Document:

Exhibit 10.1

 

EXECUTION COPY

 

	
         

        THIRD AMENDED AND RESTATED

         

        LOAN AGREEMENT

         

        dated as of

         

        December 23, 2015

         

        Amended and restated as of June
27, 2016

         

        Amended as of October 14, 2016

         

        Amended and restated as of June
29, 2017

         

        Amended and restated as of May
15, 2018

         

        among

         

        WHITEHORSE FINANCE CREDIT I, LLC

         

        The Financing Providers Party Hereto

         

        The Collateral Administrator, Collateral
Agent and Securities Intermediary Party Hereto

         

        JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

        as Administrative Agent

         

        and

         

        WHITEHORSE
FINANCE, INC.,

        as Portfolio Manager

         

 

    

    

    

 

Table of Contents

 

	 	Page
	ARTICLE
    I THE PORTFOLIO INVESTMENTS
	SECTION
    1.01.	Purchases
    of Portfolio Investments	18
	SECTION
    1.02.	Procedures
    for Purchases and Related Financings.	18
	SECTION
    1.03.	Conditions
    to Purchases or Substitutions	19
	SECTION
    1.04.	Sales
    of Portfolio Investments	20
	SECTION
    1.05.	Substitution.	22
	SECTION
    1.06.	Certain
    Assumptions relating to Portfolio Investments.	22
	 	 	 
	ARTICLE
    II THE FINANCINGS
	SECTION
    2.01.	Financing
    Commitments	22
	SECTION
    2.02.	[reserved]	22
	SECTION
    2.03.	Financings;
    Use of Proceeds.	23
	SECTION
    2.04.	Other
    Conditions to Financings	24
	 	 	 
	ARTICLE
    III ADDITIONAL TERMS APPLICABLE TO THE FINANCINGS
	SECTION
    3.01.	The
    Advances.	27
	SECTION
    3.02.	General	30
	SECTION
    3.03.	Taxes	30
	 	 	 
	ARTICLE
    IV COLLECTIONS AND PAYMENTS
	SECTION
    4.01.	Interest
    Proceeds	33
	SECTION
    4.02.	Principal
    Proceeds	34
	SECTION
    4.03.	Principal
    and Interest Payments; Prepayments; Commitment Fee.	34
	SECTION
    4.04.	MV
    Cure Account	36
	SECTION
    4.05.	Priority
    of Payments	36
	SECTION
    4.06.	Payments
    Generally	37
	SECTION
    4.07.	Termination
    or Reduction of Financing Commitments	37
	 	 	 
	ARTICLE
    V THE PORTFOLIO MANAGER
	SECTION
    5.01.	Appointment
    and Duties of the Portfolio Manager	38
	SECTION
    5.02.	Portfolio
    Manager Representations as to Eligibility Criteria; Etc.	38
	SECTION
    5.03.	Limitation
    of Liability; Indemnification	39
	 	 	 
	ARTICLE
    VI REPRESENTATIONS, WARRANTIES AND COVENANTS
	SECTION
    6.01.	Representations
    and Warranties	40
	SECTION
    6.02.	Covenants
    of the Company	43
	SECTION
    6.03.	Amendments
    of Portfolio Investments, Etc.	49
	 	 	 
	ARTICLE
    VII EVENTS OF DEFAULT
	ARTICLE
    VIII ACCOUNTS; COLLATERAL SECURITY
	SECTION
    8.01.	The
    Accounts; Agreement as to Control	52
	SECTION
    8.02.	Collateral
    Security; Pledge; Delivery	54

 

    

    -ii-

    

 

	ARTICLE
    IX THE AGENTS
	SECTION
    9.01.	Appointment
    of Administrative Agent and Collateral Agent	57
	SECTION
    9.02.	Additional
    Provisions Relating to the Collateral Agent, Securities Intermediary and the Collateral Administrator.	60
	 	 	 
	ARTICLE
    X MISCELLANEOUS
	SECTION
    10.01.	Non-Petition;
    Limited Recourse	63
	SECTION
    10.02.	Notices	63
	SECTION
    10.03.	No
    Waiver	63
	SECTION
    10.04.	Expenses;
    Indemnity; Damage Waiver; Right of Setoff	64
	SECTION
    10.05.	Amendments	65
	SECTION
    10.06.	Successors;
    Assignments	65
	SECTION
    10.07.	Governing
    Law; Submission to Jurisdiction; Etc.	67
	SECTION
    10.08.	Interest
    Rate Limitation	68
	SECTION
    10.09.	PATRIOT
    Act	68
	SECTION
    10.10.	Counterparts	68
	SECTION
    10.11.	Headings	68
	SECTION
    10.12.	Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions.	68

 

	Schedules	 
	Schedule 1	Transaction Schedule
	Schedule 2	Contents of Notice of Acquisition
	Schedule 3	Eligibility Criteria
	Schedule 4	Concentration Limitations
	
        Schedule 5
	
        Portfolio Investments

	Schedule 6	Moody's Industry Classifications
	 	 
	Exhibit	 
	Exhibit A	Form of Request for Advance

 

    

    

    

 

THIRD AMENDED AND RESTATED LOAN AGREEMENT
dated as of December 23, 2015, amended and restated as of June 27, 2016, amended October 14, 2016, amended and restated as of June
29, 2017 and amended and restated as of May 15, 2018 (this "Agreement") among WHITEHORSE FINANCE CREDIT I, LLC,
as borrower (the "Company"); WHITEHORSE FINANCE, INC. (the "Portfolio
Manager"); the Financing Providers party hereto; the Collateral Agent party hereto (in such capacity, the "Collateral
Agent"); the Collateral Administrator party hereto (in such capacity, the "Collateral Administrator");
the Securities Intermediary party hereto (in such capacity, the "Securities Intermediary"); and JPMORGAN CHASE
BANK, NATIONAL ASSOCIATION, as administrative agent for the Financing Providers hereunder (in such capacity, the "Administrative
Agent").

 

The Portfolio Manager and the Company wish
for the Company to acquire and finance certain loans and other debt securities (together with the Subsidiary Investments (as defined
below), the "Portfolio Investments"), all on and subject to the terms and conditions set forth herein.

 

On or about the date hereof, the Company intends
to acquire Participation Interests with elevation in certain Portfolio Investments listed on Schedule 5 hereto (the "Initial
Portfolio Investments") pursuant to a Sale and Participation Agreement (the "Natixis Sale Agreement"),
dated on or about the date hereof, between the Company and WhiteHorse Finance Warehouse, LLC (in such capacity, the "Seller").

 

The Seller has entered into a certain credit
facility (the "Natixis Credit Facility") to finance its acquisition and holding of, inter alia, the Initial Portfolio
Investments. To facilitate the sale of the Initial Portfolio Investments to the Company and the release of the Lien of the Natixis
Collateral Agent over the Initial Portfolio Investments, the proceeds of the initial Advance will be paid pursuant to the Payment
Direction Letter.

 

Furthermore, the Company intends to enter
into a Sale and Contribution Agreement (the "Parent Sale Agreement"), dated on or about the date hereof, between
the Company and WhiteHorse Finance, Inc. (the "Parent"), pursuant to which the Company shall from time to time
acquire additional Portfolio Investments from the Parent.

 

The Portfolio Manager and the Company wish
for the Permitted Subsidiary to purchase or originate certain loans made to obligors in the State of California (the "Subsidiary
Investments") and the Company wishes to provide proceeds of Advances to the Permitted Subsidiary for that purpose.

 

On and subject to the terms and conditions
set forth herein, JPMorgan Chase Bank, National Association ("JPMCB") has agreed to make advances to the Company
("Advances") hereunder to the extent specified on the transaction schedule attached as Schedule 1 hereto
(the "Transaction Schedule"). JPMCB, together with its respective successors and permitted assigns, are referred
to herein as the "Financing Providers", and the types of financings to be made available by them hereunder are
referred to herein as the "Financings". For the avoidance of doubt, the terms of this Agreement relating to types
of Financings not indicated on the Transaction Schedule as being available hereunder shall not bind the parties hereto, and shall
be of no force and effect.

 

Accordingly, the parties hereto agree as follows:

 

Certain Defined Terms

 

"Accordion Date" means any
Business Day on which the Administrative Agent (in its sole discretion) approves in writing (which may be by email) an Accordion
Option Request.

 

    

    -2-

    

 

"Accordion Option" means,
on any date prior to the termination of the Reinvestment Period on which the aggregate outstanding principal amount of the Advances
is at least equal to U.S.$155,000,000, the option of the Company to request in writing (which may be by email) (an "Accordion
Option Request") from the Administrative Agent and the Financing Providers an increase of the Financing Commitments to
U.S.$235,000,000.

 

"Accounts" has the meaning
set forth in Section 8.01(a).

 

"Asset Pledge Agreement"
means the asset pledge agreement, dated May 15, 2018, between the Permitted Subsidiary and Citibank, N.A., in its capacity as collateral
agent, related to the Pledged Accounts and the other assets of the Permitted Subsidiary.

 

"Additional Distribution Date"
has the meaning set forth in Section 4.05.

 

"Adverse Proceeding" means
any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether
or not purportedly on behalf of Company) at law or in equity, or before or by any governmental authority, domestic or foreign,
whether pending, active or, to the Company's or the Portfolio Manager's knowledge, threatened against or affecting the Company
or the Portfolio Manager or their respective property that would reasonably be expected to result in a Material Adverse Effect.

 

"Affiliate" means, with respect
to any Person, any Person directly or indirectly controlling, controlled by, or under common control with, such former Person (whether
by virtue of ownership, contractual rights or otherwise) but, which shall not, with respect to the Company include the obligors
under any Portfolio Investment.

 

"Agent" has the meaning set
forth in Section 9.01.

 

"Agent Business Day" means
any day on which commercial banks settle payments in each of New York City and the city in which the corporate trust office of
the Collateral Agent is located (which shall initially be New York City).

 

"Amendment" has the meaning
set forth in Section 6.03.

 

"Anti-Corruption Laws" means
all laws, rules, and regulations of any jurisdiction applicable to the Company from time to time concerning or relating to bribery
or corruption.

 

"Applicable Law" means, for
any Person, all existing and future laws, rules, regulations (including temporary and final income tax regulations), statutes,
treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority applicable
to such Person and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative,
judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

 

"Base Rate" means, for any
day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day and (b) the Federal Funds
Effective Rate in effect on such day plus 0.50%. Any change in the Base Rate due to a change in the Prime Rate or the
Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal
Funds Effective Rate, respectively. In the event that the Base Rate is below zero at any time during the term of this Agreement,
it shall be deemed to be zero until it exceeds zero again.

 

    

    -3-

    

 

"Borrowing Base Test" means
a test that will be satisfied on any date of determination if the following is true:

 

 

 

Where:

 

Adv = the aggregate principal amount of the
Advances actually outstanding on such date of determination;

 

PP = Principal Proceeds then on deposit in
the Accounts (including cash and Eligible Investments); and

 

AR = 50%

 

"Business Day" means any
day on which commercial banks are open in each of New York City and the city in which the corporate trust office of the Collateral
Agent is located; provided that, with respect to any LIBO Rate related provisions herein, "Business Day" shall
be deemed to exclude any day on which banks are required or authorized to be closed in London, England.

 

"Calculation Period" means
the period from and including the date on which the first Advance is made hereunder to but excluding the first Calculation Period
Start Date following the date of such Advance and each successive period from and including a Calculation Period Start Date to
but excluding the immediately succeeding Calculation Period Start Date (or, in the case of the last Calculation Period, if the
last Calculation Period does not end on the 5th calendar day of March, June, September or December, the period from and including
the related Calculation Period Start Date to but excluding the Maturity Date).

 

"Calculation Period Start Date"
means the 5th calendar day of March, June, September and December of each year (or, if any such date is not a Business Day, the
immediately succeeding Business Day), commencing in March, 2016.

 

"Change in Law" means the
occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority.

 

"Change of Control" means
an event or series of events by which (A) the Parent or its Affiliates, collectively, (i) shall cease to possess, directly or indirectly,
the right to elect or appoint (through contract, ownership of voting securities, or otherwise) managers that at all times have
a majority of the votes of the board of managers (or similar governing body) of the Company or to direct the management policies
and decisions of the Company or (ii) cease, directly or indirectly, to own and control legally and beneficially all of the equity
interests of the Company, (B) H.I.G. WhiteHorse Advisers, LLC or its Affiliates shall cease to be the investment advisor of the
Parent or (C) the Company shall (i) cease to possess the right to elect or appoint managers that at all times have a majority of
the votes of the board of managers (or similar governing body) of the Permitted Subsidiary or to direct the management policies
and decisions of the Permitted Subsidiary or (ii) cease to own and control legally and beneficially all of the equity interests
of the Permitted Subsidiary.

 

    

    -4-

    

 

"Charges" has the meaning
set forth in Section 10.08.

 

"Code" means the Internal
Revenue Code of 1986, as amended.

 

"Collateral" has the meaning
set forth in Section 8.02(a).

 

"Collateral Principal Amount"
means (A) the aggregate principal balance of the Portfolio, including the funded and unfunded balance of any Delayed Funding Term
Loan or Revolving Loan, plus (B) the amounts on deposit in the Accounts (including cash and Eligible Investments) representing
Principal Proceeds minus (C) the aggregate principal balance of all Ineligible Investments.

 

"Collection Account" has
the meaning set forth in Section 8.01(a).

 

"Concentration Limitation Excess"
means, without duplication, the principal amount of any Portfolio Investment that exceeds any Concentration Limitation; provided
that the Portfolio Manager shall select in its sole discretion which Portfolio Investment(s) constitute part of the Concentration
Limitation Excess; provided, further, that, with respect to any Delayed Funding Term Loan or Revolving Loan, the Portfolio Manager
shall select any term Portfolio Investment from the same obligor and/or any funded portion of the aggregate commitment amount of
such Delayed Funding Term Loan or Revolving Loan before selecting any unfunded portion of such aggregate commitment amount; provided,
further, that, if the Portfolio Manager does not so select any Portfolio Investment(s), the applicable portion of the Portfolio
Investment(s) with the lowest Market Value (as determined in the reasonable commercial judgment of the Administrative Agent) shall
make up the Concentration Limitation Excess.

 

"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.

 

"Credit Risk Party" has the
meaning set forth in Article VII.

 

"Custodial Account" has the
meaning set forth in Section 8.01(a)

 

"Deliver"
has the meaning set forth in Section 8.02(b).

 

"Delayed Funding Term Loan"
means any Loan that (a) requires the holder thereof to make one or more future advances to the obligor under the underlying instruments
relating thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit
the re-borrowing of any amount previously repaid by the obligor thereunder; but any such loan will be a Delayed Funding Term Loan
only to the extent of undrawn commitments except as expressly set forth herein and only until all commitments by the holders thereof
to make advances to the obligor thereon expire or are terminated or reduced to zero.

 

"Designated Email Notification Address"
means glombard@higcapital.com, provided that, so long as no Event of Default shall have occurred and be continuing and no
Market Value Event shall have occurred, the Company may, upon at least five Business Day's written notice to the Administrative
Agent, the Collateral Administrator and the Collateral Agent, designate any other email address with respect to the Company as
the Designated Email Notification Address.

 

"Designated Independent Broker-Dealer"
means J.P. Morgan Securities LLC; provided that, so long as no Market Value Event shall have occurred and no Event of Default
shall have occurred and be continuing, the Company may, upon at least five Business Day's written notice to the Administrative
Agent, the Collateral Administrator and the Collateral Agent, designate another Independent Broker-Dealer as the Designated Independent
Broker-Dealer; provided further that, with respect to the proposed sale of a Portfolio Investment, no other Independent
Broker-Dealer may be designated as the Designated Independent Broker-Dealer without the consent of the Administrative Agent.

 

    

    -5-

    

 

"Disruption Event" means
either or both of (a) a material disruption to those payment or communications systems or to those of financial markets which are,
in each case, required to operate in order for payments to be made in connection with this Agreement (or otherwise in order for
the transactions contemplated by the Loan Documents to be carried out) which disruption is not caused by, and is beyond the control
of, any of the parties hereto; or (b) the occurrence of any other event which results in a disruption (of a technical of systems-related
nature) to the treasury or payments operations of a party preventing that or any other party (i) from performing its payment obligations
under the Loan Documents or (ii) from communicating with other parties in accordance with the terms of the Loan Documents.

 

"EBITDA" means, with respect
to the last four full fiscal quarters with respect to any Portfolio Investment, the meaning of "EBITDA", "Adjusted
EBITDA" or any comparable definition in the underlying instruments for each such Portfolio Investment, and in any case that
"EBITDA", "Adjusted EBITDA" or such comparable definition is not defined in such underlying instruments, an
amount, for the obligor on such Portfolio Investment and any parent that is obligated pursuant to the underlying instruments for
such Portfolio Investment (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from
continuing operations for such period plus (a) interest expense, (b) income taxes, (c) depreciation and amortization
for such four fiscal quarter period (to the extent deducted in determining earnings from continuing operations for such period),
(d) amortization of intangibles (including, but not limited to, goodwill, financing fees and other capitalized costs), other
non-cash charges and organization costs, (e) extraordinary losses in accordance with GAAP, (f) one-time, non-recurring
or non-cash charges consistent with the applicable compliance statements and financial reporting packages provided by such obligor,
and (g) any other item the Portfolio Manager and the Administrative Agent mutually deem to be appropriate; provided
that with respect to any obligor for which four full fiscal quarters of economic data are not available, EBITDA shall be determined
for such obligor based on annualizing the economic data from the reporting periods actually available.

 

"Effective Date" has the
meaning set forth in Section 2.04.

 

"Eligibility Criteria" has
the meaning set forth in Section 1.03.

 

"Eligible Investments" has
the meaning set forth in Section 4.01.

 

"Equity Pledge Agreement"
means the Equity Pledge Agreement, dated as of May 15, 2018, among the Company, as pledgor, and the Collateral Agent, as security
agent, pursuant to which the Company pledges all of its right, title and interest in the equity interests in the Permitted Subsidiary
to the Collateral Agent, for the benefit of the Secured Parties.

 

"ERISA" means the United
States Employee Retirement Income Security Act of 1974, as amended.

 

"ERISA Affiliate" means any
trade or business (whether or not incorporated) under common control with the Company, the Permitted Subsidiary or the Parent,
as applicable, within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of
provisions relating to Section 412, 430 or 431 of the Code).

 

    

    -6-

    

 

"ERISA Event" means that
(1) any of the Company, the Permitted Subsidiary or the Parent has underlying assets which constitute "plan assets" within
the meaning of the Plan Asset Rules or (2) any of the Company, the Permitted Subsidiary or the Parent sponsors, maintains, contributes
to, is required to contribute to or has any material liability with respect to any Plan.

 

"Event of Default" has the
meaning set forth in Article VII.

 

"Excess Interest Proceeds"
means, at any time of determination, the excess of (1) amounts then on deposit in the Accounts representing Interest Proceeds over
(2) the projected amount required to be paid pursuant to Section 4.05(a), (b) and (c) on the next Interest Payment Date, in each
case, as determined by the Company in good faith and in a commercially reasonable manner and verified by in the case of clause
(1) the Collateral Agent and otherwise by the Administrative Agent.

 

"Excluded Taxes" means any
of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a
Secured Party, (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 Secured Party 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 Financing Commitment or Advance pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Financing Commitment or Advance or (ii) such
Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.03, 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 Secured Party's failure to comply with Section 3.03(f) and
(d) any U.S. federal withholding Taxes imposed under FATCA.

 

"Expense Reserve Account"
has the meaning set forth in Section 8.01(a).

 

"Expense Reserve Account Amount"
means, on any date of determination, an amount equal to U.S.$100,000 minus the available balance of the Expense Reserve
Account on such date; provided that, with respect to any Additional Distribution Date, the aggregate Expense Reserve Account
Amount with respect to such Additional Distribution Date shall be an amount equal to U.S.$100,000 minus the available balance of
the Expense Reserve Account on such date minus the Expense Reserve Account Amount(s) on any prior Additional Distribution Date(s)
occurring during the same Calculation Period.

 

"FATCA" means Sections 1471
through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any intergovernmental
agreements thereunder, similar or related non-U.S. Law that correspond to Sections 1471 to 1474 of the Code, any agreements entered
into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation
of such sections of the Code and any U.S. or non-U.S. fiscal or regulatory law, legislation, rules, guidance, notes or practices
adopted pursuant to such intergovernmental agreement.

 

"Federal Funds Effective Rate"
means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business
Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions
received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

 

    

    -7-

    

 

"Financing Commitment" means,
with respect to each Financing Provider and each type of Financing available hereunder at any time, the commitment of such Financing
Provider to provide such type of Financing to the Company hereunder in an amount up to but not exceeding the portion of the applicable
financing limit set forth on the Transaction Schedule that is held by such Financing Provider at such time.

 

"Foreign Lender" means a
Lender that is not a U.S. Person.

 

"GAAP" means generally accepted
accounting principles in the effect from time to time in the United States, as applied from time to time by the Company.

 

"Governmental Authority"
means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

"Indebtedness" as applied
to any Person, means, without duplication, as determined in accordance with GAAP, (i) all indebtedness of such Person for borrowed
money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments;
(iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable
arising in the ordinary course of business; (iv) that portion of obligations with respect to capital leases that is properly classified
as a liability on a balance sheet; (v) all non-contingent obligations of such Person to reimburse or prepay any bank or other Person
in respect of amounts paid under a letter of credit, banker's acceptance or similar instrument; (vi) all debt of others secured
by a Lien on any asset of such Person, whether or not such debt is assumed by such Person; and (vii) all debt of others guaranteed
by such Person and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person
or otherwise to assure a creditor against loss. Notwithstanding the foregoing, "Indebtedness" shall not include a commitment
arising in the ordinary course of business to purchase a future Portfolio Investment in accordance with the terms of this Agreement.

 

"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 the
Company under this Agreement and (b) to the extent not otherwise described in (a), Other Taxes.

 

"Indemnified Person" has
the meaning specified in Section 5.03(b).

 

"Indemnitee" has the meaning
set forth in Section 10.04(b).

 

"Independent
Broker-Dealer" means any of the following (as such list may be revised from time to time by mutual agreement of the Company
and the Administrative Agent): Bank of America/Merrill Lynch, Barclays Bank, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank,
Goldman Sachs, Morgan Stanley, Nomura, Royal Bank of Scotland, UBS any Affiliate of any of the foregoing, but in no event including
the Company or any Affiliate of the Company.

 

"Ineligible Investment" means,
from time to time, any Portfolio Investment that fails, at such time, to satisfy the Eligibility Criteria; provided, that,
with respect to any Portfolio Investment for which the Administrative Agent has waived one or more of the criteria set forth on
Schedule 3, the Eligibility Criteria in respect of such Portfolio Investment shall be deemed not to include such waived criteria
at any time after such waiver and such Portfolio Investment shall not be considered an "Ineligible Investment" by reason
of its failure to meet such waived criteria; provided, further, that any Portfolio Investment (other than an Initial
Portfolio Investment) which has not been approved by the Administrative Agent pursuant to Section 1.02 on or prior to its Trade
Date or Substitution Date, as applicable, will be deemed to be an Ineligible Investment until such later date (if any) on which
such Portfolio Investment is so approved; provided, further, that any Participation Interest granted under the Natixis
Sale Agreement that has not been elevated to an absolute assignment on or prior to the 30th calendar day following the Effective
Date (or, if the Portfolio Manager has provided the Administrative Agent with evidence satisfactory to the Administrative Agent
in its sole discretion that the Company is diligently pursuing such elevation, the 60th calendar day following the Effective Date)
shall constitute an Ineligible Investment until the date on which such elevation has occurred.

 

    

    -8-

    

 

"Initial Portfolio Investments"
has the meaning set forth in the recitals.

 

"Interest Payment Date" has
the meaning set forth in Section 4.03(b).

 

"Interest Proceeds" means
all payments of interest received in respect of the Portfolio Investments and Eligible Investments acquired with the proceeds of
Portfolio Investments (in each case other than accrued interest purchased using Principal Proceeds, but including proceeds received
from the sale of interest accrued after the date on which the Company or the Permitted Subsidiary acquired the related Portfolio
Investment), all other payments on the Eligible Investments acquired with the proceeds of Portfolio Investments (for the avoidance
of doubt, such other payments shall not include principal payments (including, without limitation, prepayments, repayments or sale
proceeds) with respect to Eligible Investments acquired with Principal Proceeds) and all payments of fees, dividends and other
similar amounts received in respect of the Portfolio Investments or deposited into any of the Accounts (including closing fees,
commitment fees, facility fees, late payment fees, amendment fees, waiver fees, prepayment fees and premiums, ticking fees, delayed
compensation, customary syndication or other up-front fees and customary administrative agency or similar fees); provided,
however, that for the avoidance of doubt, Interest Proceeds shall not include amounts or Eligible Investments in the MV
Cure Account or Unfunded Exposure Account or any proceeds therefrom.

 

"IRS" means the United States
Internal Revenue Service.

 

"Investment" means (a) the
purchase of any debt or equity security of any other Person, or (b) the making of any loan or advance to any other Person, or (c)
becoming obligated with respect to a contingent obligation in respect of obligations of any other Person.

 

"Lender" has the meaning
set forth in Section 2.01.

 

"Lender Participant" has
the meaning set forth in Section 10.06(c).

 

"LIBO Rate" means, for each
Calculation Period relating to an Advance, the rate appearing on the Reuters Screen at approximately 11:00 a.m., London time, two
(2) Business Days prior to the commencement of such Calculation Period, as the rate for U.S. dollar deposits with a maturity of
three months. If such rate is not available at such time for any reason, then the LIBO Rate for such Calculation Period shall be
equal to the rate that results from interpolating on a linear basis between (a) the rate appearing on the Reuters Screen for the
longest period available that is shorter than three months and (b) the rate appearing on the Reuters screen that is the shortest
period available that is longer than three months. The LIBO Rate shall be determined by the Administrative Agent (and notified
in writing to the Collateral Administrator and the Portfolio Manager), and such determination shall be conclusive absent manifest
error. Notwithstanding anything in the foregoing to the contrary, if the LIBO Rate as calculated for any purpose under this Agreement
is below zero, the LIBO Rate will be deemed to be zero for such purpose until such time as it exceeds zero again.

 

    

    -9-

    

 

"Lien" means any security
interest, lien, charge, pledge, preference, equity or encumbrance of any kind, including tax liens, mechanics' liens and any liens
that attach by operation of law.

 

"Loan"
means any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement or other similar
credit agreement.

 

"Loan Documents" means this
Agreement, the Asset Pledge Agreement, the Equity Pledge Agreement, the Natixis Sale Agreement, the Parent Sale Agreement, the
Payoff Letter and the Payment Direction Letter.

 

"Losses" has the meaning
set forth in Section 5.03(a).

 

"Market Value" means, on
any date of determination, (i) with respect to any Senior Secured Loan or Second Lien Loan, the average indicative bid-side price
determined by Markit Group Limited or LoanX, Inc. (or, if the Administrative Agent determines in its sole discretion that such
bid price is not available or is not indicative of the actual current market value, the market value of such Senior Secured Loan
or Second Lien Loan as determined by the Administrative Agent in good faith and in a commercially reasonable manner) and (ii) with
respect to any other Portfolio Investment, the market value of such Portfolio Investment as determined by the Administrative Agent
in good faith and in a commercially reasonable manner, in each case, expressed as a percentage of par. So long as no Market Value
Event has occurred or Event of Default has occurred and is continuing, the Portfolio Manager shall have the right to initiate a
dispute of the Market Value of certain Portfolio Investments as set forth below; provided that the Portfolio Manager provides
the bid or valuation set forth below no later than 2:00 p.m. New York City time on the Business Day immediately following the related
date of determination.

 

If
the Portfolio Manager disputes the determination of Market Value with respect to any Portfolio Investment whose Market Value
is not determined by the Administrative Agent using Markit Group Limited or LoanX, Inc.,
the Portfolio Manager may, with respect to up to three such Portfolio Investments in each calendar quarter, engage a Nationally
Recognized Valuation Provider, at the expense of the Company, to provide a valuation of the applicable Portfolio Investments and
submit evidence of such valuation to the Administrative Agent. With respect to any Portfolio Investment whose Market Value
is determined by the Administrative Agent using Markit Group Limited or LoanX, Inc., the Portfolio Manager may, at the expense
of the Company, obtain a written executable bid from an Independent Broker-Dealer for such Portfolio Investment and submit evidence
of such bid to the Administrative Agent.

 

The
market value of any Portfolio Investment determined in accordance with the immediately preceding paragraph will be the Market Value
for the applicable Portfolio Investment from and after (but not earlier than) the Business Day following delivery of notice of
such valuation to the Administrative Agent until the Administrative Agent has made a good faith and commercially reasonable
determination that the Market Value of such Portfolio Investment has changed, in which case the Administrative Agent may determine
another Market Value (in accordance with the definition of Market Value).

 

    

    -10-

    

 

Notwithstanding anything to the contrary herein,
(A) the Market Value for any Portfolio Investment shall not be greater than the par amount thereof, (B) the Market Value of any
Ineligible Investment shall be deemed to be zero and (C) the Administrative Agent shall be entitled to disregard as invalid any
bid submitted by the Portfolio Manager from any Independent Broker-Dealer if, in the Administrative Agent's good faith judgment:
(i) such Independent Broker-Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investment or portion
thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for such Portfolio
Investment, as reasonably determined by the Administrative Agent; or (ii) such firm bid or such firm offer is not bona fide due
to the insolvency of the Independent Broker-Dealer.

 

The Administrative Agent shall notify the
Company, the Portfolio Manager and the Collateral Administrator in writing of the then-current Market Value of each Portfolio Investment
in the Portfolio no later than the 5th day of each calendar month or upon the reasonable request of the Portfolio Manager. Any
notification from the Administrative Agent to the Company that the events set forth in clause (A)(i) of the definition of the term
Market Value Event have occurred and is continuing shall be accompanied by a written statement showing the then-current Market
Value of each Portfolio Investment.

 

"Market Value Cure" means,
on any date of determination, (i) the contribution by the Parent of additional Portfolio Investments and the pledge and Delivery
thereof by the Company to the Collateral Agent pursuant to the terms hereof, (ii) the contribution by the Parent of cash to the
Company and the pledge and Delivery thereof by the Company to the Collateral Agent pursuant to the terms hereof (which amounts
shall be deposited in the MV Cure Account), (iii) the prepayment by the Company of an aggregate principal amount of Advances (together
with accrued and unpaid interest thereon) or (iv) any combination of the foregoing clauses (i), (ii) and (iii), in each case during
the Market Value Cure Period, at the option of the Portfolio Manager, and in an amount such that the Net Asset Value exceeds the
product of (a) the Market Value Trigger specified on the Transaction Schedule and (b) the Net Advances; provided that, any
Portfolio Investment contributed to the Company in connection with the foregoing must meet all of the applicable Eligibility Criteria
(unless otherwise consented to by the Administrative Agent) and the Concentration Limitations (as defined on Schedule 4) shall
be satisfied after such contribution or, if not satisfied immediately prior to such contribution, maintained or improved. For the
purposes of any request for consent of the Administrative Agent pursuant to clause (i) in the immediately preceding sentence, if
the Company notifies the Administrative Agent on the day on which the events set forth in clause (A)(i) of the definition of the
term Market Value Event has occurred and is continuing of its intention to contribute a Portfolio Investment to the Company to
cure such event and requests the related consent thereto, the Administrative Agent shall respond to such request no later than
one (1) Business Day after such notice is received. In connection with any Market Value Cure, a Portfolio Investment shall be deemed
to have been contributed to the Company if there has been a valid, binding and enforceable contract for the assignment of such
Portfolio Investment to the Company and, in the reasonable judgment of the Portfolio Manager, such assignment will settle, in the
case of a Loan, within fifteen (15) Business Days thereof and, in the case of any other Portfolio Investment, within four (4) Business
Days thereof. The Portfolio Manager shall use its commercially reasonable efforts to effect any such assignment within such time
period.

 

"Market Value Cure Failure"
means the failure by the Company to effect a Market Value Cure as set forth in the definition of such term.

 

"Market Value Cure Period"
means the period commencing on the Business Day on which the Portfolio Manager receives notice from the Administrative Agent (which
if received after 2:00 p.m., New York City time, on any Business Day, shall be deemed to have been received on the next succeeding
Business Day) of the occurrence of the events set forth in clause (A)(i) of the definition of the term Market Value Event and ending
at (x) the close of business in New York two (2) Business Days thereafter or (y) such later date and time as may be agreed to by
the Administrative Agent in its sole discretion.

 

    

    -11-

    

 

"Market Value Event" means
(A) the occurrence of both of the following events (i) the Administrative Agent shall have determined and notified the Portfolio
Manager in writing as of any date that the Net Asset Value does not equal or exceed the product of (a) the Market Value Trigger
specified on the Transaction Schedule and (b) the Net Advances and (ii) a Market Value Cure Failure or (B) if in connection with
any Market Value Cure, a Portfolio Investment sold, contributed or deemed to have been contributed to the Company shall fail to
settle within (i) in the case of a Loan, fifteen (15) Business Days (or such longer period of time agreed to by the Administrative
Agent in its sole discretion) from the related Trade Date thereof and (ii) in the case of any other Portfolio Investment, four
(4) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related
Trade Date thereof.

 

"Material Adverse Effect"
means a material adverse effect on (a) the business, assets, operations or condition, financial or otherwise, of the Company or
the Portfolio Manager, taken as a whole, (b) the ability of the Company or the Portfolio Manager to perform its obligations under
this Agreement or any of the other Loan Documents or (c) the rights of or benefits available to the Administrative Agent or the
Lenders under this Agreement or any of the other Loan Documents.

 

"Material Amendment" has
the meaning set forth in Section 10.06(c).

 

"Maturity Date" means the
date that is the earliest of (1) the Scheduled Termination Date set forth on the Transaction Schedule, (2) the date on which the
Secured Obligations become due and payable upon the occurrence of an Event of Default under Article VII and the acceleration of
the Secured Obligations, (3) the date on which the principal amount of the Advances is irrevocably reduced to zero as a result
of one or more prepayments and the Financing Commitments are irrevocably terminated and (4) the date after a Market Value Event
on which all Portfolio Investments have been sold and the proceeds therefrom have been received by the Company.

 

"Maximum Rate" has the meaning
set forth in Section 10.08.

 

"Mezzanine Obligation" means
a Portfolio Investment which is unsecured, subordinated debt of a company that represents a claim on such company's assets which
is senior only to that of the equity securities of such company.

 

"Minimum Funding Amount"
means, on any date of determination, the amount set forth in the table below:

 

	Period Start Date	 	Period End Date	 	Minimum Funding Amount (U.S.$)
	Closing Date	 	To and including September 23, 2016	 	100,000,000 
	September 24, 2016	 	To and including the earlier of (i) November 23, 2016 and (ii) the Accordion Date	 	143,200,000 
	Unless the Accordion Date has occurred, November 24, 2016	 	To and including the earlier of (i) the last day of the Reinvestment Period and (ii) the Accordion Date	 	155,000,000 
	If the Accordion Date occurs, the day following the Accordion Date	 	If the Accordion Date occurs, to and including the last day of the Reinvestment Period	 	175,000,000"

 

    

    -12-

    

 

"MV Cure Account" has the
meaning set forth in Section 8.01(a).

 

"Nationally Recognized Valuation Provider"
means (i) Houlihan Lokey Howard & Zukin, (ii) Lincoln International LLC (f/k/a Lincoln Partners LLC), (iii) Duff & Phelps
Corp., (iv) Valuation Research Corporation, (v) FTI Consulting, Inc. and (vi) Murray Devine and (vii) Alvarez & Marsal; provided
that any independent entity providing professional asset valuation services may be added to this definition by the Company (with
the consent of the Administrative Agent) or added to this definition by the Administrative Agent from time to time by notice thereof
to the Company and the Portfolio Manager; provided, further, that (A) the Administrative Agent may remove up to three
providers from this definition by written notice to the Company and the Portfolio Manager and (B) upon any such removal, the Company
may add an equivalent number of entities providing professional asset valuation services to this definition (with the consent of
the Administrative Agent).

 

"Natixis Collateral Agent"
means The Bank of New York Mellon Trust Company, National Association, in its capacity as collateral agent under the Natixis Credit
Facility.

 

"Natixis Lender" means Versailles
Assets LLC.

 

"Natixis Credit Facility"
has the meaning set forth in the recitals.

 

"Natixis Lien Release" means,
collectively, the release of the Lien of the Natixis Collateral Agent over the Collateral over which it has a Lien (including,
without limitation, the filing of a UCC-3 Statement in each applicable jurisdiction), the transfer of all of the Collateral held
by the Natixis Lender, the Natixis Collateral Agent or any of their respective agents to the Company and such further assurances
regarding the release of such Lien and Collateral as the Administrative Agent shall reasonably request (including, if requested,
such certifications or notices requested by the Administrative Agent to be addressed to the Administrative Agent).

 

"Net Advances" means the
principal amount of the outstanding Advances (inclusive of Advances that have been requested for any outstanding Purchase Commitments
which have traded but not settled) minus the amounts then on deposit in the Accounts (including cash and Eligible Investments)
representing Principal Proceeds.

 

"Net Asset Value" means,
(A) the sum of (I) the Market Value of each Portfolio Investment (both owned and in respect of which there are outstanding Purchase
Commitments which have traded but not settled) in the Portfolio that is not (x) an Ineligible Investment or (y) a Portfolio Investment
which has traded but not settled (i) in the case of a Loan, within fifteen (15) Business Days (or such longer period of time agreed
to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and (ii) in the case of any other Portfolio
Investment, within four (4) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion)
from the related Trade Date thereof, multiplied by (II) the funded principal amount of such Portfolio Investment minus (B) the
Unfunded Exposure Shortfall; provided that product of the Market Value and the Concentration Limitation Excess will be excluded
from the calculation of the Net Asset Value.

 

    

    -13-

    

 

"New York Collateral" has
the meaning set forth in Section 8.02(b).

 

"Non-Call Period" means the
period beginning on, and including, the Effective Date and ending on, but excluding, June 29, 2019.

 

"Notice of Acquisition" has
the meaning set forth in Section 1.02.

 

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

 

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

 

"Parent" has the meaning
set forth in the recitals.

 

"Participant Register" has
the meaning specified in Section 10.06(d).

 

"Participation Interest"
means a participation interest in a Loan or a debt security.

 

"PATRIOT Act" has the meaning
set forth in Section 2.04(f).

 

"Payment Direction Letter"
means that certain Flow of Funds and Payment Direction Letter, dated as of the date hereof, among the Company, the Portfolio Manager
and the Administrative Agent.

 

"Payoff Letter" means the
payoff letter, dated as of the date hereof, among the Seller, the Natixis Lender, the Natixis Collateral Agent and the other parties
to the Natixis Credit Facility, in form and substance satisfactory to the Administrative Agent.

 

"Permitted Distribution"
means, on any Business Day, distributions of Interest Proceeds (at the discretion of the Company) to the Parent (or other permitted
equity holders of the Company); provided that amounts may be distributed pursuant to this definition only to the extent
of available Excess Interest Proceeds and only so long as (i) no Event of Default has occurred and is continuing (or would occur
after giving effect to such Permitted Distribution), (ii) no Market Value Event shall have occurred (or would occur after giving
effect to such Permitted Distribution), (iii) the Borrowing Base Test is satisfied, (iv) all Portfolio Investments satisfied the
Eligibility Criteria on the Trade Date or Substitution Date, as applicable, for their acquisition by the Company, (v) the Company
gives at least two (2) Business Days' prior written notice thereof to the Administrative Agent, (vi) the Company and the Administrative
Agent confirm in writing (which may be by email) to the Collateral Agent and the Collateral Administrator that the conditions to
a Permitted Distribution set forth herein are satisfied and (vii) not more than five Permitted Distributions are made in any single
Calculation Period.

 

    

    -14-

    

 

"Permitted Lien" means any
of the following: (a) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be
contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with
GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen's, warehousemen's, mechanics',
carriers', workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the ordinary course of business
for sums that are not overdue or are being contested in good faith, (c) with respect to any collateral underlying a Portfolio Investment,
the Lien in favor of the Company and Liens permitted under the related underlying instruments, (d) as to agented Portfolio Investments,
Liens in favor of the agent on behalf of all the lenders of the related obligor, and (e) Liens granted pursuant to or by the Loan
Documents.

 

"Permitted Subsidiary" means
WhiteHorse Finance (CA), LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company.

 

"Permitted Tax Distribution"
means distributions to the Parent (from the Accounts or otherwise) to the extent required to allow the Parent to make sufficient
distributions to qualify as a regulated investment company, and to otherwise eliminate federal or state income or excise taxes
payable by the Parent in or with respect to any taxable year of the Parent (or any calendar year, as relevant); provided
that (A) the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the
Parent shall not exceed 115% of the amounts that the Company would have been required to distribute to the Parent to: (i) allow
the Company to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor
thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero
for any such taxable year the Company's liability for federal income taxes imposed on (x) its investment company taxable income
pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (y) its net capital gain pursuant to Section 852(b)(3)
of the Code (or any successor thereto), and (iii) reduce to zero the Company's liability for federal excise taxes for any such
calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii),
calculated assuming that the Company had qualified to be taxed as a regulated investment company under the Code and (B) if such
Permitted Tax Distributions are made after the occurrence and during the continuance of an Event of Default, the amount of Permitted
Tax Distributions made in any 90 calendar day period shall not exceed U.S.$1,500,000.

 

"Person" means any natural
person, corporation, partnership, trust, limited liability company, association, governmental authority or unit, or any other entity,
whether acting in an individual, fiduciary or other capacity.

 

"Plan" means any "employee
benefit plan" (as such term is defined in Section 3(3) of ERISA) subject to Section 412 of the Code or Title IV of ERISA established
by the Company, the Parent or any ERISA Affiliate.

 

"Plan Asset Rules" means
the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of
the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA.

 

"Pledged Accounts" means
the accounts (including any applicable sub-accounts) established by the Permitted Subsidiary at Citibank, N.A. and pledged to the
Collateral Agent pursuant to the Asset Pledge Agreement.

 

"Portfolio" means all Portfolio
Investments Purchased or Substituted hereunder and not otherwise sold or liquidated.

 

    

    -15-

    

 

"Portfolio Manager Breach"
has the meaning set forth in Section 5.03(a).

 

"Portfolio Manager Party"
has the meaning set forth in Section 5.03(a).

 

"Prime Rate" means the rate
of interest per annum publicly announced from time to time by JPMCB as its prime rate in effect at its principal office
in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced
as being effective.

 

"Principal Proceeds" means
all amounts received with respect to the Portfolio Investments or any other Collateral, and all amounts otherwise on deposit in
the Accounts (including cash contributed by the Company), in each case other than Interest Proceeds or amounts on deposit in the
Unfunded Exposure Account.

 

"Priority of Payments" has
the meaning set forth in Section 4.05.

 

"Proceeding" has the meaning
set forth in Section 10.07(b).

 

"Purchase" means each acquisition
of a Portfolio Investment hereunder (other than by Substitution), including, for the avoidance of doubt, by way of a contribution
by the Parent to the Company pursuant to the Parent Sale Agreement and, in the case of the Permitted Subsidiary, origination of
such Portfolio Investment, directly or indirectly.

 

"Purchase Commitment" has
the meaning set forth in Section 1.02.

 

"Ramp-Up Period" means the
period from and including the Effective Date to, but excluding, September 23, 2016.

 

"Register" has the meaning
set forth in Section 10.06(b).

 

"Reinvestment Period" means
the period beginning on, and including, the Effective Date and ending on, but excluding, the earliest of (i) December 29, 2020,
(ii) the date on which a Market Value Event occurs and (iii) the date on which an Event of Default occurs.

 

"Related Party" has the meaning
set forth in Section 9.01.

 

"Required Financing Providers"
means the Financing Providers with respect to 66 2/3% of the aggregate principal amount of the outstanding Advances.

 

"Responsible Officer" means
(a) with respect to the Collateral Agent, any officer of the Collateral Agent customarily performing functions with respect to
corporate trust matters and, with respect to a particular corporate trust matter under this Loan Agreement, any other officer to
whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject in each case, having
direct responsibility for the administration of this Agreement and (b) with respect to the Collateral Administrator, any officer
of the Collateral Administrator customarily performing functions with respect to collateral administration matters and, with respect
to a particular matter under this Agreement, any other officer to whom such matter is referred because of such officer's knowledge
of and familiarity with the particular subject in each case, having direct responsibility for the administration of this Agreement.

 

    

    -16-

    

 

"Restricted Payment" means
(i) any dividend or other distribution, direct or indirect, on account of any shares or other equity interests in the Company
now or hereafter outstanding; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition
for value, direct or indirect, by the Company of any shares or other equity interests in the Company now or hereafter outstanding;
and (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to
acquire shares or other equity interests in the Company now or hereafter outstanding.

 

"Reuters Screen" means Reuters
Screen LIBOR 01 Page on the Bloomberg Financial Markets Commodities News (or on any successor or substitute page of such service,
or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page
of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates
applicable to U.S. dollar deposits in the London interbank market).

 

"Revolving Loan" means any
Loan (other than a Delayed Funding Term Loan, but including funded and unfunded portions of revolving credit lines not backed by
cash and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that
under the underlying instruments relating thereto may require one or more future advances to be made to the obligor by a creditor;
but any such loan will be a Revolving Loan only to the extent of undrawn commitments except as expressly set forth herein and only
until all commitments by the holders thereof to make advances to the obligor thereon expire or are terminated or are irrevocably
reduced to zero.

 

"Sanctioned Country" means,
at any time, a country or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Cuba,
Iran, North Korea, Sudan and Syria).

 

"Sanctioned Person" means,
at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets
Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the
European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person
owned or controlled by any such Person or Persons described in the forgoing clauses (a) or (b).

 

"Sanctions" means 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 the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State,
or (b) the United Nations Security Council, the European Union, any EU member state, Her Majesty's Treasury of the United Kingdom
or any other relevant sanctions authority.

 

"Second Lien Loan" means
a Loan (i) that is secured by a pledge of collateral, which security interest is validly perfected and second priority (subject
to liens for taxes or regulatory charges and any other liens permitted under the related underlying instruments that are reasonable
and customary for similar loans) under Applicable Law (other than a Loan that is second priority to a Permitted Working Capital
Lien) and (ii) the Portfolio Manager determines in good faith that the value of the collateral securing the loan (including based
on enterprise value) on or about the time of origination or acquisition by the Company equals or exceeds the outstanding principal
balance thereof plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral.

 

"Secured Party" has the meaning
set forth in Section 8.02(a).

 

"Secured Obligation" has
the meaning set forth in Section 8.02(a).

 

    

    -17-

    

 

"Senior Secured Loan" means
any interest in a loan, including any assignment of or participation in or other interest in a loan, that (i) is not (and is not
expressly permitted by its terms to become) subordinate in right of payment to any obligation of the obligor in any bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted Working Capital
Lien and customary waterfall provisions contained in the applicable loan agreement), (ii) is secured by a pledge of collateral,
which security interest is (a) validly perfected and first priority under Applicable Law (subject to liens permitted under the
applicable credit agreement that are reasonable for similar loans, and liens accorded priority by law in favor of any Governmental
Authority) or (b)(1) validly perfected and second priority in the accounts, documents, instruments, chattel paper, letter-of-credit
rights, supporting obligations, deposit accounts, investments accounts and any other assets securing any Working Capital Revolver
under applicable law and proceeds of any of the foregoing (a first priority lien on such assets a "Permitted Working Capital
Lien") and (2) validly perfected and first priority (subject to liens for taxes or regulatory charges and any other liens
permitted under the related underlying instruments that are reasonable and customary for similar loans) in all other collateral
under Applicable Law, and (iii) the Portfolio Manager determines in good faith that the value of the collateral for such loan (including
based on enterprise value) on or about the time of acquisition equals or exceeds the outstanding principal balance of the loan
plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by a first priority Lien over the
same collateral. For the avoidance of doubt, debtor-in-possession loans shall constitute Senior Secured Loans.

 

"Settlement Date" has the
meaning set forth in Section 1.03.

 

"Solvent" means, with respect
to any entity, that as of the date of determination, (a) the sum of such entity's debt (including contingent liabilities) does
not exceed the present fair value of such entity's present assets; (b) such entity's capital is not unreasonably small in relation
to its business as contemplated on the date of this Agreement; and (c) such entity has not incurred debts beyond its ability to
pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount of any contingent
liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability.

 

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

 

"Subsidiary Investments"
has the meaning set forth in the recitals.

 

"Substitute Portfolio Investment"
has the meaning set forth in Section 1.05.

 

"Substitution" has the meaning
set forth in Section 1.05.

 

"Substitution Date" has the
meaning set forth in Section 1.03.

 

"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, additions to tax or penalties applicable thereto.

 

"Third A&R Date" means
May 15, 2018.

 

"Trade Date" has the meaning
set forth in Section 1.03.

 

    

    -18-

    

 

"UCC" has the meaning set
forth in Section 8.01(b).

 

"Unfunded Exposure Account"
has the meaning set forth in Section 8.01(a).

 

"Unfunded Exposure Amount"
means, on any date of determination, the sum (determined on a traded basis), with respect to each Delayed Funding Term Loan or
Revolving Loan, of an amount equal to the aggregate amount of all unfunded commitments associated with such Delayed Funding Term
Loan or Revolving Loan, as applicable.

 

"Unfunded Exposure Shortfall"
means, on any date of determination, an amount equal to the greater of (x) 0 and (y) the Unfunded Exposure Amount minus (a)
amounts on deposit in the Unfunded Exposure Account and (b) five percent (5%) of the Collateral Principal Amount.

 

"U.S. Person" means any Person
that is a "United States Person" as defined in Section 7701(a)(30) of the Code.

 

"U.S. Tax Compliance Certificate"
has the meaning set forth in Section 3.03(f).

 

"Working Capital Revolver"
means a revolving lending facility secured by all or a portion of the current assets of the related obligor, which current assets
subject to such security interest do not constitute a material portion of the obligor's total assets.

 

ARTICLE I

THE PORTFOLIO INVESTMENTS

 

 SECTION 1.01. Purchases of Portfolio Investments. On the Effective Date, the Company may acquire the Initial Portfolio Investments from the Seller pursuant to the Natixis Sale Agreement, subject to the conditions specified in this Agreement. From time to time during the Reinvestment Period, the Company may Purchase (or cause the Permitted Subsidiary to Purchase) additional Portfolio Investments, or request that Portfolio Investments be Purchased for the Company's account, all on and subject to the terms and conditions set forth herein.

 

 SECTION 1.02. Procedures for Purchases and Related Financings.

 

(a)   Timing
of Notices of Acquisition. No later than five (5) Agent Business Days (or such shorter period as the Administrative Agent may
agree in its sole discretion) before the date on which the Company proposes that a binding commitment to acquire any Portfolio
Investment (other than an Initial Portfolio Investment) be made by it or for its account or the account of the Permitted Subsidiary
(a "Purchase Commitment") or that a Substitution occur, the Portfolio Manager, on behalf of the Company, shall
deliver to the Administrative Agent a notice of acquisition (a "Notice of Acquisition").

 

(b)   Contents
of Notices of Acquisition. Each Notice of Acquisition shall consist of one or more electronic submissions to the Administrative
Agent (in such format and transmitted in such a manner as the Administrative Agent, the Portfolio Manager and the Company may reasonably
agree (which shall initially be the format and include the information regarding such Portfolio Investment identified on Schedule 2)),
and shall be accompanied by such other information as the Administrative Agent may reasonably request.

 

    

    -19-

    

 

(c)   Eligibility
of Portfolio Investments. The Administrative Agent shall have the right, on behalf of all Financing Providers, to reasonably
request additional information regarding any proposed Portfolio Investment. The Administrative Agent shall notify the Portfolio
Manager and the Company (including via e-mail or other customary electronic messaging system) of its approval or failure to approve
each Portfolio Investment proposed to be acquired pursuant to a Notice of Acquisition (and, if approved, an initial determination
of the Market Value for such Portfolio Investment) no later than the fifth (5th) Agent Business Day succeeding the date
on which it receives such Notice of Acquisition and any information reasonably requested in connection therewith); provided
that any Initial Portfolio Investment shall be deemed to be approved by the Administrative Agent. The failure of the Administrative
Agent to approve the acquisition of a Portfolio Investment will not prohibit the Company from acquiring such Portfolio Investment
(subject to the conditions set forth in Section 1.03); provided, that any Portfolio Investment not so approved prior to
its Trade Date or Substitution Date (each as defined below) shall be deemed to be an Ineligible Investment until such later date
(if any) on which such Portfolio Investment is so approved.

 

 SECTION 1.03. Conditions to Purchases or Substitutions. No Purchase Commitment, Purchase or Substitution shall be entered into unless each of the following conditions is satisfied (or waived as provided below) as of the date on which such Purchase Commitment is entered into (such Portfolio Investment's "Trade Date") or the Company consummates a Substitution (the "Substitution Date") (and such Portfolio Investment shall not be Purchased or Substituted, and any related Financing shall not be required to be made available to the Company by the applicable Financing Providers, unless each of the following conditions is satisfied or waived as of such Trade Date or Substitution Date, as applicable):

 

(1)   the
information contained in the Notice of Acquisition accurately describes, in all material respects, such Portfolio Investment and,
unless waived by the Administrative Agent, such Portfolio Investment satisfies the eligibility criteria set forth in Schedule 3
(the "Eligibility Criteria");

 

(2)   with
respect to a Purchase, the proposed Settlement Date for such Portfolio Investment is not later than (i) in the case of a Loan,
the date that is fifteen (15) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion)
after such Trade Date or (ii) in the case of any other Portfolio Investment, the date that is four (4) Business Days (or such longer
period of time agreed to by the Administrative Agent in its sole discretion) after such Trade Date;

 

(3)   no
Market Value Event has occurred and no Event of Default or event that, with notice or lapse of time or both, would constitute an
Event of Default (a "Default"), in each case, has occurred and is continuing, and the Reinvestment Period has
not otherwise ended; and

 

(4)   after
giving pro forma effect to the Purchase or Substitution of such Portfolio Investment and the related provision of Financing (if
any) hereunder:

 

(w)  the
Borrowing Base Test is satisfied;

 

(x)    the
Concentration Limitations (as defined on Schedule 4) shall be satisfied or, if not satisfied immediately prior to such Purchase
Commitment, maintained or improved;

 

(y)   the
aggregate principal balance of Advances then outstanding will not exceed, for each type of Financing available hereunder, the limit
for such type of Financing set forth in the Transaction Schedule; and

 

    

    -20-

    

 

(z)    in
the case of a Purchase, the amount of such Financing (if any) shall be not less than U.S.$2,000,000; provided that the initial
Financing shall be not less than U.S.$100,000,000.

 

The Administrative Agent, on behalf of the
Financing Providers, may waive any conditions to a Purchase Commitment, Purchase or Substitution, as the case may be, specified
above in this Section 1.03 by written notice thereof to the Company, the Collateral Administrator, the Portfolio Manager and the
Collateral Agent.

 

If the above conditions to a Purchase are
satisfied or waived, the Portfolio Manager shall determine, in consultation with the Administrative Agent and with notice to any
applicable Financing Providers and the Collateral Administrator, the date on which such Purchase shall settle (the "Settlement
Date" for such Portfolio Investment) and any related Financing shall be provided.

 

 SECTION 1.04. Sales of Portfolio Investments. The Company will not (and will not permit the Permitted Subsidiary to) sell, transfer or otherwise dispose of any Portfolio Investment or any other asset without the prior consent of the Administrative Agent (acting at the direction of the Required Financing Providers), except that, subject to Section 6.02(x), the Company may sell any Portfolio Investment (including any Ineligible Investment) or other asset so long as, (x) after giving effect thereto, no Market Value Event has occurred and no Default or Event of Default has occurred and is continuing and (y) the sale of such asset by the Company shall be on an arm's-length basis and in accordance with the Portfolio Manager's standard market practices. In addition, within ten (10) calendar days of any Revolving Loan or Delayed Funding Term Loan with an unfunded commitment becoming an Ineligible Investment, the Company, subject to clauses (x) and (y) in the immediately preceding sentence, shall either (i) sell such Revolving Loan or Delayed Funding Term Loan and shall pay any amount payable in connection with such sale or (ii) distribute such Revolving Loan or Delayed Funding Term Loan to the Parent; provided that, in the case of this clause (ii), the Parent has paid the Company an amount equal to the Market Value of such Revolving Loan or Delayed Funding Term Loan on the date of its Purchase multiplied by the then-current funded balance of such Revolving Loan or Delayed Funding Term Loan.

 

Notwithstanding anything in this Agreement
to the contrary (but subject to this Section 1.04): (i) following the occurrence and during the continuance of an Event of Default,
neither the Company nor the Portfolio Manager on its behalf shall have any right to cause the sale, transfer or other disposition
of a Portfolio Investment or any other asset (including, without limitation, the transfer of amounts on deposit in the Accounts)
without the prior written consent of the Administrative Agent (which consent may be granted or withheld in the sole discretion
of the Administrative Agent), (ii) following the occurrence of a Market Value Event, the Company shall use commercially reasonable
efforts to sell Portfolio Investments (individually or in lots, including a lot comprised of all of the Portfolio Investments)
at the sole direction of, and in the manner (including, without limitation, the time of sale, sale price, principal amount to be
sold and purchaser) required by the Administrative Agent (provided that the Administrative Agent shall only require sales
at the direction of the Required Financing Providers and at then-current fair market values and in accordance with the Administrative
Agent's standard market practices) and the proceeds from such sales shall be used to prepay the Advances outstanding hereunder
and (iii) following the occurrence of a Market Value Event, the Portfolio Manager shall have no right to act on behalf of, or otherwise
direct, the Company, the Administrative Agent, the Collateral Agent or any other person in connection with a sale of Portfolio
Investments pursuant to any provision of this Agreement except with the prior written consent of the Administrative Agent (including
via email). Any prepayments made pursuant to this paragraph shall automatically reduce the Financing Commitments as provided in
Section 4.07(c). The Company shall cause the Permitted Subsidiary to comply with all of the provisions of this paragraph.

 

    

    -21-

    

 

In connection with any sale of Portfolio Investments
required by the Administrative Agent following the occurrence of an Event of Default or a Market Value Event, in connection with
such sale, the Administrative Agent or a designee of the Administrative Agent shall:

 

(i)    notify
the Company at the Designated Email Notification Address promptly upon distribution of bid solicitations regarding the sale of
such Portfolio Investments; and

 

(ii)   direct
the Company to sell such Portfolio Investments to the Designated Independent Broker-Dealer if the Designated Independent Broker-Dealer
provides the highest bid in the case where bids are received in respect of the sale of such Portfolio Investments, it being understood
that if the Designated Independent Broker-Dealer provides a bid to the Administrative Agent that is the highest bona fide bid to
purchase a Portfolio Investment on a line-item basis where such Portfolio Investment is part of a pool of Portfolio Investments
for which there is a bona fide bid on a pool basis proposed to be accepted by the Administrative Agent (in its sole discretion),
then the Administrative Agent shall accept any such line-item bid only if such line-item bid (together with any other line-item
bids by the Designated Independent Broker-Dealer or any other bidder for other Portfolio Investments in such pool) is greater than
the bid on a pool basis.

 

For purposes of this paragraph, the Administrative
Agent shall be entitled to disregard as invalid any bid submitted by the Designated Independent Broker-Dealer if, in the Administrative
Agent's judgment (acting reasonably):

 

(A)  either:

 

(x)    the
Designated Independent Broker-Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investments or any
portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for the
relevant Portfolio Investments; or

 

(y)   the
Designated Independent Broker-Dealer would not, through the exercise of its commercially reasonable efforts, be able to obtain
any consent required under any agreement or instrument governing or otherwise relating to the relevant Portfolio Investments to
the assignment or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, to it; or

 

(B)   such
bid is not bona fide, including, without limitation, due to (x) the insolvency of the Designated Independent Broker-Dealer or (y)
the inability, failure or refusal of the Designated Independent Broker-Dealer to settle the purchase of the relevant Portfolio
Investments or any portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform its obligations
generally.

 

    

    -22-

    

 

In connection with any sale of a Portfolio
Investment directed by the Administrative Agent pursuant to this Section 1.04 and the application of the net proceeds thereof,
the Company hereby appoints the Administrative Agent as the Company's attorney-in-fact (it being understood that the Administrative
Agent shall not be deemed to have assumed any of the obligations of the Company by this appointment), with full authority in the
place and stead of the Company and in the name of the Company to effectuate the provisions of this Section 1.04 (including, without
limitation, the power to execute any instrument which the Administrative Agent or the Required Financing Providers may deem necessary
or advisable to accomplish the purposes of this Section 1.04 or any direction or notice to the Collateral Agent in respect to the
application of net proceeds of any such sales). None of the Administrative Agent, the Financing Providers, the Collateral Administrator,
the Securities Intermediary, the Collateral Agent nor any Affiliate of any thereof shall incur any liability to the Company, the
Portfolio Manager or any other person in connection with any sale effected at the direction of the Administrative Agent in accordance
with this Section 1.04, including, without limitation, as a result of the price obtained for any Portfolio Investment, the timing
of any sale or sales of Portfolio Investments or the notice or lack of notice provided to any person in connection with any such
sale, so long as, in the case of the Administrative Agent only, any such sale does not violate applicable law.

 

 SECTION 1.05. Substitution.

 

During the Reinvestment Period, the Company
may replace a Portfolio Investment with another Portfolio Investment (each such replacement, a "Substitution"
and such new Portfolio Investment, a "Substitute Portfolio Investment") so long as the Company has submitted a
Notice of Acquisition and all applicable conditions precedent set forth in Section 1.02(c) and Section 1.03 have been satisfied
with respect to each Substitute Portfolio Investment to be acquired by the Company in connection with such Substitution.

 

 SECTION 1.06. Certain Assumptions relating to Portfolio Investments.

 

(a)   For
purposes of all calculations hereunder, any Portfolio Investment for which the trade date in respect of a sale thereof by the Company
or the Permitted Subsidiary has occurred, but the settlement date for such sale has not occurred, shall be considered to be owned
by the Company or the Permitted Subsidiary until such settlement date.

 

(b)   Unfunded
commitments in respect of Delayed Funding Loans and Revolving Loans shall not be considered funded for purposes of the definition
of the term Market Value and the calculation of the Net Asset Value and the Borrowing Base Test.

 

ARTICLE II

THE FINANCINGS

 

 SECTION 2.01. Financing Commitments. Subject to the terms and conditions set forth herein, only during the Reinvestment Period, each Financing Provider hereby severally agrees to make available to the Company the types of Financing identified on the Transaction Schedule as applicable to such Financing Provider, in U.S. dollars, in an aggregate amount, for such Financing Provider and such type of Financing, not exceeding the amount of its Financing Commitment for such type of Financing. The Financing Commitments shall terminate on the earliest of (a) the last day of the Reinvestment Period, (b) the Maturity Date and (c) the occurrence of a Market Value Event (or, if earlier, the date of termination of the Financing Commitments pursuant to Article VII).

 

A Financing Provider with a Financing Commitment
to make Advances hereunder is referred to as a "Lender".

 

 SECTION 2.02. [reserved]

 

    

    -23-

    

 

 SECTION 2.03. Financings; Use of Proceeds.

 

(a)   Subject
to the satisfaction or waiver of the conditions to the Purchase of a Portfolio Investment set forth in Section 1.03 both as of
the related Trade Date and Settlement Date, the applicable Financing Providers will make the applicable Financing available to
the Company on the related Settlement Date (or otherwise on the related specified borrowing date if no Portfolio Investment is
being acquired on such date) as provided herein; provided that, if no Portfolio Investment is being acquired on such date,
only the conditions set forth in clauses (3) and (4) of Section 1.03 shall require satisfaction or waiver.

 

(b)   Except
as expressly provided herein, the failure of any Financing Provider to make any Advance required hereunder shall not relieve any
other Financing Provider of its obligations hereunder. If any Financing Provider shall fail to provide any Financing to the Company
required hereunder, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply
any amounts thereafter received by the Administrative Agent for the account of such Financing Provider to satisfy such Financing
Provider's obligations hereunder until all such unsatisfied obligations are fully paid.

 

(c)   Subject
to Section 2.03(e), the Company shall use the proceeds of the Financings received by it hereunder to purchase the Portfolio Investments
identified in the related Notice of Acquisition or to make advances to the obligor of Delayed Funding Term Loans or Revolving Loans
in accordance with the underlying instruments relating thereto, provided that, if the proceeds of a Financing are deposited
in the Collection Account as provided in Section 3.01 prior to or on the Settlement Date for any Portfolio Investment but the Company
is unable to Purchase such Portfolio Investment on the related Settlement Date, or if there are proceeds of such Financing remaining
after such Purchase, then, subject to Section 3.01(a), upon written notice from the Portfolio Manager the Collateral Agent shall
apply such proceeds as provided in Section 4.05. The proceeds of the Financings shall not be used for any other purpose.

 

(d)   With
respect to any Advance, the Portfolio Manager shall, on behalf of the Company, submit a request substantially in the form of Exhibit
A to the Lenders and the Administrative Agent, with a copy to the Collateral Agent and the Collateral Administrator, not later
than 2:00 p.m. New York City time, one (1) Business Day prior to the Business Day specified as the date on which such Advance shall
be made and, upon receipt of such request, the Lenders shall make such Advances in accordance with the terms set forth in Section
3.01. Any requested Advance shall be in an amount such that, after giving effect thereto and the related purchase (if any) of the
applicable Portfolio Investment(s), the Borrowing Base Test is satisfied.

 

(e)   If,
the aggregate principal amount of the outstanding Advances is less than the Minimum Funding Amount on any period start date specified
in the definition of the term Minimum Funding Amount, then the Portfolio Manager (on behalf of the Company) shall be deemed to
have requested an Advance on each such date such that, after the funding thereof, the aggregate principal amount of the outstanding
Advances is equal to the Minimum Funding Amount. Unless an Event of Default shall have occurred and is continuing or a Market Value
Event shall have occurred, the Lenders shall make a corresponding Advance in accordance with Article III on each such date (or,
if either such date is not a Business Day, the next succeeding Business Day) (with written notice to the Collateral Administrator
by the Administrative Agent), such that after the funding thereof, the aggregate principal amount of the outstanding Advances is
equal to the Minimum Funding Amount.

 

    

    -24-

    

 

(f)    If
two Business Days prior to the end of the Reinvestment Period, the Company has any outstanding unfunded obligations to make future
advances under any Delayed Funding Term Loan or Revolving Loan, then the Portfolio Manager, on behalf of the Company, shall be
deemed to have requested a Financing on such date, and the Lenders shall make a corresponding Advance on the last day of the Reinvestment
Period (with written notice to the Collateral Administrator by the Administrative Agent) in accordance with Article III in amount
equal to the least of (i) the aggregate amount of all such unfunded obligations, (ii) the Financing Commitments in excess of the
aggregate principal amount of the outstanding Advances and (iii) an amount such that the Borrowing Base Test is satisfied after
giving effect to such Advance; provided that, if the Company provides evidence to the Administrative Agent that it has cash
from other sources that is available in accordance with the terms of this Agreement to make any such future advances in respect
of any Delayed Funding Term Loan or Revolving Loan, then the amount of any such Advance shall be reduced by the amount of such
funds. After giving effect to such Advance, the Company shall cause the proceeds of such Advance and cash from other sources that
is available in accordance with the terms of this Agreement in an amount equal to the aggregate amount of all unfunded obligations
remaining in respect of any Delayed Funding Term Loans or Revolving Loans to be deposited in the Unfunded Exposure Account and
held as cash and Eligible Investments pending the funding of such future advances or until all commitments to make such future
advances are terminated or expire or are irrevocably reduced to zero. For the avoidance of doubt, the amounts deposited in the
Unfunded Exposure Account pursuant to this clause (f) shall not be used for any purpose other than as set forth in Section 8.01(h).

 

(g)   Without
limitation to clause (f) above, neither the Company nor the Permitted Subsidiary shall acquire any unfunded commitment under any
Revolving Loan or Delayed Funding Term Loan unless, on a pro forma basis after giving effect to such purchase, the Borrowing Base
Test and item 6 of the Concentration Limitations will each be satisfied.

 

 SECTION 2.04. Other Conditions to Financings. Notwithstanding anything to the contrary herein, the obligations of the Lenders to make Advances shall not become effective until the date (the "Effective Date") on which each of the following conditions is satisfied (or waived by the Administrative Agent in its sole discretion):

 

(a)   Executed
Counterparts. The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart
of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent
(which may include electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement.

 

(b)   Loan
Documents. The Administrative Agent (or its counsel) shall have received reasonably satisfactory evidence that the Loan Documents
have been executed and are in full force and effect, and that the initial sales and contributions (or grant of Participation Interests,
as applicable) contemplated by the Natixis Sale Agreement shall have been consummated in accordance with the terms thereof.

 

(c)   Opinions.
The Administrative Agent (or its counsel) shall have received one or more reasonably satisfactory written opinions of Dechert LLP,
counsel for the Company, the Parent and the Seller, covering such matters relating to the transactions contemplated hereby and
by the other Loan Documents as the Administrative Agent shall reasonably request (including, without limitation, certain bankruptcy
matters) in writing.

 

(d)   Corporate
Documents. The Administrative Agent (or its counsel) shall have received such certificates of resolutions or other action,
incumbency certificates and/or other certificates of officers of the Company, the Parent and the Portfolio Manager as the Administrative
Agent may reasonably require evidencing the identity, authority and capacity of each officer thereof or other Person authorized
to act in connection with this Agreement and the other Loan Documents, and such other documents and certificates as the Administrative
Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Company, the Parent
and the Portfolio Manager and any other legal matters relating to the Company, the Parent, the Portfolio Manager, this Agreement
or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative Agent and its counsel.

 

    

    -25-

    

 

(e)   Payment
of Fees, Etc. The Administrative Agent, the Lenders, the Collateral Agent and the Collateral Administrator shall have received
all fees and other amounts due and payable by the Company in connection herewith on or prior to the Effective Date, including the
fee payable pursuant to Section 4.03(e) and, to the extent invoiced, reimbursement or payment of all reasonable and documented
out-of-pocket expenses required to be reimbursed or paid by the Company hereunder.

 

(f)    PATRIOT
Act, Etc. To the extent requested by the Administrative Agent or any Lender, the Administrative Agent or such Lender, as the
case may be, shall have received all documentation and other information required by regulatory authorities under the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "PATRIOT Act") and other
applicable "know your customer" and anti-money laundering rules and regulations.

 

(g)   Natixis
Credit Facility Balance. The Administrative Agent has received evidence satisfactory to it that the aggregate amount payable
by the Seller to the Natixis Lender and the other parties to the Natixis Credit Facility to terminate the Natixis Credit Facility
and to secure the release of the Lien of the Natixis Collateral Agent over the Initial Portfolio Investments, which will be paid
by the Lenders in accordance with the Payment Direction Letter, is not greater than U.S.$150,000,000.

 

(h)   Natixis
Lien Release. The Administrative Agent has received a fully executed copy of the Payoff Letter and evidence satisfactory to
it that the Natixis Lien Release will be obtained on the date that the initial Advance is made.

 

(i)    Certain
Acknowledgements. The Administrative Agent shall have received (i) UCC, tax and judgment lien searches, bankruptcy and pending
lawsuit searches or equivalent reports or searches indicating that there are no effective lien notices or comparable documents
that name the Company as debtor and that are filed in the jurisdiction in which the Company is organized, (ii) a UCC lien search
indicating that there are no effective lien notices or comparable documents that name the Seller as debtor which cover any of the
Portfolio Investments (other than the Lien of the Natixis Collateral Agent that will be released pursuant to the Natixis Lien Release)
and (iii) such other searches that the Administrative Agent deems necessary or appropriate.

 

In addition, proceeds of Advances may not be used to acquire
Subsidiary Investments unless each of the following conditions is satisfied (or waived by the Administrative Agent in its sole
discretion) on the Third A&R Date:

 

(a)   Executed
Counterparts. The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart
of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent
(which may include electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement.

 

    

    -26-

    

 

(b)   Loan
Documents. The Administrative Agent (or its counsel) shall have received reasonably satisfactory evidence that the other Loan
Documents have been executed and are in full force and effect.

 

(c)   Opinions.
The Administrative Agent (or its counsel) shall have received one or more reasonably satisfactory written opinions of Dechert LLP,
counsel for the Company and the Permitted Subsidiary, covering such matters relating to the Permitted Subsidiary, this Agreement
and the other Loan Documents entered into as of the Third A&R Date as the Administrative Agent shall reasonably request in
writing.

 

(d)   Corporate
Documents. The Administrative Agent (or its counsel) shall have received such certificates of resolutions or other action,
incumbency certificates and/or other certificates of officers of the Permitted Subsidiary as the Administrative Agent may reasonably
require evidencing the identity, authority and capacity of each officer thereof or other Person authorized to act in connection
with the Loan Documents to which the Permitted Subsidiary is a party, and such other documents and certificates as the Administrative
Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Permitted Subsidiary
and any other legal matters relating to the Permitted Subsidiary or the transactions contemplated hereby with respect to the Permitted
Subsidiary, all in form and substance satisfactory to the Administrative Agent and its counsel.

 

(e)   PATRIOT
Act, Etc. To the extent requested by the Administrative Agent or any Lender, the Administrative Agent or such Lender, as the
case may be, shall have received all documentation and other information required by regulatory authorities under the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "PATRIOT Act") and other
applicable "know your customer" and anti-money laundering rules and regulations.

 

(f)    Solvency
Certificate. The Administrative Agent has received an officer's certificate of a responsible officer of the Company certifying
that, as of the Third A&R Date, the Company is Solvent.

 

(g)   Lien
Search. The Administrative Agent shall have received a UCC lien search indicating that there are no effective lien notices
or comparable documents that name the Permitted Subsidiary as debtor and that are filed in the jurisdiction in which the Permitted
Subsidiary is organized.

 

    

    -27-

    

 

ARTICLE III

ADDITIONAL TERMS APPLICABLE TO THE FINANCINGS

 

 SECTION 3.01. The Advances.

 

(a)   Making the Advances. If the Lenders are required to make an Advance to the Company as provided in Section
2.03, then each Lender shall make such Advance on the proposed date thereof by wire transfer of immediately available funds by
12:00 noon, New York City time, to the Collateral Agent for deposit to the Collection Account; provided that the Company
hereby directs the Lenders to pay the proceeds of the initial Advance hereunder in accordance with the directions set forth in
the Payment Direction Letter. Each Lender at its option may make any Advance by causing any domestic or foreign branch or Affiliate
of such Lender to make such Advance, provided that any exercise of such option shall not affect the obligation of the Company
to repay such Advance in accordance with the terms of this Agreement. Subject to the terms and conditions set forth herein, the
Company may borrow and prepay Advances. The Company may reborrow Advances in an aggregate amount of U.S.$45,000,000. Except as
set forth in the immediately preceding sentence, once drawn, Advances may not be reborrowed.

 

Payment of the proceeds of the initial Advance
by the Lenders in accordance with the instructions set forth in the Payment Direction Letter will constitute the making of the
Advance to the Company for all purposes and all obligations of the Lenders to make such Advance shall be satisfied thereby.

 

(b)   Interest
on the Advances. All outstanding Advances shall bear interest (from and including the date on which such Advance is made) at
a per annum rate equal to the LIBO Rate for each Calculation Period in effect plus the Applicable Margin for Advances set
forth on the Transaction Schedule. Notwithstanding the foregoing, if any principal of or interest on any Advance is not paid when
due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to 2% plus the rate otherwise applicable to the Advances as provided in the preceding sentence.

 

(c)   Evidence
of the Advances. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of the Company to such Lender resulting from each Advance made by such Lender, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder. The Administrative Agent shall maintain accounts in which it shall
record (1) the amount of each Advance made hereunder, (2) the amount of any principal or interest due and payable or
to become due and payable from the Company to each Lender hereunder and (3) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender's share thereof. The entries made in the accounts maintained pursuant
to this paragraph (c) shall be prima facie evidence of the existence and amounts of the obligations recorded therein,
provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall
not in any manner affect the obligation of the Company to repay the Advances in accordance with the terms of this Agreement.

 

Any Lender may request that Advances made
by it be evidenced by a promissory note. In such event, the Company shall prepare, execute and deliver to such Lender a promissory
note payable to the order of such Lender (or, if a registered note is requested by such Lender, to such Lender and its registered
assigns) and in a form approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed).
Thereafter, the Advances evidenced by such promissory note and interest thereon shall at all times be represented by one or more
promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note,
to such payee and its registered assigns).

 

    

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(d)   Pro
Rata Treatment. Except as otherwise provided herein, all borrowings of, and payments in respect of, the Advances shall be made
on a pro rata basis by or to the Lenders in accordance with their respective portions of the Financing Commitments in respect
of Advances held by them.

 

(e)   Illegality.
Notwithstanding any other provision of this Agreement, if any Lender or the Administrative Agent shall notify the Company that
the adoption of any law, rule or regulation, or any change therein or any change in the interpretation or administration thereof
by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, makes
it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for a Lender or the Administrative
Agent to perform its obligations hereunder to fund or maintain Advances hereunder, then (1) the obligation of such Lender or the
Administrative Agent hereunder shall immediately be suspended until such time as such Lender or the Administrative Agent determines
(in its sole discretion) that such performance is again lawful, (2) at the request of the Company, such Lender or the Administrative
Agent, as applicable, shall use reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental
expenses), until such time as the Advances are required to be prepaid as mandated by law in clause (3) below, to transfer all of
its rights and obligations under this Agreement to another of its offices, branches or Affiliates with respect to which such performance
would not be unlawful, and (3) if such Lender or the Administrative Agent is unable to effect a transfer under clause (2), then
any outstanding Advances of such Lender shall be promptly paid in full by the Company (together with all accrued interest and other
amounts owing hereunder) but not later than such date as shall be mandated by law; provided that, to the extent that any
such adoption or change makes it unlawful for the Advances to bear interest by reference to the LIBO Rate, then the foregoing clauses
(1) through (3) shall not apply and the Advances shall bear interest (from and after the last day of the Calculation Period ending
immediately after such adoption or change) at a per annum rate equal to the Base Rate plus the Applicable Margin for Advances
set forth on the Transaction Schedule.

 

(f)    Increased
Costs.

 

(i) If any Change in Law shall:

 

(A) impose, modify or deem applicable
any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or
other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender;

 

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

 

(C) subject any Lender or the Administrative
Agent to any Taxes (other than (x) Indemnified Taxes, (y) Taxes described in clauses (b) through (d) of the definition of Excluded
Taxes and (z) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its
deposits, reserves, other liabilities or capital attributable thereto;

 

and the result of any of the foregoing
shall be to increase the cost to such Lender or the Administrative Agent of making, continuing, converting or maintaining any Advance
or to reduce the amount of any sum received or receivable by such Lender or the Administrative Agent hereunder (whether of principal,
interest or otherwise), then, upon request by such Lender or the Administrative Agent, the Company will pay to such Lender or the
Administrative Agent, as the case may be, such additional amount or amounts as will compensate such Lender or the Administrative
Agent, as the case may be, for such additional costs incurred or reduction suffered.

 

    

    -29-

    

 

(ii) If any Lender determines
that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return
on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the
Advances made by such Lender to a level below that which such Lender or such Lender's holding company could have achieved but for
such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect
to capital adequacy and liquidity) by an amount deemed by such Lender to be material (which demand shall be accompanied by a statement
setting forth the basis for such demand), then from time to time the Company will pay to such Lender such additional amount or
amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

 

(iii) A certificate of a Lender
or the Administrative Agent, as the case may be, setting forth the amount or amounts necessary to compensate such Lender, its holding
company or the Administrative Agent, as the case may be, as specified in paragraph (i) or (ii) of this Section shall
be delivered to the Company and shall be conclusive absent manifest error. The Company shall pay such Lender the amount shown as
due on any such certificate within 10 days after receipt thereof.

 

(iv) Failure
or delay on the part of any Lender or the Administrative Agent to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender's or and Administrative Agent's right to demand such compensation; provided that the Company shall
not be required to compensate a Lender or the Administrative Agent pursuant to this Section for any increased costs or reductions
incurred more than 180 days prior to the date that such Lender or the Administrative Agent notifies the Company of the Change in
Law giving rise to such increased costs or reductions and of such Lender's or the Administrative Agent's intention to claim compensation
therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

(v) Each
of the Lenders and the Administrative Agent agrees that it will take such commercially reasonable actions as the Company may reasonably
request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this Section 3.01(f); provided
that no Lender or the Administrative Agent shall be obligated to take any actions that would, in the reasonable opinion of such
Lender or the Administrative Agent, be disadvantageous to such Lender or the Administrative Agent (including, without limitation,
due to a loss of money). In no event will the Company be responsible for increased amounts referred to in this Section 3.01(f)
which relates to any other entities to which any Lender provides financing.

 

(vi) If
any Lender (A) provides notice of unlawfulness or requests compensation under clause (e) above or this clause (f), (B) defaults
in its obligation to make Advances hereunder or (C) becomes the subject of a Bail-In Action, then the Company may, at its sole
expense and effort, upon written notice to such Lender and the Administrative Agent, require such Lender to assign and delegate,
without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all
of its interests, rights and obligations under this Agreement and the related transaction documents to an assignee identified by
the Company that shall assume such obligations (whereupon such Lender shall be obligated to so assign), provided that, (x) such
Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder through the date of such assignment and (y) a Lender shall not be required to
make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Company to require such assignment and delegation cease to apply. No prepayment fee that may otherwise be due hereunder
shall be payable to such Lender in connection with any such assignment.

 

    

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(g)   No
Set-off or counterclaim. Subject to Section 3.03, all payments to be made hereunder by the Company in respect of the Advances
shall be made without set-off or counterclaim and in such amounts as may be necessary in order that every such payment (after deduction
or withholding for or on account of any present or future taxes, levies, imposts, duties or other charges of whatever nature imposed
by the jurisdiction in which the Company is organized or any political subdivision or taxing authority therein or thereof) shall
not be less than the amounts otherwise specified to be paid under this Agreement.

 

 SECTION 3.02. General. The provisions of Section 3.01 and any other provisions relating to the types of Financings contemplated by each such section shall not be operative until and unless such types of Financing have been made available to the Company, as evidenced by the Transaction Schedule.

 

 SECTION 3.03. Taxes.

 

(a)   Payments Free
of Taxes. All payments to be made hereunder by the Company in respect of the Advances shall be made without deduction or withholding
for any Taxes, except as required by applicable law (including FATCA). If any applicable law requires the deduction or withholding
of any Tax from any such payment by the Company, then the Company 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 Company 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)
the applicable Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(b)   Payment of Other Taxes by the Company. The Company shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

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

 

(d)   Indemnification by the Lenders. Each Lender shall indemnify the Administrative Agent, within 10 days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so), (ii) any Taxes
attributable to such Lender's failure to comply with the provisions of 10.06 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 the Administrative Agent in
connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative
Agent under this paragraph (d).

 

    

    -31-

    

 

(e)   Evidence of Payments. As soon as practicable after any payment of Taxes by the Company to a Governmental Authority
pursuant to this Section 3.03, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

 

(f)    Status of Secured Parties. (i) Any Secured Party that is entitled to an exemption from or reduction of withholding
Tax with respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time
or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver
such other documentation prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will
enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in Section 3.03(f) (ii)(A), (ii)(B) and (ii)(D) below)
shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender
to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii) Without limiting the generality of the
foregoing,

 

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

 

(B) any Foreign Lender shall deliver to the
Company and the Administrative Agent (in such number of copies as shall be reasonably requested by the recipient) on or prior to
the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Company or the Administrative Agent, but only if the Foreign Lender is legally entitled to do so), 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, an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable 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, an IRS Form W-8BEN or IRS Form W-8BEN-E or any applicable 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) an executed 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 Code, (x) a certificate to the effect
that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, is not a "10 percent
shareholder" of the Company within the meaning of Section 881(c)(3)(B) of the Code, and is not a "controlled foreign
corporation" described in Section 881(c)(3)(C) of the Code (a "U.S. Tax Compliance Certificate") and (y)
an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form; or

 

(iv) to the extent a Foreign Lender
is not the beneficial owner, an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E or
applicable successor form, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial
owner, as applicable;

 

(C) any Foreign Lender shall, to the extent
it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number of copies as shall be reasonably
requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed originals of any other
form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by applicable law to permit the Company or the Administrative
Agent to determine the withholding or deduction required to be made; and

 

(D) if a payment made to a Lender under any
Loan Document would be subject to 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 Code, as applicable), such Lender shall deliver
to the Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested
by the Company or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent
as may be necessary for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine
that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from
such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date
of this 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 Company and the Administrative Agent in writing of its legal inability to do so.

 

(E) The Administrative Agent shall deliver
to the Company an electronic copy of an IRS Form W-9 upon becoming a party under this Agreement. The Administrative Agent represents
to the Company that it is a "U.S. person" and a "financial institution" within the meaning of Treasury Regulations
Section 1.1441-1 and a "U.S. financial institution" within the meaning of Treasury Regulations Section 1.1471-3T and
that it will comply with its obligations to withhold under Section 1441 and FATCA.

 

    

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(g)   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 3.03 (including by the payment of additional
amounts pursuant to this Section 3.03), 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 paragraph (g) (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 paragraph (g), in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to this paragraph (g) 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 indemnification payments or additional
amounts giving rise to such refund 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.

 

(h)   Survival. Each party's obligations under this Section 3.03 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Financing Commitments, and the repayment,
satisfaction or discharge of all obligations under any Loan Document.

 

ARTICLE IV

COLLECTIONS AND PAYMENTS

 

 SECTION 4.01. Interest Proceeds. The Company shall notify (or shall cause the Permitted Subsidiary to notify) the obligor with respect to each Portfolio Investment to remit all amounts that constitute Interest Proceeds to the Collection Account (or, in the case of Subsidiary Assets, the applicable Pledged Account). To the extent Interest Proceeds are received other than by deposit into the Collection Account, the Company shall cause all Interest Proceeds on the Portfolio Investments to be deposited in the Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the Collection Account all Interest Proceeds received by it immediately upon receipt thereof in accordance with the written direction of the Portfolio Manager.

 

Interest Proceeds shall be retained in the
Collection Account and invested (and reinvested) at the written direction of the Company (or the Portfolio Manager on its behalf)
delivered to the Collateral Agent in dollar-denominated high-grade investments selected by the Portfolio Manager (unless an Event
of Default has occurred and is continuing or a Market Value Event has occurred, in which case, selected by the Administrative Agent)
("Eligible Investments"). Eligible Investments shall mature no later than the end of the then-current Calculation
Period. Not later than five Business Days following receipt, the Company shall cause the Permitted Subsidiary to distribute Interest
Proceeds received by it to the Company as a dividend or equivalent equity distribution and deposit such Interest Proceeds into
the Collection Account.

 

Interest Proceeds on deposit in the Collection
Account shall be withdrawn by the Collateral Agent (at the written direction of the Company (or, upon the occurrence and during
the continuance of an Event of Default or upon the occurrence of a Market Value Event, the Administrative Agent)) and applied (i)
to make payments in accordance with this Agreement or (ii) to make Permitted Distributions or Permitted Tax Distributions in accordance
with this Agreement with two (2) Business Days prior notice to the Administrative Agent.

 

    

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 SECTION 4.02. Principal Proceeds. The Company shall (or shall cause the Permitted Subsidiary to) notify the obligor with respect to each Portfolio Investment to remit all amounts that constitute Principal Proceeds to the Collection Account (or, in the case of Subsidiary Assets, the applicable Pledged Account). To the extent Principal Proceeds are received other than by deposit into the Collection Account, the Company shall cause all Principal Proceeds received on the Portfolio Investments to be deposited in the Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the Collection Account all Principal Proceeds received by it immediately upon receipt thereof in accordance with the written direction of the Portfolio Manager.

 

All Principal Proceeds shall be retained in
the Collection Account and invested at the written direction of the Administrative Agent in overnight Eligible Investments selected
by the Portfolio Manager (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred, in which
case, selected by the Administrative Agent). All investment income on such Eligible Investments shall constitute Interest Proceeds.
Not later than the fifth Business Day following receipt, the Company shall cause the Permitted Subsidiary to distribute all Principal
Proceeds received by it to the Company as a dividend or equivalent equity distribution and deposit such Principal Proceeds into
the Collection Account.

 

Principal Proceeds on deposit in the Collection
Account shall be withdrawn by the Collateral Agent (at the written direction of the Company (or, upon the occurrence and during
the continuance of an Event of Default or upon the occurrence of a Market Value Event, the Administrative Agent)) and applied (i)
to make payments in accordance with this Agreement or (ii) towards the purchase price of Portfolio Investments purchased in accordance
with this Agreement, in each case with prior notice to the Administrative Agent.

 

The Portfolio Manager shall notify the Administrative
Agent and the Collateral Agent if the Portfolio Manager reasonably determines in good faith that any amounts in the Collection
Account have been deposited in error or do not otherwise constitute Principal Proceeds, whereupon such amounts on deposit in the
Collection Account may be withdrawn by the Collateral Agent (at the direction of the Company and with written confirmation from
the Administrative Agent (or, upon the occurrence and during the continuance of an Event of Default or upon the occurrence of a
Market Value Event, the Administrative Agent)) on the next succeeding Business Day and remitted to the Company.

 

 SECTION 4.03. Principal and Interest Payments; Prepayments; Commitment Fee.

 

(a) The Company shall pay the unpaid principal
amount of the Advances (together with accrued interest thereon) to the Administrative Agent for the account of each Lender on the
Maturity Date in accordance with the Priority of Payments and any and all cash in the Accounts shall be applied to the satisfaction
of the Secured Obligations on the Maturity Date in accordance with the Priority of Payments.

 

(b) Accrued interest on the Advances shall
be payable in arrears on each Interest Payment Date and on the Maturity Date in accordance with the Priority of Payments; provided
that (i) interest accrued pursuant to the second sentence of Section 3.01(b) shall be payable on demand and (ii) in the
event of any repayment or prepayment of any Advances, accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment. "Interest Payment Date" means the fifth Business Day after the last
day of each Calculation Period.

 

    

    -35-

    

 

(c)

 

(i)    Subject
to the requirements of this Section 4.03(c), the Company shall have the right from time to time to prepay outstanding Advances
in whole or in part (A) on any Business Day that JPMorgan Chase Bank, National Association ceases to act as Administrative Agent,
(B) in connection with a Market Value Cure or (C) subject to the payment of the premium described in clause (ii) below, up to but
not more than three times during any Calculation Period; provided that, the Company may not prepay any outstanding Advances
pursuant to this Section 4.03(c)(i)(C) during the Non-Call Period in an amount that would cause the aggregate outstanding principal
amount of the Advances to be below the Minimum Funding Amount. The Company shall notify the Administrative Agent, the Collateral
Agent and the Collateral Administrator by electronic mail of an executed document (attached as a .pdf or similar file) of any prepayment
pursuant to Section 4.03(c)(i)(A) or Section 4.03(c)(i)(C) not later than 2:00 p.m., New York City time, two (2)
Business Days before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the
principal amount of the Advances to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise
the Lenders of the contents thereof. Except in connection with a Market Value Cure, each partial prepayment of outstanding Advances
shall be in an amount not less than U.S.$2,000,000. Prepayments shall be accompanied by accrued and unpaid interest.

 

(ii)   Each
prepayment or commitment reduction pursuant to Section 4.03(c)(i)(C) and Section 4.07(a) that is made after the Non-Call Period
and on or before December 29, 2019, whether in full or in part, shall be accompanied by a premium equal to 1% of the principal
amount of such prepayment or commitment reduction; provided that no such premium shall be payable with respect to any prepayment
(or portion thereof) that does not exceed the positive difference (if any) of (x) the then-current aggregate outstanding principal
amount of the Advances over (y) the then-current Minimum Funding Amount (the "Excess Funded Amount").

 

(d) The Company agrees to pay to the Administrative
Agent, for the account of each Lender, a commitment fee in accordance with the Priority of Payments which shall accrue at 1.00%
per annum (or, with respect to any date on which the aggregate amount of Advances is greater than 77.5% of the Commitment Amount,
0.60% per annum) on the average daily unused amount of the Financing Commitment of such Lender during the period from and including
the date of this Agreement to but excluding the last day of the Reinvestment Period. Accrued commitment fees shall be payable in
arrears on each Interest Payment Date, and on the date on which the Financing Commitments terminate. All commitment fees shall
be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day).

 

(e) The Company agrees to pay the Administrative
Agent, for the account of each Lender, (i) an upfront fee on the date hereof in an aggregate amount equal to U.S.$1,000,000 and
(ii) following an Accordion Date, if one occurs, a fee on such Accordion Date in an aggregate amount equal to the product of (x)
0.80% and (y) the aggregate increase of the Financing Commitments on such Accordion Date. Once paid, such fees or any part thereof
shall not be refundable under any circumstances.

 

(f) Without limiting Section 4.03(c), the
Company shall have the obligation from time to time to prepay outstanding Advances in whole or in part on any date with proceeds
from sales of Portfolio Investments directed by the Administrative Agent pursuant to Section 1.04 and as set forth in Sections
2.03(f) and 8.01(h). Prepayments shall be accompanied by accrued and unpaid interest.

 

    

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 SECTION 4.04. MV Cure Account

 

(a)   The
Company shall cause all cash received by it in connection with an Market Value Cure to be deposited in the MV Cure Account or
remitted to the Collateral Agent, and the Collateral Agent shall credit to the MV Cure Account such amounts received by it (and
identified in writing as such) immediately upon receipt thereof. Prior to the Maturity Date, all cash amounts in the MV Cure Account
shall be invested in overnight Eligible Investments at the written direction of the Administrative Agent (as directed by the Required
Financing Providers). All amounts contributed to the Company by Parent in connection with an MV Event Cure shall be paid free
and clear of any right of chargeback or other equitable claim.

 

(b)   Amounts on deposit in the MV Cure Account may be withdrawn by the Collateral Agent (at the
written direction of the Company (or, upon the occurrence and during the continuance of an Event of Default or upon the occurrence
of a Market Value Event, the Administrative Agent)) and remitted to the Company with prior notice to the Administrative Agent (or,
upon the occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value Event, to the Lenders
for prepayment of Advances and reduction of Financing Commitment); provided that the Company may not direct any withdrawal
from the MV Cure Account if the Borrowing Base Test is not satisfied (or would not be satisfied after such withdrawal).

 

SECTION 4.05. Priority of Payments

 

On (w) each Interest Payment Date, (x) the Maturity Date, (y)
any date after the occurrence of a Market Value Event and (z) any date after the Maturity Date following an Event of Default and
the declaration of the Secured Obligations as due and payable (each date set forth in clauses (y) and (z) above, an "Additional
Distribution Date"), the Collateral Agent shall distribute all amounts in the Collection Account in the following order
of priority (the "Priority of Payments"):

 

(a)   To
pay (i) first, amounts due or payable to the Collateral Agent, the Collateral Administrator and the Securities Intermediary hereunder
and under each other Loan Document (including fees, out-of-pocket expenses and indemnities) and (ii) second, any other accrued
and unpaid fees and out-of pocket expenses (other than the commitment fee payable to the Lenders, but including Lender indemnities)
due hereunder and under each other Loan Document, up to a maximum amount under this clause (a) of U.S.$100,000 (the "Cap")
on each Interest Payment Date, the Maturity Date and each Additional Distribution Date (in the case of any Additional Distribution
Date or the Maturity Date, after giving effect to all payments of such amounts on any other Additional Distribution Date or Interest
Payment Date occurring in the same calendar quarter); provided that if an Event of Default has occurred and the Administrative
Agent has terminated the Financing Commitments and declared the Secured Obligations due and payable, the Cap shall be increased
to $200,000 for payment to the Collateral Agent, the Collateral Administrator and the Securities Intermediary in connection with
any actions it has taken with respect to enforcement of rights on the Collateral.

 

(b)   To
deposit an amount equal to the Expense Reserve Account Amount in the Expense Reserve Account;

 

(c)   To
pay interest due in respect of the Advances and commitment fees payable to the Lenders (pro rata based on amounts due);

 

    

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(d)   To
pay (i) on each Interest Payment Date, all prepayments of the Advances permitted or required under this Agreement (including any
applicable premium) and (ii) on the Maturity Date (and, if applicable, any Additional Distribution Date), principal of the Advances
until the Advances are paid in full;

 

(e)   (i)
prior to the end of the Reinvestment Period, at the direction of the Portfolio Manager, to fund the Unfunded Exposure Account up
to the Unfunded Exposure Amount and (ii) after the Reinvestment Period but prior to the Maturity Date, to fund the Unfunded Exposure
Account up to the Unfunded Exposure Amount;

 

(f)    To
pay all amounts set forth in clause (a) above not paid due to the limitation set forth therein;

 

(g)   To
the extent not reimbursed out of funds on deposit in the Expense Reserve Account, to reimburse the Portfolio Manager and the Company
for any and all reasonable costs and expenses incurred by the Portfolio Manager and the Company, as applicable, in connection with
the Collateral or in the performance of its obligations under this Agreement;

 

(h)   To
make any Permitted Distributions or Permitted Tax Distributions (using Interest Proceeds) directed pursuant to this Agreement;
and

 

(i)    (i)
On any Interest Payment Date other than the Maturity Date, to deposit any remaining amounts in the Collection Account and (ii)
on the Maturity Date and any Additional Distribution Date, any remaining amounts to the Company.

 

 SECTION 4.06. Payments Generally. All payments to the Lenders or the Administrative Agent shall be made to the Administrative Agent at the account designated in writing to the Company and the Collateral Agent for further distribution by the Administrative Agent (if applicable). The Administrative Agent shall give written notice to the Collateral Agent and the Collateral Administrator (on which the Collateral Agent and the Collateral Administrator may conclusively rely) and the Portfolio Manager of the calculation of amounts payable to the Financing Providers in respect of the Financings and the amounts payable to the Portfolio Manager. At least two (2) Business Days prior to each Interest Payment Date, the Administrative Agent shall deliver an invoice to the Portfolio Manager, the Collateral Agent and the Collateral Administrator in respect of the interest due on such Interest Payment Date. All payments not made to the Administrative Agent for distribution to the Lenders shall be made as directed in writing by the Administrative Agent. Subject to Section 3.03 hereof, all payments hereunder shall be made without setoff or counterclaim. All payments hereunder shall be made in U.S. dollars. All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

 

 SECTION 4.07. Termination or Reduction of Financing Commitments.

 

(a) After the Non-Call Period (or any other
date if JPMorgan Chase Bank, National Association ceases to act as Administrative Agent), the Company shall be entitled at its
option, subject to the payment of the premium described in Section 4.03(c)(ii), and upon three (3) Business Days' prior written
notice to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Administrator) to either (i) terminate
the Financing Commitments in whole upon payment in full of all Advances, all accrued and unpaid interest, all applicable premium
and all other Secured Obligations (other than unmatured contingent indemnification and reimbursement obligations) or (ii) reduce
in part the portion of the Financing Commitments that exceeds the sum of the outstanding Advances. In addition, the Financing Commitments
shall be reduced by the amount of any prepayment of Advances pursuant to Section 4.03(c)(i)(C) during the Reinvestment Period that
exceeds the Excess Funded Amount.

 

    

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(b) The Financing Commitments shall be automatically
reduced on the date of any prepayment made in accordance with the definition of "Market Value Cure" in an amount equal
to the amount of such prepayment.

 

(c) The Financing Commitments shall be reduced
by the amount of the sale proceeds resulting from a sale of any Portfolio Investment made at the direction of the Administrative
Agent pursuant to Section 1.04.

 

(d) All unused Financing Commitments as of
the last day of the Reinvestment Period shall automatically be terminated.

 

ARTICLE V

THE PORTFOLIO MANAGER

 

 SECTION 5.01. Appointment and Duties of the Portfolio Manager The Company hereby appoints the Portfolio Manager as its portfolio manager under this Agreement and to perform the investment management functions of the Company set forth herein, and the Portfolio Manager hereby accepts such appointment. For so long as no Market Value Event has occurred and subject to Section 1.04, the services to be provided by the Portfolio Manager shall consist of (x) selecting, purchasing, managing and directing the investment, reinvestment, substitution and disposition of Portfolio Investments, delivering Notices of Acquisition on behalf of and in the name of the Company and (y) acting on behalf of the Company for all other purposes hereof and the transactions contemplated hereby. The Portfolio Manager agrees to comply with all covenants and restrictions imposed on the Company herein and in each other Loan Document. The Company hereby irrevocably appoints the Portfolio Manager its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with the performance of its duties provided for herein. Without limiting the foregoing:

 

(a) The Portfolio Manager shall
perform its obligations hereunder with reasonable care, using a degree of skill not less than that which the Portfolio Manager
exercises with respect to assets of the nature of the Portfolio Investments that it manages for itself and others having similar
investment objectives and restrictions; and

 

(b) The Portfolio Manager shall
not (and shall not cause the Company to) take any action that it knows or reasonably should know would (1) violate the constituent
documents of the Company, (2) violate any law, rule or regulation applicable to the Company, (3) require registration
of the Company as an "investment company" under the Investment Company Act of 1940, or (4)  cause the Company to
violate the terms of this Agreement or any instruments relating to the Portfolio Investments in any material respect.

 

The Portfolio Manager may employ third parties
(including its Affiliates) to render advice (including investment advice) and assistance to the Company and to perform any of the
Portfolio Manager's duties hereunder, provided that the Portfolio Manager shall not be relieved of any of its duties or
liabilities hereunder regardless of the performance of any services by third parties.

 

    

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 SECTION 5.02. Portfolio Manager Representations as to Eligibility Criteria; Etc. The Portfolio Manager represents to the other parties hereto that (a) as of the Trade Date and Settlement Date for each Portfolio Investment purchased and the Substitution Date for each Substitute Portfolio Investment, such Portfolio Investment meets all of the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent) and, except as otherwise permitted hereunder, the Concentration Limitations (as defined on Schedule 4) shall be satisfied, or if not satisfied immediately prior to such Purchase or Substitution, maintained or improved, after the consummation of the related Purchase or Substitution (unless otherwise consented to by the Administrative Agent) and (b) all of the information contained in the related Notice of Acquisition is true, correct and complete in all material respects; provided that, to the extent any such information was furnished to the Company by any third party, such information is as of its delivery date true, complete and correct in all material respects to the knowledge of the Portfolio Manager.

 

 SECTION 5.03. Limitation of Liability; Indemnification.

 

(a)   None
of the Portfolio Manager, its Affiliates (other than, for the avoidance of doubt, the Company and the Permitted Subsidiary to the
extent provided in the Loan Documents) and their respective partners, members, managers, stockholders, directors, officers, employees
and agents (each a "Portfolio Manager Party") will be liable to the Company, the Administrative Agent, the Collateral
Agent, the Collateral Administrator, the Securities Intermediary, the Financing Providers or any other Person for any all expenses,
losses, damages, liabilities, demands, charges or claims of any kind or nature whatsoever (including reasonable attorneys' fees
and accountants' fees and costs and expenses relating to investigating or defending any demands, charges and claims) ("Losses")
incurred, or for any decrease in the value of the Collateral as a result of, the actions taken or recommended, or for any omissions
(including, with respect to the Administrative Agent, the Collateral Agent, the Collateral Administrator, the Securities Intermediary,
the Administrative Agent or any Financing Provider, any failure to timely grant any consent requested by the Portfolio Manager)
by, the Portfolio Manager, its Affiliates or their respective partners, members, managers, stockholders, directors, officers, employees
or agents under or in connection with this Agreement, except that the Portfolio Manager shall be so liable as and to the extent
such Losses arise out of or in connection with any Portfolio Manager Breach.

 

As used herein, "Portfolio Manager
Breach" means the gross negligence, willful misconduct or bad faith on the part of the Portfolio Manager under or in connection
with this Agreement.

 

(b)   To
the extent permitted by Applicable Law, the Portfolio Manager shall indemnify and hold harmless the Agents, the Collateral Administrator
and the Financing Providers and their respective Affiliates, directors, officers, stockholders, partners, agents, employees and
controlling persons (each an "Indemnified Person") from and against any and all Losses awarded against or incurred
by such Indemnified Person resulting from any Portfolio Manager Breach, excluding, however, any Losses to the extent resulting
from the gross negligence, willful misconduct or bad faith on the part of such Indemnified Person.

 

(c)   Any
amounts subject to the indemnification provisions of this Section 5.03 shall be paid by the Portfolio Manager to the Administrative
Agent on behalf of the applicable Indemnified Person within 30 Business Days following receipt by the Portfolio Manager of the
Administrative Agent's written demand therefor (and the Administrative Agent shall pay such amounts to the applicable Indemnified
Person promptly after the receipt by the Administrative Agent of such amounts).  The Administrative Agent, on behalf of any
Indemnified Person making a request for indemnification under this Section 5.03, shall submit to the Portfolio Manager a
certificate setting forth in reasonable detail the basis for and the computations of the Losses with respect to which such indemnification
is requested, which certificate shall be conclusive absent demonstrable error.

 

    

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(d)   If
the Portfolio Manager has made any indemnity payments to the Administrative Agent, on behalf of an Indemnified Person, pursuant
to this Section 5.03 and such Indemnified Person thereafter collects any of such amounts from others, such Indemnified Person
will promptly repay such amounts collected to the Portfolio Manager.

 

(e)   The
Portfolio Manager shall not have any liability for making indemnification hereunder to the extent any such indemnification constitutes
recourse for uncollectible or uncollected Portfolio Investments, results from or relates to the performance of one or more Portfolio
Investments or any decision by the Portfolio Manager to acquire or sell or refrain from acquiring or selling a Portfolio Investments
or for special, punitive, indirect, consequential or incidental damages (including but not limited to lost profits). Any indemnification
pursuant to this Section 5.03 shall not be payable from the Collateral.

 

(f)    This
Section 5.03 shall survive the termination of this Agreement and the repayment of all amounts owing to the Financing Providers,
the Collateral Administrator and Agents hereunder.

 

ARTICLE VI

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

 SECTION 6.01. Representations and Warranties. The Company (and, with respect to clauses (a) through (e), (l), (t) through (v) and (dd), the Portfolio Manager) represents to the other parties hereto solely with respect to itself (and, in the case of the Company, other than with respect to clauses (s), (cc) and (dd), the Permitted Subsidiary) that as of the date hereof, the Third A&R Date and each Trade Date (or as of such other date as maybe expressly set forth below):

 

(a)   it
is duly organized or incorporated, as the case may be, and validly existing under the laws of the jurisdiction of its organization
or incorporation and has all requisite power and authority to execute, deliver and perform this Agreement and each other Loan Document
to which it is or may become a party and to consummate the transactions herein and therein contemplated;

 

(b)   the
execution, delivery and performance of this Agreement and each such other Loan Document, and the consummation of the transactions
contemplated therein have been duly authorized by it and this Agreement and each other Loan Document to which it is or may become
a party constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms (subject to (A)
bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights generally, (B) equitable
limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in
equity or at law and (C) implied covenants of good faith and fair dealing);

 

(c)   the
execution, delivery and performance of this Agreement and each other Loan Document to which it is or may become a party and the
consummation of such transactions do not conflict with the provisions of its governing instruments and, except where such violation
would not reasonably be expected to have a Material Adverse Effect, will not violate in any material way any provisions of Applicable
Law or regulation or any applicable order of any court or regulatory body and will not result in the material breach of, or constitute
a default, or require any consent, under any material agreement, instrument or document to which it is a party or by which it or
any of its property may be bound or affected;

 

    

    -41-

    

 

(d)   it
is not subject to any Adverse Proceeding;

 

(e)   it
has obtained all consents and authorizations (including all required consents and authorizations of any governmental authority)
that are necessary or advisable to be obtained by it in connection with the execution, delivery and performance of this Agreement
and each other Loan Document to which it is or may become a party and each such consent and authorization is in full force and
effect except where the failure to do so would not reasonably be expected to have a Material Adverse Effect;

 

(f)    it
is not required to register as an "investment company" as defined in the Investment Company Act of 1940, as amended;

 

(g)   it
has not issued any securities that are or are required to be registered under the Securities Act of 1933, as amended, and it is
not a reporting company under the Securities Exchange Act of 1934, as amended;

 

(h)   it
has no Indebtedness other than (i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred pursuant
to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents
and (iii) if applicable, the obligation to make future payments under any Delayed Funding Term Loan or Revolving Loan;

 

(i)    (x)
it does not have underlying assets which constitute "plan assets" within the meaning of the Plan Asset Rules; and (y)
it has not within the last six years sponsored, maintained, contributed to, or been required to contribute to and does not have
any material liability with respect to any Plan;

 

(j)    as
of the date of this Agreement it is, and after giving effect to any Advance it will be, Solvent and it is not entering into this
Agreement or any other Loan Document or consummating any transaction contemplated hereby or thereby with any intent to hinder,
delay or defraud any of its creditors;

 

(k)   it
is not in default under any other contract to which it is a party except where such default would not reasonably be expected to
have a Material Adverse Effect;

 

(l)    it
has complied in all material respects with all Applicable Laws, judgments, agreements with governmental authorities, decrees and
orders with respect to its business and properties and the Portfolio;

 

(m)  it
does not have any Subsidiaries (other than, solely with respect to the Company, the Permitted Subsidiary), or own any Investments
in any Person other than the Portfolio Investments or Investments (i) constituting Eligible Investments (as measured at their time
of acquisition), (ii) acquired by the Company with the approval of the Administrative Agent, or (iii) those the Company shall have
acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring or similar process
or proceeding involving a Portfolio Investment or any issuer thereof;

 

(n)(x) it has disclosed to the Administrative
Agent all agreements, instruments and corporate or other restrictions to which it is subject, and all other matters actually known
to it, without inquiry, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect
and (y) no information (other than projections, forward-looking information, general economic data, industry information or information
relating to third parties) heretofore furnished by or on behalf of the Company in writing to the Administrative Agent or any Lender
in connection with this Agreement or any transaction contemplated hereby (after taking into account all updates, modifications
and supplements to such information) contains (or, to the extent any such information was furnished by a third party, to the Company's
knowledge contains), when taken as a whole, as of its delivery date, any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading;

 

    

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(o)   [Reserved];

 

(p)   it
has timely filed all Tax returns required by Applicable Law to have been filed by it; all such Tax returns are true and correct
in all material respects; and it has paid or withheld (as applicable) all Taxes owing or required to be withheld by it (if any)
shown on such Tax returns, except any such Taxes which are being contested in good faith by appropriate proceedings and for which
adequate reserves shall have been set aside in accordance with GAAP on its books and records;

 

(q)   each
of the Company and the Permitted Subsidiary is and will be treated as a disregarded entity or partnership for U.S. federal income
tax purposes;

 

(r)    the
Company is and will be wholly owned by the Parent, and the Permitted Subsidiary is and will be wholly owned by the Company, each
of which is a U.S. Person;

 

(s)   prior
to the date hereof, the Company has not engaged in any business operations or activities other than as an ownership entity for
Portfolio Investments and similar loan or debt obligations and activities incidental thereto;

 

(t)    neither
it nor any of its Affiliates is (i) the subject or target of Sanctions; (ii) a Person that resides or has a place of business in
a country or territory named on such lists or which is designated as a "Non-Cooperative Jurisdiction" by the Financial
Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a
"Foreign Shell Bank" within the meaning of the PATRIOT Act, i.e., a foreign bank that does not have a physical presence
in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision;
or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary
of the Treasury under Sections 311 or 312 of the PATRIOT Act as warranting special measures due to money laundering concerns. It
is in compliance with all applicable Sanctions and also in compliance with all applicable provisions of the PATRIOT Act;

 

(u)   the
Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company, its agents
and their respective directors, managers, officers and employees (as applicable) with Anti-Corruption Laws and applicable Sanctions,
and the Company and its officers and employees and, to its knowledge, its members and agents are in compliance with Anti-Corruption
Laws and applicable Sanctions in all material respects. None of (i) the Company or its officers and employees or (ii) to the knowledge
of the Company, any manager or agent of the Company that will act in any capacity in connection with or benefit from the credit
facility established hereby, is a Sanctioned Person;

 

(v)   the
Loan Documents represent all of the material agreements between the Portfolio Manager, the Parent, the Permitted Subsidiary and
the Seller, on the one hand, and the Company, on the other. The Company (or, in the case of Subsidiary Investments, the Permitted
Subsidiary) has good and marketable title to all Portfolio Investments and other Collateral free of any Liens (other than Liens
in favor of the Secured Parties pursuant to the Loan Documents, Permitted Liens and inchoate liens arising by operation of law);

 

    

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(w)  it
is not relying on any advice (whether written or oral) of any Lender, the Administrative Agent or any of their Affiliates;

 

(x)    there
are no judgments for Taxes with respect to the Company and no claim is being asserted with respect to the Taxes of the Company;

 

(y)   [Reserved];

 

(z)    [Reserved];

 

(aa)[Reserved];

 

(bb)upon the making of each Advance, the
Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first priority and valid security interest
(except, as to priority, for any Permitted Liens) in such Collateral, free and clear of any adverse claim (other than Permitted
Liens) or restrictions on transferability, to the extent (as to perfection and priority) that a security interest in said Collateral
may be perfected under the applicable UCC;

 

(cc)the Parent (i) is not required to
register as an investment company under the Investment Company Act of 1940, as amended, and (ii) has elected to be treated a business
development corporation for purposes of the Investment Company Act of 1940, as amended;

 

(dd)the Portfolio Manager is not required
to register as an investment adviser under the Investment Advisers Act of 1940, as amended;

 

(ee)the constituent documents of the Permitted
Subsidiary restrict its activities to the origination, acquisition, holding and disposition of Subsidiary Investments and activities
incidental or related thereto; and

 

(ff)the Company is the sole legal and
beneficial owner of all equity interests in the Permitted Subsidiary.

 

 SECTION 6.02. Covenants of the Company. The Company:

 

(a)   shall
at all times (and shall ensure that the Permitted Subsidiary shall at all times): (i) maintain at least one independent manager
or director (who is in the business of serving as an independent manager or director); (ii) maintain its own separate books and
records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from any other
Person; (iv) have a board of managers separate from that of any other Person; (v) file its own Tax returns, except to the extent
that the Company is treated as a "disregarded entity" for Tax purposes and is not required to file Taxes under Applicable
Law, and pay any Taxes so required to be paid under Applicable Law, except for those Taxes being contested in good faith by appropriate
proceedings and in respect of which the Company has established proper reserves on its books in accordance with GAAP; (vi) not
commingle its assets with assets of any other Person; (vii) conduct its business in its own name and comply with all organizational
formalities to maintain its separate existence; (viii) maintain separate financial statements; (ix) pay its own liabilities only
out of its own funds; (x) maintain an arm's length relationship with the Parent and each of its other Affiliates; (xi) not hold
out its credit or assets as being available to satisfy the obligations of others; (xii) allocate fairly and reasonably any overhead
expenses that are shared with an Affiliate, including for shared office space; (xiii) use separate stationery, invoices and checks;
(xiv) except as expressly permitted by this Agreement, not pledge its assets as security for the obligations of any other Person;
(xv) correct any known misunderstanding regarding its separate identity; (xvi) maintain adequate capital in light of its contemplated
business purpose, transactions and liabilities and pay its operating expenses and liabilities from its own assets; (xvii) not acquire
the obligations or any securities of its Affiliates; (xviii) cause the managers, officers, agents and other representatives of
the Company to act at all times with respect to the Company consistently and in furtherance of the foregoing and in the best interests
of the Company; and (xix) maintain at least one special member, who, upon the dissolution of the sole member or the withdrawal
or the disassociation of the sole member from the Company, shall immediately become the member of the Company in accordance with
its organizational documents.

 

    

    -44-

    

 

(b)   shall
not (i) engage, directly or indirectly, in any business, other than the actions required or permitted to be performed under the
preceding clause (a), including, other than with respect to any warrants received in connection with a Portfolio Investment, controlling
the decisions or actions respecting the daily business or affairs of any other Person except as otherwise permitted hereunder (which,
for the avoidance of doubt, shall not prohibit the Company from taking, or refraining to take, any action under or with respect
to a Portfolio Investment); (ii) fail to be Solvent; (iii) release, sell, transfer, convey or assign any Portfolio Investment (or
permit the Permitted Subsidiary to take any such action) unless in accordance with the Loan Documents; (iv) except for capital
contributions or capital distributions permitted under the terms and conditions of this Agreement and properly reflected on the
books and records of the Company, enter into any transaction with an Affiliate of the Company except on commercially reasonable
terms similar to those available to unaffiliated parties in an arm's-length transaction; (v) identify itself as a department or
division of any other Person; or (vi) own any asset or property other than the Collateral and the related assets and incidental
personal property necessary for the ownership or operation of these assets.

 

(c)   shall
take all actions consistent with and shall not take any action contrary to the "Facts and Assumptions" sections in the
opinions of Dechert LLP, dated the date hereof, relating to certain true sale and non-consolidation matters;

 

(d)   shall
not create, incur, assume or suffer to exist any Indebtedness (and shall not permit the Permitted Subsidiary to do so) other than
(i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred pursuant to certain ordinary business
expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents and (iii) if applicable,
the obligation to make future payments under any Delayed Funding Term Loan or Revolving Loan;

 

(e)   shall
maintain in effect and enforce policies and procedures designed to ensure compliance by the Company and its managers, officers,
employees and agents with Anti-Corruption Laws and applicable Sanctions;

 

(f)    (i)
shall not amend any of its constituent documents or any document to which it is a party in any manner that would reasonably be
expected to adversely affect the Lenders in any material respect without the prior written consent of the Administrative Agent
and (ii) shall not amend or permit the Permitted Subsidiary to amend any of its constituent documents or any document to which
it is a party in any manner (other than an amendment of a purely administrative or clerical nature) without the prior written consent
of the Administrative Agent);

 

(g)   [Reserved];

 

(h)   shall
not (and shall not permit the Permitted Subsidiary to), without the prior consent of the Administrative Agent (acting at the direction
of the Required Financing Providers), which consent may be withheld in the sole and absolute discretion of the Required Financing
Providers, enter into any hedge agreement;

 

    

    -45-

    

 

(i)    shall
not (and shall ensure that the Permitted Subsidiary does not) change its name, identity or entity structure in any manner that
would make any financing statement or continuation statement filed by the Company or the Permitted Subsidiary (or by the Collateral
Agent on behalf of the Company or the Permitted Subsidiary) in accordance with subsection (a) above materially misleading or change
its jurisdiction of organization, unless the Company or the Permitted Subsidiary shall have given the Administrative Agent and
the Collateral Agent at least 30 days prior written notice thereof, and shall promptly file, or authorize the filing of, appropriate
amendments to all previously filed financing statements and continuation statements (and shall provide a copy of such amendments
to the Collateral Agent and Administrative Agent together with written confirmation to the effect that all appropriate amendments
or other documents in respect of previously filed statements have been filed);

 

(j)    shall
do or cause to be done all things reasonably necessary to (i) preserve and keep in full force and effect its existence as a limited
liability company (and the Permitted Subsidiary's existence as a limited liability company) and take all reasonable action to maintain
its and the Permitted Subsidiary's rights, franchises, licenses and permits material to its business or the Permitted Subsidiary's
business in its applicable jurisdiction of its formation, (ii) qualify and remain qualified as a limited liability company in good
standing in each jurisdiction where the failure to qualify and remain qualified would reasonably be expected to have a Material
Adverse Effect and (iii) cause the Permitted Subsidiary to qualify and remain qualified as a limited liability company in good
standing in each jurisdiction where the failure to qualify and remain qualified would reasonably be expected to have a Material
Adverse Effect;

 

(k)   shall
comply, and shall cause the Permitted Subsidiary to comply, with all Applicable Law (whether statutory, regulatory or otherwise),
except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect;

 

(l)    shall
not (and shall not permit the Permitted Subsidiary to) merge into or consolidate with any person or dissolve, terminate or liquidate
in whole or in part, in each case, without the prior written consent of the Administrative Agent;

 

(m)  except
for the Permitted Subsidiary and Investments permitted by Section 6.02(u)(C) and without the prior written consent of the Administrative
Agent, shall not form, or cause to be formed, any Subsidiaries; or make or suffer to exist (or permit the Permitted Subsidiary
to make or suffer to exist) any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property,
contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets,
or otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein and pursuant to the other
Loan Documents;

 

(n)   shall
ensure that (i) its affairs and the Permitted Subsidiary's affairs are conducted so that its underlying assets do not constitute
"plan assets" within the meaning of the Plan Asset Rules, and (ii) it does not sponsor, maintain, contribute to or become
required to contribute to or have any liability with respect to any Plan;

 

(o)   except
for the security interest granted hereunder, under the Equity Pledge Agreement and the Asset Pledge Agreement and as otherwise
permitted hereunder, shall not (and shall not permit the Permitted Subsidiary to) sell, pledge, assign or transfer to any other
Person, or grant, create, incur, assume or suffer to exist any Lien on the Collateral or the Subsidiary Investments or any interest
therein (other than Liens in favor of the Secured Parties pursuant to the Loan Documents, Permitted Liens and inchoate liens arising
by operation of law), and the Company shall defend the right, title, and interest of the Collateral Agent (for the benefit of the
Secured Parties) and the Lenders in and to the Collateral and the Subsidiary Investments against all claims of third parties claiming
through or under the Company or the Permitted Subsidiary (other than Liens in favor of the Secured Parties pursuant to the Loan
Documents, Permitted Liens and inchoate liens arising by operation of law);

 

    

    -46-

    

 

(p)   shall
promptly furnish to the Administrative Agent, and the Administrative Agent shall furnish to the Lenders, copies of the following
financial statements, reports and information:  (i) as soon as available, but in any event within 120 days after the end of
each fiscal year of the Parent, a copy of the audited consolidated and consolidating balance sheet of the Parent and its consolidated
Subsidiaries as at the end of such year, the related consolidated and consolidating statements of income for such year and the
related consolidated statements of changes in net assets and of cash flows for such year, setting forth in each case in comparative
form the figures for the previous year; provided, that the financial statements required to be delivered pursuant to this
clause (i) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in the Parent's annual
report on Form 10-K, shall be deemed delivered to the Administrative Agent on the date such documents are made so available; (ii)
as soon as available and in any event within 45 days after the end of each fiscal quarter of each fiscal year (other than the last
fiscal quarter of each fiscal year), an unaudited consolidated and consolidating balance sheet of the Parent and its consolidated
Subsidiaries as of the end of such fiscal quarter and including the prior comparable period (if any), and the unaudited consolidated
and consolidating statements of income of the Parent and its consolidated Subsidiaries for such fiscal quarter and for the period
commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, and the unaudited consolidated
statements of cash flows of the Parent and its consolidated Subsidiaries for the period commencing at the end of the previous fiscal
year and ending with the end of such fiscal quarter; provided, that the financial statements required to be delivered pursuant
to this clause (ii) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in Parent's
quarterly report on Form 10-Q, shall be deemed delivered to the Administrative Agent on the date such documents are made so available;
and (iii) from time to time, such other information or documents (financial or otherwise) as the Administrative Agent or the Required
Financing Providers may reasonably request;

 

(q)   shall
pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all Taxes levied or imposed upon the
Company or upon the income, profits or property of the Company; provided that the Company shall not be required to pay or
discharge or cause to be paid or discharged any such Tax (i) the amount, applicability or validity of which is being contested
in good faith by appropriate proceedings and for which disputed amounts adequate reserves in accordance with GAAP have been made
or (ii) the failure of which to pay or discharge could not reasonably be expected to have a Material Adverse Effect, and shall
cause the Permitted Subsidiary to take all such actions;

 

(r)    shall
permit representatives of the Administrative Agent at any time and from time to time as the Administrative Agent shall reasonably
request (A) to inspect and make copies of and abstracts from its records relating to the Portfolio Investments and (B) to visit
its properties in connection with the collection, processing or managing of the Portfolio Investments for the purpose of examining
such records, and to discuss matters relating to the Portfolio Investments or such Person's performance under this Agreement and
the other Loan Documents with any officer or employee or auditor (if any) of such Person having knowledge of such matters. The
Company agrees to render to the Administrative Agent such clerical and other assistance as may be reasonably requested with regard
to the foregoing; provided that such assistance shall not interfere in any material respect with the Company's or the Portfolio
Manager's business and operations. So long as no Event of Default has occurred and is continuing, such visits and inspections shall
occur only (i) upon five (5) Business Days' prior written notice, (ii) during normal business hours and (iii) no more than once
in any calendar year. During the existence of an Event of Default, there shall be no limit on the timing or number of such inspections
and only one (1) Business Day' prior notice will be required before any inspection;

 

    

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(s)   shall
not use (and shall not permit the Permitted Subsidiary to use) any part of the proceeds of any Advance, whether directly or indirectly,
for any purpose that entails a violation of any of the regulations of the Board of Governors of the Federal Reserve System of the
United States of America, including Regulations T, U and X;

 

(t)    shall
not make any Restricted Payments without the prior written consent of the Administrative Agent; provided that (A) the Company
may make Permitted Distributions subject to the other requirements of this Agreement and (B) the Company may make Permitted Tax
Distributions so long as (i) after giving effect to such Permitted Tax Distribution, the Borrowing Base Test is satisfied, (ii)
the Company gives at least two (2) Business Days prior notice thereof to the Administrative Agent and (iii) if Permitted Tax Distributions
are made after the occurrence and during the continuance of an Event of Default, the aggregate amount of all Permitted Tax Distributions
made in any 90 calendar day period (after giving effect to such Permitted Tax Distribution) is not greater than $1,500,000;

 

(u)   shall
not make or hold any Investments, except its equity interest in the Permitted Subsidiary, the Portfolio Investments or Investments
(A) constituting Eligible Investments (measured at the time of acquisition), (B) that have been consented to by the Administrative
Agent, (C) those the Company shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure,
restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof or (D) received in connection
with making an Eligible Investment;

 

(v)   shall
not request any Advance, and shall not directly, or to the knowledge of the Company, indirectly, use, and shall procure that its
agents shall not directly, or to the knowledge of the Company, indirectly, use, the proceeds of any Advance (A) 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, (B) for the purpose of funding, financing or facilitating any activities, business or
transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation
of any Sanctions applicable to any party hereto, and shall not permit the Permitted Subsidiary to take any such action;

 

(w)  shall
not (and shall ensure that the Permitted Subsidiary does not) acquire any Revolving Loan or Delayed Funding Term Loan if such acquisition
would cause the Unfunded Exposure Amount, collateralized or uncollateralized, to exceed 10% of the Collateral Principal Amount;

 

(x)    other
than pursuant to the Natixis Sale Agreement, the Parent Sale Agreement or in connection with a Substitution, shall not transfer
to any of its Affiliates any Portfolio Investment purchased from any of its Affiliates (other than sales to Affiliates conducted
on terms and conditions consistent with those of an arm's length transaction and, if applicable, at fair market value);

 

(y)   shall
post on a password protected website maintained by the Portfolio Manager to which the Administrative Agent will have access or
deliver via email to the Administrative Agent, with respect to each obligor in respect of a Portfolio Investment, within fifteen
(15) Business Days of the completion of the Portfolio Manager's portfolio review of such obligor (which, for any individual obligor,
shall occur no less frequently than quarterly), without duplication of any other reporting requirements set forth in this Agreement
or any other Loan Document, any management discussion and analysis provided by such obligor and any financial reporting packages
with respect to such obligor and with respect to each Portfolio Investment for such obligor (including any attached or included
information, statements and calculations); provided that, if the financials for such Portfolio Investment are not received as scheduled,
the Portfolio Manager shall diligently request such financials reporting packages and provide to the Administrative Agent within
five (5) Business Days of the receipt thereof. The Company shall cause the Portfolio Manager to provide such other information
as the Administrative Agent may reasonably request with respect to any Portfolio Investment or obligor (to the extent reasonably
available to the Portfolio Manager);

 

    

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(z)    shall
not elect to be classified as other than a disregarded entity or partnership for U.S. federal income tax purposes, nor shall the
Company take any other action or actions that would cause it to be classified, taxed or treated as a corporation or publicly traded
partnership taxable as a corporation for U.S. federal income tax purposes (including transferring interests in the Company on or
through an established securities market or secondary market (or the substantial equivalent thereof), within the meaning of Section
7704(b) of the Code (and Treasury regulations thereunder) and shall cause the Permitted Subsidiary to be classified as a disregarded
entity or partnership for U.S. federal income tax purposes;

 

(aa)shall only have partners or owners
that are treated as U.S. Persons or that are disregarded entities owned by a U.S. Person and shall not recognize the transfer of
any interest in the Company that constitutes equity for U.S. federal income tax purposes to a person that is not a U.S. Person;

 

(bb) shall from time to time execute and
deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further
assurance and other instruments, and shall take such other action as may be reasonably necessary to secure the rights and remedies
of the Secured Parties hereunder and to grant more effectively all or any portion of the Collateral, maintain or preserve the security
interest (and the priority thereof) of this Agreement or to carry out more effectively the purposes hereof, perfect, publish notice
of or protect the validity of any grant made or to be made by this Agreement, preserve and defend title to the Collateral and the
rights therein of the Collateral Agent and the Secured Parties in the Collateral and the Collateral Agent against the claims of
all persons and parties, pay any and all Taxes levied or assessed upon all or any part of the Collateral and use its commercially
reasonable efforts to minimize Taxes and any other costs arising in connection with its activities or give, execute, deliver, file
and/or record any financing statement, notice, instrument, document, agreement or other papers that may be necessary or desirable
to create, preserve, perfect or validate the security interest granted pursuant to this Agreement or to enable the Collateral Agent
to exercise and enforce its rights hereunder with respect to such pledge and security interest, and hereby authorizes the Collateral
Agent to file a UCC financing statement listing 'all assets of the debtor' in the collateral description of such financing statement
and shall ensure that the Permitted Subsidiary takes all such actions with respect to its assets and the Asset Pledge Agreement;

 

(cc) shall use all commercially reasonable
efforts to elevate all Participation Interests granted under the Natixis Sale Agreement to absolute assignments within the applicable
then-current standard settlement timeframes set forth in LSTA guidelines;

 

(dd) on the Effective Date, shall promptly
(or, in any event, on the Effective Date) cause the initial Advance to be applied to pay in full all amounts payable by the Seller
under the Natixis Credit Facility and shall obtain the Natixis Lien Release;

 

(ee) shall not (and shall not permit the
Permitted Subsidiary to) become liable in any way, whether directly or by assignment or as a guarantor or other surety, for the
obligations of a lessee under any lease, hire any employees or make any distributions (other than in accordance with the Loan Documents);

 

    

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(ff)  shall not maintain any bank accounts
or securities accounts other than the Accounts and shall not permit the Permitted Subsidiary to maintain any bank accounts or securities
accounts other than the Pledged Accounts;

 

(gg) [Reserved];

 

(hh) shall not permit the Permitted Subsidiary
to Purchase any Subsidiary Investment that is not held for the benefit of, or intended to be transferred to, the Company or the
Parent;

 

(ii)   except
as otherwise expressly permitted herein, shall not (and shall not permit the Permitted Subsidiary to) cancel or terminate any of
the underlying instruments in respect of a Portfolio Investment to which it is party or beneficiary (in any capacity), or consent
to or accept any cancellation or termination of any of such agreements unless (in each case) the Administrative Agent shall have
consented thereto in its sole discretion; and

 

(jj)   shall give notice to the Administrative
Agent promptly in writing upon the occurrence of any of the following:

 

(i)    any
Adverse Proceeding; and

 

(ii)   any adverse claim asserted
against any of the Permitted Subsidiary, Portfolio Investments, the Accounts, the Pledged Account or any other Collateral.

 

 SECTION 6.03. Amendments of Portfolio Investments, Etc. If the Company or the Portfolio Manager receives any notice or other communication concerning any amendment, supplement, consent, waiver or other modification of any Portfolio Investment or any related underlying instrument or rights thereunder (each, an "Amendment") with respect to any Portfolio Investment or any related underlying instrument, or makes any affirmative determination to exercise or refrain from exercising any rights or remedies thereunder, it will give prompt (and in any event, not later than three (3) Business Days') notice thereof to the Administrative Agent. In any such event, the Company shall exercise all voting and other powers of ownership relating to such Amendment or the exercise of such rights or remedies as the Portfolio Manager shall deem appropriate under the circumstances. If an Event of Default has occurred and is continuing or a Market Value Event has occurred, the Company will exercise all voting and other powers of ownership as the Administrative Agent (acting at the direction of the Required Financing Providers) shall instruct (it being understood that if the terms of the related underlying instrument expressly prohibit or restrict any such rights given to the Administrative Agent, then such right shall be limited to the extent necessary so that such prohibition or restriction is not violated).

 

    

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ARTICLE VII

EVENTS OF DEFAULT

 

If any of the following events ("Events
of Default") shall occur:

 

(a) the
Company shall fail to pay any amount owing by it in respect of the Secured Obligations (whether for principal, interest, fees or
other amounts) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment
thereof or otherwise and, in the case of amounts other than principal and interest, such failure continues for a period of one
(1) Business Day (or, in the case of a default in payment resulting solely from an administrative error or omission by the Collateral
Agent or from a Disruption Event, two (2) Business Days) following the earlier of (x) the Company becoming aware of such failure
or (y) receipt of written notice by the Company of such failure;

 

(b) any
representation or warranty made or deemed made by or on behalf of the Company, the Portfolio Manager, the Permitted Subsidiary
(collectively, the "Credit Risk Parties") or the Seller herein or in any Loan Document or any amendment or modification
thereof or waiver thereunder, or in any report, certificate, or other document (other than projections, forward-looking information,
general economic data, industry information or information relating to third parties) furnished pursuant hereto or in connection
herewith or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect
when made or deemed made (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after
the date of its purchase shall not constitute a failure) and if such failure is capable of being remedied, such failure shall continue
for a period of 30 days following the earlier of (i) receipt by such Credit Risk Party or the Seller, as applicable, of written
notice of such inaccuracy from the Administrative Agent and (ii) an officer of such Credit Risk Party or the Seller, as applicable,
becoming aware of such inaccuracy (or, if such failure could not reasonably be expected to be cured within 30 days, such Credit
Risk Party or the Seller, as applicable, commences and diligently pursues such cure and such failure is cured within 45 days);

 

(c)(A) the Company (or to the
extent it is obligated, the Permitted Subsidiary) shall fail to observe or perform any covenant, condition or agreement contained
in Section 6.02(a)(i) through (vii), (xi) or (xix), (b)(i) through (iv), (d), (f), (h), (i), (l), (m), (o), (t), (v), (dd) or (ee)
or (B) any Credit Risk Party or the Seller shall fail to observe or perform any other covenant, condition or agreement contained
herein (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its
purchase shall not constitute such a failure) or in any other Loan Document and, in the case of this clause (B), if such failure
is capable of being remedied, such failure shall continue for a period of 30 days following the earlier of (i) receipt by such
Credit Risk Party or the Seller, as applicable, of written notice of such failure from the Administrative Agent and (ii) an officer
of such Credit Risk Party or the Seller, as applicable, becoming aware of such failure (or, if such failure could not reasonably
be expected to be cured within 30 days, such Credit Risk Party or the Seller, as applicable, commences and diligently pursues such
cure and such failure is cured within 45 days);

 

(d) an involuntary proceeding
shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect
of any Credit Risk Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Credit Risk Party or for a substantial part of its assets, and, in any such
case, such proceeding or petition shall continue undismissed for thirty (30) days or an order or decree approving or ordering
any of the foregoing shall be entered;

 

    

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(e) any Credit Risk Party shall
(i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to
the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (d) of
this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for such Credit Risk Party or for a substantial part of its assets, (iv) file an answer admitting the material
allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors
or (vi) take any action for the purpose of effecting any of the foregoing;

 

(f) any Credit Risk Party shall
become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

(g) the passing of a resolution
by the equity holders of the Company or the Permitted Subsidiary in respect of the winding up on a voluntary basis of the Company
or the Permitted Subsidiary;

 

(h) any final judgments or orders
(not subject to appeal or otherwise non-appealable) by one or more courts of competent jurisdiction for the payment of money in
an aggregate amount in excess of U.S.$1,000,000 (after giving effect to insurance, if any, available with respect thereto) shall
be rendered against the Company or the Permitted Subsidiary, and the same shall remain unsatisfied, unvacated, unbonded or unstayed
for a period of sixty (60) days after the date on which the right to appeal has expired;

 

(i) an ERISA Event occurs;

 

(j) a Change of Control occurs;

 

(k) the Company or the arrangements
contemplated by the Loan Documents, shall become required to register as an "investment company" within the meaning of
the Investment Company Act of 1940, as amended;

 

(l) the Portfolio Manager resigns
as Portfolio Manager under this Agreement; or

 

(m) (i) failure of the Company
to fund the Unfunded Exposure Account when required in accordance with Section 2.03(f) other than in the case that any Lender
fails to make the Advance required in accordance with Section 2.03(f) or (ii) failure of the Company to satisfy its obligations
in respect of unfunded obligations with respect to any Delayed Funding Term Loan or Revolving Loan (including the payment of any
amount in connection with the sale thereof to the extent required under this Agreement) other than if the Company provides the
Administrative Agent with written notice in reasonable detail stating that it has elected not to fund any applicable amount due
to a good faith contractual dispute with respect to the related Portfolio Investment or a determination by the Company that an
advance is not required under its underlying instruments; provided that the failure of the Company to undertake any action
set forth in this clause (m) is not remedied within two Business Days;

 

    

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then, and in every such event (other than an event with respect
to the Company described in clause (d) or (e) of this Article), and at any time thereafter in each case during the continuance
of such event, the Administrative Agent may, and at the request of the Required Financing Providers shall, by notice to the Company,
take either or both of the following actions, at the same or different times:  (i) terminate the Financing Commitments,
and thereupon the Financing Commitments shall terminate immediately, and (ii) declare all of the Secured Obligations then
outstanding to be due and payable in whole (or in part, in which case any Secured Obligations not so declared to be due and payable
may thereafter be declared to be due and payable), and thereupon the Secured Obligations so declared to be due and payable, together
with accrued interest thereon and all fees and other obligations of the Company accrued hereunder, shall become due and payable
immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company; and
in case of any event with respect to the Company described in clause (d) or (e) of this Article, the Financing Commitments shall
automatically terminate and all Secured Obligations then outstanding, together with accrued interest thereon and all fees and other
obligations of the Company accrued hereunder, shall automatically become due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by the Company.

 

ARTICLE VIII

ACCOUNTS; COLLATERAL SECURITY

 

 SECTION 8.01. The Accounts; Agreement as to Control.

 

(a) Establishment and Maintenance of Accounts.
The Company hereby appoints Citibank, N.A. as Securities Intermediary and has directed and the Securities Intermediary hereby acknowledges
that it has established (1) an account designated as the "Custodial Account", (2) an account designated as the
"Collection Account", (3) an account designated as the "MV Cure Account", (4) an account designated
as the "Expense Reserve Account" and (5) an account designated as the "Unfunded Exposure Account"
(the Unfunded Exposure Account, together with the Collection Account, the Custodial Account, the MV Cure Account, the Expense Reserve
Account and any successor accounts established in connection with the resignation or removal of the Securities Intermediary, the
"Accounts"), and the account numbers for the Accounts are set forth on the Transaction Schedule. The Securities
Intermediary agrees to maintain each of the Accounts as a securities intermediary in the name of the Company subject to the lien
of the Collateral Agent under this Agreement and (y) agrees not to change the name or account number of any Account without the
prior consent of the Collateral Agent. The Securities Intermediary hereby certifies that it is a bank or trust company that in
the ordinary course of business maintains securities accounts for others and in that capacity has established the Accounts in the
name of the Company.

 

(b) Collateral Agent in Control of Securities
Accounts. Each of the parties hereto hereby agrees that (1) each Account shall be deemed to be a "securities account"
(within the meaning of Section 8-501(a) of the Uniform Commercial Code in effect in the State of New York (the "UCC")),
(2) all property credited to any Account shall be treated as a financial asset for purposes of Article 8 of the UCC and (3) except
as otherwise expressly provided herein, the Collateral Agent will be exclusively entitled to exercise the rights that comprise
each financial asset credited to each Account. The parties hereto agree that the Securities Intermediary shall act only on entitlement
orders or other instructions with respect to the Accounts originated by the Collateral Agent and no other person (and without further
consent by any other person); and the Collateral Agent, for the benefit of the Secured Parties, shall have exclusive control and
the sole right of withdrawal over each Account. The only permitted withdrawals from the Accounts shall be in accordance with the
provisions of this Agreement. Furthermore, the parties hereto agree that the Portfolio Manager may, in its sole discretion, but
shall not be obligated to, direct the Securities Intermediary and the Collateral Agent to withdraw from the Expense Reserve Account
and pay to the Portfolio Manager an amount equal to any and all reasonable costs and expenses incurred on behalf of the Company
in connection with its management, administration and collection activities with respect to the Collateral and in compliance with
the terms of this Agreement; provided that such amount shall not exceed U.S.$100,000 during any Calculation Period.

 

    

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(c) Subordination of Lien, Etc. If
the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in any
Account or any security entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall
be subordinate to the security interest of the Collateral Agent. The property credited to any Account will not be subject to deduction,
set-off, banker's lien, or any other right in favor of any person other than the Collateral Agent (except that the Securities Intermediary
may set-off (1) all amounts due to the Securities Intermediary in respect of its customary fees and expenses for the routine maintenance
and operation of the Accounts, and (2) the face amount of any checks which have been credited to any Account but are subsequently
returned unpaid because of uncollected or insufficient funds).

 

(d) Property Registered, Indorsed, etc.
to Securities Intermediary. All securities or other property represented by a promissory note or an instrument underlying any
financial assets credited to any Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities
Intermediary in blank or credited to another securities account maintained in the name of the Securities Intermediary, and in no
case will any financial asset credited to any Account be registered in the name of the Company, payable to the order of the Company
or specially indorsed to the Company except to the extent the foregoing have been specially indorsed to the Securities Intermediary
or in blank.

 

(e) Jurisdiction; Governing Law of Accounts.
The establishment and maintenance of each Account and all interests, duties and obligations related thereto shall be governed by
the law of the State of New York and the "securities intermediary's jurisdiction" (within the meaning of Section 8-110
of the UCC) shall be the State of New York. The parties further agree that the law applicable to all of the issues in Article 2(1)
of The Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary shall be the
law of the State of New York. Terms used in this Section 8.01 without definition have the meanings given to them in the UCC.

 

(f) No Duties. The parties hereto acknowledge
and agree that the Securities Intermediary shall not have any additional duties under this Agreement other than those expressly
set forth in this Section 8.01, and the Securities Intermediary shall satisfy those duties expressly set forth in this Section
8.01 so long as it acts without gross negligence, fraud, reckless disregard or willful misconduct. Without limiting the generality
of the foregoing, the Securities Intermediary shall not be subject to any fiduciary or other implied duties, and the Securities
Intermediary shall not have any duty to take any discretionary action or exercise any discretionary powers. The Securities Intermediary
shall be subject to all of the rights, protections and immunities given to the Collateral Agent hereunder, including indemnities.

 

(g) Investment of Funds on Deposit in the
Expense Reserve Account and Unfunded Exposure Account. All amounts on deposit in the Expense Reserve Account and Unfunded Exposure
Account shall be invested (and reinvested) at the written direction of the Company (or the Portfolio Manager on its behalf) delivered
to the Collateral Agent in Eligible Investments; provided that, following the occurrence of an Event of Default or a Market
Value Event, all amounts on deposit in the Expense Reserve Account and the Unfunded Exposure Account shall be invested, reinvested
and otherwise disposed of at the written direction of the Administrative Agent delivered to the Collateral Agent.

 

(h) Unfunded Exposure Account.

 

    

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(i)       Amounts
may be deposited into the Unfunded Exposure Account from time to time in accordance with Section 4.05. Amounts shall also
be deposited into the Unfunded Exposure Account as set forth in Section 2.03(f).

 

(ii)       While
an Event of Default is not occurring and a Market Value Event has not occurred and subject to satisfaction of the Borrowing Base
Test and Section 2.03(g) (each after giving effect to such release), the Portfolio Manager may direct, by means of an instruction
in writing to the Securities Intermediary (with a copy to the Collateral Administrator), the release of funds on deposit in the
Unfunded Exposure Account (i) for the purpose of funding the Company's unfunded commitments with respect to Delayed Funding Term
Loans and Revolving Loans, for deposit into the Collection Account and (ii) so long as no Unfunded Exposure Shortfall exists or
would exist after giving effect to the withdrawal. Upon the occurrence and during the continuance of an Event of Default or the
occurrence of a Market Value Event, at the written direction of the Administrative Agent (with a copy to the Collateral Administrator),
the Securities Intermediary shall transfer all amounts in the Unfunded Exposure Account to the Collection Account to prepay the
outstanding Advances. Upon the direction of the Company by means of an instruction in writing to the Securities Intermediary (with
a copy to the Collateral Administrator, the Collateral Agent and the Administrative Agent), any amounts on deposit in the Unfunded
Exposure Account in excess of outstanding funding obligations of the Company shall be released to the Collection Account to prepay
the outstanding Advances.

 

 SECTION 8.02. Collateral Security; Pledge; Delivery.

 

(a) Grant of Security Interest. As
collateral security for the prompt payment in full when due of all the Company's obligations to the Agents and the Lenders (collectively,
the "Secured Parties") under this Agreement (collectively, the "Secured Obligations"), the Company
hereby pledges to the Collateral Agent and grants a continuing security interest in favor of the Collateral Agent in all of the
Company's right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising)
all accounts, payment intangibles, general intangibles, chattel paper, electronic chattel paper, instruments, deposit accounts,
letter-of-credit rights, investment property, and any and all other property of any type or nature owned by it (all of the property
described in this clause (a) being collectively referred to herein as "Collateral"), including: (1) each Portfolio
Investment, (2) all of the Company's interests in the Accounts and all investments, obligations and other property from time to
time credited thereto, (3) the Natixis Sale Agreement and all rights related thereto, (4) the Parent Sale Agreement and all rights
related thereto, (5) the Company's equity interest in the Permitted Subsidiary, all rights relating thereto, and any other interest
of the Company in the Permitted Subsidiary, (6) all other property of the Company and (7) all proceeds thereof, all accessions
to and substitutions and replacements for, any of the foregoing, and all rents, profits and products of any thereof.

 

(b) Delivery and Other Perfection.
In furtherance of the collateral arrangements contemplated herein, the Company and Permitted Subsidiary shall (1) Deliver to the
Collateral Agent the Collateral hereunder as and when acquired by the Company; (2) if any of the securities, monies or other property
pledged by the Company and Permitted Subsidiary hereunder are received by the Company or Permitted Subsidiary, forthwith take such
action as is necessary to ensure the Collateral Agent's continuing perfected security interest in such Collateral (including Delivering
such securities, monies or other property to the Collateral Agent); and (3) upon the reasonable request of the Administrative Agent,
deliver to the Administrative Agent, the Financing Providers and the Collateral Agent, at the expense of the Company, legal opinions
from Dechert LLP or other counsel reasonably acceptable to the Administrative Agent and the Financing Providers, as to the perfection
and priority of the Collateral Agent's security interest in any of the Collateral.

 

"Deliver" (and its correlative
forms) means the taking of the following steps by the Company or the Portfolio Manager:

 

(1) in the case of Portfolio Investments
and Eligible Investments and amounts on deposit in the MV Cure Account, by (x) causing the Securities Intermediary to indicate
by book entry that a financial asset comprised thereof has been credited to the applicable Account and (y) causing the Securities
Intermediary to agree that it will comply with entitlement orders originated by the Collateral Agent with respect to each such
security entitlement without further consent by the Company;

 

    

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(2) in the case of each general
intangible, by notifying the obligor thereunder of the security interest of the Collateral Agent;

 

(3) in the case of Portfolio Investments
consisting of money or instruments (the "New York Collateral") that do not constitute a financial asset forming
the basis of a security entitlement delivered to the Collateral Agent pursuant to clause (1) above, by causing (x) the Collateral
Agent to obtain possession of such New York Collateral in the State of New York, or (y) a person other than the Company and a securities
intermediary (A)(I) to obtain possession of such New York Collateral in the State of New York, and (II) to then authenticate a
record acknowledging that it holds possession of such New York Collateral for the benefit of the Collateral Agent or (B)(I) to
authenticate a record acknowledging that it will take possession of such New York Collateral for the benefit of the Collateral
Agent and (II) to then acquire possession of such New York Collateral in the State of New York;

 

(4) in the case of any account
which constitutes a "deposit account" under Article 9 of the UCC, by causing the Securities Intermediary to continuously
identify in its books and records the security interest of the Collateral Agent in such account and, except as may be expressly
provided herein to the contrary, establishing dominion and control over such account in favor of the Collateral Agent; and

 

(5) in all cases, by filing or
causing the filing of a financing statement with respect to such Collateral with the Delaware Secretary of State.

 

(c) Remedies, Etc. During the period
in which an Event of Default shall have occurred and be continuing, the Collateral Agent shall (but only if and to the extent directed
in writing by the Required Financing Providers, with a copy to the Company) do any of the following:

 

(1) Exercise in respect of the
Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies
of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) and also may, without notice except
as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral
Agent's or its designee's offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral
Agent or a designee of the Collateral Agent (acting at the direction of the Required Financing Providers) may deem commercially
reasonable. The Company agrees that, to the extent notice of sale shall be required by law, at least ten (10) days' prior notice
to the Company of the time and place of any public sale or the time after which any private sale is to be made shall constitute
reasonable notification. The Collateral Agent shall not be obligated to make any sale of the Collateral regardless of notice of
sale having been given. The Collateral Agent or its designee may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was
so adjourned.

 

    

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(2) Transfer all or any part of
the Collateral into the name of the Collateral Agent or a nominee thereof.

 

(3) Enforce collection of any
of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or extend or
renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto.

 

(4) Endorse any checks, drafts,
or other writings in the Company's name to allow collection of the Collateral.

 

(5) Take control of any proceeds
of the Collateral.

 

(6) Execute (in the name, place
and stead of any of the Company) endorsements, assignments, stock powers and other instruments of conveyance or transfer with respect
to all or any of the Collateral.

 

(7) Perform such other acts as
may be reasonably required to do to protect the Collateral Agent's rights and interest hereunder.

 

(8) Without limitation to the
foregoing, exercise any available rights and remedies under the Equity Pledge Agreement and the Asset Pledge Agreement. In addition,
nothing in this Agreement shall limit, or be construed as limiting, any rights and remedies which the Collateral Agent (in any
capacity) has under the Asset Pledge Agreement or under the laws of any jurisdiction other than the United States.

 

(d) Compliance with Restrictions. The
Company and the Portfolio Manager agree that in any sale of any of the Collateral whenever an Event of Default shall have occurred
and be continuing, the Collateral Agent or its designee are hereby authorized to comply with any limitation or restriction in connection
with such sale as it may be advised by counsel in writing is necessary in order to avoid any violation of applicable law (including
compliance with such procedures as may restrict the number of prospective bidders and purchasers, require that such prospective
bidders and purchasers have certain qualifications, and restrict such prospective bidders and purchasers to persons who will represent
and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of such
Collateral), or in order to obtain any required approval of the sale or of the purchaser by any governmental regulatory authority
or official, and the Company and the Portfolio Manager further agree that such compliance shall not, in and of itself, result in
such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Collateral Agent
be liable or accountable to the Company or the Portfolio Manager for any discount allowed by the reason of the fact that such Collateral
is sold in good faith compliance with any such limitation or restriction.

 

(e) Private Sale. The Collateral Agent
shall incur no liability as a result of a sale of the Collateral, or any part thereof, at any private sale pursuant to clause (c)
above conducted in a commercially reasonable manner. The Company and the Portfolio Manager hereby waive any claims against each
Agent and Financing Provider arising by reason of the fact that the price at which the Collateral may have been sold at such a
private sale was less than the price which might have been obtained at a public sale.

 

(f) Collateral Agent Appointed Attorney-in-Fact.
The Company hereby appoints the Collateral Agent as the Company's attorney-in-fact (it being understood that the Collateral Agent
shall not be deemed to have assumed any of the obligations of the Company by this appointment), with full authority in the place
and stead of the Company and in the name of the Company, from time to time in the Collateral Agent's discretion (exercised at the
written direction of the Administrative Agent or the Required Financing Providers, as the case may be), after the occurrence and
during the continuation of an Event of Default, to take any action and to execute any instrument which the Administrative Agent
or the Required Financing Providers may deem necessary or advisable to accomplish the purposes of this Agreement. The Company hereby
acknowledges, consents and agrees that the power of attorney granted pursuant to this clause is irrevocable during the term of
this Agreement and is coupled with an interest.

 

    

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(g) Further Assurances. The Company
covenants and agrees that, from time to time upon the request of the Collateral Agent (as directed by the Administrative Agent),
the Company will execute and deliver such further documents, and do such other acts and things as the Collateral Agent (as directed
by the Administrative Agent) may reasonably request in order fully to effect the purposes of this Agreement and to protect and
preserve the priority and validity of the security interest granted hereunder or to enable the Collateral Agent to exercise and
enforce its rights and remedies hereunder with respect to any Collateral; provided that no such document may alter the rights
and protections afforded to the Company or the Portfolio Manager herein.

 

(h) Termination. Upon the payment in
full of all Secured Obligations and termination of the Financing Commitments, the security interest granted herein shall automatically
(and without further action by any party) terminate and all rights to the Collateral shall revert to the Company. Upon any such
termination, the Collateral Agent will, at the Company's sole expense, deliver to the Company, or cause the Securities Intermediary
to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing
or evidencing all of the Collateral held by the Securities Intermediary hereunder, and execute and deliver to the Company or its
nominee such documents as the Company shall reasonably request to evidence such termination.

 

ARTICLE IX

THE AGENTS

 

 SECTION 9.01. Appointment of Administrative Agent and Collateral Agent. Each of the Financing Providers hereby irrevocably appoints each of the Administrative Agent and the Collateral Agent (each, an "Agent" and collectively, the "Agents") as its agent and authorize such Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Anything contained herein to the contrary notwithstanding, each Agent and each Financing Provider hereby agree that no Financing Provider shall have any right individually to realize upon any of the Collateral hereunder, it being understood and agreed that all powers, rights and remedies hereunder with respect to the Collateral shall be exercised solely by the Collateral Agent for the benefit of the Secured Parties at the direction of the Administrative Agent.

 

Each financial institution serving as an Agent
hereunder shall have the same rights and powers in its capacity as a Financing Provider (if applicable) as any other Financing
Provider and may exercise the same as though it were not an Agent, and such financial institution and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with the Company as if it were not an Agent hereunder.

 

    

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No Agent or the Collateral Administrator shall
have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) no
Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except that the foregoing
shall not limit any duty expressly set forth in this Agreement to include such rights and powers expressly contemplated hereby
that such Agent is required to exercise as directed in writing by (i) in the case of the Collateral Agent (A) in respect of the
exercise of remedies under Section 8.02(c), the Required Financing Providers, or (B) in all other cases, the Administrative Agent
or (ii) in the case of any Agent, the Required Financing Providers (or such other number or percentage of the Financing Providers
as shall be necessary under the circumstances as provided herein), and (c) except as expressly set forth herein, no Agent shall
have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company that is
communicated to or obtained by the financial institution serving in the capacity of such Agent or any of its Affiliates in any
capacity. No Agent shall be liable for any action taken or not taken by it in the absence of its own gross negligence or willful
misconduct or with the consent or at the request or direction of the Administrative Agent (in the case of the Collateral Administrator
and the Collateral Agent only) or the Required Financing Providers (or such other number or percentage of the Financing Providers
that shall be permitted herein to direct such action or forbearance). None of the Collateral Agent, the Collateral Administrator
or the Securities Intermediary shall be deemed to have knowledge of any Default, Event of Default, Market Value Event or failure
of the Borrowing Base Test unless and until a Responsible Officer has received written notice thereof from the Company, a Financing
Provider or the Administrative Agent. None of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or
the Administrative Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document
delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or
other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness, genuineness, value or sufficiency
of this Agreement, any other agreement, instrument or document or the Collateral, or (v) the satisfaction of any condition
set forth herein, other than to confirm receipt of items expressly required to be delivered to such Agent. None of the Collateral
Agent, the Collateral Administrator, the Securities Intermediary or the Administrative Agent shall be required to risk or expend
its own funds in connection with the performance of its obligations hereunder if it reasonably believes it will not receive reimbursement
therefor hereunder.

 

Each Agent shall be entitled to rely upon,
and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, direction,
opinion, document or other writing believed by it to be genuine and to have been signed or sent by the proper person. Each Agent
also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper person, and shall
not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for the Company), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

 

In the event the Collateral Agent or the Collateral
Administrator shall receive conflicting instruction from the Administrative Agent and the Required Financing Providers, the instruction
of the Required Financing Providers shall govern. Neither the Collateral Administrator nor the Collateral Agent shall have any
duties or obligations under or in respect of any other agreement (including any agreement that may be referenced herein) to which
it is not a party. The grant of any permissive right or power to the Collateral Agent hereunder shall not be construed to impose
a duty to act.

 

It is expressly acknowledged and agreed that
neither the Collateral Administrator nor the Collateral Agent shall be responsible for, and shall not be under any duty to monitor
or determine, compliance with the Eligibility Criteria (Schedule 3) or the Concentration Limitations (Schedule 4) in any instance,
to determine if the conditions of "Deliver" have been satisfied or otherwise to monitor or determine compliance by any
other person with the requirements of this Agreement.

 

    

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Each Agent may perform any and all its duties
and exercise its rights and powers by or through any one or more sub-agents appointed by it. No agent shall be responsible for
any misconduct or negligence on the part of any sub-agent or attorney appointed by such Agent with due care. Each Agent and any
such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Affiliates and the
respective directors, officers, employees, agents and advisors of such person and its Affiliates (the "Related Parties")
for such Agent. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties
of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Administrative Agent or Collateral Agent, as the case may be.

 

Subject to the appointment and acceptance
of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent, the Securities Intermediary
and the Administrative Agent may resign at any time upon 30 days' notice to each other agent, the Financing Providers, the Portfolio
Manager and the Company. Upon any such resignation, the Required Financing Providers shall have the right (with, so long as no
Event of Default has occurred and is continuing or Market Value Event has occurred, the consent of the Company and the Portfolio
Manager) to appoint a successor. If no successor shall have been so appointed by the Required Financing Providers and shall have
accepted such appointment within thirty (30) days after the retiring Collateral Administrator, Collateral Agent, Securities
Intermediary or Administrative Agent, as applicable, gives notice of its resignation, then the Administrative Agent may, on behalf
of the Financing Providers, appoint a successor which shall be a financial institution with an office in New York, New York, or
an Affiliate of any such financial institution. If no successor shall have been so appointed by the Administrative Agent and shall
have accepted such appointment within sixty (60) days after the retiring agent gives notice of its resignation, such agent may
petition a court of competent jurisdiction for the appointment of a successor. Upon the acceptance of its appointment as Collateral
Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be, hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring agent, and
the retiring agent shall be discharged from its duties and obligations hereunder. After the retiring agent's resignation hereunder,
the provisions of this Article and Sections 5.03 and 10.04 shall continue in effect for the benefit of such retiring agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
it was acting as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be.

 

Subject to the appointment and acceptance
of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent and the Securities Intermediary
may be removed at any time with 30 days' notice by the Company (with the written consent of the Administrative Agent), with notice
to the Collateral Administrator, the Collateral Agent, the Securities Intermediary, the Financing Providers and the Portfolio Manager.
Upon any such removal, the Company shall have the right (with the consent of the Administrative Agent) to appoint a successor to
the Collateral Agent, the Collateral Administrator and/or the Securities Intermediary, as applicable. If no successor to any such
person shall have been so appointed by the Company and shall have accepted such appointment within thirty (30) days after
such notice of removal, then the Administrative Agent may appoint a successor which shall be a financial institution with an office
in New York, New York, or an Affiliate of any such financial institution. Upon the acceptance of its appointment as Collateral
Administrator, Securities Intermediary or Collateral Agent, as the case may be, hereunder by a successor, such successor shall
succeed to and become vested with all the rights, powers, privileges and duties of the removed agent, and the removed agent shall
be discharged from its duties and obligations hereunder. After the removed agent's removal hereunder, the provisions of this Article
and Sections 5.03 and 10.04 shall continue in effect for the benefit of such removed agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Collateral Administrator,
Securities Intermediary or Collateral Agent, as the case may be.

 

    

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Upon the request of the Company or the Administrative
Agent or the successor agent, such retiring or removed agent shall, upon payment of its charges then unpaid, execute and deliver
an instrument transferring to such successor agent all the rights, powers and trusts of the retiring or removed agent, and shall
duly assign, transfer and deliver to such successor agent all property and money held by such retiring or removed agent hereunder.
Upon request of any such successor agent, the Company and the Administrative Agent shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor agent all such rights, powers and trusts.

 

Each Financing Provider acknowledges that
it has, independently and without reliance upon any Agent or any other Financing Provider and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Financing Provider also
acknowledges that it will, independently and without reliance upon any Agent or any other Financing Provider and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder.

 

Anything in this Agreement notwithstanding,
in no event shall any Agent, the Collateral Administrator or the Securities Intermediary be liable for special, punitive, indirect
or consequential loss or damage of any kind whatsoever (including lost profits), even if such Agent, the Collateral Administrator
or the Securities Intermediary, as the case may be, has been advised of such loss or damage and regardless of the form of action.

 

Each Agent and the Collateral Administrator
shall not be liable for any error of judgment made in good faith by an officer or officers of such Agent or the Collateral Administrator,
unless it shall be conclusively determined by a court of competent jurisdiction that such Agent or the Collateral Administrator
was grossly negligent in ascertaining the pertinent facts.

 

Each Agent and the Collateral Administrator
shall not be responsible for the accuracy or content of any certificate, statement, direction or opinion furnished to it in connection
with this Agreement.

 

Each Agent and the Collateral Administrator
shall not be bound to make any investigation into the facts stated in any resolution, certificate, statement, instrument, opinion,
report, consent, order, approval, bond or other document or have any responsibility for filing or recording any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien
granted to it hereunder.

 

No Agent shall be responsible for delays or
failures in performance resulting from acts beyond its control. Such acts include but are not limited to acts of God, strikes,
lockouts, riots and acts of war. In connection with any payment, the Collateral Agent and the Collateral Administrator are entitled
to rely conclusively on any instructions provided to them by the Administrative Agent.

 

The rights, protections and immunities given
to the Agents in this Section 9.01 shall likewise be available and applicable to the Securities Intermediary and the Collateral
Administrator.

 

SECTION 9.02. Additional Provisions Relating
to the Collateral Agent, Securities Intermediary and the Collateral Administrator.

 

    

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(a) Collateral Agent May Perform. The
Collateral Agent shall from time to time take such action (at the written direction of the Administrative Agent or the Required
Financing Providers) for the maintenance, preservation or protection of any of the Collateral or of its security interest therein,
provided that the Collateral Agent shall have no obligation to take any such action in the absence of such direction and
shall have no obligation to comply with any such direction if it reasonably believes that the same (1) is contrary to applicable
law or (2) might subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative Agent or the Required
Financing Providers, as the case may be, issuing such instruction makes provision satisfactory to the Collateral Agent for payment
of same.

 

With respect to actions which are incidental
to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any
such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting
or refraining from acting) upon the written direction of the Administrative Agent; provided that the Collateral Agent shall not
be required to take any action hereunder at the request of the Administrative Agent, the Required Financing Providers or otherwise
if the taking of such action, in the determination of the Collateral Agent, (1) is contrary to applicable law or (2) is reasonably
likely to subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative Agent or the Required
Financing Providers, as the case may be, issuing such instruction make provision satisfactory to the Collateral Agent for payment
of same. In the event the Collateral Agent requests the consent of the Administrative Agent and the Collateral Agent does not receive
a consent (either positive or negative) from the Administrative Agent within ten (10) Business Days of its receipt of such request,
the Administrative Agent shall be deemed to have declined to consent to the relevant action. Any action to be taken or not taken
and any discretion to be exercised by the Collateral Agent under the Asset Pledge Agreement and the Equity Pledge Agreement will
be done solely at the direction of the Administrative Agent.

 

If, in performing its duties under this Agreement,
the Collateral Agent is required to decide between alternative courses of action, the Collateral Agent may request written instructions
from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions
within five (5) Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain
from taking any such courses of action and shall have no liability in connection therewith except as otherwise provided in this
Agreement. The Collateral Agent shall act in accordance with instructions received after such five (5) Business Day period except
to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.

 

(b) Reasonable Care. The Collateral
Agent is required to exercise reasonable care in the custody and preservation of any of the Collateral in its possession, provided
that the Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any of the Collateral
if it takes such action for that purpose as the Company reasonably requests at times other than upon the occurrence and during
the continuance of any Event of Default, but failure of the Collateral Agent to comply with any such request at any time shall
not in itself be deemed a failure to exercise reasonable care. The Collateral Agent will not be responsible for filing any financing
or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting
or maintaining the perfection of any liens thereon.

 

(c) Collateral Agent Not Liable. Except
to the extent arising from the gross negligence, willful misconduct, criminal conduct, fraud or reckless disregard of the Collateral
Agent, the Collateral Agent shall not be liable by reason of its compliance with the terms of this Agreement with respect to (1)
the investment of funds held thereunder in Eligible Investments (other than for losses attributable to the Collateral Agent's failure
to make payments on investments issued by the Collateral Agent, in its commercial capacity as principal obligor and not as collateral
agent, in accordance with their terms) or (2) losses incurred as a result of the liquidation of any Eligible Investment prior
to its stated maturity.

 

    

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(d) Certain Rights and Obligations of the
Collateral Agent. Without further consent or authorization from any Financing Providers, the Collateral Agent may execute any
documents or instruments necessary to release any lien encumbering any item of Collateral that is the subject of a sale or other
disposition of assets permitted by this Agreement or as otherwise permitted or required hereunder or to which the Required Financing
Providers have otherwise consented. Anything contained herein to the contrary notwithstanding, in the event of a foreclosure by
the Collateral Agent on any of the Collateral pursuant to a public or private sale, any Agent or Financing Provider may be the
purchaser of any or all of such Collateral at any such sale and the Collateral Agent, as agent for and representative of the Financing
Providers (but not any Financing Provider in its individual capacity unless the Required Financing Providers shall otherwise agree),
shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of
the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase
price for any collateral payable by the purchaser at such sale.

 

(e) Collateral Agent, Securities Intermediary
and Collateral Administrator Fees and Expenses. The Company agrees to pay to the Collateral Agent, the Securities Intermediary
and the Collateral Administrator such fees as the Administrative Agent, the Collateral Agent, the Securities Intermediary, the
Collateral Administrator and the Portfolio Manager, may agree in writing. The Company further agrees to pay to the Collateral Agent,
the Securities Intermediary and the Collateral Administrator, or reimburse the Collateral Agent, the Securities Intermediary and
the Collateral Administrator for paying, reasonable and documented out-of-pocket expenses, including attorney's fees, in connection
with this Agreement and the transactions contemplated hereby.

 

(f) Execution by the Collateral Agent,
the Securities Intermediary and the Collateral Administrator. The Collateral Agent, the Securities Intermediary and the Collateral
Administrator are executing this Agreement solely in their capacity as Collateral Agent, Securities Intermediary and Collateral
Administrator hereunder and in no event shall have any obligation to make any Advance, provide any Financing or perform any obligation
of the Administrative Agent hereunder. Each of the Lenders, the Administrative Agent and the Borrower hereby directs the Collateral
Agent to execute and deliver the Asset Pledge Agreement and the Equity Pledge Agreement and directs the Securities Intermediary
to execute and deliver the Asset Pledge Agreement.

 

(g) Reports by the Collateral Administrator.
The Company hereby appoints Virtus Group LP as Collateral Administrator and directs the Collateral Administrator to prepare the
reports in a form agreed among the Collateral Administrator, Administrative Agent and the Company.

 

(h) Information Provided to Collateral
Agent and Collateral Administrator. Without limiting the generality of any terms of this Section, neither the Collateral Agent
nor the Collateral Administrator shall have liability for any failure, inability or unwillingness on the part of the Portfolio
Manager, the Administrative Agent, the Company or the Required Financing Parties to provide accurate and complete information on
a timely basis to the Collateral Agent or the Collateral Administrator, as applicable, or otherwise on the part of any such party
to comply with the terms of this Agreement, and shall have no liability for any inaccuracy or error in the performance or observance
on the Collateral Agent's or Collateral Administrator's, as applicable, part of any of its duties hereunder that is caused by or
results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other
party to comply with the terms hereof.

 

    

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ARTICLE X

MISCELLANEOUS

 

 SECTION 10.01. Non-Petition; Limited Recourse; Limited Recourse. Each of the Collateral Agent, the Securities Intermediary, the Collateral Administrator and the Portfolio Manager hereby agrees not to commence, or join in the commencement of, any proceedings in any jurisdiction for the bankruptcy, winding-up or liquidation of the Company or any similar proceedings, in each case prior to the date that is one year and one day (or if longer, any applicable preference period plus one day) after the payment in full of all amounts owing to the parties hereto. The foregoing restrictions are a material inducement for the parties hereto to enter into this Agreement and are an essential term of this Agreement. The Administrative Agent or the Company may seek and obtain specific performance of such restrictions (including injunctive relief), including, without limitation, in any bankruptcy, winding-up, liquidation or similar proceedings. The Company shall promptly object to the institution of any bankruptcy, winding-up, liquidation or similar proceedings against it and take all necessary or advisable steps to cause the dismissal of any such proceeding; provided that such obligation shall be subject to the availability of funds therefor. Nothing in this Section 10.01 shall limit the right of any party hereto to file any claim or otherwise take any action with respect to any proceeding of the type described in this Section that was instituted by the Company or against the Company by any Person other than a party hereto.

 

Notwithstanding any other provision of this Agreement, no recourse
under any obligation, covenant or agreement of the Company or the Portfolio Manager contained in this Agreement shall be had against
any incorporator, stockholder, partner, officer, director, member, manager, employee or agent of the Company, the Portfolio Manager
or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal
or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is
solely a corporate obligation of the Company and (with respect to the express obligations of the Portfolio Manager hereunder) the
Portfolio Manager and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer,
director, member, manager, employee or agent of the Company, the Portfolio Manager or any of their respective Affiliates (solely
by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of the Company
or the Portfolio Manager contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches
by the Company or the Portfolio Manager of any of such obligations, covenants or agreements, either at common law or at equity,
or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent
is hereby expressly waived as a condition of and in consideration for the execution of this Agreement.

 

 SECTION 10.02. Notices. All notices and other communications in respect hereof (including, without limitation, any modifications hereof, or requests, waivers or consents hereunder) to be given or made by a party hereto shall be in writing (including by electronic mail or other electronic messaging system of .pdf or other similar files) to the other parties hereto at the addresses for notices specified on the Transaction Schedule (or, as to any such party, at such other address as shall be designated by such party in a notice to each other party hereto). All such notices and other communications shall be deemed to have been duly given when (a) transmitted by facsimile, (b) personally delivered, (c) in the case of a mailed notice, upon receipt, or (d) in the case of notices and communications transmitted by electronic mail or any other electronic messaging system, upon delivery, in each case given or addressed as aforesaid.

 

 SECTION 10.03. No Waiver. No failure on the part of any party hereto to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

 

    

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SECTION 10.04. Expenses; Indemnity; Damage Waiver; Right of Setoff.

 

(a)  The Company shall pay (1) all
fees and reasonable and documented out-of-pocket expenses incurred by the Agents, the Collateral Administrator, the Securities
Intermediary and their Related Parties, including the fees, charges and disbursements of outside counsel for each Agent and the
Collateral Administrator, and such other local counsel as required for the Agents and the Collateral Administrator, collectively,
in connection with the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions
hereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (2) all reasonable and documented
out-of-pocket expenses incurred by the Agents, the Collateral Administrator and the Lenders, including the fees, charges and disbursements
of outside counsel for each Agent, the Collateral Administrator and such other local counsel as required for all of them, in connection
herewith, including the enforcement or protection of their rights in connection with this Agreement, including their rights under
this Section, or in connection with the Financings provided by them hereunder, including all such reasonable and documented out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Financings.

 

(b) The Company shall indemnify the Agents,
the Collateral Administrator, the Securities Intermediary, the Lenders and each Related Party of any of the foregoing persons (each
such person being called an "Indemnitee"), against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including the fees, charges and disbursements of outside counsel for each Indemnitee
and such other local counsel as required for any Indemnitees, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (1) the execution or delivery of this Agreement or any agreement or instrument contemplated
thereby, the performance by the parties thereto of their respective obligations (including, without limitation, any breach of any
representation or warranty made by the Company or the Portfolio Manager hereunder (for the avoidance of doubt, after giving effect
to any limitation included in any such representation or warranty relating to materiality or causing a Material Adverse Effect))
or the exercise of the parties thereto of their respective rights or the consummation of the transactions contemplated hereby,
(2) any Financing or the use of the proceeds therefrom, or (3) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any
Indemnitee is a party thereto or is pursuing or defending any such action; provided that such indemnity shall not, as to
any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (i) are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, fraud, reckless
disregard or willful misconduct of such Indemnitee or (ii) with respect to the Lenders, relate to the performance of the Portfolio
Investments. This Section 10.04(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) To the extent permitted by Applicable
Law, neither the Company nor any Indemnitee shall assert, and each hereby waives, any claim against the Company or any Indemnitee,
as applicable, 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, this Agreement or any agreement, instrument or transaction contemplated
hereby, any Financing or the use of the proceeds thereof.

 

(d) If an Event of Default shall have occurred
and be continuing, each Financing Provider and each of its Affiliates is hereby authorized at any time and from time to time, to
the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final) at any time held and other obligations at any time owing by such Financing Provider or Affiliate to or for the credit
or the account of the Company against any of and all the obligations of the Company now or hereafter existing under this Agreement
held by such Financing Provider, irrespective of whether or not such Financing Provider shall have made any demand under this Agreement
and although such obligations may be unmatured. The rights of each Financing Provider under this clause (d) are in addition to
other rights and remedies (including other rights of setoff) which such Financing Provider may have.

 

    

    -65-

    

 

 SECTION 10.05. Amendments. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including, without limitation, a writing evidenced by a facsimile transmission or electronic mail) and executed by each of the Company, the Agents, the Collateral Administrator, the Required Financing Providers and the Portfolio Manager; provided, however, that any amendment to this Agreement that the Administrative Agent determines in its commercially reasonable judgment is necessary to effectuate the purposes of Section 1.04 hereof following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event and which would not result in an increase or decrease in the rights, duties or liabilities of the Portfolio Manager shall not be required to be executed by the Portfolio Manager; provided, further, that the Administrative Agent may waive any of the Eligibility Criteria and the requirements set forth in Schedule 3 or Schedule 4 in its sole discretion; provided further , that none of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be required to execute any amendment that affects its rights, duties, protections or immunities.

 

 SECTION 10.06. Successors; Assignments.

 

(a) The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except
that the Company may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent
of the Portfolio Manager, the Administrative Agent and each Financing Provider (and any attempted assignment or transfer by the
Company without such consent shall be null and void) and the Portfolio Manager may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Administrative Agent. Except as expressly set forth herein,
nothing in this Agreement, expressed or implied, shall be construed to confer upon any person any legal or equitable right, remedy
or claim under or by reason of this Agreement.

 

(b) Subject to the conditions set forth below,
any Lender may assign to one or more banks or other financial institutions (or Affiliates thereof) or, after the occurrence and
during the continuance of an Event of Default or after the occurrence of a Market Value Event, any other person, all or a portion
of its rights and obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances at
the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of the Administrative Agent;
provided that no consent of the Administrative Agent shall be required for an assignment of any Financing Commitment to
an assignee that is a Lender (or any Affiliate thereof) with a Financing Commitment immediately prior to giving effect to such
assignment.

 

Assignments shall be subject to the following
additional conditions: (A) each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender's rights and obligations under this Agreement; (B) the parties to each assignment shall execute and deliver to the Administrative
Agent an assignment and assumption agreement in form and substance acceptable to the Administrative Agent; and (C) unless a Market
Value Event has occurred or an Event of Default has occurred and is continuing, no Lender may assign this Agreement or any of its
rights and obligations under this Agreement to a Person that is primarily engaged in alternative asset management, including, without
limitation, any private equity fund, distressed asset fund or hedge fund, in each case, without the prior written consent of the
Company.

 

    

    -66-

    

 

Subject to acceptance and recording thereof
below, from and after the effective date specified in each assignment and assumption the assignee thereunder shall be a party hereto
and, to the extent of the interest assigned by such assignment and assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such assignment and assumption,
be released from its obligations under this Agreement (and, in the case of an assignment and assumption covering all of the assigning
Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto as a Lender but shall continue
to be entitled to the benefits of Sections 5.03 and 10.04).

 

The Administrative Agent, acting for this
purpose as an agent of the Company, shall maintain at one of its offices a copy of each assignment and assumption delivered to
it and a register for the recordation of the names and addresses of the Lenders, and the Financing Commitment of, and principal
amount of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the "Register").
The entries in the Register shall be conclusive absent manifest error, and the parties hereto 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 Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Company, any Lender and the Portfolio Manager, at
any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of a duly completed assignment and assumption
executed by an assigning Lender and an assignee, the Administrative Agent shall accept such assignment and assumption and record
the information contained therein in the Register.

 

(c) Any Lender may, without the consent of
the Company or the Administrative Agent, sell participations to one or more banks or other entities (a "Lender Participant")
in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Financing Commitment
and the Advances owing to it); provided that (1) such Lender's obligations under this Agreement shall remain unchanged,
(2) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (3) the
Company, the Agents and the other Financing Providers shall continue to deal solely and directly with such Lender in connection
with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such
a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Lender Participant, agree to any Material Amendment that affects such Lender Participant.
As used herein, "Material Amendment" means any amendment, modification or supplement to this Agreement that (i)
increases the Financing Commitment of any Lender, (ii) reduces the principal amount of any Advance or reduces the rate of interest
thereon, or reduces any fees payable hereunder, (iii) postpones the scheduled date of payment of the principal amount of any Advance,
or any interest thereon, or any other amounts payable hereunder, or reduces the amount of, waives or excuses any such payment,
or postpones the scheduled date of expiration of any Financing Commitment, (iv) changes any provision in a manner that would alter
the pro rata sharing of payments required hereby, or (v) changes any of the provisions of this Section or the definition of "Required
Financing Providers" or any other provision hereof specifying the number or percentage of Financing Providers required to
waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder. No Lender Participant shall
be a Person that is primarily engaged in alternative asset management, including, without limitation, any private equity fund,
distressed asset fund or hedge fund, in each case, without the prior written consent of the Company.

 

    

    -67-

    

 

(d)       Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which
it enters the name and address of each Lender Participant and the principal amounts (and stated interest) of each Lender Participant's
interest in the Advances or other obligations under this Agreement (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 Lender Participant or any information relating to a Lender 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 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 Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register. The Company agrees that each Participant
shall be entitled to the benefits of Sections 3.01(e) and 3.03 (subject to the requirements and limitations therein, including
the requirements under Section 3.03(f) (it being understood that the documentation required under Section 3.03(f) shall be delivered
to the Lender that sells the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (d) of this Section; provided that such Participant (A) agrees to be subject to the provisions of
Section 3.01(f) relating to replacement of Lenders as if it were an assignee under paragraph (b) of this Section 10.06; and (B)
shall not be entitled to receive any greater payment under Sections 3.01(e) and 3.03, with respect to any participation, than the
Lender that sells the participation would have been entitled to receive, except to the extent such entitlement to receive a greater
payment results from a Change in Law that occurs after the Lender or the Participant acquired the applicable participation. Each
Lender that sells a participation agrees, at the Company's request and expense, to use reasonable efforts to cooperate with the
Company to effectuate the replacement of Lenders provisions set forth in Section 3.01(f) with respect to any Participant.

 

 SECTION 10.07. Governing Law; Submission to Jurisdiction; Etc. 

 

(a) Governing Law. This Agreement will
be governed by and construed in accordance with the law of the State of New York.

 

(b) Submission to Jurisdiction. With
respect to any suit, action or proceedings relating to this Agreement (collectively, "Proceedings"), each party
hereto irrevocably (i) submits to the non-exclusive jurisdiction of the courts of the State of New York and the United States
District Court located in the Borough of Manhattan in New York City and (ii) waives any objection which it may have at any
time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought
in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have
any jurisdiction over such party. Nothing in this Agreement precludes any party hereto from bringing Proceedings in any other jurisdiction,
nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

 

(c) Waiver of Jury Trial. EACH OF THE
PARTIES HERETO AND THE ADMINISTRATIVE AGENT ON BEHALF OF THE FINANCING PROVIDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    

    -68-

    

 

 SECTION 10.08. Interest Rate Limitation

 

Notwithstanding anything herein to the contrary, if at any time
the interest rate applicable to any Advance, together with all fees, charges and other amounts which are treated as interest on
such Advance under applicable law (collectively the "Charges"), shall exceed the maximum lawful rate (the "Maximum
Rate") which may be contracted for, charged, taken, received or reserved by the Financing Provider holding such Advance
in accordance with applicable law, the rate of interest payable in respect of such Advance hereunder, together with all Charges
payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would
have been payable in respect of such Advance but were not payable as a result of the operation of this Section 10.08 shall
be cumulated and the interest and Charges payable to such Financing Provider in respect of other Advances or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective
Rate to the date of repayment, shall have been received by such Financing Provider.

 

 SECTION 10.09. PATRIOT Act

 

Each Financing Provider and Agent that is subject to the requirements
of the PATRIOT Act hereby notifies the Company that pursuant to the requirements of the PATRIOT Act, it is required to obtain,
verify and record information that identifies the Company, which information includes the name and address of the Company and other
information that will allow such Financing Provider or Agent to identify the Company in accordance with the PATRIOT Act.

 

 SECTION 10.10. Counterparts. This Agreement may be executed in any number of counterparts by facsimile or other written form of communication, each of which shall be deemed to be an original as against the party whose signature appears thereon, and all of which shall together constitute one and the same instrument.

 

SECTION 10.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 10.12. Acknowledgement and Consent to Bail-In of EEA Financial Institutions.. Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under this Agreement may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a) the application of any Write-Down and
Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender
that is an EEA Financial Institution; and

 

(b) the effects of any Bail-In Action on
any such liability, including, if applicable:

 

(1) a reduction in full or in part or cancellation
of any such liability;

 

    

    -69-

    

 

(2) a conversion of all, or a portion of, such liability
into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that
may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it
in lieu of any rights with respect to any such liability under this Agreement; or

 

(3) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

 

As used herein:

 

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

 

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

 

"EEA Financial Institution"
means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority,
(b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition,
or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or
(b) of this definition and is subject to consolidated supervision with its parent.

 

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

 

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

 

"EU Bail-In Legislation Schedule"
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from
time to time.

 

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

 

[remainder of page
intentionally blank]

 

    

    

    

 

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

 

	 	WHITEHORSE FINANCE CREDIT I, LLC, as Company
	 	 	 	 
	 	By: 	 WhiteHorse Finance, Inc., its Designated Manager
	 	 	 	 
	 	By	/s/ Edward J. Giordano
	 	Name: 	Edward J. Giordano
	 	Title:	Authorized Signatory
	 	 	 
	 	 	 	 
	 	WHITEHORSE FINANCE, INC., as Portfolio Manager
	 	 	 	 
	 	By	/s/ Edward J. Giordano
	 	Name:	Edward J. Giordano
	 	Title:	Chief Financial Officer

 

    

    

    

 

	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

 as Administrative
Agent
	 	 	 	 
	 	By	/s/  Louis Cerrotta
	 	Name: 	 Louis Cerrotta
	 	Title:	 Executive Director

 

    

    

    

 

	 	CITIBANK, N.A., as Collateral Agent
	 	 	 	 
	 	By	/s/ Jacqueline Suarez
	 	Name: 	Jacqueline Suarez
	 	Title:	Senior Trust Officer
	 	 	 	 
	 	 	 	 
	 	CITIBANK, N.A., as Securities Intermediary
	 	 	 	 
	 	By	/s/ Jacqueline Suarez
	 	Name: 	Jacqueline Suarez
	 	Title:	Senior Trust Officer
	 	 	 
	 	 	 	 
	 	VIRTUS GROUP LP, as Collateral Administrator
	 	 	 	 
	 	By	/s/ Joseph U. Elston
	 	Name: 	Joseph U. Elston
	 	Title:	 Partner
	 	 	 
	 	 	 
	 	The Financing Providers

	 	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender
	 	 	 	 
	 	By	/s/  Louis Cerrotta
	 	Name: 	 Louis Cerrotta
	 	Title:	Executive Director

 

    

    

    

 

SCHEDULE 1

 

Transaction Schedule

 

	1.	Types of Financing	Available	Financing Limit
	 	 	 	 	 
	 	Advances	yes	 	Prior to an Accordion Date: U.S.$200,000,000; After an Accordion Date, if any, U.S.$235,000,000
	 	 	 	 	 
	2.	Financing Providers	 	Financing Commitment
	 	 	 	 
	 	Lender:	JPMorgan Chase Bank, National Association	Prior to an Accordion Date: U.S.$200,000,000; After an Accordion Date, if any, U.S.$235,000,000, in each case, as reduced from time to time pursuant to Section 4.07
	 	 	 
	3.	Scheduled Termination Date:	December 29, 2021
	 	 	 
	4.	Interest Rates	 
	 	 	 
	 	Applicable Margin for Advances:	
        With respect to interest based on the LIBO Rate, 2.75% per annum.

        With respect to interest based on the Base Rate, 2.75% per annum.

	 	 	 
	5.	Account Numbers	 
	 	 	 
	 	Custodial Account:	11548100
	 	Collection Account:	11548200
	 	Expense Reserve Account:	11548300
	 	MV Cure Account:	11548400
	 	Unfunded Exposure Account:	11548500
	 	 	 
	6.	Market Value Trigger:	165%
	 	 	 
	7.	Purchases of Restricted Securities	 
	 	 	 
	 	Notwithstanding anything herein to the contrary, no Portfolio Investment may constitute, at the time of initial purchase, a Restricted Security.  As used herein, "Restricted Security" means any security that forms part of a new issue of publicly or privately issued securities (a) with respect to which an Affiliate of any Financing Provider that is a "broker" or a "dealer", within the meaning of the Securities Exchange Act of 1934, participated in the distribution as a member of a selling syndicate or group within 30 days of the proposed purchase by the Company and (b) which the Company proposes to purchase from any such Affiliate of any Financing Provider.  
	 	 	 	 	 	 

 

    

    -2-

    

 

	
        Addresses for Notices

	The Company:	
        WhiteHorse Finance Credit I, LLC

        1450 Brickell Avenue, 31st Floor

        Miami, FL 33131
	
        Attn: Operations

        Email: operations@higcapital.com

	 	 	 
	The Portfolio Manager:	
        WhiteHorse Finance, Inc.

        1450 Brickell Avenue, 31st Floor

        Miami, FL 33131
	
        Attn: Edward J. Giordano

        Email: egiordano@higcapital.com

        operations@higcapital.com

	 	 	 
	The Administrative Agent:	
        JPMorgan Chase Bank, National Association

        c/o JPMorgan Services Inc.

        500 Stanton Christiana Rd., 3rd Floor

        Newark, Delaware 19713
	
        Attention: DE_Custom_Business,
        attention: Nick Rapak

        Telephone: (302) 634-4961

	 	 	 
	 	
        with a copy to

         

        JPMorgan Chase Bank, National Association

        383 Madison Ave.

        New York, New York 10179
	
        Attention: Louis Cerrotta

        Telephone: 212-622-7092

        Email: louis.cerrotta@jpmorgan.com

        de_custom_business@jpmorgan.com

        NA_Private_Financing_Diligence@jpmorgan.com

	 	 	 
	The Collateral Agent:	
        Citibank, N.A.

        388 Greenwich Street

        New York, NY 10013
	
        Attention: Agency & Trust

        Whitehorse Finance Credit I, LLC

        Telephone: (713) 693-6677

        Email: jacqueline.suarez@citi.com

	 	 	 
	The Securities Intermediary:	
        Citibank, N.A.

        388 Greenwich Street

        New York, NY 10013
	
        Attention: Agency & Trust

        Whitehorse Finance Credit I, LLC

        Telephone: (713) 693-6677

        Email: jacqueline.suarez@citi.com

	 	 	 
	The Collateral Administrator:	
        Whitehorse Finance Credit I LLC c/o Virtus Group, LP

        1301 Fannin St., Suite 1700

        Houston, TX
	
        Attention: Paul Plank

        Telephone: (713) 993-4300

        Facsimile: (877) 595-1376

        Email: WhitehorseFinCredILLC@virtusllc.com

	 	 	 
	JPMCB:	
        JPMorgan Chase Bank, National Association

        c/o JPMorgan Services Inc.

        500 Stanton Christiana Rd., 3rd Floor

        Newark, Delaware 19713
	
        Attention: Robert Nichols

        Facsimile: (302) 634-1092

	 	 	 
	 	
        with a copy to:

         

        JPMorgan Chase Bank, National Association

        270 Park Avenue

        New York, New York 10017
	
         

         

         

        Attention: Eugene O'Neill

        Telephone: 212-834-9295

	 	 	 
	Each other Financing Provider:	The address (or facsimile number or electronic mail address) provided by it to the Administrative Agent.	 

 

    

    

    

 

SCHEDULE 2

 

Contents of Notices of Acquisition

 

Each Notice of Acquisition shall include the following information
for the related Portfolio Investment(s):

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

DE_Custom_Business

Attention: Nick Rapak

Email:de_custom_business@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: Michael Grogan

Email: NA_Private_Financing_Diligence@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

DE_Custom_Business

Attention: Robert Nichols

 

cc:

 

Citibank, N.A., as Collateral Agent

 

Virtus Group LP, as Collateral Administrator

 

    

    -2-

    

 

Ladies and Gentlemen:

 

Reference is hereby made to the Loan Agreement,
dated as of December 23, 2015 (as amended and restated as of June 27, 2016, as amended October 14, 2016, as amended and restated
as of June 29, 2017, as further amended and restated as of May 15, 2018 and as further amended from time to time, the "Agreement"),
among WhiteHorse Finance Credit I, LLC, as borrower (the "Company"), JPMorgan Chase Bank, National Association,
as administrative agent (the "Administrative Agent"), WhiteHorse Finance, Inc., as portfolio manager (the "Portfolio
Manager"), the financing providers party thereto and the collateral agent and securities intermediary party thereto. Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement.

 

Pursuant to the Agreement, the Portfolio
Manager hereby [requests approval for the Company to acquire][notifies the Administrative Agent of the Company's intention to acquire]
via [Purchase][Substitution] the following Portfolio Investment(s):

 

	Obligor	 	Jurisdiction	 	Identifier (LoanX)	 	Requested Notional Amount	 	Asset Class	 	Current Pay (Y/N)	 	Syndication Type	 	Lien	 	Tranche Size	 	Price	 	Spread/

Coupon	 	Base Rate	 	LIBOR Floor	 	Maturity	 	GICS3 Industry	 	LTM EBITDA (in millions)	 	LTM Capital
    Expenditures (in millions)	 	Leverage Through Tranche (Net)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

To the extent available, we have included
herewith (1) the material underlying instruments (including the collateral and security documents) relating to each such Portfolio
Investment, (2) audited financial statement for the previous most recently ended three years of the obligor of each such Portfolio
Investment, (3) quarterly statements for the previous most recently ended eight fiscal quarters of the obligor of each such Portfolio
Investment, (4) any appraisal or valuation reports conducted by third parties in connection with the proposed investment by the
Company, (5) applicable "proof of existence" details (if requested by the Administrative Agent) and (6) the ratio of
indebtedness to EBITDA as calculated by the Portfolio Manager. The Portfolio Manager acknowledges that it will provide such other
information from time to time reasonably requested by the Administrative Agent.

 

	 	Very truly yours,
	 	 
	 	WHITEHORSE FINANCE, INC., as Portfolio Manager
	 	 	 
	 	By:	           	 
	 	Name:	 
	 	Title:	 

 

    

    

    

 

SCHEDULE 3

 

Eligibility Criteria

 

		1.	Each Portfolio Investment is a Loan or a debt security and is not a Synthetic Security, a Zero-Coupon Security, a Structured
Finance Obligation, a Participation Interest (other than Initial Portfolio Investments), a Mezzanine Obligation (or, for the avoidance
of doubt, any other unsecured obligation of an obligor) or a Letter of Credit.

 

		2.	Such Portfolio Investment does not require the making of any future advance or payment by the Company to the issuer thereof
or any related counterparty except in connection with a Delayed Funding Term Loan or a Revolving Loan.

 

		3.	Such Portfolio Investment is eligible to be entered into by, sold or assigned to the Company and pledged to the Collateral
Agent.

 

		4.	Such Portfolio Investment is denominated and payable in U.S. dollars.

 

		5.	Such Portfolio Investment is issued by a company organized in an Eligible Jurisdiction and, if such company is not organized
in the United States, such company has submitted to jurisdiction in the United States in the related underlying instrument and
the related underlying instrument is governed by the laws of a State of the United States.

 

		6.	[Reserved].

 

		7.	Such Portfolio Investment is not subject to an event of default (as defined in the underlying instruments for such Portfolio
Investment) in accordance with its terms (including the terms of its underlying instruments after giving effect to any grace and/or
cure period set forth in the related loan agreement, but not to exceed five (5) days) and no Indebtedness of the obligor thereon
ranking pari passu with such Portfolio Investment is in default with respect to the payment of principal or interest for
which the lenders for such pari passu Indebtedness have elected to accelerate such Indebtedness, which such default would
trigger a default under the related loan agreement (after giving effect to any grace and/or cure period set forth in the related
loan agreement, but not to exceed five (5) days) (a "Defaulted Obligation").

 

		8.	On the Trade Date, the timely repayment of such Portfolio Investment is not subject to non-credit-related risk as determined
by the Portfolio Manager in its good faith and reasonable judgment.

 

		9.	Such Portfolio Investment is not an equity security and does not provide, on the date of acquisition, for conversion or exchange
at any time over its life into an equity security.

 

		10.	Such Portfolio Investment will not cause the Company or the pool of Collateral to be required to register as an investment
company under the Investment Company Act of 1940, as amended.

 

    

    -2-

    

 

The following capitalized terms used in
this Schedule 3 shall have the meanings set forth below:

 

"Eligible Jurisdictions"
means Canada and the United States.

 

"Letter
of Credit" means a facility whereby (i) a fronting bank ("LOC Agent Bank") issues or will issue a letter
of credit ("LC") for or on behalf of a borrower pursuant to an underlying instrument, (ii) if the LC is drawn upon, and
the borrower does not reimburse the LOC Agent Bank, the lender/participant is obligated to fund its portion of the facility and
(iii) the LOC Agent Bank passes on (in whole or in part) the fees and any other amounts it receives for providing the LC to the
lender/participant.

 

"Structured Finance Obligation"
means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of,
a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities.

 

"Synthetic Security"
means a security or swap transaction, other than a participation interest or a letter of credit, that has payments associated with
either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation.

 

"Zero-Coupon Security"
means any debt security that by its terms (a) does not bear interest for all or part of the remaining period that it is outstanding
or (b) pays interest only at its stated maturity.

 

    

    

    

 

SCHEDULE 4

 

Concentration Limitations

 

The "Concentration Limitations" shall be satisfied
on any date of determination if, in the aggregate, the Portfolio Investments owned (or in relation to a proposed purchase of a
Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth below:

 

		1.	Not more than 5% of the Collateral Principal Amount may constitute the funded principal amount and Unfunded Exposure Amount,
collateralized or uncollateralized, of Portfolio Investments issued by a single obligor and its Affiliates; provided that,
the funded principal amount and Unfunded Exposure Amount, collateralized or uncollateralized, of Portfolio Investments issued by
three obligors and their Affiliates may constitute up to 7% of the Collateral Principal Amount. Notwithstanding the foregoing,
no obligor shall deemed an Affiliate of any person solely because they are under the control of the same private equity sponsor
or similar sponsor or because such obligor is owned by a common holding company with an obligor of another obligation so long as
the collateral securing such loans is not common.

 

		2.	Not less than 55% of the Collateral Principal Amount may consist of cash, Eligible Investments representing Principal Proceeds
and the funded principal amount of Senior Secured Loans.

 

		3.	Not more than 15% of the Collateral Principal Amount may consist of the funded principal amount of Portfolio Investments whose
obligors are organized in Canada.

 

		4.	Not more than 20% of the Collateral Principal Amount may consist of the funded principal amount of obligations of obligors
with an EBITDA of less than U.S.$10,000,000 for cash flow loans, or with receivable assets of less than U.S.$85,000,000 for asset
based loans.

 

		5.	Not more than 18% of the Collateral Principal Amount may consist of the funded principal amount of Portfolio Investments that
are issued by obligors that belong to the same Moody's Industry Classification; provided that the funded principal amount
of Portfolio Investments that are issued by obligors that belong to any two Moody's Industry Classifications (with one of the two
exceptions being granted exclusively to the Services: Business classification) may constitute up to 25% of the Collateral Principal
Amount. As used herein, "Moody's Industry Classifications"
means the industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option
of the Portfolio Manager (with the consent of the Administrative Agent) if Moody's publishes revised industry classifications.

 

		6.	The Unfunded Exposure Amount, collateralized or uncollateralized, shall not exceed 10% of the Collateral Principal Amount.

 

    

    

    

 

SCHEDULE 5

 

Initial Portfolio Investments

 

    

    

    

 

SCHEDULE 6

 

	Moody's Industry Classifications
	Industry Code	Description
	1	Aerospace & Defense
	2	Automotive
	3	Banking, Finance, Insurance & Real Estate
	4	Beverage, Food & Tobacco
	5	Capital Equipment
	6	Chemicals, Plastics & Rubber
	7	Construction & Building
	8	Consumer goods:  Durable
	9	Consumer goods:  Non-durable
	10	Containers, Packaging & Glass
	11	Energy:  Electricity
	12	Energy:  Oil & Gas
	13	Environmental Industries
	14	Forest Products & Paper
	15	Healthcare & Pharmaceuticals
	16	High Tech Industries
	17	Hotel, Gaming & Leisure
	18	Media: Advertising, Printing & Publishing
	19	Media:  Broadcasting & Subscription
	20	Media:  Diversified & Production
	21	Metals & Mining
	22	Retail
	23	Services:  Business
	24	Services:  Consumer
	25	Sovereign & Public Finance
	26	Telecommunications
	27	Transportation:  Cargo
	28	Transportation:  Consumer
	29	Utilities:  Electric
	30	Utilities:  Oil & Gas
	31	Utilities:  Water
	32	Wholesale

 

    

    

    

 

EXHIBIT A

 

Form of Request for Advance

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

DE_Custom_Business

Attention: Nick Rapak

Email:de_custom_business@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: Louis Cerrotta

Email: louis.cerrotta@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Robert Nichols

cc:

 

Citibank, N.A., as Collateral Agent

 

Virtus Group LP, as Collateral Administrator

 

 

Ladies and Gentlemen:

 

Reference is hereby made to the Loan Agreement,
dated as of December 23, 2015 (as amended and restated as of June 27, 2016, as amended October 14, 2016, as amended and restated
as of June 29, 2017, as further amended and restated as of May 15, 2018 and as further amended from time to time, the "Agreement"),
among WhiteHorse Finance Credit I, LLC, as borrower (the "Company"), JPMorgan Chase Bank, National Association,
as administrative agent (the "Administrative Agent"), WhiteHorse Finance, Inc., as portfolio manager (the "Portfolio
Manager"), the financing providers party thereto, and the collateral agent and securities intermediary party thereto.
Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement.

 

    

    -2-

    

 

Pursuant to the Agreement, you are hereby
notified of the following:

 

		(1)	The Company hereby requests an Advance under Section
2.03 of the Agreement to be funded on [____________].

 

		(2)	The aggregate amount
of the Advance requested hereby is U.S.$[_________].1

 

		(3)	The proposed purchases (if any) relating to this request
are as follows:

 

	Security	 	Par	 	Price	 	Purchased Interest (if any)
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

We hereby certify that all conditions to the
Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement have been satisfied or waived as of the related
Trade Date (and shall be satisfied or waived as of the related Settlement Date).

 

	 	Very truly yours,
	 	 
	 	WhiteHorse Finance Credit I, LLC
	 	
	 	By:  WhiteHorse Finance, Inc., as Portfolio Manager
	 	 	 
	 	By:	           	 
	 	Name:	 
	 	Title:	 

 

 

 

1
Note: The requested Financing shall be in an amount such that, after giving effect thereto and the related purchase
of the applicable Portfolio Investment(s), the Borrowing Base Test is satisfied.EX-4.1

 Exhibit 4.1 

RECORDING REQUESTED BY 
 AND WHEN RECORDED MAIL TO: 

U.S. BANK NATIONAL ASSOCIATION 

633 W. FIFTH STREET, 24th FLOOR 

LOS ANGELES, CA 90071 
 ATTN:
GLOBAL CORPORATE TRUST SERVICES 
 Index as a UCC Filing and an Indenture 

This is a Security Agreement and a Mortgage of Chattels 

as well as a Mortgage of Real Estate and Other Property 

SIXTY-SEVENTH SUPPLEMENTAL INDENTURE 

FROM 
 SAN DIEGO
GAS & ELECTRIC COMPANY 
 TO 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

**************** 
 Dated as
of May 17, 2018 
  

 THIS SIXTY-SEVENTH SUPPLEMENTAL INDENTURE IS A SECURITY 

AGREEMENT AND A MORTGAGE OF CHATTELS AS WELL AS 

A MORTGAGE OF REAL ESTATE AND OTHER PROPERTY 

THIS SIXTY-SEVENTH SUPPLEMENTAL INDENTURE, dated as of May 17, 2018, by and between SAN DIEGO GAS & ELECTRIC COMPANY, a
corporation duly organized and existing under and by virtue of the laws of the State of California, having its principal office in that State in the City of San Diego (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a banking
association duly organized under an act known as the “National Bank Act,” of the United States of America, having a corporate trust office in the City of Los Angeles, State of California, as Trustee (the “Trustee”). 

WHEREAS, the Company executed and delivered a Mortgage and Deed of Trust (the “Original Indenture”), dated July 1, 1940,
to The Bank of California, National Association, as predecessor trustee to Bankers Trust Company of California, National Association, as predecessor trustee to First Trust of California, National Association, (subsequently renamed U.S. Bank Trust
National Association) as predecessor trustee to the Trustee, to secure payment of the principal of and the interest on all bonds of the Company at any time outstanding thereunder according to their tenor and effect, and to provide the terms and
provisions with respect to its First Mortgage Bonds, 3 3/8% Series due July 1, 1970, issued in the aggregate principal amount of $16,000,000 and heretofore retired; and 

WHEREAS, the Company executed and delivered to the then current trustee, a First Supplemental Indenture dated as of December 1, 1946, a
Second Supplemental Indenture dated as of March 1, 1948, a Third Supplemental Indenture dated as of April 1, 1952, a Fourth Supplemental Indenture dated as of April 1, 1954, a Fifth Supplemental Indenture dated as of October 1,
1955, a Sixth Supplemental Indenture dated as of October 1, 1957, a Seventh Supplemental Indenture dated as of October 1, 1960, an Eighth Supplemental Indenture dated as of March 1, 1967, a Tenth Supplemental Indenture dated as of
December 1, 1968, an Eleventh Supplemental Indenture dated as of February 1, 1970, a Twelfth Supplemental Indenture dated as of September 1, 1971, a Thirteenth Supplemental Indenture dated as of January 15, 1974, a Fourteenth
Supplemental Indenture dated as of December 15, 1974, a Fifteenth Supplemental Indenture dated as of May 1, 1975, a Seventeenth Supplemental Indenture dated as of July 15, 1976, an Eighteenth Supplemental Indenture dated as of
March 15, 1977, a Nineteenth Supplemental Indenture dated as of May 1, 1978, a Twentieth Supplemental Indenture dated as of March 15, 1980, a Twenty-First Supplemental Indenture dated as of August 1, 1980, a Twenty-Second
Supplemental Indenture dated as of July 15, 1981, a Twenty-Third Supplemental Indenture dated as of January 15, 1982, a Twenty-Fourth Supplemental Indenture dated as of August 16, 1982, a Twenty-Fifth Supplemental Indenture dated as
of August 16, 1982, a Twenty-Sixth Supplemental Indenture dated as of August 16, 1982, a Twenty-Seventh Supplemental Indenture dated as of June 1, 1983, a Twenty-Eighth Supplemental Indenture dated as of July 15, 1983, a
Twenty-Ninth Supplemental Indenture dated as of September 1, 1983, a Thirty-First Supplemental Indenture dated as of May 1, 1984, a Thirty-Second Supplemental Indenture dated as of December 1, 1984, a Thirty-Third Supplemental
Indenture dated as of September 1, 1985, a Thirty-Fourth Supplemental Indenture dated as of December 1, 1985, a Thirty-Fifth Supplemental Indenture dated as of July 1, 1986, a Thirty-Sixth Supplemental Indenture dated as of
December 1, 1986, a Thirty-Seventh Supplemental Indenture dated as of September 1, 1987, a Thirty-Eighth Supplemental Indenture dated as of April 15, 1990, a Thirty-Ninth Supplemental Indenture dated as of December 1, 1991, a
Fortieth Supplemental Indenture dated as of April 1, 1992, a Forty-First Supplemental Indenture dated as of June 15, 1992, a Forty-Second Supplemental Indenture dated as of September 1, 1992, a Forty-Third Supplemental Indenture dated
as of December 1, 1992, a Forty-Fourth Supplemental Indenture dated as of April 1, 1993, a Forty-Fifth Supplemental Indenture dated as of June 1, 1993, a Forty-Sixth Supplemental Indenture dated as of July 1, 1993, a
Forty-Seventh Supplemental Indenture dated as of June 1, 1995, a Forty-Eighth Supplemental Indenture dated as of June 1, 1995, a Forty-Ninth Supplemental Indenture dated as of June 1, 2004, a Fiftieth Supplemental Indenture dated as
of May 19, 2005, a Fifty-First Supplemental Indenture dated as of November 17, 2005, a Fifty-Second Supplemental Indenture dated as of June 8, 2006, a Fifty-Third Supplemental Indenture dated as of September 1, 2006, a
Fifty-Fourth Supplemental Indenture dated as of September 20, 2007, a Fifty-Fifth Supplemental Indenture dated as of May 14, 2009, a Fifty-Sixth Supplemental Indenture dated as of May 13, 2010, a Fifty-Seventh Supplemental Indenture
dated as of August 26, 2010, a Fifty-Eighth Supplemental Indenture dated as of August 18, 2011, a Fifty-Ninth Supplemental Indenture dated as of October 6, 2011, a Sixtieth Supplemental Indenture dated as of November 17, 2011, a
Sixty-First Supplemental Indenture dated as of March 22, 2012, a Sixty-Second Supplemental Indenture dated as of September 9, 2013, a Sixty-Third Supplemental Indenture dated as of 

 
March 12, 2015, a Sixty-Fourth Supplemental Indenture dated as of March 12, 2015, a Sixty-Fifth Supplemental Indenture dated May 19, 2016 and a Sixty-Sixth Supplemental Indenture
dated as of June 8, 2017, whereby, among other things, the Company set forth certain of the particulars of the Bonds of series designated “First Mortgage Bonds, 2 3/4% Series due December 1, 1981” issued in the aggregate
principal amount of $2,800,000, “First Mortgage Bonds, Series C due 1978” issued in the aggregate principal amount of $10,000,000, “First Mortgage Bonds, Series D due 1982” issued in the aggregate principal amount of $12,000,000,
“First Mortgage Bonds, Series E due 1984” issued in the aggregate principal amount of $17,000,000, “First Mortgage Bonds, Series F due 1985” issued in the aggregate principal amount of $18,000,000, “First Mortgage Bonds,
Series G due 1987” issued in the aggregate principal amount of $12,000,000, “First Mortgage Bonds, Series H due 1990” issued in the aggregate principal amount of $30,000,000, “First Mortgage Bonds, Series I due 1997” issued
in the aggregate principal amount of $25,000,000, “First Mortgage Bonds, Series J due 1998” issued in the aggregate principal amount of $35,000,000, “First Mortgage Bonds, Series K due 2000” issued in the aggregate principal
amount of $40,000,000, “First Mortgage Boards, Series L due 2001” issued in the aggregate principal amount of $45,000,000, “First Mortgage Bonds, Series M due 2004” issued in the aggregate principal amount of $75,000,000,
“First Mortgage Bonds, Series N due 1979” issued in the aggregate principal amount of $50,000,000, “First Mortgage Bonds, Series O due 1982” issued in the aggregate principal amount of $40,000,000, “First Mortgage Bonds,
Series P due 2006” issued in the aggregate principal amount of $45,000,000, “First Mortgage Bonds, Series Q due 2007” issued in the aggregate principal amount of $50,000,000, “First Mortgage Bonds, Series R due 2008” issued
in the aggregate principal amount of $50,000,000, “First Mortgage Bonds, Series S due 2010” issued in the aggregate principal amount of $50,000,000, “First Mortgage Bonds, Series T due 2010” issued in the aggregate principal
amount of $75,000,000, “First Mortgage Bonds, Series U-1 due 1984, and U-2 due 1994” issued in the aggregate principal amount of $6,567,000 for Series U-1 and $13,268,000 for Series U-2, “First Mortgage Bonds, Series V due 2011” issued in the aggregate amount of $50,000,000, “First Mortgage Bonds, Series W due
1988” issued in the aggregate principal amount of $40,000,000, “First Mortgage Bonds, Series X due 1987” issued in the aggregate principal amount of $20,000,000, “First Mortgage Bonds, Series Y due 1987” issued in the
aggregate principal amount of $15,000,000, “First Mortgage Bonds, Series Z, due 2013” issued in the aggregate principal amount of $65,000,000, “First Mortgage Bonds, Series AA, due 2018” issued in the aggregate principal amount
of $150,000,000, “First Mortgage Bonds, Series BB, due 2018” issued in the aggregate principal amount of $150,000,000, “First Mortgage Bonds, Series CC, due 2008” issued in the aggregate principal amount of $53,000,000,
“First Mortgage Bonds Series DD, due 2008” issued in the aggregate principal amount of $27,000,000, “First Mortgage Bonds, Series EE, due 2015” issued in the aggregate principal amount of $100,000,000, “First Mortgage Bonds,
Series FF, due 2007” issued in the aggregate principal amount of $35,000,000, “First Mortgage Bonds, Series GG, due 2021” issued in the aggregate principal amount of $44,250,000, “First Mortgage Bonds, Series HH, due 2021”
issued in the aggregate principal amount of $81,350,000, “First Mortgage Bonds, Series II due 2023” issued in the aggregate principal amount of $25,000,000, “First Mortgage Bonds, Series JJ, due 2015” issued in aggregate
principal amount of $100,000,000, “First Mortgage Bonds, Series KK, due 2015” issued in the aggregate principal amount of $14,400,000, “First Mortgage Bonds, Series LL, due 2022” issued in the aggregate principal amount of
$60,000,000, “First Mortgage Bonds, Series MM due 2002” issued in the aggregate principal amount of $80,000,000, “First Mortgage Bonds, Series NN” issued in the aggregate principal amount of $118,615,000, “First Mortgage
Bonds, Series OO due 2027” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series PP, due 2018” issued in the aggregate principal amount of $70,795,000, “First Mortgage Bonds, Series QQ, due
2018” issued in the aggregate principal amount of $14,915,000, “First Mortgage Bonds, Series RR, due 2021” issued in the aggregate principal amount of $60,000,000, “First Mortgage Bonds, Series SS, due 2018” issued in the
aggregate principal amount of $92,945,000, “First Mortgage Bonds, Series TT due 2020” issued in the aggregate principal amount of $57,650,000, “First Mortgage Bonds, Series UU due 2020” issued in the aggregate principal amount of
$16,700,000, “First Mortgage Bonds, Series VV due 2034” issued in the aggregate principal amount of $43,615,000, “First Mortgage Bonds, Series WW due 2034” issued in the aggregate principal amount of $40,000,000, “First
Mortgage Bonds, Series XX due 2034” issued in the aggregate principal amount of $35,000,000, “First Mortgage Bonds, Series YY due 2034” issued in the aggregate principal amount of $24,000,000, “First Mortgage Bonds, Series ZZ due
2034” issued in the aggregate principal amount of $33,650,000, “First Mortgage Bonds, Series AAA due 2039” issued in the aggregate principal amount of $75,000,000, “First Mortgage Bonds, Series BBB due 2035” issued in the
aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series CCC due 2015” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series DDD due 2026” issued in the aggregate principal
amount of $250,000,000, “First Mortgage Bonds, Series EEE due 2018” issued in the aggregate principal amount of $161,240,000, “First Mortgage Bonds, Series FFF due 2037” issued in the aggregate principal amount of $250,000,000,
“First Mortgage Bonds, Series GGG due 2039” issued in the aggregate principal amount 

  
 2 

 
of $300,000,000, “First Mortgage Bonds, Series HHH due 2040” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series III due 2040” issued in
the aggregate principal amount of $500,000,000, “First Mortgage Bonds, Series JJJ due 2021” issued in the aggregate principal amount of $350,000,000, “First Mortgage Bonds, Series LLL due 2041” issued in the aggregate principal
amount of $250,000,000, “First Mortgage Bonds, Series MMM due 2042” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series NNN due 2023” issued in the aggregate principal amount of $450,000,000,
“Floating Rate First Mortgage Bonds, Series OOO due 2017” issued in the aggregate principal amount of $140,000,000, “Amortizing First Mortgage Bonds, Series PPP due 2022” issued in the aggregate principal amount of $250,000,000,
“First Mortgage Bonds, Series QQQ due 2026” issued in the aggregate principal amount of $500,000,000 and “First Mortgage Bonds, Series RRR due 2047” issued in the aggregate principal amount of $400,000,000, respectively, all of
which First Mortgage Bonds have heretofore been retired or redeemed, except the Series VV due 2034, the Series WW due 2034, the Series XX due 2034, the Series YY due 2034, the Series ZZ due 2034, the Series AAA due 2039, the Series BBB due 2035, the
Series DDD due 2026, the Series EEE due 2018, the Series FFF due 2037, the Series GGG due 2039, the Series HHH due 2040, the Series III due 2040, the Series JJJ due 2021, the Series LLL due 2041, the Series MMM due 2042, the Series NNN due 2023, the
Series PPP due 2022, the Series QQQ due 2026 and the Series RRR due 2047, which are presently issued and outstanding; and 
 WHEREAS,
certain of the provisions of the Original Indenture have been amended by the aforesaid Second and Tenth Supplemental Indentures, a Ninth Supplemental Indenture dated as of August 1, 1968 and a Sixteenth Supplemental Indenture dated
August 28, 1975; and 
 WHEREAS, the Original Indenture and each of said Supplemental Indentures have been recorded in the Official
Records of the Recorders of the Counties of San Diego, Orange, Riverside, and Imperial in the State of California, the Counties of Yuma and Maricopa in the State of Arizona and the County of Clark in the State of Nevada, as follows: 

 

											
	 	  	 	  	 Counties of

	 Document
	  	 Official

Records
	  	 San Diego
	  	 Orange
	  	 Riverside
	  	 Imperial

						
		  	Book	  	1087	  	1062	  	1765	  	1369
	Original	  	Page	  	1	  	300	  	364	  	232
	Indenture	  	Date	  	Oct. 10, 1940	  	Oct. 10, 1940	  	July 13, 1955	  	Nov. 22, 1974
						
	First	  	Book	  	2321	  	1506	  	1765	  	1369
	Supplemental	  	Page	  	48	  	472	  	499	  	332
	Indenture	  	Date	  	Jan. 2, 1947	  	Jan. 9, 1947	  	July 13, 1955	  	Nov. 22, 1974
						
	Second	  	Book	  	2537	  	1616	  	1765	  	1369
	Supplemental	  	Page	  	363	  	190	  	448	  	343
	Indenture	  	Date	  	Mar. 16, 1948	  	Mar. 15, 1948	  	July 13, 1955	  	Nov. 22, 1974
						
	Third	  	Book	  	4424	  	2311	  	1765	  	1369
	Supplemental	  	Page	  	535	  	116	  	475	  	370
	Indenture	  	Date	  	Apr. 3, 1952	  	Apr. 3, 1952	  	July 13, 1955	  	Nov. 22, 1974
						
	Fourth	  	Book	  	5193	  	2701	  	1765	  	1369
	Supplemental	  	Page	  	217	  	153	  	336	  	409
	Indenture	  	Date	  	Apr. 2, 1954	  	Apr. 2, 1954	  	July 13, 1955	  	Nov. 22, 1974
						
	Fifth	  	Book	  	5893	  	3304	  	1829	  	2369
	Supplemental	  	Page	  	291	  	205	  	3	  	456
	Indenture	  	Date	  	Dec. 5, 1955	  	Dec. 5, 1955	  	Dec. 5, 1955	  	Nov. 22, 1974
						
	Sixth	  	Book	  	6829	  	4099	  	2175	  	1369
	Supplemental	  	Page	  	390	  	109	  	538	  	492
	Indenture	  	Date	  	Nov. 12, 1957	  	Nov. 12, 1957	  	Nov. 12, 1957	  	Nov. 22, 1974
						
	Seventh	  	Book	  	1960 Series 1	  	5455	  	2780	  	1369

  
 3 

											
	 	  	 	  	 Counties of

	 Document
	  	 Official

Records
	  	 San Diego
	  	 Orange
	  	 Riverside
	  	 Imperial

						
	Supplemental	  	Page	  	File No. 202061	  	385	  	3	  	541
	Indenture	  	Date	  	Oct. 10, 1960	  	Oct. 10, 1960	  	Oct. 10, 1960	  	Nov. 22, 1974
						
	Eighth	  	Book	  	1967 Series 8	  	8197	  	Endorsement	  	1369
	Supplemental	  	Page	  	File No. 33860	  	129	  	No. 20925	  	618
	Indenture	  	Date	  	Mar. 13, 1967	  	Mar. 13, 1967	  	Mar. 13, 1967	  	Nov. 22, 1974
						
	Ninth	  	Book	  	1968 Series 9	  	8691	  		  	1369
	Supplemental	  	Page	  		  	69	  		  	694
	Indenture	  	Doc. No.	  	138926	  	9816	  	78781	  	
		  	Date	  	Aug. 14, 1968	  	Aug. 14, 1968	  	Aug. 14, 1968	  	Nov. 22, 1974
						
	Tenth	  	Book	  	1968 Series 9	  	8810	  	Endorsement	  	1369
	Supplemental	  	Page	  		  	375	  	No. 119982	  	706
	Indenture	  	Doc. No.	  	215131	  		  		  	
		  	Date	  	Dec. 9, 1968	  	Dec. 9, 1968	  	Dec. 9, 1968	  	Nov. 22, 1974
						
	Eleventh	  	Book	  	1970	  	9217	  	Endorsement	  	1369
	Supplemental	  	Page	  		  	516	  	No. 14780	  	725
	Indenture	  	Doc. No.	  	27782	  		  		  	
		  	Date	  	Feb. 16, 1970	  	Feb. 16, 1970	  	Feb. 16, 1970	  	Nov. 22, 1974
						
	Twelfth	  	Book	  	File/Page	  	9810	  	Endorsement	  	1369
	Supplemental	  	Page	  	No. 212688	  	539	  	No. 106508	  	744
	Indenture	  	Date	  	Sept. 20, 1971	  	Sept. 20, 1971	  	Sept. 20, 1971	  	Nov. 22, 1974
						
	Thirteenth	  	Book	  	File/Page	  	11055	  	Endorsement	  	1369
	Supplemental	  	Page	  	No. 74-006878	  	1	  	No. 3853	  	763
	Indenture	  	Date	  	Jan. 10, 1974	  	Jan. 10, 1974	  	Jan. 10, 1974	  	Nov. 22, 1974
						
	Fourteenth	  	Book	  	File/Page	  	11303	  	Endorsement	  	1369
	Supplemental	  	Page	  	No. 74-322156	  	458	  	No. 157219	  	1689
	Indenture	  	Date	  	Dec. 11, 1974	  	Dec. 11, 1974	  	Dec. 11, 1974	  	Dec. 11, 1974
						
	Fifteenth	  	Book	  	File/Page	  	11395	  	Instrument	  	1374
	Supplemental	  	Page	  	No. 755-108612	  	1879	  	No. 52617	  	809
	Indenture	  	Date	  	May 7, 1975	  	May 7, 1975	  	May 7, 1975	  	May 7, 1975
						
	Sixteenth	  	Book	  	File/Page	  	11500	  	Instrument	  	1378
	Supplemental	  	Page	  	No. 75-235624	  	1620	  	No. 107732	  	952
	Indenture	  	Date	  	Sept. 2, 1975	  	Sept. 2, 1975	  	Sept. 3, 1975	  	Sept. 2, 1975
						
	Seventeenth	  	Book	  	File/Page	  	11815	  	Instrument	  	1389
	Supplemental	  	Page	  	No. 76-224493	  	640	  	No. 103484	  	687
	Indenture	  	Date	  	July 16, 1976	  	July 16, 1976	  	July 16, 1976	  	July 16, 1976
						
	Eighteenth	  	Book	  	File/Page	  	12110	  	Instrument	  	1398
	Supplemental	  	Page	  	No. 77-100483	  	58	  	No. 45619	  	1675
	Indenture	  	Date	  	Mar. 18, 1977	  	Mar. 18, 1977	  	Mar. 18, 1977	  	Mar. 18, 1977
						
	Nineteenth	  	Book	  	File/Page	  	12672	  	Instrument	  	1415
	Supplemental	  	Page	  	No. 78-194210	  	1803-1822	  	No. 94450	  	1638
	Indenture	  	Date	  	May 12, 1978	  	May 12, 1978	  	May 12, 1978	  	May 12, 1978
						
	Twentieth	  	Book	  	File/Page	  	13530	  	Instrument	  	1448
	Supplemental	  	Page	  	No. 80-082569	  	722	  	No. 47195	  	1221
	Indenture	  	Date	  	Mar. 11, 1980	  	Mar. 11,1980	  	Mar. 11, 1980	  	Mar. 11, 1980
						
	Twenty-First	  	Book	  	File/Page	  	13687	  	Instrument	  	1455

  
 4 

											
	 	  	 	  	 Counties of

	 Document
	  	 Official

Records
	  	 San Diego
	  	 Orange
	  	 Riverside
	  	 Imperial

						
	Supplemental	  	Page	  	No. 80-245100	  	349	  	No. 139349	  	1660
	Indenture	  	Date	  	Aug. 1, 1980	  	Aug. 1, 1980	  	Aug. 1, 1980	  	Aug. 1, 1980
						
	Twenty-Second	  	Book	  	File/Page	  	Instrument	  	Instrument	  	1472
	Supplemental	  	Page	  	No. 81-22576	  	No. 24605	  	No. 135815	  	508
	Indenture	  	Date	  	July 17, 1981	  	July 17, 1981	  	July 17, 1981	  	July 17, 1981
						
	Twenty-Third	  	Book	  	File/Page	  	Instrument	  	Instrument	  	1479
	Supplemental	  	Page	  	No. 82-02387	  	No. 82-031423	  	No. 16093	  	1714
	Indenture	  	Date	  	Jan. 27, 1982	  	Jan. 27, 1982	  	Jan. 27, 1982	  	Jan. 27, 1982
						
	Twenty-Fourth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1489
	Supplemental	  	Page	  	No. 82-257258	  	No. 82-291894	  	No. 82/143370212	  	
	Indenture	  	Date	  	Aug. 19, 1982	  	Aug. 19, 1982	  	Aug. 19, 1982	  	Aug. 19, 1982
						
	Twenty-Fifth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1489
	Supplemental	  	Page	  	No. 82-257259	  	No. 82-291895	  	No. 82-143371	  	236
	Indenture	  	Date	  	Aug. 19, 1982	  	Aug. 19, 1982	  	Aug. 19, 1982	  	Aug. 19, 1982
						
	Twenty-Sixth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1489
	Supplemental	  	Page	  	No. 82-257260	  	No. 82-291896	  	No. 82/143372260	  	
	Indenture	  	Date	  	Aug. 19, 1982	  	Aug. 19, 1982	  	Aug. 19, 1982	  	Aug. 19, 1982
						
	Twenty-Seventh	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1503
	Supplemental	  	Page	  	No. 83-200545	  	No. 83-253901	  	No. 118670	  	743
	Indenture	  	Date	  	June 15, 1983	  	June 15, 1983	  	June 15, 1983	  	June 15, 1983
						
	Twenty-Eighth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1505
	Supplemental	  	Page	  	No. 83-252396	  	No. 83-316224	  	No. 147671	  	583
	Indenture	  	Date	  	July 22, 1983	  	July 22, 1983	  	July 22, 1983	  	July 22, 1983
						
	Twenty-Ninth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1508
	Supplemental	  	Page	  	No. 83-339007	  	No. 83-417956	  	194083	  	1425
	Indenture	  	Date	  	Sept. 22, 1983	  	Sept. 22, 1983	  	Sept. 22, 1983	  	Sept. 22, 1983

  

											
	 	  	 	  	 Counties of
	  	 	  	 
	 	  	 Official

Records
	  	 Yuma
	  	 Maricopa
	  	 	  	 
	Thirtieth	  		  		  		  		  	
	Supplemental	  		  		  		  		  	
	Indenture	  	Book	  	Docket 1352	  	File No.	  		  	
	Consisting of	  	Page	  	272-1002	  	83-399354	  		  	
	Original and	  	Book	  	Docket 1353	  		  		  	
	Twenty-Nine	  	Page	  	1-264	  		  		  	
	Supplemental	  	Date	  	Sept. 28, 1983	  	Oct. 3, 1983	  		  	
	Indentures thereto	  		  		  		  		  	

  

															
	 	  	 	  	 Counties of

	 Document
	  	 Official

Records
	  	 San Diego
	  	 Orange
	  	 Riverside
	  	 Imperial
	  	 Yuma
	  	 Maricopa

								
	Thirty-First	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1520	  	Docket	  	File No.
	Supplemental	  	Page	  	84-161897	  	84-180870	  	92011	  	1552	  	1382	  	84-186813
	Indenture	  	Date	  	5/2/84	  	5/2/84	  	5/2/84	  	4/30/84	  	743-761	  	5/2/84
		  		  		  	4/30/84	  		  		  		  	
								
	Thirty-	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1533	  	Docket	  	File No.
	Second	  	Page	  	84-466428	  	84-517843	  	267452	  	753	  	1413	  	84-537706
	Supplemental	  	Date	  	12/14/84	  	12/14/84	  	12/14/84	  	12/14/84	  	216-235	  	12/14/84
	Indenture	  		  		  		  		  		  	12/14/84	  	

  
 5 

															
	 	  	 	  	 Counties of

	 Document
	  	 Official

Records
	  	 San Diego
	  	 Orange
	  	 Riverside
	  	 Imperial
	  	 Yuma
	  	 Maricopa

								
	Thirty-Third	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1546	  	Docket	  	File No.
	Supplemental	  	Page	  	85-323210	  	85-333505	  	198810	  	708	  	1450	  	85-418309
	Indenture	  	Date	  	9/4/85	  	9/4/85	  	9/4/85	  	9/4/85	  	816	  	9/4/85
		  		  		  		  		  		  	9/4/85	  	
								
	Thirty-Fourth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1550	  	Docket	  	File No.
	Supplemental	  	Page	  	85-42465	  	85-481794	  	270136	  	1573	  	1463	  	85-568874
	Indenture	  	Date	  	12/2/85	  	12/2/85	  	12/2/85	  	12/3/85	  	215	  	12/2/85
		  		  		  		  		  		  	12/3/85	  	
								
	Thirty-Fifth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1562	  	Docket	  	File No.
	Supplemental	  	Page	  	86-279922	  	86-290957	  	158161	  	549	  	1491	  	86-347412
	Indenture	  	Date	  	7/8/86	  	7/8/86	  	7/8/86	  	7/8/86	  	639-657	  	7/8/86
		  		  		  		  		  		  	7/8/86	  	
								
	Thirty-Sixth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1571	  	Docket	  	File/Page
	Supplemental	  	Page	  	86-576027	  	86-606666	  	314771	  	240	  	1512	  	86-680502
	Indenture	  	Date	  	12/10/86	  	12/10/86	  	12/10/86	  	12/10/86	  	5-24	  	12/10/86
		  		  		  		  		  		  	12/10/86	  	
								
	Thirty-	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1588	  	Docket	  	File/Page
	Seventh	  	Page	  	87-532270	  	87-530266	  	273181	  	844	  	1555	  	87-585903
	Supplemental	  	Date	  	9/21/87	  	9/21/87	  	9/21/87	  	9/21/87	  	844	  	9/21/87
	Indenture	  		  		  		  		  		  	9/21/87	  	
								
	Thirty-Eighth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1646	  	Docket	  	File/Page
	Supplemental	  	Page	  	90-217585	  	90-212277	  	146794	  	1280	  	1686	  	90-176460
	Indenture	  	Date	  	4/23/90	  	4/23/90	  	4/23/90	  	4/23/90	  	92-120	  	4/23/90
		  		  		  		  		  		  	4/23/90	  	
								
	Thirty-Ninth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	1687	  	Docket	  	File/Page
	Supplemental	  	Page	  	91-632073	  	91-674397	  	425578	  	743	  	1771	  	91-0574751
	Indenture	  	Date	  	12/09/91	  	12/09/91	  	12/09/91	  	12/09/91	  	711-728	  	12/09/91
		  		  		  		  		  		  	12/09/91	  	
								
	Fortieth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	92-185636	  	92-202372	  	115201	  	92-06577	  	1790	  	92-0169646
	Indenture	  	Date	  	4/1/92	  	4/1/92	  	4/1/92	  	4/1/92	  	954-970	  	4/1/92
		  		  		  		  		  		  	4/1/92	  	
								
	Forty-First	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	92-0363471	  	92-393790	  	214904	  	92-011833	  	1804	  	92-0317072
	Indenture	  	Date	  	6/11/92	  	6/11/92	  	6/11/92	  	6/11/92	  	73-88	  	6/11/92
		  		  		  		  		  		  	6/11/92	  	
								
	Forty-Second	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	92-0650893	  	92-692066	  	384167	  	92-21988	  	1824	  	92-0575062
	Indenture	  	Date	  	10/13/92	  	10/13/92	  	10/13/92	  	10/13/92	  	670-689	  	10/13/92
		  		  		  		  		  		  	10/13/92	  	
								
	Forty-Third	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	92-0788665	  	92-845626	  	471625	  	92-27082	  	1834	  	92-0700568
	Indenture	  	Date	  	12/9/92	  	12/10/92	  	12/10/92	  	12/9/92	  	187-206	  	12/9/92
		  		  		  		  		  		  	12/9/92	  	

  
 6 

															
	 	  	 	  	 Counties of

	 Document
	  	 Official

Records
	  	 San Diego
	  	 Orange
	  	 Riverside
	  	 Imperial
	  	 Yuma
	  	 Maricopa

								
	Forty-Fourth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	93-0257065	  	93-0277892	  	153382	  	93-009487	  	 1859
 Fee 09300
	  	93-0246725
	Indenture	  	Date	  	4/27/93	  	4/27/93	  	4/27/93	  	4/27/93	  	4/27/93	  	4/26/93
								
	Forty-Fifth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	93-0395609	  	93-0420127	  	239922	  	93-14224	  	Fee 14413	  	93-0403060
	Indenture	  	Date	  	6/23/93	  	6/23/93	  	6/23/93	  	6/23/93	  	6/23/93	  	6/23/93
								
	Forty-Sixth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	93-0474705	  	93-0496100	  	288868	  	93-17399	  	Fee 17163	  	93-0487598
	Indenture	  	Date	  	7/26/93	  	7/26/93	  	7/27/93	  	7/27/93	  	7/27/93	  	7/27/93
								
	Forty-Seventh	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	95-0230457	  	95-0232951	  	175604	  	95-11739	  	246-264	  	95-0313576
	Indenture	  	Date	  	6/01/95	  	6/01/95	  	6/01/95	  	6/01/95	  	6/01/95	  	6/01/95
								
	Forty-Eighth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	95-0230458	  	95-0232952	  	175605	  	95-11740	  	265-284	  	95-0313577
	Indenture	  	Date	  	6/01/95	  	6/01/95	  	6/01/95	  	6/01/95	  	6/01/95	  	6/01/95
								
	Forty-Ninth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	05-00384477	  	04-683110	  	04-0766976	  	04-021901	  	04-29663	  	04-941699
	Indenture	  	Date	  	1/14/05	  	7/28/04	  	9/28/04	  	7/15/04	  	8/16/04	  	8/13/04
								
	Fiftieth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	20050441722	  	2005000405730	  	20050145832	  	019964	  	200522373	  	20050711918
	Indenture	  	Date	  	5/25/05	  	5/26/05	  	5/25/05	  	5/25/05	  	5/25/05	  	5/27/05
								
	Fifty-First	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	20051016267	  	2005000945695	  	20050981667	  	2006005449	  	200553032	  	20051852692
	Indenture	  	Date	  	11/23/05	  	11/28/05	  	11/29/05	  	1/30/06	  	12/2/05	  	12/7/05
								
	Fifty-Second	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	2006-0413693	  	2006000404447	  	2006-0422620	  	2006-032418	  	2006-23999	  	2006-0802735
	Indenture	  	Date	  	6/12/06	  	6/16/06	  	6/12/06	  	7/11/06	  	6/12/06	  	6/14/06
								
	Fifty-Third	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	2006-0683713	  	2006000643109	  	713252	  	06-46145	  	2006-39635	  	20061310143
	Indenture	  	Date	  	9/26/06	  	9/27/06	  	9/27/06	  	9/28/06	  	9/29/06	  	10/3/06
								
	Fifty-Fourth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	2007-0625504	  	2007000581227	  	2007-0600369	  	2007-036497	  	2007-33238	  	2007-1062404
	Indenture	  	Date	  	9/25/07	  	9/25/07	  	9/25/07	  	9/25/07	  	9/25/07	  	9/26/07
								
	Fifty-Fifth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	2009-0320954	  	2009000305886	  	2009-0311041	  	2009-017587	  	16744	  	20090542104
	Indenture	  	Date	  	6/12/09	  	6/12/09	  	6/18/09	  	6/12/09	  	6/15/09	  	6/15/09
								
	Fifty-Sixth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	2010-0252569	  	2010000239342	  	2010-0235807	  	2010-012850	  	2010-12687	  	20100431348
	Indenture	  	Date	  	5/20/10	  	5/21/10	  	5/21/10	  	5/21/10	  	5/21/10	  	5/21/10

  
 7 

															
	 	  	 	  	 Counties of

	 Document
	  	 Official

Records
	  	 San Diego
	  	 Orange
	  	 Riverside
	  	 Imperial
	  	 Yuma
	  	 Maricopa

								
	Fifty-Seventh	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	2010-0490784	  	2010000458947	  	2010-0443991	  	2010-023359	  	2010-22669	  	20100800415
	Indenture	  	Date	  	9/16/10	  	9/16/10	  	9/16/10	  	9/16/10	  	9/16/10	  	9/16/10
								
	Fifty-Eighth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	2011-0503399	  	2011000478379	  	2011-0432021	  	2011-023234	  	2011-21920	  	20110802020
	Indenture	  	Date	  	09/28/11	  	09/28/11	  	09/29/11	  	09/28/11	  	09/28/11	  	09/28/11

  

													
	 Document
	  	 Official

Records
	  	 County of Clark
	  		  		  		  	
							
	Fifty-Ninth Supplemental Indenture
including the
Original
Indenture and
fifty-eight prior supplemental indentures
thereto	  	Book
Page
Date	  	File/Page
201110120001817
10/12/11	  		  		  		  	

  

																	
	 	  	 	  	 Counties of

	 Document
	  	 Official

Records
	  	 Clark
	  	 San Diego
	  	 Orange
	  	 Riverside
	  	 Imperial
	  	 Yuma
	  	 Maricopa

									
	Sixtieth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental	  	Page	  	201112010001775	  	2011-0643662	  	2011000611302	  	2011-0529988	  	2011-028759	  	2011-26889	  	20110993917
	Indenture	  	Date	  	12/1/2011	  	12/1/11	  	12/1/11	  	12/1/11	  	12/1/11	  	12/1/11	  	12/1/11
									
	Sixty-First	  	Book	  	File/Page	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental Indenture	  	Page	  	 20120410
 000789
	  	2012-0207656	  	 20120020
 0917
	  	2012-0163282	  	2012-007887	  	2012-08966	  	20120296804
		  	Date	  	4/10/12	  	4/10/12	  	4/10/12	  	4/10/12	  	4/10/12	  	4/10/12	  	4/10/12
									
	Sixty-Second	  	Book	  	File/Page	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental Indenture	  	Page	  	201309300001532	  	2013-0592759	  	2013000559137	  	0466671	  	2013022171	  	2013-26910	  	20130866250
		  	Date	  	9/30/13	  	9/30/13	  	9/30/13	  	9/26/13	  	9/26/13	  	9/30/13	  	9/30/13
									
	Sixty-Third	  	Book	  	File/Page	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental Indenture	  	Page	  	20150318-0000267	  	2015-0125062	  	2015000137709	  	2015-0105656	  	2015005389	  	2015-06017	  	2015-0308470
		  	Date	  	3/18/2015	  	3/18/2015	  	3/18/15	  	3/17/2015	  	3/20/2015	  	3/20/2015	  	5/01/15
									
	Sixty-Fourth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental Indenture	  	Page	  	20150318-0000268	  	2015-0125063	  	2015000137710	  	2015-0105657	  	2015005397	  	2015-06018	  	2015-0308471
		  	Date	  	3/18/2015	  	3/18/2015	  	3/18/2015	  	3/17/2015	  	3/20/15	  	3/20/2015	  	5/01/15
									
	Sixty-Fifth	  	Book	  	File/Page	  	File/Page	  	File/Page	  	File/Page	  	Book/Page	  	Docket	  	File/Page
	Supplemental Indenture	  	Page	  	20160525-0000179	  	2016-0255036	  	2016000231993	  	2016-0218234	  	2016010377	  	2016-12517	  	2016-0355233
		  	Date	  	5/25/2016	  	5/25/2016	  	5/24/2016	  	5/27/2016	  	6/1/2016	  	5/25/2016	  	5/24/2016

  
 8 

																	
	Sixty-Sixth Supplemental Indenture	  	 Book
 Page

Date
	  	 File/Page
 20170612-0000678

6/12/2017
	  	 File/Page
 2017-0261951

6/12/2017
	  	 File/Page
 2017000238610

6/12/2017
	  	 File/Page
 2017-0233575

6/12/2017
	  	 Book/Page
 2017013517

6/15/2017
	  	 Docket
 2017-15226

6/14/2017
	  	 File/Page
 2017-0429520

6/13/2017

 WHEREAS, the Board of Directors of the Company has duly authorized the creation of an additional series of
bonds to be designated “First Mortgage Bonds, Series SSS, due 2048,” as hereinafter set forth in this Sixty-Seventh Supplemental Indenture; and 

WHEREAS, the execution and delivery of this Sixty-Seventh Supplemental Indenture has been duly authorized by resolution of the Board of
Directors of the Company; and 
 WHEREAS, all the conditions and requirements necessary to make this Sixty-Seventh Supplemental Indenture a
valid, binding and legal instrument in accordance with its terms and for the purposes herein expressed have been performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized. 

NOW, THEREFORE, in order further to secure the payment of the principal of and premium, if any, and interest on all of the bonds of the
Company at any time outstanding under the Original Indenture, as heretofore amended and supplemented, as amended and supplemented by this Sixty-Seventh Supplemental Indenture and as the same may from time to time be further amended and supplemented
(the “Indenture”) and to secure the performance and observance of each and every of the covenants, conditions and agreements of the Indenture, as from time to time amended and supplemented, and for and in consideration of the
premises, and of the sum of One Dollar ($1.00) to the Company duly paid by the Trustee (the receipt whereof is hereby acknowledged), the Company has executed and delivered this Sixty-Seventh Supplemental Indenture and has granted, bargained, sold,
warranted, released, conveyed, assigned, transferred, mortgaged, pledged, hypothecated, granted a security interest in, set over and confirmed, and by these presents does grant, bargain, sell, warrant, release, convey, assign, transfer, mortgage,
pledge, hypothecate, grant a security interest in, set over and confirm unto U.S. Bank National Association, as Trustee, and to its respective successors in said trust forever, with power of sale, all property, real, personal and mixed, now owned or
hereafter acquired or to be acquired by the Company, and wheresoever situated (except such property as is expressly excepted or excluded from the lien and security interest of the Indenture, and property of a successor corporation or corporations
excluded from the lien and security interest thereof by the provisions of Section 3 of Article XIV thereof) subject to the rights reserved by the Company in and by other provisions of the Indenture, including in the property subject and to be
subject to the lien and security interest thereof and hereof (without in any manner limiting or impairing by the enumeration of the same the scope and intent of the foregoing or of any general description contained in the Original Indenture or in
this or any other supplemental indenture) all lands, rights-of-way, other land rights, flowage and other water rights, power houses, dams, reservoirs, docks, roads, and
buildings, structures and other land improvements; steam, and other electric generating plants, including buildings and other structures, turbines, generators, exciters, boilers and other boiler plant equipment, condensing equipment, and all
auxiliary equipment; stations and substations; electric transmission and distribution systems, including structures, poles, towers, fixtures, conduits, insulators, wires, cables, transformers, services and meters; steam heating plants and systems,
including mains and equipment; gas plants, transmission and distribution systems, including pipe lines, structures, tanks, mains, compressor stations, purifier stations, pressure holders, governors, services and meters; communication systems,
office, shop and other buildings and structures, and equipment; apparatus and equipment and materials and supplies of all other kinds and descriptions; and all municipal and other franchises, leaseholds, licenses, permits, and privileges; 

TOGETHER WITH all and singular the tenements, hereditaments and appurtenances belonging or in any wise appertaining to the aforesaid property
or any part thereof with the reversion and reversions, remainder and remainders, tolls, rents and revenues, issues, income, proceeds, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as
in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof (except such property as is expressly excepted or excluded from the lien and security interest of the
Indenture, and property of a successor corporation or corporations excluded from the lien and security thereof by the provisions of Section 3 of Article XIV thereof), subject to the rights reserved by the Company in and by other provisions of
the Indenture; 

  
 9 

 It is hereby agreed by the Company that, except as aforesaid, all the property, rights, and
franchises acquired by the Company after the date hereof shall be as fully embraced within the lien and security interest hereof as if such property were now owned by the Company and were specifically described herein and conveyed and a security
interest therein granted hereby; 
 SAVING AND EXCEPTING, HOWEVER, anything to the contrary notwithstanding contained herein or in the
granting clauses of the Original Indenture and said Supplemental Indentures (a) such property described or referred to in any of such granting clauses as has been from time to time, released or sold free from the lien and security interest of
the Original Indenture (or the Original Indenture, as supplemented) in accordance and compliance with the provisions thereof (or of the Original Indenture, as supplemented, as the case may be), and (b) all of the following property (whether now
owned by the Company or hereafter acquired by it): (1) all gas, electric energy and steam produced, purchased or otherwise acquired; (2) all contracts, choses in action, shares of stock, bonds, notes, evidences of indebtedness, and other
securities, other than any of the foregoing which may be required to be deposited from time to time with the Trustee in accordance with the provisions of the Indenture or are required by some express provision thereof to be deposited with the
Trustee; (3) merchandise and appliances at any time acquired for the purpose of sale or lease to customers and others and contracts for the sale of merchandise and appliances; (4) motor vehicles; (5) timber on land owned by the
Company; (6) minerals or mineral rights in lands owned by the Company; (7) oil, coal or gas, or oil, coal or gas rights in land owned by the Company or gas wells or oil wells or equipment therefor or coal mines or equipment therefor;
(8) fuel and other personal property which are consumable in their use in the operation of the properties of the Company; (9) bills and accounts receivable; (10) cash on hand and in banks other than such cash as may be deposited from
time to time with the Trustee in accordance with the provisions of the Indenture or as is required by some express provision thereof to be deposited with the Trustee; and (11) the last day of the term of each leasehold estate now or hereafter
enjoyed by the Company. The Company may, however, expressly subject to the lien and security interest and operation of the Original Indenture and all indentures supplemental thereto all or any part of the property of the character described in
clause (b) of this paragraph; 
 TO HAVE AND TO HOLD all said properties, real, personal and mixed, mortgaged, pledged, or conveyed and
in which a security interest has been granted by the Company as aforesaid, or intended so to be, unto the Trustee and its successors and assigns forever, subject, however, to Permitted Liens as defined in the Indenture; 

IN TRUST NEVERTHELESS, for the equal pro rata benefit and security as provided in the Original Indenture and all indentures supplemental
thereto of all and every of the bonds issued and to be issued in accordance with the provisions of the Original Indenture and all indentures supplemental thereto, without preference, priority or distinction as to lien or security interest of any
over the others by reason of priority in time of the issue, negotiation or maturity thereof, subject, however, to the provisions of the Original Indenture and all indentures supplemental thereto relating to any sinking fund or similar fund for the
benefit of the bonds of any particular series; 
 The Company does further covenant and agree with the Trustee as follows: 

ARTICLE I 
 SERIES SSS
BONDS 
 Section 1: There is hereby created, for issuance under the Original Indenture as supplemented by the
said Supplemental Indentures (including this Sixty-Seventh Supplemental Indenture), a series of bonds designated Series SSS, due 2048, each of which shall bear the descriptive title “First Mortgage Bonds, Series SSS, due 2048” (herein
sometimes referred to as “Series SSS Bonds”), and the form thereof shall contain suitable provisions with respect to the matters hereinafter in this Section specified. The Series SSS Bonds shall mature on May 15, 2048 and shall
be issued in denominations of $1,000 and integral multiples thereof as the Company may from time to time execute and deliver. The Series SSS Bonds shall bear interest at the rate and from the date, shall mature as to principal, and shall be payable
as to principal and premium, if any, and interest at such place or places and in such money, all as provided in the form of Series SSS Bond set forth on Exhibit A hereto (the “Form of Bond”) and by the applicable provisions
of the Indenture. In addition, May 17, 2018 shall be an interest payment date for the Series SSS Bonds for purposes of Section 9 of Article II of the Indenture, provided that no interest shall be payable on such date. The principal
and premium, if any, and interest on the Series SSS Bonds shall be payable at the office or agency maintained by the Company for such purpose (initially the corporate trust office of the Trustee) in the City and

  
 10 

 
County of Los Angeles, State of California and, if Series SSS Bonds are issued in definitive certificated form under the circumstances set forth in clause (2) of Section 4 of this
Article I, at the office or agency maintained by the Company for such purpose in the Borough of Manhattan, City and County of New York, State of New York. The Series SSS Bonds shall be dated as in Section 9 of Article II of the Indenture
provided with respect to registered bonds without coupons. 
 The Series SSS Bonds shall further be redeemable, exchangeable, transferable
and otherwise have the terms set forth in the Form of Bond. 
 The Series SSS Bonds shall otherwise be of such terms, provisions, tenor and
form as provided in this Sixty-Seventh Supplemental Indenture. 
 Section 2: The Series SSS Bonds shall be
executed, authenticated and delivered in accordance with the provisions and shall be entitled to the protection and security of the Original Indenture, as supplemented by this Sixty-Seventh Supplemental Indenture and the other supplemental
indentures, and shall be subject to all of the terms, conditions and covenants and limitations thereof. The aggregate principal amount of the Series SSS Bonds, which may be executed by the Company and authenticated and delivered by the Trustee and
secured by the Indenture as from time to time in effect, is limited only to the extent provided in Section 1 of Article II of the Original Indenture. The Company has authorized the issuance and sale on the date hereof of $400,000,000 aggregate
principal amount of Series SSS Bonds. The Company may, from time to time, without notice to or the consent of the registered holders of the Series SSS Bonds but upon and subject to the terms and provisions of the Indenture, increase the principal
amount of the Series SSS Bonds under the Indenture and issue such increased principal amount, or any portion thereof. Any additional Series SSS Bonds so issued shall have the same form and terms (other than offering price, the date of original
issuance and, under certain circumstances, the date from which interest thereon shall begin to accrue and the first Interest Payment Date (as defined below)) as the Series SSS Bonds previously issued and shall form a single series of bonds under the
Indenture with the previously issued Series SSS Bonds. 
 Section 3: The Series SSS Bonds shall be issued only as
fully registered bonds without coupons. The fully registered bonds without coupons and the certificate of authentication to be endorsed on all Series SSS Bonds shall be substantially in the form set forth on the Form of Bond. In addition, the Series
SSS Bonds may be issuable in whole or in part in the form of one or more securities that evidence all or part of the bonds of such series and are registered in the name of a depositary (as defined below) or a nominee thereof for such series (each, a
“Global Security”) and, in such case, the Board of Directors of the Company (or an authorized officer designated by the Board of Directors of the Company) shall appoint a clearing agency registered under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), designated to act as depositary (a “depositary”) for such Global Securities; the initial depositary so appointed is The Depository Trust Company. The definitive Series SSS
Bonds shall be numbered in such manner as the Company shall at any time or from time to time determine. 

Section 4: In the event Series SSS Bonds are issued as Global Securities the following provisions, in addition to
the provisions of the Indenture, shall apply: 
 (1) Each Global Security authenticated under the Indenture shall be registered in the
name of the depositary designated for such Global Security or a nominee thereof and delivered to such depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Series SSS Bond for all purposes of
this Supplemental Indenture. 
 (2) Notwithstanding any other provision in this Supplemental Indenture, no Global Security may be
exchanged in whole or in part for Series SSS Bonds registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any person other than the depositary for such Global Security or a nominee thereof unless
(A) such depositary has notified the Company that it is unwilling or unable to continue as depositary for the Global Security or Global Securities, as the case may be, representing the Series SSS Bonds and a successor depositary has not been
appointed by the Company within 90 days of receipt by the Company of such notification, (B) if at any time the depositary ceases to be a clearing agency registered under the Exchange Act at a time when the depositary is required to be so
registered to act as such depositary and no successor depositary shall have been appointed by the Company within 90 days after it became aware of such cessation, (C) the Company, in 

  
 11 

 
its sole discretion, executes and delivers to the Trustee a written order signed in the name of the Company by its Chairman of the Board, its President or a Vice President, and by its Treasurer,
an Assistant Treasurer, its Secretary or an Assistant Secretary to the effect that the Global Securities of such series shall be exchangeable as described below, or (D) a “completed default” (as defined in the Indenture) has occurred
and is continuing with respect to the Series SSS Bonds. If any of the events described in clauses (A) through (D) of the preceding sentence occur, the beneficial owners of interests in such Global Securities will be entitled to exchange those
interests for definitive Series SSS Bonds and, without unnecessary delay but in any event not later than the earliest date on which those interests may be so exchanged, the Company will prepare and deliver to the Trustee definitive Series SSS Bonds
in such form and denominations as are required by or pursuant to the Indenture, and in an aggregate principal amount equal to the aggregate principal amount of such Global Securities, such bonds to be duly executed by the Company. On or after the
earliest date on which such beneficial interests may be so exchanged, such Global Securities shall be surrendered from time to time by the depositary as shall be specified in the order from the Company with respect thereto (which the Company agrees
to deliver) to the Trustee, as the Company’s agent for such purpose, and in accordance with any instructions given to the Trustee and the depositary by the Company (which instructions shall be in writing but need not be contained in or
accompanied by an officers’ certificate or be accompanied by an opinion of counsel), to be exchanged, in whole or in part, for definitive Series SSS Bonds as described above without charge. The Trustee shall authenticate and make available for
delivery, in exchange for each portion of each surrendered Global Security, a like aggregate principal amount of definitive Series SSS Bonds of authorized denominations as the portion of such Global Security to be exchanged. Promptly following any
such exchange in part, such Global Security shall be returned by the Trustee to such depositary or its custodian. If a definitive Series SSS Bond is issued in exchange for any portion of a Global Security after the close of business at the place
where such exchange occurs on or after (i) any regular record date for a regularly scheduled interest payment date (an “Interest Payment Date”) for such bond and before the opening of business at that place of exchange on such
Interest Payment Date, or (ii) any special record date for the payment of interest for such bond which was not punctually paid or duly provided for on any Interest Payment Date (“Defaulted Interest”) and before the opening of
business at such place of exchange on the related proposed date for the payment of such Defaulted Interest, as the case may be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect
of such definitive bond, but shall be payable on the Interest Payment Date or proposed date for payment, as the case may be, only to the person to whom interest in respect of such portion of such Global Security shall be payable in accordance with
the provisions of the Indenture and the Series SSS Bonds. 
 (3) Subject to Clause (2) above, any exchange or transfer of a
Global Security for other Series SSS Bonds may be made in whole or in part, and all definitive Series SSS Bonds issued in exchange for or upon transfer of a Global Security or any portion thereof shall be registered in such names as the depositary
for such Global Security shall direct. 
 (4) Every Series SSS Bond authenticated and delivered upon registration of transfer of, or
in exchange for or in lieu of, a Global Security or any portion thereof, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such bond is registered in the name of a person other than the depositary for such
Global Security or a nominee thereof. 
 (5) Unless otherwise specified as contemplated by Section 1 of Article I of this
Supplemental Indenture for the Series SSS Bonds evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY OTHER PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF HAS AN INTEREST HEREIN. 

Section 5: The Series SSS Bonds may contain or have imprinted thereon such provisions or specifications not
inconsistent with the Indenture as may be required to comply with the rules of any stock exchange or any federal 

  
 12 

 
or state authority or commission, or to comply with usage with respect thereto, and may bear such other appropriate endorsements or notations as are authorized or permitted by the Indenture. 

Section 6: In the manner and subject to certain conditions and limitations specified herein and in the Indenture,
Series SSS Bonds may be exchanged without a service charge for a like aggregate principal amount of such Series SSS Bonds of other authorized denomination or denominations; provided that the Company may require payment of a sum or sums sufficient to
reimburse it for any stamp tax or other governmental charge payable in connection therewith. 
 Section 7: The
Company shall maintain in the City and County of Los Angeles, State of California, and in such other place or places as the Company may designate at any time or from time to time, an office or agency where Series SSS Bonds, including Series SSS
Bonds issued in definitive certificated form, may be presented for payment, registration, transfer and exchange as provided therein or in the Indenture. Without limitation to the foregoing, if Series SSS Bonds are issued in definitive certificated
form under the circumstances set forth in clause (2) of Section 4 of this Article I, the Company shall also maintain in the Borough of Manhattan, City and County of New York, State of New York, an office or agency where Series SSS Bonds,
including Series SSS Bonds issued in definitive certificated form, may be presented for payment, registration, transfer and exchange as provided therein or in the Indenture. Such office or agency in the City and County of Los Angeles, State of
California, and any such office or agency in the Borough of Manhattan, City and County of New York, State of New York, shall be a corporate trust office of the Trustee unless and until the Company shall designate another office or agency by notice
in writing delivered to the Trustee. 
 Section 8: No transfer or exchange of any Series SSS Bonds pursuant to any
of the provisions of this Article I shall be made except upon and in accordance with all of the applicable terms, provisions and conditions of said bonds and of the Indenture. 

ARTICLE II 

MISCELLANEOUS PROVISIONS 

Section 1: This instrument is executed and shall be construed as an indenture supplemental to the Original Indenture
and shall form a part thereof and, as supplemented by this Sixty-Seventh Supplemental Indenture, the Original Indenture as heretofore supplemented and amended is hereby confirmed. 

Section 2: All terms used in this Sixty-Seventh Supplemental Indenture shall be taken to have meaning as in the
Original Indenture, as heretofore supplemented and amended, except terms which may be otherwise expressly defined herein and in cases where the context clearly indicates otherwise. 

Section 3: In order to facilitate the filing of this Sixty-Seventh Supplemental Indenture, the same may be executed
in several counterparts, each of which, when so executed, shall be deemed to be an original, but such counterparts shall constitute but one and the same instrument. 

Section 4: All of the covenants, stipulations, promises and agreements in this Sixty-Seventh Supplemental Indenture
by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. 
 Section 5:
To the extent any provision in this Sixty-Seventh Supplemental Indenture conflicts with any provision in the Indenture, the provisions of this Sixty-Seventh Supplemental Indenture shall govern; provided, however, that in the event such
conflict would require bondholder consent, the terms and provisions of the Indenture shall govern. 
 Section 6:
The Original Indenture, as heretofore amended and supplemented, insofar as it applies to the Series SSS Bonds, this Sixty-Seventh Supplemental Indenture and the Series SSS Bonds shall be governed by and construed in accordance with the laws of the
State of California, without regard (to the extent permitted by applicable law) to conflicts of laws principles thereof; provided, that, notwithstanding the foregoing, the creation, perfection and enforcement of any mortgage or lien on real
property or improvements thereon or fixtures attached thereto under the Original Indenture, as heretofore amended and supplemented, insofar as it applies to the Series 

  
 13 

 
SSS Bonds, or this Sixty-Seventh Supplemental Indenture shall be governed by and construed in accordance with the laws of the State where such real property or improvements thereon or fixtures
attached thereto, as the case may be, are located, without regard (to the extent permitted by applicable law) to conflicts of laws principles thereof. 

{Signature Page Follows} 

  
 14 

 IN WITNESS WHEREOF, SAN DIEGO GAS & ELECTRIC COMPANY has caused this Sixty-Seventh
Supplemental Indenture to be signed in its name and behalf by its duly authorized officer and its corporate seal to be hereunto affixed duly attested by its Secretary or one of its Assistant Secretaries, and U.S. BANK NATIONAL ASSOCIATION, to
evidence its acceptance of the trusts hereby created, has caused this Sixty-Seventh Supplemental Indenture to be signed in its name and behalf by its duly authorized officer as of the day and year first above written. 

 

			
	SAN DIEGO GAS & ELECTRIC COMPANY
		
	By:	 	 /s/ Bruce A. Folkmann

	Name:	 	Bruce A. Folkmann
	Title:	 	Vice President, Controller, Chief Financial Officer, Chief Accounting Officer and Treasurer

 (CORPORATE SEAL) 
 Attest:

  

			
	By:	 	 /s/ Kari E. McCulloch

			
	Name:	 	Kari E. McCulloch
	Title:	 	Corporate Secretary

  

			
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE

 
			
		
	By:	 	 /s/ Fonda Hall

 
			
	Name:	 	Fonda Hall
	Title:	 	Vice President

 A notary public or other officer completing this certificate verifies only the identity of the individual who
signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. 
  

			
	STATE OF CALIFORNIA	  	)
		  	)    ss
	COUNTY OF SAN DIEGO	  	)

 On May 11, 2018, before me, LESLIE C. FRENCH, a Notary Public, personally appeared SCOTT D. DRURY and
KARI E. MCCULLOCH, who proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their
signatures on the instrument the persons, or the entity upon behalf of which the persons acted, executed the instrument. 
 I certify under
PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 
 WITNESS my hand and
official seal. 
  

	
	/s/ Leslie C. French
	SIGNATURE OF NOTARY PUBLIC

 A notary public or other officer completing this certificate verifies only the identity of the individual who
signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. 
  

			
	STATE OF CALIFORNIA	  	)
		  	)    ss
	COUNTY OF LOS ANGELES	  	)

 On May 16, 2018, before me, F. REIDELBACH, a Notary Public, personally appeared FONDA HALL, of U.S. BANK
NATIONAL ASSOCIATION, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her
signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 
 I certify under
PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 
 WITNESS my hand and
official seal. 
  

	
	/s/ F. Reidelbach
	SIGNATURE OF NOTARY PUBLIC

 EXHIBIT A 

FORM OF BOND 

(Attached) 

 [If this bond is issued as a global security, insert the following legend: THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY OTHER PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF HAS AN INTEREST HEREIN.] 
 SAN DIEGO GAS & ELECTRIC
COMPANY 
 (INCORPORATED UNDER THE LAWS OF THE STATE OF CALIFORNIA) 

4.150% FIRST MORTGAGE BOND, 

SERIES SSS, DUE 2048 
  

			
	No.           	  	$___________________

 CUSIP No. 797440 BW3 

ISIN No. US797440BW34 
 SAN DIEGO GAS &
ELECTRIC COMPANY, a corporation organized and existing under the laws of the State of California (hereinafter called the “Company”, which term shall include any successor corporation, as defined in the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to ____________________________, or registered assigns, the principal sum of _____________________________dollars in lawful money of the United States of America, on May 15, 2048, and
to pay interest thereon from May 17, 2018, at the rate of 4.150% per annum in like lawful money, payable semi-annually in arrears, on May 15 and November 15 (each, an “Interest Payment Date”) in each year, commencing
November 15, 2018, to the person in whose name this bond (as defined on the reverse hereof) is registered at the close of business on the immediately preceding May 1 and November 1, respectively, until the Company’s obligation
with respect to the payment of such principal (and premium, if any) shall be discharged as provided in the Indenture hereinafter mentioned. The principal of (and premium, if any) and interest on this bond will be paid at the office or agency
maintained by the Company for that purpose (initially the corporate trust office of the Trustee (as defined on the reverse hereof)) in the City and County of Los Angeles, State of California and, if Series SSS Bonds (as defined on the reverse
hereof) are issued in definitive certificated form under the circumstances set forth in clause (2) of Section 4 of Article I of the Sixty-Seventh Supplemental Indenture (as defined on the reverse hereof), at the office or agency maintained
by the Company for such purpose in the Borough of Manhattan, City and County of New York, State of New York. Notwithstanding the foregoing, so long as the registered holder of this bond is a depositary (as defined in the Sixty-Seventh Supplemental
Indenture) or its nominee, payment of the principal of and premium, if any, and interest on this bond will be made by wire transfer of immediately available funds; and, if the Series SSS Bonds are issued in definitive certificated form under the
circumstances set forth in clause (2) of Section 4 of Article I of the Sixty-Seventh Supplemental Indenture, the Company may at its option pay interest on the Series SSS Bonds in definitive certificated form by check mailed to the
addresses of the persons entitled to payment or by wire transfer to bank accounts in the United States designated in writing to the Trustee at least 15 days before the applicable Interest Payment Date by the persons entitled to such payment. 

The provisions of this bond are continued on the reverse hereof and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place. 
 This bond shall not be valid or become obligatory for any purpose unless and until U.S. BANK
NATIONAL ASSOCIATION, as Trustee under the Indenture, or its successor thereunder, shall have signed the certificate of authentication endorsed hereon. 

  
 A-1 

 IN WITNESS WHEREOF, SAN DIEGO GAS & ELECTRIC COMPANY has caused this instrument to be
executed in its name by the signature or facsimile signature of its President or any Vice President and its corporate seal or a facsimile thereof to be hereto affixed and attested by the signature or facsimile signature of its Secretary or any
Assistant Secretary. 
  

							
	Dated:                     	 		 	SAN DIEGO GAS & ELECTRIC COMPANY

							
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title	 	

  

	
	(CORPORATE SEAL)
	
	Attest:
	
	   

	Name:
	Title:

  
 A-2 

 [REVERSE SIDE OF 4.150% FIRST MORTGAGE BOND, SERIES SSS, DUE 2048] 

This bond is one of a duly authorized issue of bonds of the Company, known as its First Mortgage Bonds, of the series and designation
indicated on the face hereof (the “Series SSS Bonds”), all issued and to be issued under and equally secured by a Mortgage and Deed of Trust dated July 1, 1940, and indentures supplemental thereto, including the Sixty-Seventh
Supplemental Indenture (the “Sixty-Seventh Supplemental Indenture”) dated as of May 17, 2018 (which Mortgage and Deed of Trust, as so amended and supplemented and as the same may be further amended or supplemented from time to
time, is herein called the “Indenture”), executed by the Company to U.S. Bank National Association, as successor trustee (herein called, together with its successors in such capacity, the “Trustee”), to which
Indenture reference is hereby made for a description of the property mortgaged, pledged, hypothecated and in which a security interest was granted, the nature and extent of the security, the rights of the holders of the Series SSS Bonds as to such
security, and the terms and conditions upon which the Series SSS Bonds may be issued under the Indenture and are secured. The principal hereof may be declared or may become due on the conditions, in the manner and at the time set forth in the
Indenture, upon the happening of a completed default (as defined in the Indenture) as in the Indenture provided. This Series SSS Bond is one of a series of Series SSS Bonds and is sometimes referred to as “this bond.” 

Interest on the Series SSS Bonds will be calculated on the basis of a 360-day year consisting of
twelve 30-day months. 
 With the consent of the Company and to the extent permitted by and as
provided in the Indenture, the rights and obligations of the Company or of the holders of the Series SSS Bonds, or the terms and provisions of the Indenture or of any indentures supplemental thereto, may be modified or altered by the affirmative
vote of the holders of the percentage of principal amount of bonds required by the Indenture; provided, however, that without the consent of the holder hereof no such modification or alteration shall permit, among other things, the reduction
of the principal or premium, if any, or the extension of the maturity of the principal of this bond, or the reduction of the rate of interest hereon, or any other modification of the terms of payment of such principal or premium, if any, or
interest. 
 The Company, the Trustee, any paying agent, any registrar, and any depositary may deem and treat the person in whose name this
bond is registered as the absolute owner hereof for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest hereon and for all other purposes and shall not be affected by any notice to the
contrary. 
 Prior to November 15, 2047 (the “Par Call Date”), the Company may at the Company’s option redeem the
Series SSS Bonds, at any time in whole or from time to time in part, at a redemption price (the “Redemption Price”) for any redemption date (a “Redemption Date”) equal to the greater of the following amounts: (a)
100% of the principal amount of the Series SSS Bonds being redeemed on that Redemption Date; or (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Series SSS Bonds being redeemed on that
Redemption Date (not including any portion of any payments of accrued and unpaid interest to that Redemption Date) that would be due if the Series SSS Bonds matured, and accrued and unpaid interest was payable, on the Par Call Date, discounted to
that Redemption Date on a semiannual basis at the Adjusted Treasury Rate (as defined below) plus 15 basis points, as determined by the Independent Investment Banker (as defined below), plus, in each case, accrued and unpaid interest on the Series
SSS Bonds being redeemed to that Redemption Date. On and after the Par Call Date, the Company may at the Company’s option redeem the Series SSS Bonds, at any time in whole or from time to time in part, at a Redemption Price equal to 100% of the
principal amount of the Series SSS Bonds being redeemed, plus accrued and unpaid interest on the Series SSS Bonds being redeemed to the Redemption Date. Notwithstanding the foregoing, installments of interest on Series SSS Bonds that are due and
payable on any Interest Payment Date falling on or prior to a Redemption Date will be payable on that Interest Payment Date to the registered holders of such Series SSS Bonds as of the close of business on the relevant record date according to the
terms of the Series SSS Bonds and the Indenture. The Redemption Price will, if applicable, be calculated on the basis of a 360-day year consisting of twelve 30-day
months. 
 Notice of any redemption will be mailed at least 30 days, but not more than 60 days, before the Redemption Date to each
registered holder of the Series SSS Bonds to be redeemed. Once notice of redemption is mailed, the Series SSS Bonds called for redemption will become due and payable on the Redemption Date and at the applicable

  
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Redemption Price, plus accrued and unpaid interest to the Redemption Date, provided that the Company may rescind any notice of redemption by notice given not less than five days prior to the
proposed Redemption Date. Redemption will not be conditional upon receipt by the Trustee of monies sufficient to pay the Redemption Price. 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date interest will cease to accrue on the Series
SSS Bonds or portions thereof called for redemption. The Company will pay the Redemption Price and any accrued interest once the Series SSS Bonds are surrendered for redemption. If only a portion of any Series SSS Bonds is redeemed, the Trustee will
deliver new Series SSS Bonds for the remaining portion without charge. 
 “Adjusted Treasury Rate” means, with respect to
any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means, with respect to any Redemption
Date, the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Series SSS Bonds to be redeemed on such Redemption Date (assuming the Series SSS Bonds matured on
the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Series SSS Bonds
(assuming the Series SSS Bonds matured on the Par Call Date). 
 “Comparable Treasury Price” means, with respect to any
Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, or (B) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Independent Investment Banker” means, with respect to any Redemption Date, one of the Reference Treasury Dealers appointed
by the Company to act as the “Independent Investment Banker.” 
 “Reference Treasury Dealers” means, with respect to any
Redemption Date, (A) Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Wells Fargo Securities (or their respective affiliates which are Primary Treasury Dealers (as defined below)), and their respective successors, provided,
however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer; (B) one
Primary Treasury Dealer selected by Credit Agricole Securities (USA) Inc. and its successors; and (C) any other Primary Treasury Dealer(s) selected by the Company. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00
p.m. (New York City time) on the third business day preceding such Redemption Date. As used in the preceding sentence, “business day” means any day (other than a Saturday or Sunday) on which banking institutions in The City of New York
are not authorized or obligated by law or executive order to remain closed. 
 In the event that the Company elects to redeem only a portion
of the outstanding Series SSS Bonds, (a) the Series SSS Bonds to be redeemed shall be selected as provided in the Indenture and, in the case of Series SSS Bonds represented by a Global Security (as defined in the Sixty-Seventh Supplemental
Indenture), in accordance with the procedures of The Depository Trust Company (or its successor as depositary) and (b) in the case of any Series SSS Bond being redeemed in part, the principal amount redeemed must be $1,000 or an integral
multiple of $1,000 and the remaining principal amount must be an authorized denomination. 
 As more fully provided in and subject to the
provisions of the Indenture, the Series SSS Bonds are also subject to redemption on any date, under certain circumstances specified in the second paragraph of Section 13 of Article XI of the Indenture in case of the disposition or taking (among
other things) of certain properties of the 

  
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Company, at 100% of the principal amount thereof, together with accrued interest on the Series SSS bonds being redeemed to the date of redemption. 

This bond is transferable as prescribed in the Indenture by the registered owner hereof in person, or by his duly authorized attorney, at the
office or agency maintained by the Company for that purpose (initially the corporate trust office of the Trustee) in the City and County of Los Angeles, State of California, and, if Series SSS Bonds are issued in definitive certificated form under
the circumstances set forth in clause (2) of Section 4 of Article I of the Sixty-Seventh Supplemental Indenture, at the office or agency maintained by the Company for such purpose in the Borough of Manhattan, City and County of New York,
State of New York, upon surrender and cancellation of this bond and thereupon a new registered bond or bonds of the same series of authorized denominations and of a like aggregate principal amount, will be issued to the transferee in exchange
herefor as provided in the Indenture, upon payment of any tax or taxes or other governmental charges required to be paid by the Company by reason of such transfer. 

The registered owner of any Series SSS Bond, at the option of such holder, may surrender the same, accompanied by a written instrument of
transfer in form approved by the Company duly executed by the registered owner, at the office or agency maintained by the Company for that purpose (initially the corporate trust office of the Trustee) in the City and County of Los Angeles, State of
California and, if Series SSS Bonds are issued in definitive certificated form under the circumstances set forth in clause (2) of Section 4 of Article I of the Sixty-Seventh Supplemental Indenture, at the office or agency maintained by the
Company for such purpose in the Borough of Manhattan, City and County of New York, State of New York, for cancellation in exchange for another or other registered bonds of the said series of higher or lower authorized denominations of an aggregate
principal amount equal to the aggregate principal amount of the bond or bonds so surrendered and bearing interest as provided in Section 9 of Article II of the Indenture, and upon payment of any tax or taxes or other governmental charges
required to be paid by the Company by reason of such exchange and subject to the terms and conditions specified in the Indenture, and thereupon the Company shall execute and deliver to the Trustee and the Trustee shall authenticate and deliver such
other bonds to such registered owner at its office or at such office or agency of the Company, at the option of such registered owner. 
 No
recourse shall be had for the payment of the principal of (or premium, if any) or the interest on this bond, or any part thereof, or of any claim based herein or in respect hereof or of said Indenture, against any incorporator, or any past or future
stockholder, officer or director, as such, of the Company or of any predecessor or successor corporation, either directly or through the Company, or through any such predecessor or successor corporation, or through any receiver or a trustee in
bankruptcy, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released, as more fully provided in the Indenture. 
 This Series SSS Bond shall be governed by and construed in
accordance with the laws of the State of California, without regard (to the extent permitted by applicable law) to conflicts of laws principles thereof. 

************** 
 This bond is one
of the bonds of the series designated therein, described in the within-mentioned Indenture. 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 As
Trustee

		
	By:	 	 
		 	 Authorized Officer

 Date of Authentication:
                     

  
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