requested date of Borrowing
in the fundingcase
of a LIBOR RateTerm
SOFR Loan; provided that any such request received by Administrative Agent after
11:00 a12:00
p.m. (Eastern time) (or, with respect to a Prime Rate Loan or
Daily Simple SOFR Loan, 10:00 a.m. (Eastern time)
and with respect to a Term SOFR Loan, 12:00 p.m. (Eastern time)) shall be deemed
to have been given by Borrowers on the next succeeding Business Day. Each Request for Borrowing shall specify (A) the amount of
such Borrowing, (B) the date of such Borrowing, which shall be a Business Day, (C) the Interest Option if
such Loan is to be funded in Dollars, and if applicable, the Interest Period, (D) the Borrower making the Request
for Borrowing, (E) the amount of each Loan attributable to each Borrower (if applicable), and (F) the
currency[reserved];
and (iii) shall be accompanied or preceded by a duly executed Borrowing Base Certificate and, only to the extent applicable, Investment
Report dated the date of such Request for Borrowing. Administrative Agent shall promptly give notice of each Request for Borrowing to
the Lenders. If
a Request for Borrowing relates to a Term SOFR Loan but does not specify an Interest Period, then Borrowers shall be deemed to have selected
an Interest Period of one month’s duration.

 

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(b)            Initial
Borrowing on Closing Date. Subject to the terms and conditions of this Credit Agreement, the Initial Borrower shall request on the
Closing Date, and the Lenders shall make, one (1) Loan to the Initial Borrower in an original principal amount sufficient to pay
in full all “Obligations” (as defined in the Prior Loan Agreement) outstanding under the Prior Loan Agreement (including,
without limitation, all principal and accrued interest), and the Initial Borrower shall use the proceeds of such Loan to pay in full
all “Obligations” (as defined in the Prior Loan Agreement) outstanding under the Prior Loan Agreement (including, without
limitation, all principal and accrued interest), and the Initial Borrower hereby authorizes Administrative Agent to apply the proceeds
of such Loan to pay in full such “Obligations” (as defined in the Prior Loan Agreement).

 

(c)            Loans
in Dollars. All Loans made hereunder shall be denominated in Dollars or in an Alternative Currency.

 

(d)            Minimum
Loan Amounts.  Each Loan in Dollars shall be in an aggregate amount that is an integral
multiple of $100,000 and not less than $500,000; provided that a Loan may be in an aggregate amount that is equal to the entire
unused balance of the Available Commitment. Any Loans in an Alternative Currency shall satisfy this
minimum threshold on a Dollar Equivalent basis.

 

(e)            Funding
Indemnification.  The applicable Borrower shall indemnify the Lenders against any cost, loss, or expense incurred by the Lenders
(other than loss of margin or spread), or any of them, as a result of any failure of such Borrower to fulfill, on or before the date
specified in the Request for Borrowing, the conditions to such Borrowing set forth herein, including any cost, loss, or expense incurred
by reason of the liquidation or redeployment of the deposits or other funds acquired by the Lenders to fund such Borrowing to be made
by the Lenders as a part of such Borrowing when such Borrowing, as a result of such failure, is not made on such date. A certificate
of Administrative Agent setting forth the amount of any such cost, loss or expense, and the basis for the determination thereof and the
calculation thereof, shall be delivered to such Borrower and shall, absent manifest or demonstrable error, be conclusive and binding.

 

(f)            Funding.
 Subject to the fulfillment of all applicable conditions set forth herein, (i) each Lender shall make the proceeds of its Pro
Rata Share of each Loan available to Administrative Agent no later than 1:00 p.m. (Eastern time) (or, with respect to a Prime Rate
Loan, 4:00 p.m. (Eastern time)) on the date specified in the Request for Borrowing as the borrowing date, in immediately available
funds, and (ii) Administrative Agent shall deposit the proceeds of each Borrowing in the applicable Borrower’s deposit account
maintained with Administrative Agent or otherwise at the direction of such Borrower; provided that no Lender shall be under any
obligation to fund any Loan if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain such Lender from funding such Loan, or any Applicable Law applicable to such Lender or any request or directive (whether
or not having the force of law) from any Governmental Authority with jurisdiction over such Lender shall prohibit, or request that such
Lender refrain from, the funding of loans generally or loans to such Borrower in particular. Any Lender who is prohibited from funding
a Loan pursuant to the proviso in the immediately preceding sentence shall use commercially reasonable efforts to promptly notify the
applicable Borrower after such Lender’s receipt of such Borrower’s Request for Borrowing that such Lender is prohibited from
funding such Loan.

 

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(g)            Obligations
of Lenders Several.  Each Lender shall make each requested Loan hereunder in accordance with its Pro Rata Share. The liabilities
and obligations of each Lender hereunder shall be several and not joint, and neither 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 its Pro Rata
Share of any Loan shall not relieve any other Lender of its obligation to advance the proceeds of its Pro Rata Share of any Loan required
to be advanced hereunder. Each Lender shall be liable to the Borrowers only for the amount of its respective Commitment.

 

(h)            [Reserved]

 

(i)              
Conversions. The applicable Borrower shall have the right, with respect to: (i) any
Prime Rate Loan or Daily Simple SOFR Loan, on any Business Day
(a “LIBORTerm
SOFR Conversion Date”), to convert such Prime Rate Loan to a LIBOR Rateor
Daily Simple SOFR Loan to a Term SOFR Loan in Dollars; and (ii) any LIBOR
RateTerm SOFR Loan in
Dollars, on any Business Day to convert such Term SOFR Loan
to a Prime Rate Loan (a “Prime Rate Conversion Date”) to
convert such LIBOR Rate Loan to a Prime Rate Loanor
a Daily Simple SOFR Loan (a “Daily Simple SOFR Conversion Date”); provided that such Borrower shall, on such LIBORTerm
SOFR Conversion Date or,
Prime Rate Conversion Date or Daily Simple SOFR Conversion Date,
make the payments required by Section 4.3, if any, in either case, by giving Administrative Agent a Notice of Conversion in the
form of Exhibit J hereto (a “Notice of Conversion”) of such selection no later than 11:00 a.m. at least either
(x) three (3) Business Days prior to such LIBORTerm
SOFR Conversion Date or (y) one (1) Business Day prior to such Prime Rate Conversion Date or
Daily Simple SOFR Conversion Date, as applicable. Each Notice of Continuation/Conversion shall be irrevocable and effective
upon notification thereof to Administrative Agent. A request of a Borrower for a Conversion of a Prime
Rate Loan to a LIBOR Rate Loan is subject to the condition that no Event of Default or Potential Default with respect to such Borrower
exists at the time of such request or after giving
effect to such Conversion.

  

(j)     Continuations.
     No later than 11:00 a12:00
p.m. (x) at least three (3) Business
Days prior to the termination of each Interest Period related to a LIBOR RateTerm
SOFR Loan, the applicable Borrower shall give Administrative Agent a Notice of Continuation
in the form of Exhibit J hereto (a “Notice
of Continuation”) setting forth whether it desires to renew such LIBOR
RateTerm
SOFR Loan. The Notice of Continuation shall also specify the length of the Interest Period
selected by such Borrower with respect to such Continuation. Each Notice of Continuation shall be irrevocable and effective upon notification
thereof to Administrative Agent. If the applicable Borrower fails to timely give Administrative Agent the Notice of Continuation with
respect to any LIBOR RateTerm
SOFR Loan, such Borrower shall be deemed to have elected the Prime Rate as the Interest
Option with respect to such Loan.

 

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2.4.         Interest.

 

(a)            Interest
Rate.  Each Loan shall accrue interest at a rate per annum equal to the Applicable Rate. 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; Calculations of Interest.  Each change in the rate of interest for any Loans shall become effective, without prior notice
to the Borrowers, automatically as of the opening of business of Administrative Agent on the date of said change. Administrative Agent
shall use commercially reasonable efforts to give the applicable Borrower prompt notice of any change in the rate of interest for any
Loans after such change becomes effective; provided, however, that any failure by Administrative Agent to provide such Borrower
with such notice shall not affect Administrative Agent’s right to make changes in the rate of interest for any Loans. Interest
on the unpaid principal balance of each Loan (other than Prime Rate Loans, LIBOR Rate Loans denominated
in Sterling and any other Alternative Currency where it is market practice to calculate on a 365 or 366 days basis) shall
be calculated on the basis of the actual days elapsed in a year consisting of 360 days.

 

(c)            Default
Rate.  If an Event of Default has occurred and is continuing, all Obligations shall bear interest before and after judgment at the
Default Rate; provided that, except with respect to an Event of Default occurring pursuant to Section 10.1(h), the
portion of interest accruing at the Default Rate (in excess of the interest accruing at the Applicable Rate) shall not be due and payable
by the applicable Borrower until (but in all events such interest shall accrue upon the occurrence and during the continuance of an Event
of Default) the earliest to occur of (i) such Borrower’s knowledge that the applicable Event of Default has occurred and is
continuing, (ii) Administrative Agent providing notice to such Borrower that the Default Rate is applicable, and (iii) Administrative
Agent’s acceleration of the Obligations pursuant to Section 10.2(a)(iii).

 

(d)            Determination
of Rate.  Administrative Agent shall determine the interest rate applicable to each Borrowing hereunder, and shall, upon request,
give notice to the applicable Borrower and to the Lenders of each rate of interest so determined, and its determination thereof shall
be conclusive and binding absent manifest or demonstrable error.

 

2.5.         Use
of Proceeds.  The proceeds of the Loans shall be used by the applicable Borrower solely for (a) purposes permitted under the
Constituent Documents of such Borrower; (b) bridging Capital Calls of the Investors in such Borrower; and (c) other general
corporate purposes of such Borrower. Neither the Lenders nor Administrative Agent shall have any liability, obligation, or responsibility
whatsoever with respect to any Borrower’s use of the proceeds of the Loans, and neither the Lenders nor Administrative Agent shall
be obligated to determine whether or not any Borrower’s use of the proceeds of the Loans are for purposes permitted under the Constituent
Documents of any Borrower. Nothing, including, without limitation, any funding of a Loan or the acceptance of any other document or instrument,
shall be construed as a representation or warranty, express or implied, to any party by the Lenders or Administrative Agent as to whether
any Investment by such Borrower is permitted by the Borrowers’ Constituent Documents. A Borrower shall not use the proceeds of
any Loan (a) to fund any activities of or business with any individual or entity, or in any Sanctioned Country, that, at the time
of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including
any individual or entity participating in the transaction, whether as Lender, Administrative Agent, or otherwise) of Sanctions
(or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity
in violation of the foregoing); or (b) for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977,
the UK Bribery Act 2010, or other Anti-Corruption Laws.

 

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2.6.         Fees.
 Borrowers shall pay to Administrative Agent, for its own account, a facility fee on the Closing Date and first anniversary thereof,
in an amount equal to 2025
basis points (0.200.25%)
of the Maximum Commitment then in effect (the “Facility Fee”). Such fees shall be fully earned upon becoming due and
be non-refundable when paid.

 

2.7.         Unused
Commitment Fee.  Borrowers shall pay to Administrative Agent, for the account of each Lender, an Unused Commitment Fee, payable quarterly
(on the first day of each quarter), in arrears, on a calendar year basis, during the period commencing on the Closing Date and ending
on the Maturity Date. Borrowers shall not be entitled to any credit, rebate or repayment of any Unused Commitment Fee previously earned
by the Lenders pursuant to this Section 2.7 notwithstanding any termination of this Credit Agreement or the suspension or
termination of the Commitments. The Borrowers and the Lenders 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 Borrowers as described herein and for no other purposes.

 

2.8.         Extension
of Maturity Date.  On any Business Day occurring at least thirty (30) calendar days but no more than sixty (60) calendar days prior
to the Stated Maturity Date then in effect, a Responsible Officer of Borrowers may submit to Administrative Agent, on behalf of such
Borrowers and in accordance with Section 11.4, a written request (an “Extension Request”) to extend the
Stated Maturity Date then in effect to a date occurring three hundred sixty-four (364) days after such Stated Maturity Date or, if such
date is not a Business Day, the immediately preceding Business Day. Submission by the Borrowers of an Extension Request shall be deemed
to be a restatement in all material respects of each representation and warranty made by such Borrowers in Section 7 as of
the date of such Extension Request. Upon receipt of an Extension Request, Administrative Agent and each Lender shall determine, in its
sole discretion, whether to consent to such Extension Request. If such consent is granted by Administrative Agent and the Lenders, (a) Administrative
Agent shall provide such requesting Borrowers with notice of Administrative Agent’s and such Lenders’ consent to such Extension
Request; (b) as of the date of such Extension Notice, all references to the Stated Maturity Date in this Credit Agreement shall
be deemed to be references to the Stated Maturity Date as extended by the Extension Request; (c) if the Extension Notice indicates
that either such term is to be amended, as of the date of such Extension Notice, each of the definitions of the terms “Applicable
Rate” and “Unused Commitment Fee” appearing in Section 1.1 shall be deleted and replaced in its entirety
with the new definition for such term set forth in the Extension Notice; and (d) within five (5) Business Days of the applicable
Borrowers’ receipt of the Extension Notice, such Borrowers shall pay an extension fee to Administrative Agent for the benefit of
the Lenders in an amount equal to 25 basis points (0.25%) of each such Lender’s Commitment as of the date on which such Borrowers
receive such Extension Notice. If Administrative Agent, acting on behalf of the Lenders, does not provide the applicable Borrowers with
notice of its and the Lenders’ consent to an Extension Request on or prior to the Stated Maturity Date then in effect, such Extension
Request shall be deemed to have been denied by the Lenders, such Stated Maturity Date shall not be extended and such Borrowers shall
not be permitted to submit any subsequent Extension Requests. If Administrative Agent and the Lenders consent to the applicable Borrowers’
initial Extension Request, such Borrowers may submit no more than one (1) subsequent Extension Request.

 

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Section 3.             PAYMENT
OF OBLIGATIONS

 

3.1.         Payment
of Obligations.  The Principal Obligations of each individual Loan made hereunder shall be repaid by the applicable Borrower without
further demand to Administrative Agent, for the benefit of the Lenders, in immediately available funds by the date that is three hundred
and sixty-five (365) calendar days after the date of the Borrowing with respect to such Loan (or, if such date is not a Business Day,
the preceding Business Day), together with all accrued but unpaid interest thereof. The Principal Obligations, together with all accrued
but unpaid interest thereon and any other outstanding Obligations, shall be due and payable on the Maturity Date.

 

3.2.         Payment
of Interest.

 

(a)            Interest.
 Interest on each Borrowing shall commence to accrue as of the date of the disbursement of such Borrowing by Administrative Agent.
When a Borrowing is disbursed by wire transfer pursuant to instructions received from a Borrower in accordance with the related 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 Loans, interest shall continue to accrue on any amount repaid until such
time as the repayment has been received in immediately available funds by Administrative Agent.

 

(b)            Interest
Payment Dates.  Accrued and unpaid interest on the Obligations shall be due and payable by the Borrowers in arrears (i) on each
Interest Payment Date, and (ii) upon the occurrence and during the continuance of an Event of Default, at any time upon demand by
Administrative Agent; provided that, solely with respect to the foregoing clause (ii), except with respect to an Event of Default
occurring pursuant to Section 10.1(h), during the Standstill Period, Administrative Agent shall not exercise the remedies
pursuant to clauses (i), (iii), (iv), (v), (viii) and (ix) of the first sentence of Section 10.2(b) on account
of the applicable Borrower’s failure to pay such interest when due. Interest hereunder 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.

 

3.3.         Payments
on the Obligations.

 

(a)            Borrower
Payments.  All payments of principal of, and interest on, the Obligations by any Borrower to or for the account of the Lenders shall
be made without condition or deduction or counterclaim, set-off, defense or recoupment for receipt before 3:00 p.m. (Eastern time)
in the case of payments made in Dollars and 11:00 a.m. in the case of payments made in an Alternative
Currency, in each case, in immediately available funds to Administrative Agent at the account Administrative Agent designates
in writing to the applicable Borrowers, in all cases for the ratable benefit of each Lender. Funds received after 3:00 p.m. (Eastern
time) in the case of payments made in Dollars or after 11:00 a.m. in the case of payments made
in an Alternative Currency, as applicable, shall be treated for all purposes as having been received on the next Business
Day. All payments shall be made in the currency of the related Borrowing.

 

    34 

     

    

 

(b)            Application
of Payments.  So long as no Event of Default has occurred and is continuing, all payments made by Borrowers on the Obligations shall
be applied as directed by Administrative Agent (it being understood that all payments to the Lenders will be distributed ratably amongst
the Lenders). At all times when an Event of Default has occurred and is continuing, all payments made on the Obligations shall be credited
in the following manner (in all applicable cases for the ratable benefit of each Lender): (i) first, against all costs, expenses
(excluding expenses constituting indemnification obligations) and other fees (including attorneys’ fees) arising under the terms
hereof; (ii) second, against accrued and unpaid interest; (iii) third, against all Principal Obligations due
and owing; and (iv) fourth, against all other amounts constituting any portion of the Obligations.

  

(c)            Disbursement
of Funds.  If, at any time, Administrative Agent shall not have received on the date due any payment of interest upon the Obligations
or any fee payable described under this Credit Agreement or the other Loan Documents, Administrative Agent may (i) direct the disbursement
of funds from the Collateral Account of the applicable Borrower to the Lenders, in accordance with the terms hereof, to the extent available
therein for payment of any such amount or (ii) require Borrowers to request a Borrowing of such amount (which shall be deemed to
have complied with the requirements of Section 2.2 without any further actions being required by such Borrowers), in which
case the Loans representing such amount shall be credited directly to the account of Administrative Agent rather than to any account
of such Borrowers in satisfaction of such outstanding interest and/or fees; provided that no Borrowing shall be made pursuant
to this clause (ii) hereof if after giving effect thereto (A) the Dollar Equivalent
of the Principal Obligations would exceed the Available Commitment or (B) the Dollar
Equivalent of the Principal Obligations of any Lender would exceed such Lender’s Commitment.

 

3.4.         Prepayments.

 

(a)            Voluntary
Prepayments.  The applicable Borrowers may, without premium, penalty or fees, upon (x) one (1) Business Day’s
prior written notice to Administrative Agent with respect to Prime Rate Loans or
Daily Simple SOFR Loans, and (y) three (3) Business Day’s prior
written notice to Administrative Agent with respect to LIBOR RateTerm
SOFR Loans, prepay Principal Obligations then outstanding, in whole or in part, at
any time or from time to time. Any prepayment not received by 3:00 p.m. (Eastern time) on a Business Day shall be deemed to
have been paid on the next succeeding Business Day. The notice of prepayment shall specify which Borrower’s Loans
Administrative Agent shall apply the prepayment to and shall be in a minimum principal amount of $100,000 (or
the Dollar Equivalent thereof), or, if less, the entire amount of Principal Obligations then outstanding. All
such voluntary prepayments shall be made together with payment of all interest accrued thereon. Administrative Agent shall give
notice of any notice of repayment from a Borrower to Lenders promptly upon receipt thereof.

 

(b)            Mandatory
Prepayment.  If on any day the Dollar Equivalent of the Principal Obligations exceed
the Available Commitment for any reason (including, in each case without limitation, as a result of a Capital Call, an Investor becoming
a Defaulting Investor, a change in the Fair Market Value of any Eligible Investment or any failure of an Investment to constitute an
Eligible Investment) (any such excess, an “Overadvance”), then the applicable Borrower or Borrowers shall (i) if
the amount of such Overadvance is greater than or equal to $500,000, either pay the full amount of such Overadvance to Administrative
Agent, for the benefit of the Lenders, in immediately available funds, without demand, or otherwise eliminate such Overadvance (by such
other means that shall be subject to the Administrative Agent’s consent, which shall not be unreasonably withheld or delayed),
in each case on or before the Required Payment Time after the occurrence of such Overadvance, and (ii) if the amount of such Overadvance
is less than $500,000, either pay the full amount of such Overadvance to Administrative Agent, for the benefit of the Lenders, in immediately
available funds, upon demand by Administrative Agent, or otherwise eliminate such Overadvance (by such other means that shall be subject
to the Administrative Agent’s consent, which shall not be unreasonably withheld or delayed), in each case on or before the Required
Payment Time after such demand. If the applicable Borrower or Borrowers fail to pay or eliminate any Overadvance required to be paid
under, and within the time period set forth in, this Section 3.4(b), then such Borrower or Borrowers hereby agree that Administrative
Agent may withdraw from the Collateral Account and/or, to the extent applicable, the Investment Collection Account, any Capital Contributions
or other monies or sums deposited therein and apply the same to the Principal Obligations until such time as such Overadvance has been
satisfied in full.

 

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3.5.         Reduction
or Early Termination of Commitments.  So long as no Request for Borrowing is outstanding, Borrowers may (a) terminate the Commitments
or (b) reduce the Maximum Commitment, by giving irrevocable written notice to Administrative Agent of such termination or reduction
five (5) Business Days (or such shorter period of time agreed in writing by Administrative Agent in its sole discretion) prior to
the effective date thereof (which date shall be specified in such notice and be a Business Day): (i) in the case of complete termination
of the Commitments, upon prepayment of all of the outstanding Obligations; or (ii) in the case of a reduction of the Maximum Commitment,
upon prepayment of the amount by which the Dollar Equivalent of the Principal Obligations
exceed the reduced Available Commitment resulting from such reduction, including, without limitation, payment of all interest accrued
thereon. Notwithstanding the foregoing: (x) any reduction of the Maximum Commitment shall be in an amount equal to $5,000,000 or
multiples thereof; and (y) in no event shall a reduction reduce the Maximum Commitment to below $10,000,000 (except for a termination
of all Commitments).

 

3.6.         Increase
in the Maximum Commitment.  Provided there exists no Event of Default or, to the knowledge of any Borrower or Administrative Agent,
Potential Default on the effective date of the increase, and subject to compliance with the terms below, upon written notice to Administrative
Agent, Borrowers may request the Lenders to increase the Maximum Commitment. Such increase shall be effective upon the satisfaction of
the following conditions precedent: (a) the existing Lenders shall have agreed in their sole discretion to increase their Commitments
and/or additional Persons shall have agreed to join the Credit Facility as Lenders such that the Commitments of all Lenders equal the
increased Maximum Commitment; (b) on or prior to the proposed date of such increase, Borrowers shall have paid to Administrative
Agent, for the benefit of each Lender that increases its Commitment or provides a new Commitment, a fee in an amount equal to 25 basis
points (0.25%) of such increased or new Commitment; and (c) Borrowers shall provide Administrative Agent such evidence of their
power and authority to effectuate such increase as Administrative Agent may reasonably request. For the avoidance of doubt, such increase
will be on the same terms as contained herein with respect to the Commitments and the Loans. No Lender will be required to commit, nor
shall any Lender have any preemptive right, to provide any portion of such increase. On any date the Maximum Commitment is increased
in accordance herewith, Borrowers and the Lenders agree to execute such documents as Administrative Agent may reasonably request to give
effect to such increase.

 

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3.7.         Joint
and Several Liability.  Each Borrower acknowledges, agrees, represents and warrants the following:

 

(a)            Combined
Liability. Borrowers shall be jointly and severally liable to the Lenders for all representations, warranties, covenants,
obligations and indemnities, including, without limitation, the Loans and the other Obligations of all Borrowers, and
Administrative Agent and the Lenders may at their option enforce the entire amount of the Loans and the other Obligations of the
Borrowers against any one or more of such Borrowers; and

 

(b)            Separate
Exercise of Remedies. Administrative Agent may exercise remedies against each Borrower and its property separately, whether or not
Administrative Agent exercises remedies against any other Borrower or its property. Administrative Agent may enforce one or more Borrower’s
obligations without enforcing any other Borrower’s obligations and vice versa. Any failure or inability of Administrative Agent
to enforce one or more Borrower’s obligations shall not in any way limit Administrative Agent’s right to enforce the obligations
of the other Borrowers. If Administrative Agent forecloses or exercises similar remedies under any one or more Loan Documents, then such
foreclosure or similar remedy shall be deemed to reduce the balance of the Loans only to the extent of the cash proceeds actually realized
by the Lenders from such foreclosure or similar remedy or, if applicable, Administrative Agent’s credit bid at a foreclosure sale,
regardless of the effect of such foreclosure or similar remedy on the Loans secured by such Loan Documents under the applicable state
law. Each Borrower expressly waives to the fullest extent permitted by Applicable Law: (i) any defense based upon any statute or
rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome
than that of the principal; and (ii) any defenses or benefits that may be derived from or afforded by Applicable Law which limit
the liability of or exonerate guarantors or sureties, or which may conflict with the terms of this Credit Agreement.

 

Section 4.             CHANGE
IN CIRCUMSTANCES

 

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 Borrower 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 the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax,
then the sum payable by the applicable Borrower 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.

 

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(c)            Payment
of Other Taxes by the Borrowers.  Without limiting the provisions of Section 4.1(b) above, each Borrower shall timely
pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of Administrative Agent timely reimburse
it for the payment of any Other Taxes applicable to such Borrower.

 

(d)            Evidence
of Payments.  As soon as practicable after any payment of Taxes by any Borrower to a Governmental Authority pursuant to this Section 4.1,
such Borrower shall deliver to 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 Administrative
Agent.

 

(e)            Indemnification
by Loan Parties.  Each Borrower shall indemnify each Recipient, on or before the Required Payment Time 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,
in each case with respect to such Borrower, 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 such Borrower by a Lender (with a copy to Administrative Agent), or by Administrative Agent
on its own behalf or on behalf of a Lender, shall be conclusive absent manifest or demonstrable error.

 

(f)            Indemnification
by Lenders.  Each Lender shall severally indemnify Administrative Agent, within ten (10) days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower has not already indemnified
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 11.9 relating to the
maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable
or paid by 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 Administrative Agent shall be conclusive absent
manifest or demonstrable 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 any Loan Document or otherwise payable by Administrative Agent to the Lender from any other
source against any amount due to Administrative Agent under this Section 4.1(f).

 

(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 Borrowers and Administrative Agent, at the time or times reasonably requested by Borrowers or Administrative Agent, such properly
completed and executed documentation reasonably requested by Borrowers or 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 by Borrowers or Administrative
Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrowers or Administrative Agent
as will enable Borrowers or 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 (ii)(D) below)
shall not be required if the Lender is not legally entitled to complete, execute or deliver such documentation or, 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.

 

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

 

		(A)	any Lender that is a U.S. Person shall
                                            deliver to such Borrower and 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
                                            request of such Borrower or 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 such Borrower and Administrative Agent (in such
                                            number of copies as shall be requested 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 request of such Borrower or Administrative Agent), whichever of the following
                                            is applicable;

 

		(i)	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 (or any successor form) 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 (or
                                            any successor form) 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;

 

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

 

		(iii)	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 I-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 such Borrower 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 any successor
                                            form); or

 

		(iv)	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 or IRS Form W-8BEN-E, as applicable (or any successor form), a U.S.
                                            Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-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 I-4
                                            on behalf of each such direct and indirect partner;

 

		(C)	any Foreign Lender shall, to the extent
                                            it is legally entitled to do so, deliver to such Borrower and Administrative Agent (in such
                                            number of copies as shall be requested 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 request of such Borrower or 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 such Borrower or the Administrative Agent
                                            to determine the withholding or deduction required to be made; and

 

    40 

     

    

 

		(D)	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 Borrower and Administrative Agent at the time or times
                                            prescribed by law and at such time or times reasonably requested by such Borrower or 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 by such
                                            Borrower or Administrative Agent as may be necessary for such Borrower and 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 clause (D), “FATCA”
                                            shall include any amendments made to FATCA after the date of this Credit Agreement.

  

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 applicable Borrower and 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 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 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. This paragraph 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.

 

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(i)            Survival.
 Each party’s obligations under this Section 4.1 shall survive the resignation or replacement of, and any assignment
of rights by, Administrative Agent or any Lender.

  

4.2.          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 LIBORSOFR),
(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes and (B) Taxes described in clauses (b) through
(d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitment, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or (iii) impose on any Lender any other
condition, cost or expense (other than Taxes) affecting this Credit Agreement or Loans made by any Lender, and the result of any of the
foregoing shall be to increase the cost to such Lender or 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
other Recipient hereunder (whether of principal, interest or any other amount) then, upon written request of such Lender or other Recipient,
Borrowers shall, on or before the Required Payment Time after such request, pay to any such Lender or other Recipient, as the case may
be, such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs
incurred or reduction suffered.

 

(b)            Capital
Requirements.  If any Lender determines that any Change in Law affecting such Lender regarding capital or liquidity requirements,
has or would have the effect of reducing the rate of return on such Lender’s capital 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 could have achieved but for such
Change in Law (taking into consideration such Lender’s policies with respect to capital adequacy and liquidity), then from time
to time upon written request of such Lender, Borrowers shall, on or before the Required Payment Time after such request, pay to such
Lender such additional amount or amounts as will compensate such Lender for any such reduction suffered.

 

(c)            Delay
in Requests.  Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that Borrowers shall not be required to compensate
a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than one hundred eighty (180) days
prior to the date that such Lender notifies Borrowers of the Change in Law giving rise to such increased costs or reductions (except
that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the one hundred eighty (180) day period
shall be extended to include the period of retroactive effect).

 

4.3.           Funding
Losses.  Upon demand of any Lender, each Borrower shall, on or before the Required Payment Time after such demand, pay Administrative
Agent for the account of such Lender, such amounts as shall compensate such Lender for, and hold such Lender harmless from, any loss,
cost or expense (other than loss of margin or spread) 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 such Borrower (for any reasons whatsoever) to accept a Loan
after such Borrower shall have requested such Loan, (b) any prepayment of a Loan by such Borrower that is otherwise not made in
compliance with the provisions of the Credit Agreement, or (c) the failure such Borrower to make a prepayment of a Loan after giving
notice thereof.

 

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4.4.          Inability
to Determine Rates. If Except
in connection with a Benchmark Transition Event, if in connection with any request for a Term SOFR Loan or a continuation thereof, (i) 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) that
adequate and reasonable means do not exist for determining LIBOR;
or (c) LIBOR Term
SOFR for any requested Interest Period with respect to a  proposed Term SOFR Loan, or (ii) Administrative Agent determines that for
any reason Term SOFR for any requested Interest Period with respect to a  proposed Term SOFR Loan does
not adequately orand
fairly reflect the cost to the Lenders
of funding or maintaining any LIBOR Rate Loan, then: (i)such
Term SOFR Loan, Administrative Agent shall forthwith
notify Borrowers and the Lenders; 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 Administrative Agent that it is unable to obtain matching deposits in the London interbank market
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) Administrative Agent shall forthwith so notify 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 Prime Rate Loans if denominated
in Dollars or a LIBOR Rate Loan based on the Cost of Funds Rate if denominated in an Alternative Currency only on the last day of the
then-current Interest Period, and (y) uponwill
promptly so notify Borrower. Thereafter, the obligation of Lenders to make or maintain Term SOFR Loans shall be suspended (to the extent
of the affected Term SOFR Loans or Interest Periods). Upon receipt of such notice, BorrowersBorrower
may revoke any outstanding Requests for Borrowing.pending
Borrowing Request for a borrowing or continuation of Term SOFR Loans (to the extent of the affected Term SOFR Loans or Interest Periods)
or, failing that, will be deemed to have converted such request into a request for a borrowing of Prime Rate Loans in the amount specified
therein.

 

4.5.          Mitigation.
Each Lender and Administrative Agent agrees that, upon the occurrence of any event giving rise to Borrowers’ obligation to
make a payment under this Section 4 with respect to such Lender or Administrative Agent, it will use commercially reasonable
efforts to mitigate the effect of any such event, including by completing and delivering or filing any tax related forms that would reduce
or eliminate any amount of Taxes required to be deducted or withheld or paid by Borrowers hereunder and changing the jurisdiction of
its applicable lending office if, in the reasonable judgment of Administrative Agent or Lender, as the case may be, the making of such
a change (i) would avoid the need for, or reduce the amount of, any such amounts that would be payable or may thereafter accrue
and (ii) would not subject Administrative Agent or such Lender, as the case may be, to any material unreimbursed cost or expense
and would not be otherwise materially disadvantageous to Administrative Agent or such Lender, as the case may be.

 

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4.6.          Survival.
Without prejudice to the survival of any other agreement of Borrowers hereunder, all of Borrowers’ obligations under this Section 4
shall survive and remain in full force and effect regardless of the repayment of the Loans, the expiration or termination of the
Commitments or the termination of this Credit Agreement. Each Lender shall notify Borrowers of any event occurring after the termination
of this Credit Agreement entitling such Lender to compensation under this Section 4 as promptly as practicable.

 

4.7.           Benchmark
Replacement Setting.

 

(a)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement
is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark
Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect
of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party
to, this Credit Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause
(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New
York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to Borrower
without any amendment to, or further action or consent of any other party to this Credit Agreement or any other Loan Document so long
as Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Borrower. For
the avoidance of doubt, in the event Administrative Agent receives a written notice of objection to such Benchmark Replacement from Borrower
pursuant to the immediately preceding sentence, Administrative Agent and Lender shall negotiate in good faith to determine a substitute
benchmark rate, provided, however, if Borrower and Administrative Agent are not able to come to a mutual agreement on such substitute
benchmark rate within five (5) Business Days following such written notice of objection, the Loans shall be converted to Prime Rate
Loans as of the fifth (5th)
Business Day after the date notice of such Benchmark Replacement is provided to Borrower.

  

(b)            Benchmark
Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement,
Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein
or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or
consent of any other party to this Credit Agreement or any other Loan Document.

 

(c)            Notices;
Standards for Decisions and Determinations. Administrative Agent will promptly notify the Lenders and the Borrower of (i) the
implementation of any Benchmark Replacement and, (ii) the effectiveness of any Conforming Changes in connection with the use, adoption
or implementation of a Benchmark Replacement. Any determination, decision or election that may be made by Administrative Agent, or, if
applicable, any Lender (or group of Lenders) pursuant to this Credit Agreement, including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from
taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without
consent from any other party to this Credit Agreement or any other Loan Document, except, in each case, as expressly required pursuant
to this Credit Agreement.

 

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(d)            Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference
Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such
rate from time to time as selected by Administrative Agent in its reasonable discretion or (B) the administrator of such Benchmark
or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization
of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then Administrative Agent may modify the definition of “Interest
Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative,
non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (A) above either (x) is subsequently
displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (y) is not, or is no longer,
subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization
of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then Administrative
Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings
at or after such time to reinstate such previously removed tenor.

 

(e)            Benchmark
Unavailability Period. Upon Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, Borrower
may revoke any pending request for, or conversion to or continuation of, Loans referencing the then-current Benchmark to be made, converted
or continued during any Benchmark Unavailability Period and, failing that, Borrower will be deemed to have converted any such request
into a request for a borrowing of or conversion to Prime Rate Loans.

 

4.8.          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 SOFR or Daily Simple SOFR, then, on notice thereof by such Lender to Borrowers
through 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 Administrative Agent
and 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 Borrower, be converted to, and shall continue, as Prime Rate Loans and Obligations
denominated in Dollars, 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 SOFR or Daily Simple SOFR, or to convert Loans accruing interest calculated by reference
to the Prime Rate to be Loans accruing interest calculated by reference to SOFR or Daily Simple SOFR, shall be suspended until such Lender
notifies Administrative Agent and 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 Prime 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.

 

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Section 5.               SECURITY

 

5.1.          Liens
and Security Interest.

 

(a)            Collateral
Grant.  In order to secure the Obligations and until payment and performance in full of such Obligations and the expiration or termination
of all Commitments hereunder and the termination of the Loan Documents, the respective Borrowers each hereby pledges, charges and assigns
by way of security to Administrative Agent and grants to Administrative Agent, for the benefit of the Lenders, a first priority security
interest in and Lien on their respective rights in the following (to the extent applicable), whether now existing or hereafter acquired
or arising and wherever located (the “Collateral”):

 

(i)            all
of such Borrower’s rights to make Capital Calls on Investors and all other rights, titles, interests, powers and privileges related
to, appurtenant to or arising out of such Borrower’s right to require or demand that the Investors make Capital Contributions to
such Borrower;

 

(ii)            all
of such Borrower’s rights, titles, interests and privileges in and to the Capital Commitments, the Uncalled Capital Commitments,
Pending Capital Calls and Capital Contributions made by Investors;

 

(iii)            all
of such Borrower’s rights, titles, interests, remedies, and privileges under the applicable Operative Documents and Subscription
Agreements to issue Capital Calls and to receive and enforce the funding of Capital Contributions;

 

(iv)            the
Collateral Account and any successor or substitute accounts, together with all of the applicable Borrower’s right, title, and interest
in and to such account, all sums or other property now or at any time hereafter on deposit therein, credited thereto, or payable thereon,
and all instruments, documents, certificates, and other writings evidencing such account;

 

(v)            in
the case only of Additional Borrowers, all of such Additional Borrower’s rights, titles, interest and privileges in (x) the
Investments, whether now existing or hereafter acquired or arising and wherever located, and (y) its Investment Collection Account,
and any successor or substitute accounts, together with all of such Additional Borrower’s right, title, and interest in and to
such account, all sums or other property now or at any time hereafter on deposit therein, credited thereto, or payable thereon, and all
instruments, documents, certificates, and other writings evidencing such account;

 

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(vi)            in
the case only of Additional Borrowers, all other assets of such Additional Borrower, including, without limitation, all instruments,
documents, general intangibles, investment property, supporting obligations, accounts, or deposit accounts under the Uniform Commercial
Code or otherwise relating to the foregoing; and

 

(vii)            all
proceeds of any and all of the foregoing.

 

Notwithstanding the foregoing,
the Collateral shall not include (a) any Investments or other assets to the extent any valid contract with respect to such Investment
or asset or any applicable law prohibits the grant of a security interest in such Investment, asset or contract; provided, however,
that this clause (a) shall not exclude the cash proceeds of any such Investment, asset or contract or any prohibition invalidated
by Sections 9-406, 9-407, 9-408 or 9-409 of the UCC, (b) Margin Stock, (c) equity interests in any Subsidiary of a Borrower,
(d) cash or cash equivalents, repurchase agreements and any other liquid investment products, (e) Excluded Amounts and (f) Investments
held by the Initial Borrower.

 

(b)            Reliance.
 Borrowers acknowledge and agree that Administrative Agent and each Lender have entered into this Credit Agreement, extended credit
hereunder and at the time of each Loan will make such credit extension in reliance on the obligations of the Investors to fund their
respective Capital Commitments and accordingly, it is the intent of the parties that such Capital Commitments may be enforced by Administrative
Agent, pursuant to the terms of the Loan Documents, without further action by Borrowers and notwithstanding any compromise of any such
Capital Commitment after the Closing Date by all the Investors in a manner similar to the compromise procedure permitted by 6 Del. Code
section 17-502(b).

 

5.2.          The
Collateral Account; the Investment Collection Account; Capital Calls.

 

(a)            The
Collateral Account; the Investment Collection Account.  Borrowers shall require all their Investors to wire transfer all monies or
sums paid or to be paid by such Investors pursuant to Capital Calls made by the applicable Borrower, on such Borrower’s behalf,
only to the applicable Collateral Account. In addition, Borrowers shall deposit into the applicable Collateral Account any payments that
any Borrower receives directly from the applicable Investors as Capital Contributions. Additional Borrowers shall deposit any payment
or proceed that any such Additional Borrower receives from or on account of any Investment, other than any Excluded Amounts, only into
the applicable Investment Collection Account.

 

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(b)            Use
of the Collateral Account; Investment Collection Account.  The Borrowers may withdraw funds from the Collateral Account or the Investment
Collection Account only in compliance with Section 9.14. Upon the occurrence and continuance of (i) an Event of Default
or (ii) a mandatory prepayment having been triggered pursuant to Section 3.4(b) that is unpaid, (A) no Borrower
shall have the right to, and shall not, give instructions to the Account Bank with respect to the Collateral Account of any Borrower
or the Investment Collection Account of any Additional Borrower (other than to direct that such defaulted amount or mandatory prepayment
be made from such account) and (B) Administrative Agent is authorized to take exclusive control of each Collateral Account and,
in the case of Additional Borrowers, Investment Collection Account. Upon a change of circumstance such that events in clauses
(i) and (ii) above have been remedied or upon payment of all outstanding Obligations, Administrative Agent shall
promptly relinquish exclusive control of each Collateral Account and Investment Collection Account. If the Account Bank with respect
to any Collateral Account or the Investment Collection Account ceases to be an Eligible Institution, each applicable Borrower shall have
thirty (30) days following notice from the Administrative Agent to move its Collateral Account or, in the case of Additional Borrowers, Investment
Collection Account to a replacement Account Bank that is Signature Bank or an Eligible Institution. If an Account Bank terminates a Deposit
Account Control Agreement, the applicable Borrower shall open a new collateral account or investment collection account, as applicable,
that is subject to a new Deposit Account Control Agreement with a replacement Account Bank within thirty (30) days of the earlier of
(i) such termination and (ii) the terminating Account Bank providing notice of its intent to terminate such Deposit Account
Control Agreement.

  

(c)            No
Duty.  Notwithstanding anything to the contrary herein contained, it is expressly understood and agreed that neither Administrative
Agent nor any Lender undertakes any duties, responsibilities, or liabilities with respect to the Capital Calls issued by a Borrower.
Neither Administrative Agent nor any Lender shall be required to take any action with respect to any other matter that might arise in
connection with the Constituent Documents of any Borrower, a Subscription Agreement, a Side Letter or any Capital Call. Neither Administrative
Agent nor any Lender shall have any duty to determine or inquire into any happening or occurrence or any performance or failure of performance
of any Borrower or any of the Investors.

 

(d)            Disbursements
from Collateral Account. Upon the occurrence and continuance of (i) an Event of Default or (ii) a mandatory prepayment
having been triggered pursuant to Section 3.4(b) that is unpaid, each Borrower hereby irrevocably authorizes and directs
Administrative Agent to charge from time to time the Collateral Account for amounts not paid when due; provided that promptly
after any disbursement of funds from such account to the Lenders, Administrative Agent shall provide notice thereof to Borrowers.

 

(e)            No
Representations.  Neither Administrative Agent nor any Lender shall be deemed to make at any time any representation or warranty
as to the validity of any Capital Call nor shall Administrative Agent or any Lender be accountable for any Borrower’s use of the
proceeds of any Capital Contribution.

 

(f)            No
Impairment of Rights.  The rights of Administrative Agent hereunder shall not be released, diminished, impaired, reduced or adversely
affected by (i) any adjustment, indulgence, forbearance or compromise that might be granted or given by Administrative Agent to
any primary or secondary obligor or in connection with any security for the Obligations; (ii) any full or partial release of any
security for the Obligations, except in accordance with the provisions of the Loan Documents; (iii) any other action taken or omitted
to be taken by Administrative Agent in connection with the Obligations, whether or not such action or omission prejudices any Borrower
or increases the likelihood that the Collateral Account will be applied to the Obligations; or (iv) notice of any of the foregoing.

 

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(g)            Additional
Rights.  Administrative Agent may, at any time and from time to time, without further consent of or notice to any Borrower, and with
or without valuable consideration (i) release any Person primarily or secondarily liable in respect of the Obligations or any security
therefor; (ii) renew, extend or accept partial payments upon, release or permit substitutions for or withdrawals of, any security
(other than a Collateral Account or Investment Collection Account) at any time directly or indirectly, immediately or remotely, securing
the payment of the Obligations or any part thereof; or (iii) release or pay to any Borrower, or any other Person otherwise entitled
thereto, any amount paid or payable in respect of any such other direct or indirect security for the Obligations, or any part thereof.

 

5.3.           Agreement
to Deliver Additional Collateral Documents.  The Borrowers shall deliver such security agreements, financing statements, assignments,
and other collateral documents, in form and substance satisfactory to Administrative Agent, as Administrative Agent may reasonably request
from time to time for the purpose of granting to, or maintaining or perfecting in favor of Administrative Agent, for the benefit of the
Lenders, first priority security interests in the Collateral, together with other assurances of the enforceability and first priority
of the Lenders’ Liens and assurances of due recording and documentation of the Filings and Loan Documents or copies thereof, as
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 (in each case subject to Permitted Liens).

 

5.4.           Subordination.

 

(a)            Subordination
of Claims.  Upon the occurrence and continuance of (i) an Event of Default or (ii) a mandatory prepayment having been triggered
pursuant to Section 3.4(b) that is unpaid, no Borrower shall make any payments of any kind, directly or indirectly,
on any debts and liabilities to any other Borrower, Investor, the Investment Adviser or the Administrator, 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”), but excluding payments to another Borrower to the extent such payments are solely used to pay
a defaulted payment or mandatory prepayment, in each case, of the Obligations. All Other Claims, together with all Liens on assets securing
the payment of the Other Claims shall at all times during the continuance of an Event of Default or during the existence of a mandatory
prepayment having been triggered pursuant to Section 3.4(b) that is unpaid be subordinated to and inferior in right
and in payment to the Obligations and all Liens on assets securing all or any portion of the Obligations of any Borrower, and each Borrower,
the Investment Adviser and the Administrator each agrees to take such actions as are necessary to provide for such subordination between
it and any other Borrower, the Investment Adviser and/or the Administrator. Each of the Investment Adviser and the Administrator acknowledges
and agrees that at any time an Event of Default has occurred and is continuing or a mandatory prepayment has been triggered pursuant
to Section 3.4(b) that is unpaid, the payment of any Other Claims due and owing to it from any Borrower shall be subordinated
to and inferior in right and payment to the Obligations in all respects.

 

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(b)            Subordination
of Rights.  Upon the occurrence and continuance of (i) an Event of Default or (ii) a mandatory prepayment having been triggered
pursuant to Section 3.4(b) that is unpaid, no Borrower shall exercise or enforce: (A) any creditor’s or partnership
right it may have against any Investor or (B) any rights or remedies against any Investor under the Constituent Documents of such
Person or the Subscription Documents, in each case ((A) and (B)), other than (1) to send notice of an overdue and unpaid Capital
Contribution or (2) otherwise upon request by Administrative Agent during a Standstill Period.

 

Section 6.              CONDITIONS
PRECEDENT TO LENDING.

 

6.1.            Obligations
of the Lenders.  The obligation of the Lenders to advance the initial Borrowing shall not become effective until the date on which
Administrative Agent shall have received each of the following documents and each of the other conditions listed below is satisfied:

 

(a)            Credit
Agreement and Loan Documents.  This Credit Agreement and any other Loan Document, duly executed and delivered by the Initial Borrower
and the other Persons party thereto;

 

(b)            Filings. 
(i) Satisfactory reports of searches of Filings in the jurisdiction of formation or registration of the Initial Borrower,
copies of the financing statements on file in such jurisdictions and evidence that no Liens on the Collateral exist, or, if
necessary, copies of proper financing statements, if any, filed on or before the date hereof necessary to terminate all security
interests and other rights of any Person in any Collateral previously granted and (ii) Filings satisfactory to Administrative
Agent with respect to the Collateral, submitted for filing in the appropriate public filing office(s) (as applicable),
to perfect Administrative Agent’s first priority security interest in the Collateral (subject to Permitted Liens);

 

(c)            Responsible
Officer Certificates.  A certificate from a Responsible Officer of the Initial Borrower, in the form of Exhibit D;

 

(d)            Constituent
Documents.  True and complete copies of the Constituent Documents of the Initial Borrower, Investment Adviser and Administrator,
together with certificates of good standing, in each case certified by a Responsible Officer, to be correct and complete copies thereof
and in effect on the date hereof;

 

(e)            Authority
Documents.  Resolutions authorizing the entry into the transactions contemplated in the Loan Documents by the Initial Borrower, certified
by a Responsible Officer, as correct and complete copies thereof;

 

(f)            Incumbency
Certificate.  From the Initial Borrower, 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, together with the true signatures of each such Person; 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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(g)            Opinions.
 A favorable written opinion of counsel to the Initial Borrower in form and substance reasonably satisfactory to Administrative Agent;

  

(h)            Investor
Documents.  A copy of each Investor’s duly executed Subscription Agreement and Side Letter (if applicable) with the Initial
Borrower, which in each case shall be acceptable to Administrative Agent and each Lender in its sole discretion, as well as a schedule
of the Commitment Periods for all Investors;

 

(i)            Payoff
Information.  Evidence reasonably satisfactory to the Administrative Agent that the credit facility evidenced by the Prior Loan Agreement
has been paid in full;

 

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

 

(k)            Deposit
Account Control Agreement. A Deposit Account Control Agreement, duly executed and delivered by the Initial Borrower, the Account
Bank and the Administrative Agent, with respect to the Collateral Account, which shall be acceptable to Administrative Agent and each
Lender it its sole discretion;

 

(l)            “Know-Your-Customer”
Information and Documents.  Such documentation requested by the Lenders so that the Initial Borrower is KYC Compliant.

 

(m)            Fees;
Costs and Expenses. Payment of all fees and other amounts due hereunder on or prior to the date hereof, and payment of all reasonable
expenses required to be reimbursed or paid by Borrowers hereunder, including the reasonable and documented fees and disbursements of
Cadwalader, Wickersham & Taft LLP.

 

6.2.            Conditions
to all Loans.  The obligation of the Lenders to advance each Borrowing (including the initial Borrowing) is subject to the following
conditions precedent:

 

(a)            Representations
and Warranties.  The representations and warranties of the Borrowers in the Loan Documents are true and correct in all material respects
(without duplication of any materiality qualifier) on and as of the date of such Borrowing, except to the extent that such representations
and warranties relate to an earlier date, in which case, such representations and warranties are true and correct in all material respects
(without duplication of any materiality qualifier) as of such earlier date;

 

(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;

 

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(c)           Material
Adverse Change.  No Material Adverse Change shall have occurred and be continuing;

 

(d)           Request
for Borrowing. Administrative Agent shall have received a Request for Borrowing, together with a Borrowing Base Certificate and,
in the case of a borrowing by an Additional Borrower, an Investment Report;

 

(e)           No
Investor Excuses.  Other than as disclosed to Administrative Agent in writing, the Borrowers have no knowledge or reason to believe
any Investor would be entitled to exercise any withdrawal, excuse or exemption right under the applicable Operative Documents, its Subscription
Agreement or any Side Letter with respect to any Investment being acquired in whole or in part with any proceeds of the related Loan,
provided, that if the Borrowers have disclosed a potential excuse or exemption right to Administrative Agent in writing, the applicable
Investor shall be deemed to be an “Excused Investor” hereunder, but Borrowers shall not be prohibited from such Borrowing
upon satisfaction of the other conditions therefor; and

 

(f)            Available
Commitment. After giving effect to the proposed Borrowing, the Dollar Equivalent of the Principal
Obligations will not exceed the Available Commitment and the aggregate Dollar Equivalent of the
Principal Obligations will not exceed the Maximum Commitment.

 

(g)           Eligible
Investments. Other than as disclosed to the Administrative Agent in writing, the Borrowers have no knowledge or reason to believe
that any Investment is no longer an Eligible Investment (provided, that if the Borrowers have disclosed the foregoing to the Administrative
Agent in writing, such Investment shall be excluded from the calculation of the Available Commitment, but Borrower shall not be prohibited
from such Borrowing upon satisfaction of the other conditions therefor).

 

6.3.           Additional
Borrowers. Borrowers may at any time request that Additional Borrowers be added as parties hereunder. The addition of such Additional
Borrower as a Borrower hereunder and for all purposes under the Loan Documents is subject to (i) consent of the Lenders, in their
reasonable discretion, and (ii) Administrative Agent’s receipt of the following documents and satisfaction of the following
conditions precedent (and upon the satisfaction of such requirements such Additional Borrower shall be a Borrower hereunder and for all
purposes under the Loan Documents):

 

(a)            Additional
Borrower Joinder. An Additional Borrower Joinder, duly executed and delivered by the parties thereto, in form and substance reasonably
acceptable to the Lenders;

 

(b)           Filings.
(i) Satisfactory reports of searches of Filings in the jurisdiction of formation of such additional Borrower, copies of the
financing statements on file in such jurisdictions and evidence that no Liens on the Collateral exist (other than Permitted Liens), or,
if necessary, copies of proper financing statements, if any, filed on or before the date hereof necessary to terminate all security interests
and other rights of any Person in any Collateral previously granted and (ii) unfiled copies of each UCC-1 with respect to such additional
Borrower as debtor and Administrative Agent as secured party reasonably satisfactory to Administrative Agent with respect to the Collateral,
to perfect Administrative Agent’s first priority security interest in the Collateral (subject to Permitted Liens);

 

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(c)           Responsible
Officer’s Certificates. A certificate from a Responsible Officer of such additional Borrower, in the form of Exhibit D;

 

(d)           Constituent
Documents. True and complete copies of the Constituent Documents of such additional Borrower, together with certificates of good
standing, in each case certified by a Responsible Officer of such additional Borrower to be correct and complete copies thereof and in
effect on the date hereof;

 

(e)            Authority
Documents. Resolutions authorizing the entry into the transactions contemplated in the Loan Documents by such additional Borrower,
certified by a Responsible Officer as correct and complete copies thereof;

 

(f)            Incumbency
Certificate. From such Borrower, 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, together with the true signatures of each such Person; 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;

 

(g)           Opinions.
A favorable written opinion of counsel to such additional Borrower, in form and substance reasonably satisfactory to Administrative
Agent;

 

(h)           Investors.
Any new Investors (i.e., such Investors are not existing Investors in an existing Borrower) of such additional Borrower shall
be acceptable to Lenders in their reasonable discretion;

 

(i)            Investor
Documents. A copy of a duly executed Subscription Agreement and Side Letter (if applicable) of each Investor in such additional Borrower;

 

(j)            Collateral
Accounts and Investment Collection Accounts. Such additional Borrower shall have entered into customary agreements or other arrangements
acceptable to Administrative Agent whereby such additional Borrower shall maintain the Collateral Account and Investment Collection Account
with the Account Bank or Administrative Agent, as applicable;

 

(k)            Fees;
Costs and Expenses. Payment of all fees and other amounts due hereunder on or prior to the date hereof, and payment of all reasonable
expenses required to be reimbursed or paid by Borrowers hereunder, including the reasonable and documented fees and disbursements of
Cadwalader, Wickersham & Taft LLP and counsel to Administrative Agent in each applicable jurisdiction;

 

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

 

(m)           “Know-Your-Customer”
Information and Documents. Such documentation (including, without limitation, a Beneficial Ownership Certification in relation to
each Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation) requested by the Lenders
so that such additional Borrower is KYC Compliant prior to the date on which such additional Borrower is to be added as an additional
Borrower hereunder; and

 

(n)            Additional
Information. Administrative Agent shall have received such other information and documents as may reasonably be required by any Lender.
In addition, each Lender shall have completed to its reasonable satisfaction and in its reasonable discretion its due diligence review
of such additional Borrower.

 

Section 7.          REPRESENTATIONS
AND WARRANTIES OF THE BORROWERS

 

To induce the Lenders to
make the Loans hereunder, Borrowers each hereby represents and warrants to Administrative Agent and the Lenders that:

 

7.1.          Organization
and Good Standing. Each Borrower is duly incorporated, organized, registered, validly existing and in good standing under the laws
of its jurisdiction of organization, formation, registration or incorporation, as applicable, has the requisite power and authority to
own its properties and assets and to carry on its business as now conducted, and 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.

 

7.2.          Authorization
and Power.  Each Borrower has the partnership, exempted limited 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 Borrower is duly authorized to, and has taken all partnership, exempted
limited 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.

 

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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 thereof, will contravene or conflict, in any
material respect, with (a) any Applicable Law which the Borrower is subject, (b) any judgment, license, order or permit applicable
to the Borrower, (c) the Borrowers’ Constituent Documents or any Side Letter, or (d) any material indenture, mortgage,
contract, deed of trust or other agreement or instrument to which the Borrower is a party or by which the Borrower may be bound or to
which the Borrower may be subject. 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 the Borrower 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 obtained.

 

7.4.          Enforceable
Obligations.  This Credit Agreement and the other Loan Documents to which each Borrower is a party are the legal and binding obligations
of such Borrower, enforceable in accordance with their respective terms, subject to Debtor Relief Laws and general equitable principles
(whether considered a proceeding in equity or at law).

 

7.5.          Priority
of Liens; Eligibility of Investments.  The Loan Documents create, as security for the Obligations, valid and enforceable, perfected
first priority security interests in and Liens on all of the Collateral in favor of Administrative Agent, for the benefit of the Lenders,
subject to no other Liens (other than Permitted Liens), except as enforceability may be limited by Debtor Relief Laws and general equitable
principles (whether considered in a proceeding in equity or at law). Such security interests in and Liens on such 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 the applicable Borrower’s name, identity or structure, or its jurisdiction of organization, registration
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.
Each Investment included as an Eligible Investment in any calculation of the Available Commitment or other report was, in fact, to the
knowledge of the Borrowers, an Eligible Investment as such time.

 

7.6.          Financial
Condition.  Commencing after the first submission of the financial statements and reports as described in Section 8.1,
the Borrowers have delivered to Administrative Agent the most recently available copies of such financial statements and reports, in
each case which are true and correct in all material respects, and such financial statements fairly present in all material respects
the financial condition of such Borrower as of the applicable date of delivery.

 

7.7.          Full
Disclosure.  No written factual representation, warranty or other statement (other than general economic or industry data) of any
Borrower in any certificate or written statement given to Administrative Agent, as of the date such representation, warranty, or other
statement was made, taken together with all such written certificates and written statements given to Administrative Agent, contains
any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates
or statements not misleading in any material respect (it being recognized by Administrative Agent that the projections and forecasts
provided by the Borrowers in good faith and based upon reasonable assumptions and any statements with respect to the collectability of,
or risks or benefits associated with, any loan (whether or not such loan appears on the Watch List) are not viewed as facts and that
actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results).

 

7.8.          No
Default.  No event has occurred and is continuing which constitutes an Event of Default or, to the knowledge of the applicable Borrower,
a Potential Default.

 

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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, to any Borrower’s
knowledge, threatened, against any Borrower, other than any such Proceeding that has been disclosed in writing by such Borrower to Administrative
Agent, and (b) as of any date after the Closing Date, there are no such Proceedings pending, or to any Borrower’s knowledge,
threatened in writing by or against such Borrower that would reasonably be expected to result in a Material Adverse Effect.

 

7.10.        Material
Adverse Change.  No circumstances exist or changes to any Borrower have occurred since the date of the most recent financial statements
of such Borrower delivered to Administrative Agent which would reasonably be expected to result in a Material Adverse Change.

 

7.11.        Taxes.
 All U.S. federal income and other material tax returns, information statements and reports required to be filed by any Borrower
in any jurisdiction have been filed and all U.S. federal income and other material taxes, assessments, fees, and other governmental charges
upon such Borrower or upon any of its properties, income or franchises have been paid prior to the time that such taxes become delinquent.
There is no proposed material tax assessment against any Borrower or any basis for such assessment.

 

7.12.        Principal
Office; Jurisdiction of Formation.  Each of the chief executive office, jurisdiction of formation or registration and principal place
of business of the Borrowers is correctly listed on Schedule I hereto.

 

7.13.        ERISA.
 Either (a) the underlying assets of each Borrower do not constitute “plan assets” within the meaning of the Plan
Asset Regulation because such Borrower qualifies as an “operating company” within the meaning of the Plan Asset Regulation
or (b) “Benefit Plan Investors” (as defined in Section 3(42) of ERISA) hold less than twenty-five percent (25.0%)
of each class of equity interests in such Borrower (calculated in accordance with Section 3(42) of ERISA) and, accordingly, the
underlying assets of such Borrower do not constitute “plan assets” within the meaning of the Plan Asset Regulation. Assuming
that no portion of any Borrowing is or has been funded with “plan assets” (within the meaning of the Plan Asset Regulation)
of any Plan, unless Administrative Agent and the Lenders relied on an available prohibited transaction exemption, all of the conditions
of which are satisfied, the execution, delivery and performance of this Credit Agreement and the other Loan Documents by each Borrower,
the enforcement of the Obligations in accordance with the terms of this Credit Agreement and the other Loan Documents, and the borrowing
and repayment of amounts under this Credit Agreement, do not constitute a non-exempt prohibited transaction under Section 406(a) of
ERISA or Section 4975(c)(1)(A) - (D) of the Internal Revenue Code. No Borrower nor any member of any Borrower’s
Controlled Group has established, maintains or has any obligation to contribute to any Plan, except as could not reasonably be expected
to result in a material adverse effect on the business or operations of such Borrower.

 

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7.14.        Compliance
with Law.  Each Borrower is in compliance with all Applicable Laws, including, without limitation, Environmental Laws, except where
non-compliance would not be reasonably likely to have a Material Adverse Effect.

 

7.15.        Capital
Commitments and Contributions.  As of the Closing Date, all the Investors and their Capital Commitments and Uncalled Capital Commitments
are set forth on Exhibit A. No Capital Calls have been delivered to the Investors other than those disclosed to Administrative
Agent. Pursuant to the applicable Operative Document, Subscription Agreements and Side Letters, each Capital Commitment may be subject
to a Capital Call for paying the Obligations (without meeting any special conditions, including the use of any Loan or the timing of
any Borrowing) at any time, without regard to the termination or expiration of the Commitment Period.

 

7.16.        Fiscal
Year.  The fiscal year of such Borrower ends on September 30 in each year.

 

7.17.        Investor
Documents.  Each Investor has executed a Subscription Agreement which has been provided to Administrative Agent. Each Side Letter
that has been entered into by such Investor has been provided to Administrative Agent. For each Investor, (i) the applicable Operative
Document and its Subscription Agreement (and any related Side Letter) set forth its entire agreement regarding its Capital Commitment
and (ii) no changes, modifications, amendments or waivers were otherwise made to the applicable Operative Document, form Subscription
Agreement attached hereto, or any related Side Letter.

 

7.18.        Margin
Stock.  No Borrower 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, in each of the foregoing clauses (a), (b) and (c), would result in a violation
of Regulation T, U or X. No Borrower nor any Person acting on behalf of the Borrowers has taken or will take any action which might cause
any Loan Document to violate Regulation 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 the Collateral in which any Borrower has granted to Administrative Agent, for the benefit of
each of Administrative Agent and the Lenders, a security interest and Lien pursuant to the Loan Documents will not contain at any time
any Margin Stock.

 

7.19.        Investment
Company Act.  Other than the Initial Borrower, which is 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, no Borrower is required
to be registered as an “investment company” as defined in the Investment Company Act of 1940, as amended.

 

7.20.        No
Defenses.  No Borrower knows of any default or circumstance which with the passage of time and/or giving of notice, could constitute
a breach or default under its Constituent Documents, any Subscription Agreement or Side Letter which would constitute a defense to the
obligation of any Investor to make Capital Contributions, or has any knowledge of any claims of offset or any other claims of any Investor
against a Borrower which could diminish or adversely affect the obligations of such Investor to fund Capital Calls.

 

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7.21.        No
Withdrawals or Reductions of Capital Commitments.  No Investor has withdrawn or reduced such Investor’s Capital Commitment
for any reason other than (a) expiration of such Capital Commitment at scheduled maturity as provided in its Subscription Documents
and (b) transfers to such Investor’s Affiliates as expressly permitted under the Constituent Documents of the applicable Borrower.

 

7.22.        Sanctions.
 No Borrower nor any subsidiary, director or officer thereof, or to such Borrower’s actual knowledge, any Affiliate, any Investor
or any agent or employee of a Borrower, is a Person that is, or is owned or controlled by a Person that is (a) currently the subject
of any Sanctions or is otherwise a Sanctioned Person, (b) located, organized or resident of a country or territory that is, or whose
government is, a Sanctioned Country or is otherwise subject to Sanctions, or (c) has more than ten percent (10%) of its assets in
Sanctioned countries or derives more than ten percent (10%) of its revenues or profits from investments in or transactions with Sanctioned
Persons or Sanctioned Countries. Each Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance
by such Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Sanctions
Laws and applicable Sanctions, and such Borrower, its Subsidiaries and their respective officers and employees, and to the knowledge
of such Borrower, its directors and agents, are in compliance with Anti-Corruption Laws, Sanctions Laws, and applicable Sanctions in
all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in such Borrower being
designated as a Sanctioned Person. None of (a) any Borrower, any Subsidiary or any of their respective directors, officers or employees,
or (b) to the knowledge of any such Borrower or Subsidiary, any agent of such Borrower or any Subsidiary that will act in any capacity
in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing, use of proceeds or other
transaction contemplated by this Credit Agreement will violate Anti-Corruption Laws, Sanctions Laws or applicable Sanctions. To each
Borrower’s actual knowledge, no Investor’s funds used in connection with this transaction are derived from illegal or suspicious
activities.

 

7.23.        Insider.
 No Borrower 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.

 

7.24.        Financial
Condition. Each Borrower is Solvent.

 

7.25.        Other
Investment Vehicles.  Other than as disclosed to Administrative Agent and the Lenders in writing, no Alternative Investment Vehicles
have been formed.

 

7.26.        Borrowing
Base Certificate and Investment Report.  The Borrowing Base Certificate and, in the case of Additional Borrowers, the Investment
Report, as each may be updated in writing from time to time by the applicable Borrowers, is, to the knowledge of the applicable Borrower,
true and correct in all material respects.

 

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Section 8.          AFFIRMATIVE
COVENANTS OF THE BORROWERS

 

So long as the Commitments
remain outstanding and until payment and performance in full of the outstanding Obligations, each Borrower agrees that:

 

8.1.          Financial
Statements, Reports and Notices.  The Borrowers shall deliver to Administrative Agent, and promptly upon receipt thereof, Administrative
Agent will provide copies thereof to all Lenders, in each case via physical copies or an electronic or other communication data room
or medium as Administrative Agent may reasonably request, the following:

 

(a)           Financial
Reports.

 

(i)            Annual
Reports. As soon as available, but no later than one hundred eighty (180) days after the end of each fiscal year for Borrowers, (A) the
audited balance sheet and related statements of operations, income, partners’ 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 Borrowers on a consolidated basis in accordance with GAAP, (B) a copy of all financial reports and statements, and any notes
thereon, delivered to the Investors during such fiscal year not previously delivered to Administrative Agent, (C) a schedule of
the current face value of all Investments, (D) a Watch List and (E) when Additional Borrowers are party to this Credit Agreement,
an Investment Report.

 

(ii)            Quarterly
Reports. As soon as available, but no later than one hundred twenty (120) days after the end of each of the first three fiscal quarters
of each fiscal year of Borrowers, (A) the unaudited balance sheet and related statements of operations, income, schedule of investments,
partners’ equity and cash flows of Borrowers as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal
year; provided that the financial statements delivered for the first (1st) fiscal quarter of each year may be preliminary
in nature, with final financial statements for such fiscal quarter being delivered with the annual financial statements for the prior
fiscal year as required pursuant to Section 8.1(a)(i), (B) a copy of all financial reports and statements, and any notes
thereon, delivered to the Investors during such fiscal quarter, (C) a schedule of the current face value of all Investments, (D) a
Watch List and (E) when Additional Borrowers are party to this Credit Agreement, an Investment Report.

 

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Information required to be
delivered pursuant to this Section 8.1(a) shall be deemed to have been delivered if such information, or one or more annual
or quarterly reports containing such information, shall be available on the website of the SEC at http://www.sec.gov and the applicable
Borrower informs the Administrative Agent that such information has been posted.

 

(b)           Compliance
Certificate.  As soon as available, but no later than the date any financial statements are due pursuant to Section 8.1(a),
a compliance certificate in the form of Exhibit C hereto (the “Compliance Certificate”), certified by
a Responsible Officer of Borrowers to be true and correct, (i) stating whether any Event of Default or, to the knowledge of the
applicable Borrower, any Potential Default exists, (ii) stating whether, to the knowledge of the applicable Borrower, Borrowers
are in full compliance with all the terms and conditions of the Loan Documents, and setting forth a summary of calculations demonstrating
compliance with the financial covenants set forth herein, and (iii) providing such other information as Administrative Agent may
reasonably request.

 

(c)           Capital
Calls.  (i) Within ten (10) days after the issuance of each Capital Call, the applicable Borrowers shall notify Administrative
Agent of the timing and amount of such Capital Call and the aggregate amount of Uncalled Capital Commitments of the Investors and (ii) Borrowers
shall promptly notify Administrative Agent of the identity of any Investor that fails to fund such Capital Call within thirty (30) days
after the date such Capital Call is due (without regard to any additional cure or notice periods).

 

(d)           Notice
of Default.  Within two (2) Business Days of becoming aware of the existence of an Event of Default or Potential Default, the
Borrowers shall furnish Administrative Agent a written notice specifying the nature and period of existence thereof and any action being
taken with respect thereto.

 

(e)           Investor
and Eligible Investment Events.  Applicable Borrowers shall promptly notify Administrative Agent: (i) if, to the knowledge of
such Borrower, any Investor has become a Defaulting Investor, (ii) if any Investor has provided a notice of withdrawal or request
for excuse or exemption, (iii) of any transfer of any such Investor’s interest in a Borrower, (iv) if a new Investor
acquires an interest in such Borrower after the Closing Date, or (v) if, to the knowledge of such Borrower, any Eligible Investment
no longer meets the criteria of being an Eligible Investment. Applicable Borrowers shall, no later than thirty (30) days prior to the
expiration of the Commitment Period of any Investor, notify the Administrative Agent of the expiration thereof.

 

(f)            Structure
Chart.  If any Alternative Investment Vehicle is formed, Borrowers will promptly deliver an updated fund structure chart to Administrative
Agent.

 

(g)           ERISA
Certification.  Prior to admitting one or more ERISA Investors which would result in twenty-five percent (25%) or more of the
total value of any class of equity interests in a Borrower being held by “benefit plan investors” within the
meaning of Section 3(42) of ERISA, such Borrower shall deliver a favorable written opinion of counsel addressed to Lenders and
reasonably acceptable to Administrative Agent, regarding the status of such Borrower as an Operating Company (or a copy of such
opinion addressed to the Investors or another Borrower, reasonably acceptable to Administrative Agent and its counsel, together with
a reliance letter with respect thereto, addressed to Administrative Agent).

 

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(h)            Commitment
Period.  Applicable Borrowers shall promptly notify Administrative Agent of the expiration, termination or suspension of the Commitment
Period, or any liquidation, winding up or dissolution of any such Borrower.

 

(i)             Litigation.
 Within five (5) days after the applicable Borrower’s receipt of notice thereof, Borrowers shall notify Administrative
Agent of any Proceedings pending or threatened in writing against a Borrower that could, individually or in the aggregate, be reasonably
likely to result in a Material Adverse Effect.

 

(j)             Other
Reporting.  Concurrently with the delivery to two or more unaffiliated Investors, copies of all other material (i) financial
statements, (ii) appraisal reports, (iii) performance reports, (iv) notices, and (v) other matters at any time or
from time to time furnished to the Investors.

 

(k)           Recallable
Capital Notice.  Promptly after the delivery to any Investor, notice of any distribution to any Investor that is Recallable Capital
(it being agreed that any amounts distributed to any Investor constituting Recallable Capital shall be acknowledged by the Borrowers
as being subject to recall as a Capital Contribution pursuant to the applicable Subscription Agreement) along with a revised Borrowing
Base Certificate.

 

(l)            New
Investors or Amended Investor Documents.  Promptly after the execution thereof, applicable Borrowers shall deliver to Administrative
Agent: (i) copies of the Subscription Agreement (and any related Side Letter) of any new Investor admitted after the Closing Date;
(ii) any transfer documentation of any new Investor admitted after the Closing Date; (iii) written evidence of any increase
or decrease in the Capital Commitment of any Investor; and (iv) any amendments to any Investor’s Side Letter.

 

(m)          Federal
Reserve Form U-1.  Whenever required to ensure compliance with Regulations T, U and X and upon the reasonable request of Administrative
Agent, a statement in conformity with the requirements of Federal Reserve Form U-1 referred to in Regulation U and any other notice
or form required under Regulation U.

 

(n)           Borrowing
Base Certificate and Investment Report.  The applicable Borrower will provide an updated Borrowing Base Certificate and, in the case
of an Additional Borrower, an Investment Report certified by a Responsible Officer of such Borrower to be true and correct in all material
respects setting forth a calculation of the Available Commitment in reasonable detail at each of the following times: (i) concurrently
with each Compliance Certificate; (ii) in connection with any new Borrowing; (iii) concurrently with notice of the issuance
of any Capital Calls by such Borrower to the Investors in accordance with Section 8.1(c); (iv) concurrently with notice of
any distribution that gives rise to Recallable Capital in accordance with Section 8.1(k), (v) within three (3) Business
Days after acquiring knowledge of any Investor Exclusion Event or that any Eligible Investment no longer meets the criteria of being
an Eligible Investment; and (vi) within three (3) Business Days of any Borrower having knowledge of any other event that reduces
the Available Commitment (such as, by way of example, a deemed capital contribution).

 

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(o)           Other
Information.  Such other information concerning the business, properties, or financial condition of the Borrowers as Administrative
Agent shall reasonably request.

 

(p)       Beneficial
Ownership Information. (q) Applicable Borrowers shall provide
Administrative Agent with prompt written notice of any changes to the beneficial ownership information set out on the CDD Attestation
delivered to Administrative Agent by the Initial Borrower on the Closing Date (and with respect to any other applicable Borrower, the
date such Borrower joins the Credit Agreement pursuant to Section 6.3). Borrowers understand and acknowledge that Administrative
Agent and the Lenders rely on such true, accurate and up-to-date beneficial ownership information to meet Administrative Agent’s
and the Lenders’ regulatory obligations to obtain, verify and record information about the beneficial owners of its legal entity
customers.

 

8.2.          Payment
of Obligations.  Each Borrower shall pay and discharge all Indebtedness and other obligations, including all taxes, assessments,
and governmental charges or levies imposed upon it, before any such obligation becomes delinquent, if such failure could reasonably be
expected to result in a Material Adverse Effect; provided that such Borrower shall not be required to pay any tax, assessment,
charge, or levy if the amount, applicability, or validity thereof shall be contested in good faith by adequate proceedings and adequate
reserves therefor have been established in accordance with GAAP.

 

8.3.          Maintenance
of Existence and Rights.  Each Borrower shall preserve and maintain its existence. Each Borrower 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.

 

8.4.          Books
and Records; Access.  Following at least five (5) Business Days prior written notice, each Borrower shall give Administrative
Agent access during ordinary business hours to visit its premises, and permit such Person to examine, copy, or make excerpts from, any
and all books, records, and documents in the possession of such Borrower and relating to their affairs, and to inspect any of the properties
and to discuss its affairs, finances and condition with its officers; provided that, such access shall be limited to one time
in each calendar year except upon the occurrence or during the continuance of an Event of Default.

 

8.5.          Compliance
with Law.  Each Borrower shall observe and comply with all Applicable Laws and all orders of any Governmental Authority, including
without limitation, Environmental Laws, Anti-Terrorism Laws and ERISA, and maintain in full force and effect all material Governmental
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.

 

8.6.          Authorizations
and Approvals.  Each Borrower shall promptly obtain, from time to time at its own expense, all such Governmental Approvals as may
be required to enable such Borrower to comply with its obligations, under the Loan Documents and its Constituent Documents, and to conduct
its business in the customary fashion.

 

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8.7.        Maintenance
of Liens.  Each Borrower shall perform all such acts and execute all such documents as Administrative Agent may reasonably request
in order to enable Administrative Agent and the Lenders to file and record every instrument that Administrative Agent may deem necessary
in order to perfect and maintain Administrative Agent’s first priority Liens on the Collateral (subject to Permitted Liens).

 

8.8.        Compliance
with Constituent Documents.  Each Borrower shall fully comply with all applicable material provisions of the Constituent Documents
of the Borrowers and Guarantors and all Side Letters.

 

8.9.        Investor
Default. At all times when an Event of Default has occurred and is continuing, if any applicable Investor is delinquent funding a
Capital Call or otherwise in breach of any of its obligations to any Borrower, then such Borrower shall exercise its available remedies
as to such Investor (other than the delivery of a defaulted payment notice) only with the written consent of Administrative Agent.

 

8.10.       Solvency.
 Each Borrower shall be Solvent.

 

8.11.       Accounts.
 Applicable Borrowers shall maintain (i) their Collateral Account at the Account Bank, and (ii) their Investment Collection
Account at the Administrative Agent.

 

8.12.       Sanctions.
 Each Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by such Borrower, their
respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Sanctions Laws and
applicable Sanctions.

 

8.13.       Taxes.
 Each Borrower will timely file, inclusive of any extensions, all U.S. federal income and other material tax returns, information
statements and reports required to be filed by it in any jurisdiction and will pay all U.S. federal income and other material taxes,
assessments, fees, and other governmental charges upon such Borrower or upon any of its properties, income or franchises paid prior to
the time that such taxes become delinquent, inclusive of any extensions.

 

8.14.       Insurance.
 Each Borrower shall maintain, with financially sound and reputable insurance companies, liability insurance, and insurance on its
present and future 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.

 

8.15.       Authorization
and Power. Each Borrower is and will continue to be duly authorized to perform its obligations under the Loan Documents, its Constituent
Documents and its Subscription Agreements.

 

8.16.       Further
Assurances.  Each Borrower 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 Administrative Agent may, from time to time, reasonably
deem necessary or desirable in connection with the Credit Agreement or any of the other Loan Documents, the obligations of the Borrowers
hereunder or thereunder for better assuring and confirming unto Administrative Agent all or any part of the security for any of such
obligations.

 

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8.17.       Inspection
of Investment Documents. From time to time at the request of the Administrative Agent and following at least fourteen (14) days prior
written notice by the Administrative Agent, each Additional Borrower shall give Administrative Agent access to its Investment Documents.

 

Section 9.       NEGATIVE
COVENANTS

 

So long as the Commitments
remain outstanding and until payment and performance in full of the outstanding Obligations, each Borrower agrees that:

 

9.1.       Borrower
Information.  No Borrower shall change its name, jurisdiction of formation or registration and/or principal place of business without
providing prior written notice to Administrative Agent.

 

9.2.       Mergers,
Etc.  No Borrower shall take any action (a) to merge or consolidate with or into any Person, unless a Borrower is the surviving
entity, or (b) that will dissolve or terminate such Borrower (other than liquidation into a Borrower).

 

9.3.       Negative
Pledge.  No Borrower shall create, permit or suffer to exist any Lien (whether 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.

 

9.4.       Admission
of Investors.

 

(a)       Transfers
or Withdrawals by Investors.  The Borrowers shall not permit the transfer or withdrawal by Investors (individually or in the aggregate)
of more than ten percent (10%) of the aggregate Capital Commitments (other than upon expiration of such Capital Commitments at scheduled
maturity as provided in the Subscription Documents) without obtaining the written consent of Administrative Agent.

 

(b)       Admission
of Investors; Sanctions Compliance.  The Borrowers shall not permit (i) the admission of an Investor in Borrower or (ii) the
transfer of any Investor’s interest in Borrower, in each case to a Person which, to any Borrower’s actual knowledge, is named
on a list published by OFAC or is a Person with whom dealings are prohibited under any Sanctions Law or applicable Sanctions.

 

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9.5.       Constituent
Documents.  No Borrower shall alter, amend, modify, terminate, 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) affect the Borrower’s or any Investor’s 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 Capital Calls, Capital
Contributions, Capital Commitments, Pending Capital Calls, Uncalled Capital Commitments that constitutes Collateral, or any other Collateral
or any time period applicable thereto; (b) suspend, reduce or terminate any Investor’s Uncalled Capital Commitments or obligation
to fund Capital Calls that constitutes Collateral; or (c) otherwise have a material adverse effect on the rights, titles, first
priority security interests and Liens, and powers and privileges of the Lenders hereunder (each, a “Material Amendment”).
With respect to any Proposed Amendment by a Borrower or Guarantor, such Borrower or Guarantor, as applicable, shall notify Administrative
Agent of such proposal. Administrative Agent shall within five (5) Business Days of such notification inform Borrowers whether or
not such Proposed Amendment would constitute a Material Amendment. In the event that Administrative Agent determines that such Proposed
Amendment is a Material Amendment, the approval of all Lenders shall be required. Proposed Amendments that are not Material Amendments
do not require Administrative Agent or Lender consent. Copies of all executed amendments and new Side Letters will be promptly provided
to Administrative Agent.

  

Notwithstanding anything
to the contrary in the preceding paragraph, to the extent any amendment is being made to the Operative Documents of the Initial Borrower
pursuant to a review by the Initial Borrower’s board of directors pursuant to the Investment Company Act of 1940, as amended, and
it is impractical for the Initial Borrower to obtain the Administrative Agent’s and Lenders’ prior review and/or approval
of such amendment pursuant to the preceding paragraph, Borrower may consummate such amendment without such prior review or consent; provided,
however, that (i) such amendment is not a Material Amendment, and (ii) the Initial Borrower shall promptly (but in any
event within five (5) Business Days of the effectiveness of such amendment) provide a copy of the executed amendment to the Administrative
Agent for the Administrative Agent to determine whether such proposed amendment constitutes a Material Amendment.

 

9.6.       Status
of BDC. The Initial Borrower shall at all times maintain its status as a “business development company” under the Investment
Company Act of 1940, as amended.

 

9.7.       Certain
Restrictions on Subsidiaries. The Borrowers will not permit any of their Subsidiaries to enter into or suffer to exist any indenture,
agreement, instrument or other arrangement (other than the Loan Documents) that prohibits or restrains, in each case in any material
respect, or imposes materially adverse conditions upon, the incurrence or payment of Indebtedness, the granting of Liens, the declaration
or payment of dividends, the making of loans, advances, guarantees or Investments or the sale, assignment, transfer or other disposition
of property; provided that the foregoing shall not apply to (i) indentures, agreements, instruments or other arrangements
pertaining to Permitted Indebtedness (provided that such restrictions would not adversely affect the exercise of rights or remedies
of the Lenders hereunder or under any other Loan Document or restrict any Subsidiary in any manner from performing its obligations under
the Loan Documents) and (ii) indentures, agreements, instruments or other arrangements pertaining to any lease, sale or other disposition
of any asset or Lien permitted by this Credit Agreement on such asset so long as the applicable restrictions only apply to such assets.

 

9.8.       Alternative
Investment Vehicles. The Borrowers shall not (a) transfer the Uncalled Capital Commitment of any Investor to any Alternative
Investment Vehicle or similar vehicle; or (b) cause Capital Contributions to be made or directed to an Alternative Investment Vehicle
or similar vehicle, in each case, unless such Alternative Investment Vehicle or similar vehicle has joined the Credit Facility as an
Additional Borrower or a Guarantor in accordance with the terms hereof. The Borrowers shall not cause Capital Contributions to be made
to any Affiliate of a Borrower that is not a Borrower hereunder or directly to any Investment.

 

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9.9.       Limitation
on Indebtedness.  Borrowers shall not incur Indebtedness, or permit any Special Purpose Entity to do so (to the extent such Indebtedness
of such Special Purpose Entity is recourse to the Borrower), other than the Indebtedness pursuant to the Credit Facility and Permitted
Indebtedness.

 

9.10.       Capital
Commitments.  No Borrower shall relieve, excuse, delay, postpone, compromise or abate any Investor from the making of any Capital
Contribution pursuant to a Capital Call by the applicable Borrower, provided that the Borrowers may excuse any Investor from funding
a Capital Call with respect to which an Investor Exclusion Event applies.

 

9.11.       Capital
Calls.  Except as set forth in the Constituent Documents and the Side Letters, no Borrower shall make any contractual agreement which
shall restrict, limit, penalize or control its ability to make Capital Calls or the timing thereof.

 

9.12.       ERISA
Compliance.  No Borrower shall fail to satisfy an exception under the Plan Asset Regulation which failure causes the assets of such
Borrower to be deemed “plan assets” within the meaning of the Plan Asset Regulation. No Borrower 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) - (D) of
the Internal Revenue Code or Section 406(a) of ERISA that would subject Administrative Agent or the Lenders to any tax, penalty,
damages or any other claim or relief under the Internal Revenue Code or ERISA with respect to transactions contemplated by this Credit
Agreement and the other Loan Documents. The covenant in the immediately preceding sentence is being given on the assumption that no portion
of a Borrowing shall be funded with “plan assets” within the meaning of the Plan Asset Regulation of any Plan, unless Administrative
Agent and the Lenders relied on an available prohibited transaction exemption, all of the conditions of which are satisfied. No Borrower
nor any member of any Borrower’s Controlled Group shall establish, maintain or have any obligation to contribute to any Plan, except
as could not reasonably be expected to result in a material adverse effect on the business or operations of such Borrower.

 

9.13.       Limitations
on Distributions.  No Borrower shall make, pay or declare any Distribution (as defined below) at any time that (i) an Event
of Default or Potential Default under Section 10.1(a) or (h) has occurred and is continuing, (ii) the
Borrowers fail to be in compliance with the financial covenant contained in Section 9.24 either immediately before or
after giving effect to such Distribution or (iii) a mandatory prepayment has been triggered pursuant to Section 3.4(b) that
is unpaid; provided that any Additional Borrower may, at any time, make Distributions solely to another Borrower.
 “Distribution” means any distributions (whether or not in cash) on account of any equity interest in any
Borrower, including as a dividend or other distribution.

 

9.14.       Limitation
on Withdrawals from Collateral Account and Investment Collection Account.  Without the prior written consent of Administrative Agent,
no Borrower shall withdraw or transfer funds from the Collateral Account or the Investment Collection Account if it has actual knowledge
that an Event of Default has occurred and is continuing or a mandatory prepayment has been triggered pursuant to Section 3.4(b) that
is unpaid (other than the withdrawal of Excluded Amounts and amounts applied to the payment of Obligations). No Borrower shall make or
cause the making of any withdrawal or transfer of funds from any Investment Collection Account at a time when the Borrower has not provided
a Borrowing Base Certificate or Investment Report required by Section 8.1(n), unless such Borrower provides the Administrative
Agent with advance written notice of such withdrawal or transfer.

 

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9.15.        Transactions
with Affiliates.  No Borrower shall sell, lease or otherwise transfer any of its property or assets to, or purchase, lease or otherwise
acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions
in the ordinary course of business at prices and on terms and conditions not less favorable to such Borrower than could be obtained in
an arm’s length transaction with a non-affiliated Person and (b) operations in accordance with the Investment Advisory Agreement
and the Administration Agreement.

 

9.16.        Investment
Company. Other than the Initial Borrower, which is 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, no Borrower shall become required to
be registered as an “investment company” as defined in the Investment Company Act of 1940, as amended.

 

9.17.        Deemed
Capital Contributions. The applicable Borrowers shall not reinvest current cash flow received by them from Investments and/or net
proceeds from Investment dispositions if (a) it has actual knowledge that an Event of Default has occurred and is continuing or
(b) such reinvestment would reduce the Unfunded Capital Commitment of any Investor and thereby trigger a mandatory prepayment under
Section 3.4(b), including by causing the Dollar Equivalent of the Principal
Obligations to exceed the Available Commitment, unless with respect to this clause (b), prior to such reinvestment, Borrowers
shall first make any resulting prepayment required under Section 3.4(b).

 

9.18.        Transactions
with Lenders or Affiliates.  Unless disclosed to Administrative Agent in the applicable Request for Borrowing and approved by Administrative
Agent and any applicable Lender in their sole discretion, Borrowers shall not knowingly cause or permit the funds received from any Lender
hereunder to be used to acquire an asset from, or otherwise used for the benefit of, or transferred to, any Lender’s “affiliate”
as such term is defined in Regulation W, 12 C.F.R. Part 223.

 

9.19.        Investor
Liens.  No Borrower will consent to any Investor creating, permitting or suffering to exist any Lien on such Investor’s partnership
interest in a Borrower.

 

9.20.        Limitation
on Investments.  No Borrower will make Investments other than in compliance with its Operative Documents. No Additional Borrower
will: (i) commit to sell, assign, transfer or otherwise dispose of, (ii) sell, assign, transfer or otherwise dispose of, or
(iii) designate in writing that an Investment is no longer an Eligible Investment, unless, in each of the foregoing cases, the Dollar
Equivalent of the Principal Obligations do not exceed the Available Commitment after giving effect thereto (including
application of the proceeds of any such sale, assignment, transfer or other disposition) or sufficient replacement Collateral that satisfies
the definition of Eligible Investment is pledged to the Administrative Agent as determined in the sole discretion of the Administrative
Agent exercised in its commercially reasonable judgment.

 

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9.21.        Use
of Proceeds; Sanctions.  (a) No part of the proceeds of any Loan will be used by any Borrower for any purpose that entails
a violation of any of the Regulations of the Board of Governors of the Federal Reserve System, including Regulation T, Regulation U
and Regulation X and (b) the applicable Borrower will not request any Borrowing, and Borrower shall not use, and shall procure
that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any
Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or
facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent
such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the
United States or in a European Union member state, or (iii) in any manner that would result in the violation of any Sanctions
applicable to any party hereto.

  

9.22.        No
Cancellations, Withdrawals or Reductions of Capital Commitments.  Without Administrative Agent’s prior written consent, no
applicable Borrower shall cancel, withdraw or reduce any Investor’s Capital Commitment, or permit any Investor to cancel, withdraw
or reduce such Investor’s Capital Commitment, for any reason, but not including any cancellation, withdrawal or reduction effected
by means of a transfer of such Investor’s interest pursuant to Section 7(o)(iv) of the form Subscription Agreement.

 

9.23.        Net
Asset Value. The Additional Borrowers shall not permit, as of the last day of any fiscal quarter, the Fair Market Value of the aggregate
Eligible Investments to be less than seventy-five percent (75%) of the aggregate Cost Basis of such Eligible Investments and such failure
shall not be cured within ten (10) Business Days by designating that certain Investments will no longer constitute Eligible Investments
and the repayment of any amounts required by Section 3.4(b).

 

9.24.        Debt
Coverage Test. The Borrowers shall not permit, at any time, their “asset coverage” ratio for purposes of applicable laws
and regulations applicable to the Initial Borrower’s status as a “business development company” under the Investment
Company Act of 1940, as amended, to be less than the amount required to be maintained by the Initial Borrower under such laws and regulations.
For the avoidance of doubt, as of the Closing Date, the “asset coverage” requirement for the Initial Borrower under such
laws and regulations is 2:1.

 

9.25.        Investor
Documents. The Borrowers, the Investment Adviser or any of the Covered Associates (as such term is used and defined in the applicable
Operative Document and/or Side Letters) shall not permit, at any time, the Borrowers, the Investment Adviser or any of the Covered Associates
to make any Contribution (as such term is used and defined in the applicable Operative Document and/or Side Letters) or coordinate or
solicit any person or political action committee to make any Contribution to, the (a) Governor of the State of Ohio; (b) Treasurer
of the State of Ohio, (c) Speaker of the Ohio House of Representatives; or (d) President of the Ohio Senate, other than as
permitted by Rule 206(4)-5 under the Investment Advisers Act of 1940, as amended.

 

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Section 10.           EVENTS
OF DEFAULT

 

10.1.        Events
of Default.  An “Event of Default” shall exist if any one or more of the following events (collectively, “Events
of Default”) shall occur:

 

(a)        the
applicable Borrowers shall fail to pay when due (i) any Principal Obligations, including, without limitation, any failure to pay
any amount required under Section 3.4(b); or (ii) any interest or any fee, expense, indemnity or other payment required
under any Loan Document, and such failure under this clause (ii) shall continue for three (3) Business Days;

 

(b)        any
representation or warranty made or deemed made by or on behalf of the Borrowers under any Loan Document, or in any certificate or statement
furnished or made by the Borrowers to induce Administrative Agent and/or any Lender to enter into this Credit Agreement or any other
Loan Documents, shall prove to be untrue or inaccurate in any material respect as of the date made;

 

(c)        default
shall occur in the performance of: (i) any of the covenants or agreements contained herein (other than the covenants contained in
Sections 3.4(b), 8.1, 8.3 and Sections 9.1 through 9.25) by the Borrowers; or (ii) the covenants
or agreements of the Borrowers contained in any other Loan Documents executed by such Person, and in each case, if such default is susceptible
to cure, such default shall continue uncured for thirty (30) days;

 

(d)        default
shall occur in the performance of any of the covenants or agreements of any Borrower contained in any one of Section 8.3,
or Sections 9.1 through 9.25;

 

(e)        default
shall occur in the performance of any of the covenants or agreements of any Borrower contained in Section 8.1 and such default
shall continue uncured for five (5) Business Days;

 

(f)        any
of the Loan Documents executed by the Borrowers: (i) shall cease, in whole or in part, to be legal, valid, binding agreements
enforceable against the Borrowers, as the case may be, in accordance with the terms thereof (except as enforceability may be limited
by Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law));
(ii) shall in any way be terminated or become or be declared ineffective or inoperative (except as enforceability may be
limited by Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law); or
(iii) shall 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;

 

(g)        any
Borrower shall be in default of its obligations under any Indebtedness in excess of $1,000,000;

 

(h)        any
Borrower, the Investment Adviser or the Administrator shall become a debtor under any Debtor Relief Law;

 

(i)        any
final judgment(s) for the payment of money in excess of $1,000,000 in the aggregate shall be rendered against any Borrower alone
or against one or more of the Borrowers and such judgment shall remain undischarged for a period of ten (10) days unless (i) execution
is effectively stayed, (ii) such judgment is covered by insurance, or (iii) a bond or cash collateral is posted with the court
against such judgment (and any related Lien is removed);

 

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(j)        [reserved];

 

(k)        Investors
having Capital Commitments aggregating ten percent (10%) or greater of the total Capital Commitments of Investors shall default in their
obligation to fund any Capital Call when due and such failure shall not be cured within thirty (30) Business Days (without regard to
any cure or notice periods in the Subscription Agreements);

 

(l)        the
applicable Investment Adviser or any Investor that is an Affiliate thereof or of Borrower (i) fails to fund any Capital Call when
due and such failure shall not be cured within thirty (30) days (without regard to any cure or notice periods contained in the Subscription
Agreements); or (ii) shall repudiate, challenge, or declare unenforceable its Capital Commitment or its obligation to make Capital
Contributions pursuant to a Capital Call;

 

(m)        [reserved];

 

(n)        any
Investment Advisory Agreement shall cease to be in full force and effect or any Investment Adviser resigns or is removed from said role
and a similarly situated and experienced successor Investment Adviser acceptable to 100% of the Lenders in their sole discretion (it
being understood that any Affiliate of the applicable Investment Adviser shall be acceptable to the Lenders) is not appointed within
ten (10) days;

 

(o)        the
Administration Agreement shall cease to be in full force and effect or the Administrator resigns or is removed from said role and a similarly
situated and experienced successor Administrator acceptable to 100% of the Lenders in their sole discretion (it being understood that
any Affiliate of the Administrator shall be acceptable to the Lenders) is not appointed within ten (10) days; and

 

(p)        (i) any
guaranty of any Obligations terminates or ceases for any reason to be in full force and effect; (b) any Guarantor does not perform
any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in clauses (b), (g),
(h) or (l) of this Section 10.1 occurs with respect to any Guarantor; or (d) the liquidation,
provisional liquidation, winding up, or termination of existence of any Guarantor.

 

10.2.        Remedies
Upon Event of Default.

 

(a)        If
an Event of Default shall have occurred, then Administrative Agent may (and shall at the direction of the Required Lenders):
(i) suspend the Commitments with respect to such Borrowers; (ii) terminate the Commitments with respect to such Borrowers
hereunder and declare the occurrence of the Maturity Date; (iii) declare the principal of, and all interest then accrued on,
the applicable Obligations of such Borrowers 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 Borrowers hereby expressly waive, anything contained
herein or in any other Loan Document to the contrary notwithstanding; (iv) exercise any right, privilege, or power set forth in Section 5
or this Section 10.2 (except, in the case of clauses (i), (iii), (iv), (v), (vii) and (ix) of the first
sentence of Section 10.2(b), during the Standstill Period) or in the other Loan Documents with respect to such
Borrowers; (v) suspend the obligation of the Lenders to make Loans, and (vi) without notice of default or demand,
pursue and enforce any of Administrative Agent’s or the Lenders’ 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 Section 10.1(h) shall
occur, the Commitments hereunder shall automatically terminate, the principal of, and all interest on, the Obligations shall
thereupon become due and payable concurrently therewith, without any further action by Administrative Agent or the Lenders, 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 the Borrowers hereby expressly waive.

 

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(b)        Actions
with Respect to the Collateral.  Administrative Agent, for the benefit of each Lender, is hereby authorized by the Borrowers, at
any time or from time to time during the existence of an Event of Default (and shall upon the direction of the Required Lenders do
each of the following) to: (i) initiate one or more Capital Calls in order to pay the Obligations then due and owing and
enforce the obligations of the Investors to make Capital Contributions, (ii) take or bring in any Borrower’s name, or
that of the Lenders, all steps, actions, suits, or proceedings deemed by Administrative Agent necessary or desirable to effect
possession or collection of payments of the Collateral, (iii) complete any contract or agreement of any Borrower in any way
related to payment of any of the Capital Commitments, (iv) make allowances or adjustments related to the Capital Commitments of
the Investors, or, following acceleration of the Obligations by the Administrative Agent, with respect to any Eligible Investment,
including under any Investment Document, (v) compromise any claims related to the Capital Commitments of the Investors, or,
following acceleration of the Obligations by the Administrative Agent, Eligible Investments, (vi) following acceleration of the
Obligations by the Administrative Agent, notify Investment Obligors of any Additional Borrower to make all payments with respect to
their obligations under any Investment directly to the Administrative Agent or to an account other than the Investment Collection
Account, (vii) exercise any other right, privilege, power, or remedy provided to any Borrower under its respective Constituent
Documents and the Subscription Agreements with respect to the Investors, (viii) provide instruction and direction to the
Account Bank as to the application of monies in the Collateral Account (including taking exclusive control thereof), and apply such
monies to the payment of the Obligations, (ix) notify any or all Investors to make all payments due or to become due in
connection with Capital Calls directly to Administrative Agent, (x) to sell the Collateral or any part thereof, upon giving at
least ten (10) days’ prior written notice to Borrowers of the time and place of sale (which notice each Borrower and
Administrative Agent agree is commercially reasonable), for cash or upon credit or for future delivery, and the Borrowers hereby
waive all rights, if any, of marshalling the Collateral and any other security for the Obligations, and at the option and in the
complete discretion of Administrative Agent, either at public sale or at private sale, in which event such notice shall also contain
the terms of the proposed sale, and the Borrowers shall have until the time of such proposed sale in which to redeem the Collateral
or to procure a purchaser willing, ready and able to purchase the Collateral on terms more favorable to the Borrowers and the
Lenders, and if such a purchaser is so procured, then Administrative Agent shall sell the Collateral to the purchaser so procured,
(xi) to bid for and to acquire, unless prohibited by Applicable Law, free from any redemption right, the Collateral, or any
part thereof, and, in lieu of paying cash therefor, Administrative Agent may make settlement for the selling price by crediting the
net selling price, if any, after deducting all costs and expenses of every kind, upon the outstanding principal amount of the
Obligations, in such order and manner as Administrative Agent, in its discretion, may deem advisable, and (xii) exercise all
rights, remedies and recourse granted in the Loan Documents and any other instruments executed to provide security for or in
connection with the payment and performance of the Obligations or existing at common law or equity (including those granted by the
UCC) and such rights and remedies in clauses (i) through (xii) above: (A) shall be cumulative and
concurrent; (B) may be pursued separately, successively or concurrently against any or all Borrowers and any other party
obligated under the Obligations, or against the Collateral, or any of such Collateral, or any other security for the Obligations, or
any of them, at the sole discretion of Administrative Agent; (C) may be exercised as often as occasion therefor shall arise, it
being agreed by the Borrowers that the exercise or failure to exercise any of the same shall in no event be construed as a waiver or
release thereof or of any other right, remedy or recourse; and (D) are intended to be and shall be, non-exclusive. Regardless
of any provision hereof, in the absence of bad faith, gross negligence or willful misconduct by Administrative Agent or the Lenders,
neither Administrative Agent nor the Lenders 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 Capital Calls or the Capital Commitment or sums due or
paid thereon, nor shall it be under any obligation whatsoever to anyone by virtue of Liens relating to the Collateral, subject to
the Internal Revenue Code. Administrative Agent shall give Borrowers notice of actions taken pursuant to this Section 10.2(b)
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 any Borrower’s obligations hereunder.

 

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Notwithstanding anything
contained in this Credit Agreement to the contrary, except with respect to an Event of Default occurring pursuant to Section 10.1(h),
clauses (i), (iii), (iv), (v), (vi) and (viii) of the first sentence above shall not be exercised by Administrative Agent until
the date that is ten (10) Business Days after the date Administrative Agent has made a written request of the applicable Borrower
to issue a Capital Call to the Investors in an amount sufficient to repay the Obligations (provided that such ten (10) Business
Day period shall only apply if the applicable Borrower shall have provided Administrative Agent with adequate evidence that Borrower
has issued such a Capital Call within two (2) Business Days after such request by Administrative Agent and shall not apply if an
Event of Default has occurred under Section 10.1(h)) (such period, the “Standstill Period”).

 

(c)        Additional
Action by Administrative Agent.  Administrative Agent is hereby authorized and empowered, during the continuance of an Event of Default,
on behalf of any Borrower (and shall upon the direction of the Required Lenders do each of the following), to endorse the name of any
Borrower 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 to any Borrower coming into Administrative Agent’s possession, and to receive and
apply the proceeds therefrom in accordance with the terms hereof. During the continuance of an Event of Default, Administrative Agent,
on behalf of the Lenders, is hereby granted an irrevocable power of attorney, which is coupled with an interest and granted as security
for the obligations of the Borrowers herein and in the other Loan Documents, to (i) carry out all actions and exercise all rights
referred to in Section 10.2(b) hereof (except, in the case of clauses (i), (iii), (iv), (v), (vi) and (viii) of
the first sentence of Section 10.2(b), during the Standstill Period); and (ii) execute all checks, drafts, receipts,
instruments, instructions, or other documents, agreements, or items on behalf of any Borrower, either before or after demand of payment
of the Obligations, as shall be deemed by Administrative Agent to be necessary or advisable, in the sole discretion of Administrative
Agent, to protect the first priority Liens in the Collateral or the repayment of the Obligations, and neither Administrative Agent nor
the Lenders, in the absence of bad faith, gross negligence and willful misconduct, shall incur any liability in connection with or arising
from its exercise of such power of attorney.

 

 

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(d)        Actions
with Respect to Investments Owned by Additional Borrowers. Upon the occurrence and during the continuance of an Event of Default,
the Administrative Agent (i) may realize upon and foreclose on any Investment pledged by an Additional Borrower as Collateral in
accordance with the terms of this Credit Agreement and (ii) to the extent an Investment is able to be sold through commercially
reasonable efforts, may direct the applicable Additional Borrower to promptly (but in any event with a trade date within fifteen (15)
Business Days) sell such Investment to a purchaser on commercially reasonable terms as determined by the Additional Borrower, and either
direct the net cash proceeds relating thereto to be paid into such Additional Borrower’s Investment Collection Account or within
two (2) Business Days distribute such proceeds to the Administrative Agent. Upon the occurrence and during the continuance of an
Event of Default, the Additional Borrowers shall, within one (1) Business Day, instruct any applicable custodian (or any other Person
providing similar services to the Additional Borrowers in respect of the Investments) to follow the Administrative Agent’s direction
for purposes of giving effect to the remedies contemplated in this Section 10.2(d). The Additional Borrowers hereby agree that they
shall not rescind or otherwise amend such direction notice without the prior written consent of the Administrative Agent exercised in
its good faith sole discretion until such time as any Event of Default is no longer continuing.

 

The Additional Borrowers
shall cooperate and do all things that the Administrative Agent considers to be reasonably required to give full effect to this Section 10.2(d) and
to enable the Administrative Agent to obtain the intended benefits of the Loan Documents. The Administrative Agent, in the absence of
gross negligence or willful misconduct, shall not be liable for any loss, cost, expense or damage in connection with, or arising in connection
with, or arising from, the exercise of this Section 10.2(d). For the avoidance of doubt, the rights and remedies set forth
in this Section 10.2(d) are in addition to, and in no way limit, any and all rights and remedies that the Administrative
Agent has pursuant to the Loan Documents, under the UCC or otherwise in equity or at law. The Additional Borrowers are not aware of any
other material authorizations, approvals or consents that are, or would be, required as of the date hereof or as of any date following
the occurrence and during the continuation of an Event of Default, which if not obtained, would prohibit or otherwise materially limit
the ability of the Administrative Agent to exercise the rights and remedies set forth in this Section 10.2(d), other than
customary loan agreement requirements for consents to assignment by the applicable obligor and the administrative agent, which consents
may not be unreasonably withheld (subject to customary and market restrictions on assignment to non-bank lenders).

 

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10.3.        Lender
Offset.  If an Event of Default shall have occurred and be continuing, Administrative Agent is hereby authorized, 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
to or for the credit or the account of a Borrower against any and all of the obligations of such Borrower now or hereafter existing
under the Loan Documents; provided, that in the event that any Defaulting Lender or any of its Affiliates shall exercise any
such right of setoff, (a) all amounts so set off shall be paid over immediately to Administrative Agent for further application
in accordance with the provisions of this Credit Agreement and, pending such payment, shall be segregated by such Defaulting Lender
or Affiliate thereof from its other funds and deemed held in trust for the benefit of Administrative Agent and the Lenders, and
(y) the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the
Obligations owing to such Defaulting Lender or Affiliate thereof as to which it exercised such right of setoff.

  

10.4.        Good
Faith Duty to Cooperate.  In the event Administrative Agent or Lenders elect to commence the exercise of remedies pursuant to Section 10
as a result of the occurrence of any Event of Default, the Borrowers agree to cooperate in good faith with Administrative Agent to
enable Administrative Agent to issue Capital Calls and enforce the payment thereof by the Investors, subject to the limitations of Section 10.2,
including but not limited to providing the then current contact information for each Investor within three (3) Business Days of
request.

 

Section 11.            MISCELLANEOUS

 

11.1.        Amendments. 
Neither this Credit Agreement (including the exhibits hereto) nor any other Loan Document to which any Borrower 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 Administrative Agent and the Required Lenders, on the one hand, and the Borrowers on the
other hand; and, if the rights or duties of an Agent are affected thereby, by such Agent; 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;

 

(ii)        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;

 

(iii)        release
or subordinate any Liens granted under the Loan Documents, except as otherwise contemplated herein or therein; or

 

(iv)        release
any Borrower from its obligations under the Loan Documents, except as otherwise contemplated herein or therein; and

 

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(b)          all
Lenders:

 

(i)            amend
the definition of “Available Commitment”, “Eligible Investment”, “Fair Market Value”, “Maturity
Date”, “Pro Rata Share”, “Required Lenders” (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), or the definition of any of the defined terms used therein;

 

(ii)           consent
to the assignment or transfer by any Borrower of any of its rights and obligations under (or in respect of) the Loan Documents; or

 

(iii)          amend
the terms of Section 3.4(b) or this Section 11.1.

 

11.2.       Waiver. No
failure to exercise, and no delay in exercising, on the part of Administrative Agent or the Lenders, any right or power hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other further exercise thereof or the exercise of any other right or power. The
rights and remedies of Administrative Agent and the Lenders under the Loan Documents shall be in addition to all other rights
provided by law. No modification or waiver of any provision of any of the other 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.

 

11.3.       Payment
of Expenses; Indemnity.

 

(a)           Cost
and Expenses.  Borrowers shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent
(including but not limited to the reasonable and documented fees, charges and disbursements, and due diligence expenses of outside counsel
for the Administrative Agent), lien searches, and any other customary fees and expenses, in connection with the preparation, negotiation,
execution, delivery and administration of the Loan Documents and any Conforming
Changes hereto and thereto, and any amendments, modifications, addition of Investors,
amendments to any Constituent Document, joinder, or waivers of the provisions hereof or thereof (whether or not the transactions contemplated
shall be consummated), and (ii) all reasonable and documented out of pocket expenses incurred by Administrative Agent or any Lender
(including the reasonable and documented fees, charges and disbursements of any one counsel, plus local counsel, for Administrative Agent
and one counsel for all other Lenders) in connection with the enforcement or protection of its rights (A) in connection with the
Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such
out of pocket expenses incurred during any workout, restructuring or related negotiations.

 

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(b)           Indemnification
by Borrowers.  Borrowers shall indemnify Administrative Agent and the Lenders and each Related Party of Administrative Agent or any
Lender (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, damages, liabilities and related expenses (including the reasonable
and documented fees, charges and disbursements of any counsel for any Indemnitee) (collectively, the “Indemnified Liabilities”),
incurred by any Indemnitee or asserted against any Indemnitee by any Person (including Borrowers or any other Borrower), arising out
of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or 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 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 Borrower or any Subsidiary thereof, and regardless of whether any Indemnitee
is a party thereto, or (iv) any claim, investigation, litigation or other proceeding and the prosecution and defense thereof, arising
out of or in any way connected with the Loans, any Loan Document, or any documents contemplated by or referred to herein or therein or
the transactions contemplated hereby or thereby, including without limitation, reasonable and documented attorneys’ fees; provided
that, Borrowers shall not be required to indemnify any Indemnitee pursuant to this Section 11.3(b) to the extent
such Indemnified Liabilities result from any such Indemnitee’s gross negligence, bad faith, or willful misconduct or material breach
by a Lender of its obligations hereunder, in each case as finally determined by a non-appealable judgment of a court of competent jurisdiction.
This Section 11.3(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc.
arising from any non-Tax claim. 

 

(c)           Waiver
of Consequential Damages, Etc.  To the fullest extent permitted by Applicable Law, Borrowers shall not assert, and hereby waive,
any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, the Loan Documents or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee 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 the Loan Documents or the transactions contemplated hereby or
thereby.

 

(d)           Payments.
 All amounts due under this Section shall be payable by the Required Payment Time.

 

(e)           Survival.
 Each party’s obligations under this Section shall survive the termination of the Loan Documents and the Commitments and
payment of the Obligations hereunder.

 

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11.4.       Notice.

 

(a)           Notices
Generally.  Any notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder
shall be in writing (except where telephonic instructions or notices are expressly authorized herein to be given).

 

If to a Borrower:

 

At the addressed specified with respect thereto on Schedule I hereto.

 

If to Administrative Agent:

 

Signature Bank

1400 Broadway, 26th Floor 

New York, New York 10121 

Attention: Trevor Freeman

Telephone: (646) 968-4337

Email: trfreeman@signatureny.com

 

With copies to (which shall not constitute notice hereunder):

 

Cadwalader, Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

Attention: Michael Mascia

Telephone: (704) 348-5160

Email: michael.mascia@cwt.com

 

If to any Lender, at the
address specified for it on Schedule II hereto.

 

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 11.4.

 

(b)           Electronic
Communication.  Notices and other communications to Administrative Agent and Lenders hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by Administrative Agent and Lenders.
Any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications.

 

11.5.       Governing
Law.  This Credit Agreement and any other Loan Document, 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.

 

11.6.       Choice
of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury.  Any suit, action or proceeding against any Borrower
with respect to the Loan Documents or any judgment entered by any court in respect thereof, may be brought in the courts of the State
of New York, or in the United States Courts located in the Borough of Manhattan in New York City, pursuant to Section 5-1402 of
the New York General Obligations Law, as Administrative Agent in its sole discretion may elect and each Borrower hereby submits to the
non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding. Each Borrower hereby irrevocably consents
to the service of process in any suit, action or proceeding in said court by the mailing thereof by Administrative Agent by registered
or certified mail, postage prepaid, to such Borrower’s address set forth in Section 11.4. Each Borrower hereby irrevocably
waives any objections which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to the Loan Documents brought in the courts located in the State of New York, Borough of Manhattan in New York City, and hereby further
irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THE LOAN DOCUMENTS,
WHICH WAIVER IS INFORMED AND VOLUNTARY.

 

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11.7.       Invalid
Provisions.  If any provision of this Credit Agreement is held to be illegal, invalid, or unenforceable under present or future laws
effective during the term of this Credit Agreement, such provision shall be fully severable and this Credit Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Credit Agreement, and the remaining
provisions of this Credit Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Credit Agreement, unless such continued effectiveness of this Credit Agreement, as modified,
would be contrary to the basic understandings and intentions of the parties as expressed herein. If any provision of this Credit Agreement
shall conflict with or be inconsistent with any provision of any of the other Loan Documents, then the terms, conditions and provisions
of this Credit Agreement shall prevail.

 

11.8.       Entirety.
 The Loan Documents embody the entire agreement between the parties and supersede all prior agreements relating to the subject matter
hereof.

 

11.9.       Successors
and Assigns; Participations.

 

(a)           Successors
and Assigns Generally.  The provisions of this Credit Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that neither Borrowers nor any other Borrower may assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of each Lender.

 

(b)           Assignments
by Lenders.  Any Lender may at any time assign to one or more assignees (each, an “Assignee”) all or a portion
of its rights and obligations under this Credit Agreement (including all or a portion of its Commitment and the Loans at the time owing
to it); provided that, in each case, any such assignment shall be subject to the following conditions:

 

(i)            Minimum
Amounts. The aggregate amount of the Commitment or, if the applicable Commitment is not then in effect, the outstanding balance of
the Loans of the assigning Lender subject to each such assignment (determined as of the date the assignment) shall not be less than $5,000,000
(or the entire remaining amount of the assigning Lender’s Commitment and/or Loans).

 

(ii)           Proportionate
Amounts. Each partial assignment 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.

 

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(iii)          Required
Consents. No consent shall be required for any assignment except:

 

		(A)	the consent of Borrowers (such consent
                                            not to be unreasonably withheld or delayed) unless an Event of Default has occurred and is
                                            continuing at the time of such assignment; and

 

		(B)	the consent of Administrative Agent (such
                                            consent not to be unreasonably withheld or delayed) if such assignment is to a Person that
                                            is not a Lender or an Affiliate of such Lender.

 

(iv)          Assignment
Agreement. The parties to each assignment shall execute and deliver to Administrative Agent an assignment agreement reasonably acceptable
to Administrative Agent, together with a processing and recordation fee of $3,500 for each assignment; provided that Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.

 

(v)           No
Assignment to Certain Persons. No such assignment shall be made to (A) any Borrower, the Investment Adviser or any Borrower’s
Subsidiaries or Affiliates, (B) a Competitor, or (C) any Defaulting Lender or any of its Affiliates, or any Person who, upon
becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (C).

 

(vi)          No
Assignment to Natural Persons. No such assignment shall be made to a natural Person.

 

(vii)         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 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 Borrowers and 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
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.

 

(viii)        Notice
to Borrowers. Each assigning Lender shall promptly notify Borrowers of any assignment of such Lender’s rights and obligations
under this Credit Agreement.

 

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(c)           Consequences
of Assignment. Subject to acceptance and recording thereof by Administrative Agent pursuant to Section 11.9(d),
from and after the effective date specified in the assignment agreement, the assignee thereunder shall be a party to this Credit
Agreement and, to the extent of the interest assigned thereby, have the rights and obligations of a Lender under this Credit
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned thereby, be released from its
obligations under this Credit Agreement (and, in the case of an assignment covering all of the assigning Lender’s rights and
obligations under this Credit Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the
benefits of Article IV and Section 11.3 with respect to facts and circumstances occurring prior to the
effective date of such assignment; 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 11.9(e).

 

(d)           Register.
 Administrative Agent, acting solely for this purpose as an agent of Borrowers, shall maintain at one of its offices in Santa Clara,
California, or other office as it may elect, a copy of each assignment agreement delivered to it and a register for the recordation of
the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of 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 or demonstrable error, and Borrowers, 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 Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(e)           Participations. 
Any Lender may at any time sell participations to any Person (other than a natural Person or Borrowers or any of Borrower’s
Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Credit Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that
(i) such Lender’s obligations under this Credit Agreement shall remain unchanged, (ii) such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations, (iii) Borrowers shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Credit Agreement and
(iv) such Participant is not a Competitor. Borrowers agree that each Participant shall be entitled to the benefits of Sections
4.1 and 4.2 (subject to the requirements and limitations therein, including the requirements under Section 4.1(g) (it
being understood that the documentation required under Section 4.1(g) shall be delivered to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.9(b);
provided that such Participant shall not be entitled to receive any greater payment under Section 4.1 or 4.2,
with respect to any participation, than its participating Lender would have been entitled to receive in the absence of such
participation. To the extent permitted by Applicable Law, each Participant also shall be entitled to the benefits of Section 10.3
as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of 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, letters of credit or its other Obligations under any Loan Document) to any Person except to the extent that such
disclosure is necessary to establish that such commitment, loan, letter of credit 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 or demonstrable 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, Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a
Participant Register.

 

(f)            Certain
Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Credit Agreement
to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge shall release such Lender from any of its obligations hereunder or substitute any such pledgee
for such Lender as a party hereto.

 

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11.10.     Treatment
of Certain Information; Confidentiality.  Each of the Administrative Agent and each Lender agrees to maintain the confidentiality
of the Information (as defined below) and exercise the same degree of care that it exercises to maintain the confidentiality of its own
proprietary information, but in any event not less than reasonable care, except that Information may be disclosed (a) to its Affiliates
and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential); provided that, in no event will the disclosure
of Information to such Affiliates or Related Parties facilitate any activity that competes directly with the business activities of any
Borrower or the Investment Adviser as such business activities have been disclosed to Administrative Agent as of the Closing Date; (b) to
the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties
(including any self-regulatory authority, such as the National Association of Insurance Commissioners) (in which case the Administrative
Agent or such Lender, as the case may be, agrees to inform the Initial Borrower promptly thereof and provide an opportunity to contest
such disclosure, in each case to the extent not prohibited by applicable law); (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process (in which case the Administrative Agent or such Lender, as the case may be, agrees
to inform the Initial Borrower promptly thereof and provide an opportunity to contest such disclosure, in each case to the extent not
prohibited by applicable law); (d) to any other Lender; (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Credit Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section,
to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, but not including a Competitor, any
of its rights and obligations under this Credit Agreement, or (ii) any actual or prospective party (or its Related Parties), but
not including a Competitor, to any swap, derivative or other transaction under which payments are to be made by reference to the Borrowers
and their obligations, this Credit Agreement or payments hereunder; (g) on a confidential basis to (i) any rating agency in
connection with rating the Borrowers or the Credit Facility or (ii) the CUSIP Service Bureau or any similar agency in connection
with the issuance and monitoring of CUSIP numbers with respect to the Credit Facility; (h) with the consent of the Borrowers; or
(i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section by
Administrative Agent, any Lender or any of their respective Affiliates or Related Parties, or (y) becomes available to Administrative
Agent, any Lender or any of their respective Affiliates on a non-confidential basis from a source other than the Borrowers if Administrative
Agent, such Lender or such Affiliate (as applicable) does not know that such source is prohibited from disclosing such Information. In
addition, Administrative Agent, the Lenders, and any of their respective Related Parties, may (A) disclose the existence of this
Credit Agreement and information about this Credit Agreement to market data collectors, similar service providers to the lending industry
and service providers to Administrative Agent or the Lenders in connection with the administration of this Credit Agreement, the other
Loan Documents, and the Commitments; and (B) use any information (not constituting Information subject to the foregoing confidentiality
restrictions) related to the syndication and arrangement of the credit facilities contemplated by this Credit Agreement in connection
with marketing, press releases, or other transactional announcements or updates provided to investor or trade publications, including
the placement of “tombstone” advertisements in publications of its choice at its own expense.

  

Notwithstanding anything
herein to the contrary, any party to this Credit Agreement (and any employee, representative, or other agent of any party to this
Credit Agreement) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
transactions contemplated by this Credit Agreement and all materials of any kind (including opinions or other tax analyses) that are
provided to it relating to such tax treatment and tax structure. However, any such information relating to the tax treatment or tax
structure is required to be kept confidential to the extent necessary to comply with any applicable federal or state securities
laws, rules, and regulations.

 

For purposes of this Section,
 “Information” means all information received from the Borrowers relating to (a) the Borrowers, (b) any
of the Borrowers’ respective businesses, Subsidiaries or Investments or (c) the Investors.

 

11.11.     All
Powers Coupled with Interest.  All powers of attorney and other authorizations granted to Administrative Agent and/or Lenders pursuant
to any provisions of any Loan Document shall be deemed coupled with an interest and granted by way of security for the obligations owed
therein and shall be irrevocable so long as any Obligations remain unpaid, the Commitments remain in effect or the Credit Facility has
not been terminated.

 

11.12.     Headings.
 Section headings are for convenience of reference only and shall in no way affect the interpretation of this Credit Agreement.

 

11.13.     Survival.
 All representations and warranties made by the Borrowers herein shall survive the making of the Loans.

 

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11.14.     Full
Recourse.  The payment and performance of the Obligations shall be fully recourse to the applicable Borrowers and their properties
and assets. The Principal Obligations shall not be recourse to the applicable Investment Adviser or Administrator, and the Lenders shall
not have the right to pursue any claim or action against such Investment Adviser or Administrator, except for any claim or action for
actual damages of Administrative Agent or the Lenders or specific performance as a result of any breach of a contractual obligation under
a Loan Document, fraud, willful misrepresentation or willful misappropriation of proceeds from the Credit Facility in which event there
shall be full recourse against such Investment Adviser or Administrator.

 

11.15.     USA
PATRIOT Act Notice.  Each Lender and Administrative Agent hereby notifies each Borrower that pursuant to the requirements of the
USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it is required
to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Borrower
and other information that will allow such Lender or Administrative Agent, as applicable, to identify each Borrower in accordance with
the PATRIOT Act.

 

11.16.     Multiple
Counterparts.  This Credit Agreement may be executed in any number of counterparts, all of which taken together shall constitute
one and the same agreement, and any of the parties hereto may execute this Credit Agreement by signing any such counterpart. Delivery
of an executed counterpart of a signature page of this Credit Agreement by facsimile or in electronic (i.e., “pdf” or
 “tif”) format shall be effective as delivery of a manually executed counterpart of this Credit Agreement.

 

11.17.     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 indemnification obligations not then due) arising hereunder or under any other Loan Document shall have been indefeasibly
and irrevocably paid and satisfied in full and the Commitments have been terminated. No termination of this Credit Agreement shall affect
the rights and obligations of the parties hereto arising prior to such termination or in respect of any provision of this Credit Agreement
which survives such termination.

 

11.18.     Conflicts.
 Borrowers acknowledge that Lenders and their Affiliates may be providing financing or other services to other companies in respect
of which Borrowers or their Affiliates may have conflicting interests. Borrowers acknowledge that the Lenders and their Affiliates have
no obligation to use in connection with the transactions contemplated herein, or to furnish to Borrowers, confidential information obtained
from such other companies.

 

11.19.     Borrower
Liability.  Each Borrower may, acting singly, request Loans hereunder. Each Borrower hereby appoints each other Borrower as agent
for the other for all purposes hereunder, including with respect to requesting Loans hereunder. Each Borrower hereunder shall be jointly
and severally obligated to repay all Loans made hereunder, regardless of which Borrower actually receives said Loans, as if each Borrower
hereunder directly received all Loans. Each Borrower waives (a) any suretyship defenses available to it under the UCC or any other
applicable law, and (b) any right to require Administrative Agent or any Lender to: (i) proceed against any Borrower or any
other Person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Administrative Agent and/or
any Lender may exercise or not exercise any right or remedy it has against any Borrower or any security it holds (including the right
to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other provision
of this Credit Agreement or other related document, each Borrower irrevocably waives all rights that it may have at law or in equity
(including, without limitation, any law subrogating such Borrower to the rights of Administrative Agent and/or any Lender under this
Credit Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Borrower, or any other Person
now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by such Borrower with respect to the
Obligations in connection with this Credit Agreement or otherwise and all rights that it might have to benefit from, or to participate
in, any security for the Obligations as a result of any payment made by such Borrower with respect to the Obligations in connection with
this Credit Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under
this Section 11.19 shall be null and void. If any payment is made to a Borrower in contravention of this Section, such Borrower
shall hold such payment in trust for Administrative Agent and such payment shall be promptly delivered to Administrative Agent, for the
benefit of the Lenders, for application to the Obligations, whether matured or unmatured.

 

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Section 12.           AGENCY
PROVISIONS

 

12.1.       Appointment
and Authorization of Administrative Agent.

 

(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 Administrative Agent to take such action on its behalf under
the provisions of this Credit Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly
delegated to Administrative Agent by the terms hereof and of the other Loan Documents, together with such other powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and in the other Loan Documents, Administrative Agent
shall not have any duties or responsibilities, except those expressly set forth herein and therein, nor shall Administrative Agent have
or been deemed to have any fiduciary relationship with any Lender Party, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Credit Agreement or any of the other Loan Documents or otherwise exist against Administrative
Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan
Documents with reference to Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any Applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create
or reflect only an administrative relationship between independent contracting parties. The provisions of this Section 12
are solely for the benefit of Administrative Agent and the Lenders and none of the Borrowers, 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 Borrowers in Section 12.10).

 

(b)           Release
of Collateral.  Upon (i) termination of this Credit Agreement and the other Loan Documents, termination of the Commitments and
payment in full of all of the Obligations, including all fees and indemnified costs and expenses that are then due and payable pursuant
to the terms of the Loan Documents or (ii) approval by each of the Lenders pursuant to the terms of Section 11.1, the
Lenders irrevocably authorize Administrative Agent, at 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 Administrative Agent. Upon the request of Administrative Agent,
the Lenders will confirm in writing Administrative Agent’s authority to release particular types or items of Collateral pursuant
to this Section 12.1(b).

 

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12.2.       Delegation
of Duties.  Administrative Agent may execute any of its duties hereunder or under the other Loan Documents by or through agents or
attorneys-in-fact and shall be entitled to advice of legal counsel, accountants, and other professionals selected by Administrative Agent
concerning all matters pertaining to such duties. Administrative Agent shall not 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 12 shall apply to any
such sub-agent of Administrative Agent.

 

12.3.       Exculpatory
Provisions.  Neither Administrative 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 Borrower Parties contained herein or in any of the other Loan Documents or in any
certificate, report, document, financial statement or other written or oral statement referred to or provided for in, or received by
Administrative 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. Administrative Agent is not a trustee for the Lenders and owes no fiduciary duty to the Lenders. Each Lender Party
recognizes and agrees that Administrative Agent shall not be required to determine independently whether the conditions described in Section 6.2 have
been satisfied and, when Administrative Agent disburses funds to a Borrower, it may rely fully upon statements contained in the
relevant requests by a Borrower Party.

 

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12.4.       Reliance
on Communications.  Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing,
resolution, notice, consent, certificate, affidavit, letter, email, cablegram, telegram, telecopy, telex or teletype message, statement,
order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons. Administrative Agent may deem and treat each Lender as the owner of its interests hereunder for all purposes unless
a written notice of assignment, negotiation or transfer thereof shall have been received by Administrative Agent. Administrative Agent
shall be fully justified in failing or refusing to take any action under this Credit Agreement or under any of the other Loan Documents
unless it shall first receive such advice or concurrence of the Lenders as it deems appropriate or it shall first be indemnified to its
satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to
take any such action. Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or
under any of the other Loan Documents in accordance with a request of the Required Lenders (or to the extent specifically required, all
of the Lenders) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders (including
their successors and assigns).

 

12.5.       Notice
of Default.  Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Potential Default or Event
of Default hereunder unless Administrative 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.” Administrative
Agent will notify the Lenders of its receipt of any such notice and 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.

 

12.6.       Non-Reliance
on Administrative Agent and Other Lenders.  Each Lender expressly acknowledges that no Agent-Related Person has made any representations
or warranties to it and that no act by any Agent-Related Person hereafter taken, including any review of the affairs of any Borrower
Party, shall be deemed to constitute any representation or warranty by the Agent-Related Person to any Lender. Each Lender represents
to Administrative Agent that it has, independently and without reliance upon any Agent-Related Person or any other Lender, and based
on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, assets,
operations, property, financial and other conditions, prospects and creditworthiness of Borrower Parties and made its own decision to
make its Loans hereunder and enter into this Credit Agreement. Each Lender also represents that it will, independently and without reliance
upon any Agent-Related Person or any other Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Credit Agreement and the
other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, assets, operations, property,
financial and other conditions, prospects and creditworthiness of Borrower Parties. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by Administrative Agent hereunder, Administrative Agent shall not have any duty or responsibility
to provide any Lender with any credit or other information concerning the business, operations, assets, property, financial or other
conditions, prospects or creditworthiness of Borrower Parties which may come into the possession of any Agent-Related Person.

 

12.7.       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 the obligation of Borrower Parties to do so), ratably in
accordance with the applicable Lender’s respective Pro Rata Share of the Commitments, 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 12.7. Without limitation of the
foregoing, each Lender shall reimburse Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses
(including attorney costs) incurred by Administrative 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 Administrative Agent is not reimbursed for such expenses by or on behalf of Borrower Parties. The agreements in this
Section 12.7 shall survive the termination of the Commitments, payment of all of the Obligations under the Loan Documents
or any documents contemplated by or referred to therein, as well as the resignation or replacement of Administrative Agent.

 

    85 

     

    

 

 

12.8.            Administrative
Agent in Its Individual Capacity.  Administrative Agent (and any successor acting as Administrative Agent) and its Affiliates may
make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in, and generally engage in
any kind of banking, trust, financial advisory, underwriting or other business with any Borrower Party (or any of their Subsidiaries
or Affiliates) as though Administrative Agent were not Administrative Agent or a Lender hereunder and without notice to or consent of
the Lenders. The Lenders acknowledge that, pursuant to such activities, Administrative Agent or its Affiliates may receive information
regarding Borrower Parties or their Affiliates (including information that may be subject to confidentiality obligations in favor of
such Person) and acknowledge that Administrative Agent shall be under no obligation to provide such information to them except as otherwise
provided in this Credit Agreement. With respect to the Loans made and all obligations owing to it, Administrative Agent acting in its
individual capacity shall have the same rights and powers under this Credit Agreement as any Lender and may exercise the same as though
it were not Administrative Agent, and the terms “Lender” and “Lenders” shall include Administrative Agent in
its individual capacity.

 

12.9.            Resignation
of Administrative Agent.  Administrative Agent may at any time give notice of its resignation to the Lenders and Borrowers. Upon
receipt of any such notice of resignation, the Required Lenders shall have the right 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.

 

12.10.            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, 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 Administrative Agent shall have made any demand on 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 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 Administrative Agent and the Lenders (including any claim for the
reasonable compensation, expenses, disbursements and advances of Administrative Agent and the Lenders and their respective agents
and counsel and all other amounts due Administrative Agent and the Lenders hereunder) allowed in such judicial proceeding; and

 

(b)            to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and

 

(c)            any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lender to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent to
the making of such payments directly to the Lender, to pay to Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent hereunder.

 

    86 

     

    

 

12.11.            Erroneous
Payments.

 

(a)            If
the Administrative Agent notifies a Lender or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party
(any such Lender, Secured Party or other recipient, a “Payment Recipient”) that the Administrative Agent has determined in
its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such
Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or
mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its
behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise,
individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof),
such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient
and held in trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or, with respect to any Payment
Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business
Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a
demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including
the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the
Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent
to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

 

(b)            Without
limiting immediately preceding clause (a), each Lender or Secured Party, or any Person who has received funds on behalf of a Lender or
Secured Party, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment
or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that
is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the
Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded
or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that
such Lender or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in
whole or in part) in each case:

 

(i)            (A) in
the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written confirmation
from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)),
in each case, with respect to such payment, prepayment or repayment; and

 

(ii)            such
Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in
all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment
or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 12.11(b).

 

(c)            Each
Lender or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to
such Lender or Secured Party under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender
or Secured Party from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under
the indemnification provisions of this Agreement.

 

    87 

     

    

 

(d)            In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender that has received such Erroneous Payment
(or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf)
(such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such
Lender at any time, (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant class with
respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in an amount equal to the Erroneous
Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments)
of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid
interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrowers)
deemed to execute and deliver an Assignment and Assumption with respect to such Erroneous Payment Deficiency Assignment, and such Lender
shall deliver any Loan Documents evidencing such Loans to the Borrowers or the Administrative Agent, (ii) the Administrative Agent
as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition,
the Administrative Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment
and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding,
for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which
shall survive as to such assigning Lender and (iv) the Administrative Agent may reflect in the Register its ownership interest in
the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Loans acquired
pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency
owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative
Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its
respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender
and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that,
except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency
Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually
subrogated to all the rights and interests of the applicable Lender or Secured Party under the Loan Documents with respect to each Erroneous
Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”).

 

 

(e)            The
parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the
Borrowers or any other Credit Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount
of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrowers or any other Credit Party
for the purpose of making such Erroneous Payment.

 

(f)            To
the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives,
and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim
by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based
on “discharge for value” or any similar doctrine.

 

Each party’s
obligations, agreements and waivers under this Section 12.11 shall survive the resignation or replacement of the Administrative
Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment,
satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

    88 

     

    

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

SIGNATURE PAGES FOLLOW.

 

    89 

     

    

 

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:
	 	 
	 	GOLUB
    CAPITAL BDC 3, INC., a Maryland corporation, as Initial Borrower
	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 

 

Signature Bank – Golub BDC 3

Revolving Credit and Security Agreement

 

     

     

    

 

Acknowledged and agreed to with respect to Section 5.4 only:

 

	 	INVESTMENT
    ADVISER:
	 	 
	 	GC
    ADVISORS LLC, a Delaware limited liability company, as Investment Adviser
	 	 
	 	By:	                       
	 	Name:	 
	 	Title:	 
	 	 
	 	ADMINISTRATOR:
	 	 
	 	GOLUB
    CAPITAL LLC, a Delaware limited liability company, as Administrator
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Bank – Golub BDC 3

Revolving Credit and Security Agreement

 

     

     

    

 

	 	ADMINISTRATIVE
    AGENT AND LENDER:
	 	 
	 	SIGNATURE
    BANK
	 	 
	 	By:	                     
	 	Name:	 
	 	Title:	 

 

Signature Bank – Golub BDC 3

Revolving Credit and Security Agreement

 

     

     

    

 

SCHEDULE I

 

Borrower Information

 

	Name	 	Type of

Borrower	 	Jurisdiction
                                            of Formation
	 	Type of Entity	 	Collateral

Account	 	Investment 

Collection 

Account
	Golub Capital BDC 3, Inc.	 	Initial Borrower	 	Maryland	 	Corporation	 	 	 	Not applicable
	 	 	 	 	 	 	 	 	 	 	 
	GBDC 3 Funding II LLC	 	Additional Borrower	 	Delaware	 	Limited Liability Company	 	Not applicable	 	 

 

Notice Information:

 

GOLUB CAPITAL BDC 3, INC.;

GBDC 3 FUNDING II LLC:

 

	Chief Executive Office / 
	Principal Place of Business:	Golub Capital BDC 3, Inc. 
	 	200 Park Avenue, 25th Floor
	 	New York, NY 10166
	 
	Notice Address:	Golub Capital BDC 3, Inc. 
	 	200 Park Avenue, 25th Floor
	 	New York, NY 101663 
	 	Attention: David B. Golub 
	 	Email: StructuredProducts@golubcapital.com

 

With a copy to:

Golub Capital LLC 

130 Harbour Place, Suite 340 

Davidson, North Carolina 28036

Attention: Daniel Colaizzi 

Email: 

 

And:

 

Foley Hoag LLP

155
Seaport Boulevard

Boston,
Massachusetts 02210

Attention: Thomas B. Draper 

Email:

 

     

     

    

 

SCHEDULE II

 

Lender Commitments

 

	Lender	Commitment
	Signature
    Bank	$275,000,000180,000,000
	Total	$275,000,000180,000,000

 

     

     

    

 

SCHEDULE III

 

Eligible Investments as of the Closing Date

 

None

 

     

     

    

 

EXHIBIT B

FORM OF REQUEST FOR BORROWING

 

[DATE]

 

Signature Bank

2 Penn Plaza, Suite 1712

New York, New York 10121

Attention: Trevor Freeman

Telephone: (646) 968-4337

Email: trfreeman@signatureny.com

 

Ladies and Gentleman:

 

RE:     That
certain Revolving Credit and Security Agreement dated as of February 4, 2019, by and among (a) GOLUB CAPITAL BDC 3, INC.,
a Maryland corporation, as borrower (the “Borrower”), (b) the other borrowers from time to time party thereto,
(c) SIGNATURE BANK, as Administrative Agent (in such capacity, “Administrative Agent”) and a Lender, and (d) the
other Lenders from time to time party thereto (as the same may be modified, amended, or restated from time to time, the “Credit
Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

This Request for Borrowing
is executed and delivered by the undersigned Borrower(s) to Administrative Agent pursuant to Section 2.3(a) of the
Credit Agreement.

 

The undersigned Borrower hereby
request a Borrowing pursuant to the Credit Agreement as follows:

 

	1.	Name of Borrower(s) :	 	 
	2.	Amount of Borrowing:	$	 
	3.	Date of Borrowing :

(which shall be a Business Day) 	 	 
	4.	Amount of Borrowing Attributable to each Borrower	[Golub Capital BDC 3, Inc.]:$	 
	 		[Other Borrower:]1	$

 

 

 

 

1
[Note to Borrowers: To be updated with applicable Borrower and amount attributable to each Borrower.]

 

     

     

    

 

	5.	Interest Option (check one box only):
	 	 
	 	     ̈  Prime Rate
	 	     ̈  Daily Simple SOFR
	 	     ̈  Term SOFR

 

	6.	The undersigned Borrower’s wire Instructions for receipt of Borrowing:

 

	 	Bank:	 	 

	 	ABA Number:	 	 

	 	Account Name:	 	 

	 	Account Number:	 	 

	 	Reference:	 	 

	 	Contact:	 	 

 

In
connection with the Borrowing requested herein, each undersigned Borrower hereby represents, warrants, and certifies to Administrative
Agent for the benefit of the Lenders that:

 

		(a)	On and as of the date hereof, the representations and warranties set forth in the Credit Agreement and
the other Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier), and will be
true and correct in all material respects (without duplication of any materiality qualifier) as of the date of the Borrowing requested
herein, with the same force and effect as if made on and as of such date hereof, except to the extent such representations and warranties
relate to an earlier date, in which case, such representations and warranties are true and correct in all material respects (without duplication
of any materiality qualifier) as of such earlier date;

 

		(b)	No Event of Default or Potential Default exists and is continuing on and as of the date hereof or will
exist on the date of the Borrowing requested herein;

 

		(c)	The Borrowers have no knowledge or reason to believe any Investor would be entitled to exercise any withdrawal,
excuse or exemption right under the Operative Documents, its Subscription Agreement or any Side Letter with respect to any Investment
being acquired in whole or in part with any proceeds of the Borrowing requested herein, other than: [None];

 

		(d)	No Material Adverse Change has occurred and is continuing as of the date hereof or will exist on the date
of the Borrowing requested herein;

 

		(e)	After giving effect to the proposed Borrowing requested herein, (i) the Principal Obligations will
not exceed the Available Commitment, and (ii) the aggregate Principal Obligations will not exceed the Maximum Commitment;

 

		(f)	[The Borrowers have no knowledge or reason to believe that any Investment is no longer an Eligible Investment
(provided, that if the Borrowers have disclosed the foregoing to the Administrative Agent in writing, such Investment shall be excluded
from the calculation of the Available Commitment, but Borrower shall not be prohibited from such Borrowing upon satisfaction of the other
conditions therefor), other than: [None]; and ]

 

     

     

    

 

		(g)	The
                                            Borrowing Base Certificate attached hereto as Annex 1, which constitutes an updated
                                            Exhibit G to the Credit Agreement, is true and correct in all material
                                            respects as of the date hereof. In the event that there is a change to the Borrowing Base
                                            Certificate between the date hereof and the date of the Borrowing requested herein, Borrowers
                                            shall promptly deliver to Administrative Agent corrections thereto.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

The undersigned hereby certifies each and every
matter contained herein to be true and correct.

 

	 	BORROWER(S):
	 	 
	 	GOLUB
CAPITAL BDC 3, INC., a Maryland corporation
	 	 
	 	By:
	 	 
	 	   Name:
	 	    Title:
	 	 
	 	[BORROWER]
	 	 
	 	By:
	 	 
	 	   Name:
	 	    Title:

 

     

     

    

 

ANNEX 1 TO REQUEST FOR BORROWING

 

[Updated Borrowing
Base Certificate to be attached]

 

     

     

    

 

Annex C

 

[Attached]

 

     

     

    

 

EXHIBIT H

 

FORM OF EXTENSION NOTICE

 

[DATE]

 

GOLUB CAPITAL BDC 3, INC.

[GOLUB TO CONFIRM ADDRESS]

 

RE: Notice of Consent to Extension Request dated [INSERT
DATE OF EXTENSION REQUEST]

 

Ladies and Gentlemen:

 

Reference is made to that certain Revolving Credit
and Security Agreement dated as of February 4, 2019, by and among (a) GOLUB CAPITAL BDC 3, INC., a Maryland corporation,
as borrower, (b) the other borrowers from time to time party thereto, (c) SIGNATURE BANK, as Administrative Agent (in such capacity,
 “Administrative Agent”) and a Lender, and (d) the other Lenders from time to time party thereto (as the same may
be modified, amended, or restated from time to time, the “Credit Agreement”). Capitalized terms not defined herein
shall have the meanings assigned to such terms in the Credit Agreement.

 

We have received your Extension Request, dated
as of the date set forth above. We hereby notify you that:

 

		1.	We hereby consent to such Extension Request, effective as of the date on which we receive an
extension fee in the amount of $[     ], which extension fee
shall be deemed to be fully earned and non-refundable.

 

		2.	The definition of the term “Applicable Rate” appearing
in Section 1.1 of the Credit Agreement:

 

	 	  ̈	shall remain as set forth therein without amendment or revision.
	 	 	 
	 	  ̈	shall be deleted and replaced in its entirety with the following new
definition:
	 	 	 
	 	 	[  ̈]

 

		3.	The definition of the term “Unused Commitment Fee” appearing in Section 1.1 of the Credit Agreement:

 

	 	  ̈	shall remain as set forth therein without amendment or revision.
	 	 	 
	 	  ̈	shall be deleted and replaced in its entirety with the following new
definition:
	 	 	 
	 	 	[  ̈]
	 	 	 
	 	 	“Unused Commitment Fee” means a fee equal to [__ basis points
  (0.__%)] per annum of the average unused portion of the Commitments, as determined by Administrative Agent. The unused portion of
  the Commitments, for purposes of this definition, shall equal the difference between (x) the Commitments (as they may be
  reduced or increased from time to time pursuant to the provisions of this Credit Agreement) and (y) the average for the period
  of the daily closing balance of Loans outstanding.	 

  

     

     

    

 

Other than as provided herein, the terms of the
Credit Agreement shall remain in full force and effect. This Extension Notice shall be deemed to be a Loan Document and will be construed
and interpreted in accordance with the laws governing the terms of the Credit Agreement.

 

	 	Thank you,
	 	 
	 	SIGNATURE
BANK, as Administrative Agent
	 	 

	 	By:	 

	 	  Name:
	 	    Title:

 

     

     

    

 

Annex D 

 

[Attached]

 

     

     

    

 

EXHIBIT J

FORM OF [CONTINUATION][CONVERSION] NOTICE

 

[DATE]

 

Signature Bank

2 Penn Plaza, Suite 1712

New York, New York 10121

Attention: Trevor Freeman

Telephone:

Email:

 

	 	RE:	     That certain
  Revolving Credit and Security Agreement dated as of February 4, 2019, by and among (a) GOLUB CAPITAL
BDC 3, INC. a Maryland corporation, as borrower (the “Borrower”), (b) the other borrowers from time to time
party thereto, (c) SIGNATURE BANK, as Administrative Agent (in such capacity, “Administrative Agent”) and a Lender,
and (d) the other Lenders from time to time party thereto (as the same may be modified, amended, or restated from time to time, the
 “Credit Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit
Agreement.

 

Ladies and Gentlemen:

 

This [Continuation][Conversion]
Notice is executed and delivered by the undersigned Borrower(s) pursuant to Section [2.3(i)][2.3(j)] of the Credit Agreement.

 

The undersigned Borrower hereby
requests a [Continuation][Conversion] of a Loan outstanding under the Credit Agreement, and in connection therewith, sets forth below
the terms on which such [Continuation][Conversion] is requested to be made:

 

1.            Date
of [Continuation][Conversion]:                                                                                                                               

 

2.            Principal
Amount of [Continuation][Conversion]:                                                                                    

 

3.            Type
of Loan Converted from (if applicable):                                                                                               

 

4.            Type
of Loan Converted to (if applicable):                                                                                 

 

5.            Interest
Option (check one box only):

 

	 	     ̈  Prime Rate
	 	     ̈  Daily Simple SOFR
	 	     ̈  Term SOFR

 

     

     

    

 

In connection with the
[Continuation][Conversion] described herein, each undersigned Borrower hereby represents, warrants, and certifies to the
Administrative Agent for the benefit of the Lenders that:

 

		(a)	In the case of a Continuation of or Conversion into a Term SOFR Loan, no Event of Default or Potential
Default exists and is continuing on and as of the date of the Conversion requested herein or will exist after giving effect to such Conversion;

 

		(b)	After giving effect to the [Continuation][Conversion] described herein, (i) the Principal Obligations
will not exceed the Available Commitment, and (ii) the aggregate Principal Obligations will not exceed the Maximum Commitment; and

 

		(c)	The Principal Obligations owed to any Lender will not exceed the Available Commitment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

The undersigned hereby certifies
each and every matter contained herein to be true and correct in all material respects.

 

	 	BORROWER(S):
	 	 
	 	GOLUB
CAPITAL BDC 3, INC., a Maryland corporation, as Borrower
	 	 
	 	By:	                                       

	 	Name:	                                        

	 	Title:	                            
	 	 
	 	[OTHER BORROWER]

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