Document:

EX-10.25

 Exhibit 10.25 

Execution Version 

MASTER CO-LENDER AGREEMENT 

Dated as of December 29, 2014 

among 
 TPG RE FINANCE TRUST
CLO ISSUER, L.P. , an exempted limited partnership organized under the laws of the Cayman Islands, TPG RE FINANCE TRUST CLO ISSUER SUB, LTD., an exempted company organized under the laws of the Cayman Islands, TPG RE FINANCE TRUST CLO TRS CORP., a
Delaware corporation, and TPG RE FINANCE TRUST CLO TRS 1 CORP., a Delaware corporation, and TPG RE FINANCE TRUST CLO TRS 2 CORP., a Delaware corporation 

(collectively, as set forth herein with respect to each such Person’s ownership interests set forth on Schedule I, Interest Holder
1) 
 and 
 GERMAN AMERICAN
CAPITAL CORPORATION 
 (collectively, as set forth herein with respect to each such Person’s ownership interests set forth on Schedule I,
Interest Holder 2) 
 and 

DEUTSCHE BANK TRUST COMPANY AMERICAS and DEUTSCHE BANK AG NEW YORK BRANCH, 

(collectively, as set forth herein with respect to each Loan Asset, initial Agent) 

 MASTER CO-LENDER AGREEMENT 

THIS MASTER CO-LENDER AGREEMENT (this “Agreement”) is dated as of
December 29, 2014, by and among TPG RE FINANCE TRUST CLO ISSUER, L.P. , an exempted limited partnership organized under the laws of the Cayman Islands, TPG RE FINANCE TRUST CLO ISSUER SUB, LTD., an exempted company
organized under the laws of the Cayman Islands, TPG RE FINANCE TRUST CLO TRS CORP., a Delaware corporation, TPG RE FINANCE TRUST CLO TRS 1 CORP., a Delaware corporation, and TPG RE FINANCE TRUST
CLO TRS 2 CORP., a Delaware corporation, each having an office at c/o TPG RE Finance Trust CLO Issuer, L.P., 345 California Street, Suite 3300, San Francisco, CA 94104 (collectively (or individually, if the context shall so require), with
respect to each such Person’s Loan Interests set forth on Schedule I, “Initial Interest Holder 1”), GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation, (with respect to each such
Person’s Loan Interests set forth on Schedule I, “Initial Interest Holder 2”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation and DEUTSCHE BANK AG NEW YORK BRANCH, a
branch of Deutsche Bank AG, a banking corporation organized under the laws of the Federal Republic of Germany, each having an office at 60 Wall Street, 10th Floor, New York, NY 10005 (collectively (or individually, if the context shall so
require), as initial Agents with respect to the Loan Assets as set forth on Schedule I, and as more particularly set forth in Section 6.1 hereof, and together with such Person’s successors and/or assigns,
“Agent”). Interest Holder 1 and Interest Holder 2, in their capacities as co-lenders pursuant to this Agreement, are sometimes referred to herein each individually as an “Interest
Holder” and collectively referred to herein as “Interest Holders.” 
 RECITALS 

A. Initial Interest Holder 2 is the owner and holder of certain Loan Assets. 

B. Interest Holder 1 has agreed to purchase from Initial Interest Holder 2 and Initial Interest Holder 2 has agreed to sell to Interest
Holder 1 a portion of its interests in the Loan Assets, all subject to and in accordance with the terms and conditions set forth in that certain Master Purchase, Sale and Participation Agreement between Initial Interest Holder 2 and TPG RE FINANCE
TRUST CLO ISSUER, L.P., and dated December 18, 2014 (the “Master Purchase Agreement”). 
 C. Immediately after
closing under the Master Purchase Agreement, Interest Holder 1 and Interest Holder 2 will hold their respective Percentage Interest in the Loan Assets as set forth on Schedule 1 hereto. 

D. It is the intention and desire of the Agent and the Interest Holders to enter into this Agreement in order to set forth the
respective rights, benefits, priorities, and obligations of the Agent and the Interest Holders with respect to the Loan Assets and the other mutual understandings of the Agent and the Interest Holders. 

  
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 NOW, THEREFORE, in consideration of the foregoing, the parties hereto hereby
covenant and agree as follows: 
 ARTICLE 1 

DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

1.1 Definitions. For purposes of this Agreement (and the Recitals above), except as otherwise expressly required or unless the context clearly
indicates a contrary intent: 
 “Accepted Servicing Practices” means the same degree of care, skill, prudence and diligence
which Agent normally exercises in connection with real estate loans of substantially the same size and type as the Loan Assets that Agent holds and administers for its own account (or for the accounts of its Affiliates if such Agent does not itself
hold interests similar to the Loan Assets) (x) exercising reasonable business judgment and acting in accordance with applicable law, the terms of this Agreement and the Underlying Instruments, and (y) without regard to (1) any relationship
or ownership interest that Agent or any Affiliate thereof may have with any Borrower or any Affiliate thereof or any relationship or ownership interest that the Agent or any Affiliate thereof may have with an Interest Holder or any Affiliate
thereof, (2) any ownership interest in the Loan Interests, (3) the right of the Agent or any Affiliate thereof to receive compensation for its services or reimbursement of costs hereunder or with respect to any particular transaction,
(4) the management or servicing of mortgage loan portfolios for other third parties, (5) any obligation of the Agent or its Affiliates to make any Advances, and (6) any indemnity obligation or right on the part of the Agent or any
Affiliate thereof with respect to the Loan Assets. 
 “Accounts” means, with respect to each Loan Asset or an applicable
Loan Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, any reserve or collateral accounts relating to such Loan Asset including, without limitation, a Borrower operating account, carry cost account,
deposit account, interest reserve account, rebalancing reserve account, or portfolio deposit account. 
 “Agent” has the
meaning set forth in the Preamble. 
 “Advance” means, with respect to each Loan Asset (or an applicable Loan Asset if the
context of the use of such term refers to a specified Loan Asset or Mortgaged Property), any disbursement of the proceeds of such Loan Asset pursuant to the terms of the Underlying Instruments of such Loan Asset (which shall, for the avoidance of
doubt, exclude any Protective Advances, Reimbursable Advances or other amounts in excess of the amounts that Borrower is entitled to receive upon satisfaction of conditions precedent pursuant to the applicable Underlying Instruments). 

“Advance Conditions” has the meaning set forth in Section 6.9 of this Agreement. 

  
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 “Affiliate” means, as to any particular Person, any Person directly or
indirectly, through one or more intermediaries, Controlling, Controlled by or under common Control with the Person or Persons in question. 

“Affiliate Contracts” means any contracts between a Borrower and an Affiliate of such Borrower. 

“Agreement” has the meaning set forth in the Preamble. 

“Applicable Interest Holders” means the applicable Interest Holder or Interest Holders whose consent is required under
Section 6.3(b) or Section 6.3(c) of this Agreement for the taking of any action constituting a Major Decision. 

“Applicable Party” has the meaning set forth in Section 5.1 of this Agreement. 

“Approved REO Budget” has the meaning set forth in Section 9(k) of this Agreement. 

“Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.), as amended from time to time,
or any successor statute or any rule promulgated pursuant thereto. 
 “Borrower” means, with respect to each Loan
Asset or an applicable Loan Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, the underlying “Borrower” as such term is defined in the Underlying Instruments (or, if there is more than one
borrower of such Loan Asset, a collective reference to all such borrowers) of such Loan Asset. The definition of “Borrower” shall include the primary obligor or obligors of the underlying obligations under the Underlying Instruments of
such Loan Asset. 
 “Borrower Related Party” means, with respect to each Loan Asset or an applicable Loan Asset if the
context of the use of such term refers to a specified Loan Asset or Mortgaged Property, collectively or individually, Borrower, Guarantor, and any Affiliate of any of the foregoing, and any officer, director, employee or immediate family member of
the foregoing, and any Person acting at the direction of any of the foregoing. 
 “Business Day” means any day other than a
Saturday, Sunday or other day on which national banks in New York, New York are not open for business. 
 “Business Plan”
means, if applicable, the business plan proposed by Borrower for the construction, improvement, development, marketing, sale, leasing and operation of a Mortgaged Property. 

“Buy/Sell Purchase Price” has the meaning set forth in Section 6.5(b) of this Agreement. 

  
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 “Buying Interest Holders” has the meaning set forth in Section 6.12(b) of
this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term refers
to a specified Loan Asset or Mortgaged Property, any property other than the Mortgaged Property securing such Loan Asset or the obligations of a Guarantor of such Loan Asset. 

“Collateral Realization Event” means, with respect to a Loan Asset, the date on which an REO Holding Entity shall have
obtained any direct or indirect ownership interest in any of the collateral for such Loan Asset pursuant to the exercise of any remedies under the Loan Agreement or other loan documents related to such Loan Asset. 

“ Construction Consultant” means any construction consultant engaged by Agent on behalf of the Interest Holders with respect
to the administration of a Loan Asset under which the Mortgaged Property is undergoing construction. 
 “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise; provided, that for purposes of the
definition of “Qualified Equity Holder” herein, the term Control shall, in addition to the foregoing, require the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership interests of
such entity. The terms “Controlled by,” “Controlling” and “under common Control with” shall have the respective correlative meaning thereto. 

“Counterparty Lender” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such
term refers to a specified Loan Asset or Mortgaged Property, any third party lender or other creditor that is not a pari passu participant and/or co-lender together with the Interest Holders pursuant to
the Underlying Instruments evidencing such Loan Asset. For the avoidance of doubt, Participation Counterparties shall not be Counterparty Lenders. 

“Counterparty Payment Obligation” has the meaning set forth in Section 3.2. 

“Deadlocked Decision” has the meaning set forth in Section 6.5(a) of this Agreement. 

“Default Amount” has the meaning set forth in Section 6.10 of this Agreement. 

“Default Amount Accrued Interest” has the meaning set forth in Section 6.10(e)(i) of this Agreement. 

  
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 “Default Amount Election Notice” has the meaning set forth in Section
6.10(c) of this Agreement. 
 “Default Amount Funding Date” has the meaning set forth in Section 6.10(c) of this
Agreement. 
 “Default Amount Notice” has the meaning set forth in Section 6.10(c) of this Agreement. 

“Default Costs” has the meaning set forth in Section 6.10(e)(ii) of this Agreement. 

“Default Interest” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term
refers to a specified Loan Asset or Mortgaged Property, any and all interest accrued on such Loan Asset at the Default Rate. 

“Default Rate” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term
refers to a specified Loan Asset or Mortgaged Property, the underlying “Default Rate” as such term is defined in the Underlying Instruments of such Loan Asset (or if such term is not defined in such Underlying Instruments, the default rate
of interest set forth in the Underlying Instruments of such Loan Asset applicable to the accrual or payment of interest with respect to the Loan Asset). 

“Defaulting Lender” has the meaning set forth in Section 6.10 of this Agreement. 

“Disqualified Person” means any Person if, at the time as of which a determination is required under the terms of this
Agreement: 
 (i) such Person, or any Person that Controls such Person, is, or has been within the last seven (7) years,
a debtor in a Proceeding; or 
 (ii) such Person, or any Person that Controls such Person or is Controlled by such Person, to
the knowledge of the Person seeking the applicable approval or as determined by Agent, has ever been convicted of, or pleaded guilty to, a felony involving dishonesty, fraud or moral turpitude. 

“Distribution Date” means, with respect to any Loan Asset, (i) until a Collateral Realization Event, the second Business
Day after each Payment Date for such Loan Asset, and (ii) after a Collateral Realization Event, a Business Day from time to time as determined by the Agent, but in any event no less than once every forty-five (45) days to the extent funds
are available for distribution. 
 “Draw Request” means, with respect to (i) each Loan Asset or an applicable Loan
Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, and (ii) each Advance under such Loan Asset, the Borrower’s request for such Advance, together with Borrower’s documents and
information required by the applicable Underlying Instruments to be furnished to Agent as a condition to such Advance. 

  
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 “Electing Lender” has the meaning set forth in Section 6.10(c) of this
Agreement. 
 “Election Notice” has the meaning set forth in Section 6.5(a) of this Agreement. 

“Election Period” has the meaning set forth in Section 6.5(c) of this Agreement. 

“Eligibility Requirements” means with respect to any Person, that such Person (or a Person that has irrevocably and
unconditionally guaranteed such Person’s obligations with respect any applicable Loan Asset in a manner reasonably acceptable to Agent and each of the other Interest Holders (solely to the extent such Interest Holders hold a 12.5% or greater
Percentage Interest in the applicable Loan Asset)) (i) has at least $250,000,000 in capital/statutory surplus or shareholders’ equity and owns in its own name or is managed by a Person who has under its own fully discretionary management at
least $500,000,000 in total assets (provided, however, that if similar “eligibility requirements” contained in the Underlying Instruments for any Loan Asset, provide for a higher amount of capital/statutory surplus or
shareholders’ equity and/or a higher amount of total assets owned or under management, such higher amounts shall be deemed substituted for the amounts provided in this definition with respect to such Loan Asset) and (ii) is regularly
engaged in the business of owning or operating commercial real estate properties or making or owning commercial real estate loans (or interests therein), mezzanine loans (or interests therein) or commercial loans (or interests therein). 

“Environmental Indemnity” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of
such term refers to a specified Loan Asset or Mortgaged Property, the environmental indemnity with respect to such Loan Asset. 

“ERISA” has the meaning set forth in Section 5.1(f) of this Agreement. 

“Event of Default” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term
refers to a specified Loan Asset or Mortgaged Property, the underlying “Event of Default” as such term is defined in the Underlying Instruments of such Loan Asset. 

“Excess Default Interest” means, for any month or interest accrual period under each Loan Agreement, the amount (if any) by
which (i) interest paid by Borrower at the Default Rate exceeds (ii) interest paid by Borrower at the Interest Rate for such month or other accrual period. 

“Exercise Notice” has the meaning set forth in Section 6.10(e)(i) of this Agreement. 

“Final Notice” has the meaning set forth in Section 6.9(a) of this Agreement. 

  
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 “Funded Default Amount” has the meaning set forth in Section 6.10(c) of
this Agreement. 
 “Funded Default Amount Interest Rate” means the greater of (a) ten percent (10%) per annum, and
(b) three percent (3%) per annum over the applicable Default Rate, in each case, compounded monthly. 
 “Governmental
Authority” means any court, board, agency, commission, office or other authority of any nature whatsoever for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in
existence. 
 “Guarantor” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of
such term refers to a specified Loan Asset or Mortgaged Property, the underlying “Guarantor” as such term is defined in the Underlying Instruments (or, if there is more than one guarantor of such Loan Asset, a collective reference to all
such guarantors) of such Loan Asset. The definition of “Guarantor” shall include the secondary obligor or obligors of the underlying obligations under the Underlying Instruments of such Loan Asset. 

“Guaranty” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term refers
to a specified Loan Asset or Mortgaged Property, the guaranty of recourse obligations with respect to such Loan Asset. 
 “Guaranty
of Completion” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, the guaranty of completion with respect to such Loan Asset.

 “Initial Interest Holder 1” has the meaning set forth in the Preamble. 

“Initial Interest Holder 2” has the meaning set forth in the Preamble. 

“Initial Interest Holders” means, collectively, Initial Interest Holder 1 and Initial Interest Holder 2. 

“Initiating Interest Holder” has the meaning set forth in Section 6.5(a) of this Agreement. 

“Interest Holder” has the meaning set forth in the Preamble. 

“Interest Holder 1” means the Initial Interest Holder 1 or any subsequent holder or holders of Interest Holder 1 Interests or
any portion thereof. 
 “Interest Holder 1 Maximum Commitment” means, with respect to each Loan Asset or an applicable Loan
Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, the funding commitment for Advances pursuant to the Underlying Instruments evidencing such Loan Asset based on the Interest Holder 1 Percentage
Interest, as set forth on the Loan Interests Schedule as of the date indicated therein 

  
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 “Interest Holder 1 Interests” means, collectively, the beneficial interests held
by Interest Holder 1 in the Loan Assets, whether such interest is held directly as a direct holder of a Loan and/or note, or as a participation or sub-participation interest in a Loan Asset, as set forth with
respect to each Interest Holder 1 on the Loan Interests Schedule. 
 “Interest Holder 1 Percentage Interest” means, with
respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, as of any date, the ratio of the Interest Holder 1 Principal Balance to the Loan Asset Principal
Balance. The Interest Holder 1 Percentage Interest as of the date of this Agreement is set forth in the Loan Interests Schedule. 

“Interest Holder 1 Principal Balance” means, with respect to each Loan Asset or an applicable Loan Asset if the context of
the use of such term refers to a specified Loan Asset or Mortgaged Property, at any time of determination, the outstanding principal balance then owing under the Interest Holder 1 Interests (which shall include any Funded Default Amount that has
been funded by Interest Holder 1 and has not been paid back in full, together with interest accrued at the Funded Default Amount Interest Rate). 

“Interest Holder 2” means the Initial Interest Holder 2 or any subsequent holder or holders of Interest Holder 2 Interests or
any portion thereof. 
 “Interest Holder 2 Maximum Commitment” means, with respect to each Loan Asset or an applicable Loan
Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, the funding commitment for Advances pursuant to the Underlying Instruments evidencing such Loan Asset based on the Interest Holder 2 Percentage
Interest, as set forth on the Loan Interests Schedule as of the date indicated therein. 
 “Interest Holder 2 Interests”
means, collectively, the beneficial interests held by Interest Holder 2 in the Loan Assets, whether such interest is held directly as a direct holder of a Loan and/or note, or as a participation or
sub-participation interest in a Loan Asset, as set forth with respect to each Interest Holder 2 on the Loan Interests Schedule. 

“Interest Holder 2 Percentage Interest” means, with respect to each Loan Asset or an applicable Loan Asset if the context of
the use of such term refers to a specified Loan Asset or Mortgaged Property, as of any date, the ratio of the Interest Holder 2 Principal Balance to the Loan Asset Principal Balance. The Interest Holder 2 Percentage Interest as of the date of this
Agreement is set forth on the Loan Interests Schedule. 
 “Interest Holder 2 Principal Balance” means, with respect to each
Loan Asset or an applicable Loan Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, at any time of determination, the outstanding principal balance then owing

  
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under the Interest Holder 2 Interests (which shall include any Funded Default Amount that has been funded by Interest Holder 2 and has not been paid back in full, together with interest accrued
at the Funded Default Amount Interest Rate). 
 “Interest Rate” means, with respect to each Loan Asset or an applicable
Loan Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, the underlying “Interest Rate” as such term is defined in the Underlying Instruments of such Loan Asset (or if such term is not
defined in such Underlying Instruments, the non-default contract rate of interest set forth in the Underlying Instruments of such Loan Asset applicable to the accrual or payment of interest with respect to the
Loan Asset). 
 “Interest Rate Cap Agreement” means any interest rate protection agreement and/or other interest rate
hedging product contemplated pursuant to an Underlying Instrument. 
 “Interest Rate Differential” shall mean, with respect
to any Funded Default Amount, the difference between the amount that an Interest Holder receives as a result of being repaid at the Funded Default Amount Interest Rate and the interest on such amount actually paid by the applicable Borrower(s). 

“Legal Requirements” means, all federal, state, county, municipal and other governmental statutes, laws, rules, orders,
regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities having jurisdiction over any Loan, Borrower, Mortgaged Property, Collateral or any part thereof, or the construction, use, alteration or operation thereof, or
any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of
record or known to such Borrower, at any time in force affecting such Mortgaged Property or any part thereof, including, without limitation, any which may (a) require repairs, modifications or alterations in or to such Mortgaged Property or any
part thereof, or (b) in any way limit the use and enjoyment thereof. 
 “Lender Default” has the meaning set forth in
Section 6.10 of this Agreement. 
 “Lien” means, with respect to any asset, including any Loan
Asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of any Loan Asset or securities, any purchase option, right of first refusal, right of
first offer, call or similar right of a third party with respect to such Loan Asset or securities. 
 “Liquidation
Proceeds” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, all cash amounts (other than REO Operating Revenues) received by
Agent in connection with: (a) the taking of all or a part of any Mortgaged Property by exercise of the power of eminent 

  
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domain or condemnation, subject, however, to the rights of any tenants, and the rights of Borrower under the terms of an applicable Mortgage; (b) a casualty, in the event that such amounts
are not applied to Restoration, (c) the liquidation of all or a part of any Mortgaged Property or other collateral constituting security for any part in the Mortgage Loan through trustee’s sale, foreclosure sale, or otherwise, exclusive of
any portion thereof required to be released to any Borrower in accordance with applicable law and the terms and conditions of the Underlying Instruments; (d) the realization upon any deficiency judgment obtained against any Borrower,
(e) the sale of any REO Property, (f) payments by any Borrower or Guarantor under any Environmental Indemnity, or (g) payments by Guarantor under any Guaranty, Guaranty of Completion or other guaranty or similar credit enhancement
delivered by any Guarantor with respect to a Loan Asset. 
 “Loan Agreement” means each loan agreement or other primary
credit agreement documentation governing a Loan Asset. 
 “Loan Asset” has the meaning set forth in the Master Purchase
Agreement (which shall include, without limitation, any Participation Asset and the interests of the Interest Holders in any REO Property). 

“Loan Asset Principal Balance” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use
of such term refers to a specified Loan Asset or Mortgaged Property, as of any date, collectively, the Interest Holder 1 Principal Balance and the Interest Holder 2 Principal Balance in such Loan Asset. 

“Loan Interests” means (i) with respect to Interest Holder 1, the Interest Holder 1 Interests, and (ii) with
respect to Interest Holder 2, the Interest Holder 2 Interests. 
 “Loan Interests Schedule” means the schedule in the form
attached hereto as Schedule 1, which schedule sets forth certain principal terms of the Loan Interests (as of October 31, 2014) and the identity of the Agent for each Loan Asset, which such Loan Interest Schedule shall be updated from
time to time to reflect (a) Transfers consummated in accordance with this Agreement and the Master Purchase Agreement, (b) changes in the designated “Agent” with respect to a Loan Asset effectuated in accordance herewith, and
(c) revised loan balances. 
 “Major Decision Deadline” has the meaning set forth in Section 6.3(d) of this
Agreement. 
 “Major Decisions” means each of the actions that requires the unanimous consent of the Interest Holders or
consent of the Required Lenders under Section 6.3(b) and/or Section 6.3(c) (as applicable) of this Agreement. 

“Manager” shall mean any Person providing construction management, general contracting, property management or other similar
management services with respect to the development, construction or operation of any Mortgaged Property. 

  
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 “Master Purchase Agreement” has the meaning set forth in the Recitals to this
Agreement. 
 “Maximum Commitment” means (i) with respect to Interest Holder 1, the Interest Holder 1 Maximum
Commitment, and (ii) with respect to Interest Holder 2, the Interest Holder 2 Maximum Commitment. 
 “Minimum Release
Price” shall mean the lowest amount for which a Borrower is permitted to sell the portion of a Mortgaged Property pursuant to the Underlying Instrument. 

“Monetary Event of Default” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of
such term refers to a specified Loan Asset or Mortgaged Property, a default under the Underlying Instruments with respect to the payment of money to the extent due and payable on or with respect to the Mortgage Loan and with respect to which all
applicable cure or grace periods provided to Borrower pursuant to the Underlying Instruments have expired without Borrower having cured the same (unless such default has been waived in accordance herewith). 

“Mortgage” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term refers
to a specified Loan Asset or Mortgaged Property, the mortgage, deed of trust or other instrument creating a first priority Lien on the Mortgaged Property described therein and securing the Mortgage Loan. 

“Mortgage Loan” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term
refers to a specified Loan Asset or Mortgaged Property, (i) each individual mortgage loan that comprises such Loan Asset and (ii) with respect to each Participation Interest, the individual mortgage loan underlying such Participation Interest.

 “Mortgaged Property” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of
such term refers to a specified Loan Asset or Mortgaged Property, the real property (including the land and improvements thereon) securing the Mortgage Loan. 

“Non-Defaulting Lender” is any Interest Holder that is not a Defaulting Lender. 

“Non-Exempt Person” means a Person who has not delivered to (or does not have on file
with) the Agent for the relevant year such duly-executed form(s) or statement(s) as may, from time to time, be prescribed by law to permit the Agent to make payments to such Person free of any obligation or liability for withholding of United States
federal taxes. 
 “Note” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of
such term refers to a specified Loan Asset or Mortgaged Property, the promissory note or notes or other evidence of the indebtedness with respect to such Loan Asset. 

  
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 “Notice” has the meaning set forth in Section 11.1 of
this Agreement. 
 “Obligations” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the
use of such term refers to a specified Loan Asset or Mortgaged Property, collectively, the underlying “Obligations” as defined in the Underlying Instruments of such Loan Asset. 

“Participation Asset” means any Loan Asset that is subject to a co-lender agreement
and/or participation agreement with lenders holding interests other than the Loan Interests. 
 “Participation Buy/Sell
Notice” has the meaning set forth in Section 6.12(b) of this Agreement. 
 “Participation Counterparty”
shall mean any third party that has an interest (either as a participant or co-lender) in a loan under an Underlying Instrument relating to a Participation Asset, which interest is not a Loan Interest and is pari passu with the Loan
Interests. 
 “Participation Disposition Opportunity” has the meaning set forth in Section 6.12(a) of this
Agreement. 
 “Participation Interest” means, with respect to each Loan Asset or an applicable Loan Asset if the context of
the use of such term refers to a specified Loan Asset or Mortgaged Property, an individual participation or co-lender interest in such Loan Asset owned or assigned by an Interest Holder under the Master
Purchase Agreement (or pursuant to subsequent transactions). 
 “Participation Notice” has the meaning set forth in
Section 6.12(a) of this Agreement. 
 “Participation Purchase Opportunity” has the meaning set forth in Section
6.12(a) of this Agreement. 
 “Payment Date” means, with respect to each Loan Asset or an applicable Loan Asset if the
context of the use of such term refers to a specified Loan Asset or Mortgaged Property, the stated payment date for the payment of interest, principal or other scheduled payments that are not related to reimbursable expenses on such Loan Asset. 

“Percentage Interest” means with respect to a Loan Asset (i) with respect to Interest Holder 1, the Interest Holder 1
Percentage Interest in such Loan Asset, and (ii) with respect to Interest Holder 2, the Interest Holder 2 Percentage Interest in such Loan Asset. 

“Permitted Fund Manager” means any Person that on the date of determination is (I) TPG Global, LLC or any Person Controlled
or managed by, or under common Control or management with, TPG Global, LLC, or (II) a nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate properties, commercial real 

  
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estate loans (or interests therein), mezzanine loans (or interests therein) or commercial loans (or interests therein), (ii) investing through a fund or funds with committed capital of at least
$250,000,000 in the aggregate (provided, however, that if a definition of “Permitted Fund Manager” contained in the Underlying Instruments for any Loan Asset provides for a higher amount of committed capital, such higher
amount shall be deemed substituted for the amount provided in this definition), and (iii) not a Disqualified Person or a Prohibited Person. 

“Person” means any individual, sole proprietorship, corporation, general partnership, limited partnership, limited liability
company or partnership, joint venture, association, joint stock company, bank, trust, estate unincorporated organization, any federal, state, county or municipal government (or any agency or political subdivision thereof) endowment fund or any other
form of entity. 
 “Preliminary Notice” has the meaning set forth in Section 6.9(a) of this Agreement. 

“Post-Foreclosure Plan” has the meaning set forth in Section 6.2(k) of this Agreement. 

“Proceeding” has the meaning set forth in Section 4.2(a) of this Agreement. 

“Prohibited Person” means any Person: 

(i) listed in the annex to, or who is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist
Financing, effective September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (the “Executive Order”); 

(ii) that is owned or Controlled by, or acting for or on behalf of, any person or entity that is listed in the annex to, or is
otherwise subject to the provisions of, the Executive Order; 
 (iii) with whom a Person is prohibited from dealing or
otherwise engaging in any transaction by any terrorism or money laundering law, including the Executive Order; 
 (iv) who
commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; 
 (v) that is
named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website or at any replacement website or other replacement
official publication of such list; or 
 (vi) who is an Affiliate of a Person listed in clauses (i) through
(v) above; 

  
 13 

 
in each case with respect to the foregoing with the result that the investment in Borrower or any direct and/or indirect owner of Borrower or any Guarantor under an applicable Loan Asset, as
applicable (whether directly or indirectly), would be prohibited by law, or the Loan Assets would be in violation of law. 

“Protective Advances” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such
term refers to a specified Loan Asset or Mortgaged Property, all sums advanced for the purpose of payment of real estate taxes (including special payments in lieu of real estate taxes), maintenance costs, insurance premiums or other items (including
capital items and operating expenses) reasonably necessary to preserve, protect, maintain or defend a Mortgaged Property or lien (or priority of such lien) of any Underlying Instrument (including, but not limited to, all reasonable attorneys’
fees, costs relating to the entry upon a Mortgaged Property to make repairs and the payment, purchase, contest or compromise of any encumbrance, charge or lien which in the judgment of Agent appears to be prior or superior to a Mortgage) from any
intervening lien, forfeiture, casualty, loss, waste, diminution or reduction in value. 
 “Purchase Date” has the meaning
set forth in Section 6.10(e)(i) of this Agreement. 
 “Purchase Price” has the meaning set forth in Section
6.10(e)(ii) of this Agreement. 
 “Qualified Agent” shall mean a Person that (a) is (I) a Qualified Equity Holder
or (II) a Permitted Fund Manager that either satisfies the Eligibility Requirements or otherwise demonstrates that it possesses adequate net worth and liquidity capacity to fulfill its obligations hereunder in a manner reasonably acceptable to
Agent and each of the other Interest Holders (solely to the extent such Interest Holders hold a 12.5% or greater Percentage Interest in the applicable Loan Asset), and (b) has the administrative capacity (which may be achieved pursuant to the
engagement of a servicer that has such capacity) to perform the functions of Agent hereunder (as determined by the Required Lenders appointing such Person in their reasonable discretion). 

“Qualified Equity Holder” means a Person that (a) is not a Disqualified Person or a Prohibited Person and (b) is
one or more of the following: 
 (i) a real estate investment trust, bank, saving and loan association, investment bank,
insurance company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan that satisfies the Eligibility Requirements; 

(ii) an investment company, money management firm or “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended, that satisfies the Eligibility Requirements; 

  
 14 

 (iii) an institution substantially similar to any of the foregoing entities
described in clauses (i) and (ii) that satisfies the Eligibility Requirements; and 
 (iv) any entity
Controlling, Controlled by or under common Control with any of the entities described in clauses (i) through (iii) above that satisfies the Eligibility Requirements; 

(v) an investment fund, limited liability company, limited partnership or general partnership in which a Permitted Fund Manager
acts as the general partner, managing member, or the fund manager responsible for the day to day management and operation of such investment vehicle and at least 50% of the equity interests in such investment vehicle are owned, directly or
indirectly, by one or more of the following: an entity that is otherwise a Qualified Equity Holder under clause (i) through (iv) of the definition of Qualified Equity Holder, an institutional “accredited investor”,
within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended, or a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Exchange Act of 1934, as amended,
provided such institutional “accredited investors” or “qualified institutional buyers” that are used to satisfy the fifty percent (50%) test set forth above in this clause (v) satisfy the financial tests set
forth in clause (i) of the definition of Eligibility Requirements; or 
 (vi) the Initial Interest Holders. 

“Qualified Manager” shall mean a reputable manager and/or contractor that is not an Affiliate of Agent (except that a
portfolio company Affiliate of Interest Holder 1 that otherwise meets the requirements of this definition and that is not actively managed or controlled by the same Persons that control Interest Holder 1 shall not be considered an Affiliate of Agent
for purposes of this definition) with at least five (5) years of experience in performing the managerial function for which such Person is engaged as Manager in the same jurisdiction in which the Mortgaged Property is located, and which such
Person has developed, constructed and/or managed (as applicable) at least ten (10) properties of the same type as the Mortgaged Property. 

“Register” shall have the meaning set forth in Section 6.7 of this Agreement. 

“Reimbursable Advances” has the meaning set forth in Section 6.6 of this Agreement. 

“Reinstatement Distribution” has the meaning set forth in Section 4.2(b) of this Agreement. 

“REO Holding Entity” has the meaning set forth in Section 6.2(k) of this Agreement. 

  
 15 

 “REO Property” means, with respect to each Loan Asset or an applicable Loan
Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, any portion of any Mortgaged Property or Collateral acquired through foreclosure, power of sale, acceptance of a deed-in-lieu of foreclosure or otherwise. 
 “REO Net Operating Income” has the
meaning set forth in Section 6.2(k) of this Agreement. 
 “REO Operating Expenses” has the meaning set forth in
Section 6.2(k) of this Agreement. 
 “REO Operating Revenues” means all income, rents, profits and proceeds derived
from the ownership, operation or leasing of any REO Property (not including any proceeds derived from the sale of such REO Property). 

“REO Sale Revenues” means all income, profits and proceeds derived from the sale of an REO Property or portions of an REO
Property. 
 “Replacement Lender” has the meaning set forth in Section 6.10(f)(i) of this Agreement. 

“Requested Advance Date” means, with respect to (i) each Loan Asset or an applicable Loan Asset if the context of the
use of such term refers to a specified Loan Asset or Mortgaged Property, and (ii) each Advance under such Loan Asset, the date on which Borrower requests that an Advance be made in accordance with the terms of the applicable Underlying
Instruments. 
 “Required Lenders” means, as of any date, Interest Holders that collectively hold Loan Interests with an
aggregate underlying principal balance at least equal to sixty six and two-thirds percent (66 2/3%) of the Loan Asset Principal Balance (excluding any Interest Holder that is a Defaulting Lender as of such
date and the principal balance of the Loan Interests held by such Defaulting Lender). 
 “Required Debt Service Payment
Amount” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, on each Payment Date through and including the Maturity Date, an
amount equal to interest accruing and payable on the outstanding principal balance of such Loan Asset for the immediately preceding interest period at the applicable interest rate calculated in accordance with the Underlying Instruments of such Loan
Asset. 
 “Responding Interest Holder” has the meaning set forth in Section 6.5(a) of this Agreement. 

“Response Notice” has the meaning set forth in Section 6.5(c) of this Agreement. 

  
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 “Restoration” means, with respect to each Loan Asset or an applicable Loan Asset
if the context of the use of such term refers to a specified Loan Asset or Mortgaged Property, the repair and restoration of the Mortgaged Property after a casualty or condemnation to substantially the condition the Mortgaged Property was in
immediately prior to such casualty or condemnation, with such alterations as may be approved by Agent. 
 “Selling Interest
Holders” has the meaning set forth in Section 6.12(b) of this Agreement. 
 “Servicer” has the meaning set
forth in Section 9.2 of this Agreement. 
 “Servicing Agreement” means that certain Interim Loan
Administration Services Agreement dated on or around the date hereof by and between German American Capital Corporation, Deutsche Bank Trust Company Americas, Deutsche Bank AG New York Branch, TPG RE Finance Trust CLO Issuer, L.P., TPG RE Finance
Trust CLO Issuer Sub, Ltd., TPG RE Finance Trust CLO TRS Corp., TPG RE Finance Trust CLO TRS 1 Corp., TPG RE Finance Trust CLO TRS 2 Corp., Hanover Street Capital, LLC and Situs Asset Management LLC. 

Servicing Fee” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such term refers to
a specified Loan Asset or Mortgaged Property, the fee paid to a servicer/trustee for the servicing and administration of such Loan Asset pursuant to the Underlying Instruments for the Loan Asset. 

“Taxes” means any income or other taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature, now
or hereafter imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein. 

“Title Insurance Policy” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of such
term refers to a specified Loan Asset or Mortgaged Property, the mortgagee title insurance policies with respect to the Mortgage Property and insuring the lien of the Mortgage. 

“Transfer” means any direct or indirect assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a
security interest, issuance or grant of a participation, sub participation or other interest in, change in Control, or other disposition, at any tier of ownership, either directly or indirectly, by operation of law or otherwise. 

“UCC Title Insurance Policy” means, with respect to each Loan Asset or an applicable Loan Asset if the context of the use of
such term refers to a specified Loan Asset or Collateral, (a) a UCC Title Policy with regard to the pledge of membership interests in Borrower securing payment obligations under the Mortgage Loan or a guaranty thereof, or (b) with respect
to a mezzanine loan, a UCC Title Policy with regard to the pledge of membership interests in the Person(s) owned by Borrower. 

  
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 “Underlying Instruments” has the meaning set forth in the Master Purchase
Agreement. 
 “Waiting Period” has the meaning set forth in Section 6.2(e) of this Agreement. 

1.2 Principles of Construction. All references to sections and schedules are to sections and schedules in or to this Agreement
unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein
shall be equally applicable to both the singular and plural forms of the terms so defined. All capitalized words and phrases not otherwise defined in this Agreement shall have the meaning ascribed to them in the applicable Underlying Instruments if
the context of the use of such words or phrases refers to an individual Mortgaged Property and/or specified Loan Asset. Capitalized words and phrases used in Section 5.1(i) and Section 5.1(j) hereof that are not otherwise defined in
this Agreement shall have the meanings ascribed to them in the Master Purchase Agreement. 
 ARTICLE 2 

LOAN ADVANCES 
 2.1
Loan Advances Generally. Each Interest Holder shall be severally but not jointly liable for the funding of such Interest Holder’s Percentage Interest of all Advances under each of the Loan Assets to be made to Borrower upon the
terms and subject to the conditions of this Agreement. Each Interest Holder’s obligation to fund such Interest Holder’s Percentage Interest of each Advance shall be the sole responsibility of such Interest Holder and shall be made in
accordance with this Agreement and the applicable Loan Agreement. Each Interest Holder acknowledges that with respect to Advances it shall only be responsible for its respective Maximum Commitment and in no circumstances shall any Interest Holder
have any liability or obligation with respect to any other Interest Holder’s funding obligations. Any future Advance made by an Interest Holder will automatically and without further action increase its related Loan Asset Principal Balance in
the corresponding amount of such future Advance and upon such increase, each Interest Holder shall be entitled to payments based on such increased Loan Asset Principal Balance in accordance with Section 3.1. 

  
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 ARTICLE 3 

PAYMENTS 
 3.1
Payments. With respect to each Loan Asset, all amounts tendered by Borrower and/or Guarantor and received by Agent or any Interest Holder pursuant to the Underlying Instruments on account of a Loan Asset or otherwise available for
payment on such Loan Asset whether received in the form of monthly payments of interest and/or principal, balloon payments, prepayments, Liquidation Proceeds, late fees, Default Interest, net proceeds under hazard or other insurance policies,
amounts received in payment of claims under any Title Insurance Policy or UCC Title Insurance Policy, condemnation proceeds, settlements in respect of any condemnation or REO Net Operating Income (other than any amounts deposited for reserves or
escrows required under the Underlying Instruments and net proceeds, awards or settlements to be applied to the restoration of Mortgaged Property in accordance with the Underlying Instruments) shall be applied on each Distribution Date in the
following order of priority, it being acknowledged and agreed that amounts received by Agent or any Interest Holder and distributed pursuant to the steps below shall in all events (i) comply with and be subject to the Underlying Instruments
with respect to each Loan Asset and (ii) exclude any amounts (if any) payable to any Counterparty Lender and/or Participation Counterparty pursuant to the terms of the Underlying Instruments: 

(a) First, to Agent (or its designee) in an amount equal to all accrued and unpaid Servicing Fees applicable to such Loan Asset; 

(b) Second, to Agent (or its designee), to pay for all Protective Advances made by Agent (or its designee), Reimbursable Advances made by
Agent (or its designee), and all other out of pocket costs and expenses incurred by Agent (or its designee) with respect to such Loan Asset in accordance herewith (including, without limitation, unreimbursed REO Operating Expenses), which amounts
shall be repaid (I) at the applicable Interest Rate to the extent that such amounts are then required to be paid with interest by Borrower pursuant to the Underlying Instruments, and (II) at the Funded Default Amount Interest Rate with
respect to any such amounts not reimbursed within forty-five (45) days (either by the application of this Section 3.1 and/or by reimbursement from the Interest Holders); 

(c) Third, pro rata to the applicable Interest Holders (in accordance with the amount of Protective Advances and Reimbursable Advances made by
the relevant Interest Holders and not reimbursed under clause (b) above), to pay for all Protective Advances and Reimbursable Advances and unreimbursed REO Operating Expenses (solely to the extent incurred in accordance with this Agreement)
made by such Interest Holders, which amounts shall be repaid (I) at the applicable Interest Rate to the extent that such amounts are then required to be paid with interest by Borrower pursuant to the Underlying Instruments, and (II) at the
Funded Default Amount Interest Rate with respect to any such amounts advanced by Electing Lenders in place of Defaulting Lenders; 
 (d)
Fourth, pari passu to the Interest Holders in an amount equal to each such Interest Holder’s share (on a pro rata basis based on their respective Percentage Interests) of the Required Debt Service Payment Amount, to be applied in payment
of interest applicable to such Loan Asset, provided that notwithstanding the foregoing, with respect to any Funded Default 

  
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Amount constituting principal on a Loan Asset funded by an Electing Lender, (i) the Defaulting Lender shall not receive interest and (ii) such Electing Lender shall receive interest at
the Funded Default Amount Interest Rate; 
 (e) Fifth, pari passu to the Interest Holders (on a pro rata basis based on their
respective Percentage Interests) in reduction of the principal amount of such Loan Asset; provided that only amounts that are to be applied as principal under the Underlying Instruments (i.e. not including fees, make-wholes or similar
amounts) shall be applied pursuant to this clause (e), and provided, further, that any Funded Default Amount constituting principal on a Loan Asset funded by an Electing Lender shall be repaid to such Electing Lender and not to
the Defaulting Lender and the amount otherwise to be paid to such Defaulting Lender pursuant to this clause (e) shall be further reduced by an amount equal to the Interest Rate Differential distributed to such Electing Lenders on account
of interest on the Funded Default Amount of such Defaulting Lender pursuant to the immediately preceding clause (d); 
 (f) Sixth,
any amount (other than Default Interest paid by Borrower on account of Protective Advances and/or Reimbursable Advances) paid by Borrower and not otherwise applied in accordance with the foregoing clauses (a) through (e),
including, without limitation, all payments of prepayment fees, exit fees and return differential, pro rata (based on their respective Percentage Interests) to each of the Interest Holders applicable to such Loan Asset; 

(g) Seventh, pari passu to the applicable Interest Holders, their pro rata portion (based on their respective Percentage Interests) (in
accordance with the amount of Protective Advances and Reimbursable Advances made by the relevant Interest Holders), of (i) any Excess Default Interest and (ii) late charges, or other charges payable under the Underlying Instruments, in
each case, solely (A) to the extent attributable to any Protective Advances and Reimbursable Advances made by such Interest Holders, and (B) to the extent actually paid by such Borrower; 

(h) Eighth, pari passu to the Interest Holders, their pro rata portion (based on their respective Percentage Interests) of (i) any
Excess Default Interest and (ii) late charges, or other charges payable under the Underlying Instruments, in each case under clauses (i) and (ii), to the extent actually paid by Borrower and not already paid pursuant to
the immediately preceding clause (g); and 
 (i) Ninth, any amount paid by Borrower or otherwise recovered from any Mortgaged
Property or Collateral applicable to such Loan Asset and not otherwise applied in accordance with the foregoing clauses (a) through (h), pari passu to the Interest Holders, to each of the Interest Holders pro rata in
proportion to its Percentage Interest. 
 3.2 Counterparty Payment Obligations Excluded. With respect to each Loan Asset, to
the extent any Interest Holder has a right to payment on account of a Counterparty Lender’s and/or Participation Counterparty’s obligation to fund additional amounts pursuant to the Underlying Instruments of a Loan Asset (the
“Counterparty Payment Obligation”), no amounts payable on account of any Counterparty Payment Obligation shall be included in payments under 

  
 20 

 
Section 3.1 above. In the event of any failed Counterparty Payment Obligation that entitles the Interest Holders of the relevant Loan Asset to fund such Counterparty
Payment Obligation, Agent shall deliver reasonable notice of and provide reasonable opportunity to fund the failed Counterparty Payment Obligation to the extent applicable and in accordance with the Underlying Instruments of such Loan Asset, and if
more than one Interest Holder elects to fund such Counterparty Payment Obligation, such amounts shall be funded in proportion to the Percentage Interests of each Interest Holder under such applicable Loan Asset (or in such other amounts as may be
agreed in writing among the Interest Holders). The rights of any Interest Holder that funds a failed Counterparty Payment Obligation shall be governed by the terms of the applicable Underlying Instruments. 

3.3 Payments Held in Trust. Each of the Interest Holders agrees that if at any time it shall receive from any sources
whatsoever any payment on account of any Loan Asset (other than from Agent pursuant to this Agreement), it will promptly remit such payment to Agent within five (5) Business Days of receipt thereof, and such Agent shall hold such payment in
trust for the other Interest Holder(s) pending distribution to the Interest Holders in accordance with the requirements of this Agreement. Any such payment not remitted to Agent within five (5) Business Days of receipt thereof shall accrue
interest at the Interest Rate from the date such Interest Holder received such payment until the date remitted to Agent, which interest shall be due and payable from such Interest Holder at the time such payment is remitted to Agent. 

ARTICLE 4 
 NOTICE OF
DEFAULT; BANKRUPTCY OF BORROWER 
 4.1 Notice of Default. With respect to each Loan Asset, in the event of an Event of
Default under the Underlying Instruments of any Loan Asset, Agent will provide to the Interest Holders a copy of any related notice of default delivered to the applicable Borrower in the same manner and at the same time such notice is given to such
Borrower, and such notice shall be sent to the Interest Holders in the manner provided for in Section 11.1 below. Notwithstanding the foregoing, the failure of Agent to provide any such notice to the Interest Holders shall
not affect, limit, modify, or waive in any manner or respect the Event of Default with respect to the relevant Borrower(s). The foregoing shall not, and shall not be deemed to, limit, affect, modify or waive in any manner or respect Agent’s
rights and remedies upon the occurrence of a default that is not a Monetary Event of Default which Agent determines, in its good faith judgment, to be or create an emergency or to necessitate an immediate response or action in order to preserve or
protect the applicable Mortgaged Property, the collateral or the health and/or safety of any tenant or other persons and their property on or at, occupying or using all or any portion of, the applicable Mortgaged Property. 

4.2 Bankruptcy of Borrower and Guarantor. 

(a) This Agreement shall be applicable both before and after the commencement, whether voluntary or involuntary, of any case, proceeding or
other action under 

  
 21 

 
any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors (a “Proceeding”) by or against any Borrower or Guarantor.
In the event of a Proceeding by or against any Borrower, all references herein to such Borrower shall be deemed to apply to the fee title holder or leasehold holder of such Borrower’s Mortgaged Property as a debtor-in-possession and to any trustee in bankruptcy for the estate of the fee title holder or leasehold holder of such Mortgaged Property. With respect to any Loan Asset that is a Participation Asset, such
Interest Holder acknowledges that any claim it may have under the Loan Asset in any bankruptcy action with respect to its participation interest constitutes a single claim which is not separate and apart from any claim held by the applicable
noteholder of such Loan Asset, and in no event shall such Interest Holder that is a participant seek to file a separate claim in any bankruptcy case involving a Borrower or any Guarantor. 

(b) If Agent holding or having distributed any amount received or collected in respect of any of the Loan Assets is required under bankruptcy
or other law, to return such amount to a Borrower, the estate in bankruptcy thereof, any Guarantor, any third party or any trustee, receiver or other similar representative of a Borrower, then, notwithstanding any other provision of this Agreement,
each Interest Holder, as applicable, will promptly on demand repay to Agent the portion thereof which shall have been theretofore distributed to such Interest Holder, as applicable (a “Reinstatement Distribution”) and, then, to the
maximum extent permitted by law, this Agreement shall be reinstated with respect to any such Reinstatement Distribution. 
 ARTICLE 5

 COVENANTS, REPRESENTATIONS AND WARRANTIES 

5.1 Representations and Warranties of Applicable Parties. Each Interest Holder and Agent (as applicable, the “Applicable
Party”) hereby makes (only as to itself, and not with respect to any other Applicable Party) the following representations, warranties and covenants to the other Applicable Parties as of the date hereof: 

(a) The Applicable Party has the power, authority and legal right to execute, deliver and perform this Agreement. This Agreement has been duly
authorized by all necessary action of the Applicable Party, duly executed and delivered by the Applicable Party and constitutes valid and binding obligations of such party enforceable against the Applicable Party in accordance with its terms,
subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at
law). 
 (b) Neither the execution, delivery or performance by the Applicable Party of this Agreement nor compliance by it with the terms
and provisions hereof (i) will contravene any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict or be inconsistent with or result in
any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in 

  
 22 

 
the creation or imposition of (or the obligation to create or impose) any lien upon any of the property or assets of the Applicable Party pursuant to the terms of any indenture, mortgage, deed of
trust, credit agreement, loan agreement, partnership agreement or any other agreement, contract or instrument to which the Applicable Party is a party or by which it or any of its property or assets is bound or to which it may be subject or
(iii) will violate any provision of the organizational documents of the Applicable Party. 
 (c) No order, consent, approval, license,
authorization or validation of, or filing, recording or registration with (except as have been obtained or made prior to the date hereof), or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to
authorize, or is required in connection with, (i) the execution, delivery and performance by the Applicable Party of this Agreement or (ii) the legality, validity, binding effect or enforceability of this Agreement with respect to the
Applicable Party. 
 (d) No litigation is pending with regard to which the Applicable Party has received service of process or, to its
actual knowledge, is threatened against it, the outcome of which, in its good faith and reasonable judgment, could reasonably be expected to prohibit it from entering into this Agreement or materially and adversely affect its ability to perform its
obligations under this Agreement. 
 (e) The Applicable Party holds no direct or indirect equity interest in any Borrower, except, if
applicable, for its Percentage Interest in any Loan Asset. 
 (f) It is acting on its own behalf and it is not an employee benefit plan as
defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to Title 1 of ERISA, nor a plan as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as
amended (each of the foregoing hereinafter referred to collectively as a “Plan”); (ii) its assets do not constitute “plan assets” of one or more such Plans within the meaning of the Department of Labor Regulation Section 2510.3-101; and (iii) it will not be reconstituted as a Plan or as an entity whose assets constitute “plan assets.” 

(g) Each Applicable Party has not dealt with any broker, investment banker, agent or other person that may be entitled to any commission or
compensation in connection with this Agreement and the Notes. Each Applicable Party shall indemnify, defend and hold harmless the other Applicable Parties from and against any loss, claim or damages incurred by the other Applicable Parties if the
foregoing representation is not accurate as to such indemnifying Applicable Party. 
 (h) Each Interest Holder is a Qualified Equity Holder
(and not solely as a result of the application of clause (vi) of the definition thereof). 
 (i) Initial Interest Holder 1
acknowledges that: (i) Initial Interest Holder 1 and its counsel, have had a reasonable opportunity (A) to review the Underlying Instruments and any other material provided by Initial Interest Holder 2 with respect to each Loan Asset, and
(B) to 

  
 23 

 
interview, to submit oral and written questions to, and to make additional information requests from Initial Interest Holder 2, Hanover Street Capital LLC and their respective personnel; and
(ii) it has availed itself of such opportunity. 
 (j) Without in any way limiting any of Initial Interest Holder 2’s
representations or warranties expressly contained in the Master Purchase Agreement or any remedies of Buyer (as defined in the Master Purchase Agreement) related to any breach thereof, Initial Interest Holder 1 represents in each case with respect
to and to the extent of the Applicable Portion of each Loan Asset being Assigned to it under the Master Purchase Agreement and under the other Sale Documents (as defined in the Master Purchase Agreement), that (i) it has been provided with
copies of the Underlying Instruments contained in the Data Room as of the Data Room Cut-Off Date and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into the Master Purchase Agreement and the other Sale Documents and to purchase the Assignments (as defined in the Master Purchase Agreement) and Participations (as defined in the Master Purchase Agreement) thereunder and under the
other Sale Documents on the basis of which it has made such analysis and decision independently and without reliance on Initial Interest Holder 2 (or any other lender or agent under the Underlying Instruments); and (ii) it agrees that it will,
independently and without reliance on Initial Interest Holder 2, any other lender or agent under the Underlying Instruments, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Underlying Instruments. 
 ARTICLE 6 

ADMINISTRATION OF THE MORTGAGE LOANS 

6.1 Appointment and Replacement of Agent. 

(a) (i) With respect to each Loan Asset, if any, for which the Underlying Instruments do not provide for an “agent”, as to which one
Interest Holder is the lender of record and the other Interest Holders hold participation interests granted by such lender of record, the Interest Holders hereby appoint such lender of record (set forth on Schedule I hereto) as the
“Agent” for such Loan Asset under this Agreement, and such Agent shall exercise all of the powers and responsibilities of the Agent for such Loan Asset in accordance with this Agreement, and all references to the term “Agent”
herein with respect to such Loan Assets shall refer to such Interest Holder. 
 (ii) With respect to all Loan Assets not described in the
immediately preceding clause (i), the Interest Holders hereby appoint the Person designated on Schedule I with respect to each such Loan Asset as the initial “Agent” for such Loan Asset under this Agreement, and all
references to the term “Agent” herein with respect to such Loan Assets shall refer to such Person. By its signature to this Agreement, each such initial Agent agrees to be bound by the provisions of this Agreement.

  
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Furthermore, the parties hereto agree as follows: 

(A)    If the Underlying Instruments of such Loan Asset provide for an “agent” with respect to
such Loan Asset and such Loan Asset is not a Participation Asset, then the Agent appointed for such Loan Asset pursuant to this Agreement shall act as the “agent” for such Loan Asset pursuant to the Underlying Instruments related to such
Loan Asset and this Agreement, and shall exercise all of the powers and responsibilities of the Agent for such Loan Asset in accordance with this Agreement; 

(B)    If the Underlying Instruments of such Loan Asset do not provide for an agent with respect to such
Loan Asset and such Loan Asset is not a Participation Asset, then (i) if the obligors under such Loan Asset do not already make payments to an account controlled by Agent for such Loan Asset, the Interest Holders shall notify each obligor under
such Loan Asset that all payments to the Interest Holders with respect to such Loan Asset shall be made to an account controlled by the Agent (and if an Interest Holder receives a payment with respect to such Loan Asset directly from an obligor on
such Loan Asset (by set off or otherwise), it shall promptly turn such payment over to the Agent), (ii) the Agent shall exercise all of the powers and responsibilities of the Agent for such Loan Asset in accordance with this Agreement and
(iii) each Interest Holder shall take such actions as may be necessary or desirable to facilitate the exercise of such powers and responsibilities by the Agent; and 

(C)    If such Loan Asset is a Participation Asset, then (i) the appointment of the Agent hereunder
with respect to such Loan Asset shall be an appointment, subject to the conditions set forth in this Agreement, to act as the agent of the Interest Holders with respect to the collective Loan Interests held by the Interest Holders in the Underlying
Documents related to such Loan Asset, (ii) if an agreement is not already in place pursuant to which all payments to Interest Holders with respect to such Loan Asset are required to be made to an account controlled by the Agent, the applicable
Interest Holder shall notify each Participation Counterparty, Counterparty Lender and all other parties to the Underlying Instruments that all payments to the Interest Holders with respect to such Loan Asset should be made to an account maintained
by the Agent, (iii) the Agent shall exercise all of the powers and responsibilities of the Agent for such Loan Asset in accordance with this Agreement to the fullest extent possible (including by voting all of the Interest Holders’
interests in such Loan Asset in accordance with decisions made pursuant to this Agreement), and (iv) each Interest Holder shall take such actions as may be necessary or desirable to facilitate the exercise of such powers and responsibilities by
the Agent. 
 (iii) Interest Holders hereby grant the Agent of each Loan Asset hereunder full power and authority in the name of, and on
behalf of the Interest Holders to implement any and all decisions made in accordance with this Agreement (subject to the requirements set forth in this Agreement). 

  
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 (b) With respect to each Loan Asset described in Section 6.1(a)(ii): 

(i) if requested to do so by the Required Lenders (and provided that a Qualified Agent has been identified as the successor Agent), subject to
the requirements and limitations set forth in the Underlying Instruments, the Agent will resign as Agent under this Agreement, and, if applicable, the Underlying Instruments of such Loan Asset; 

(ii) if requested to do so by the Required Lenders (and provided that a Qualified Agent has been identified as the successor Agent), subject
to the requirements and limitations set forth in the Underlying Instruments, all Interest Holders will vote their interests in such Loan Asset to remove the Agent as Agent under the Underlying Instruments of such Loan Asset; and 

(iii) the Agent and each Interest Holder will cooperate in appointing a replacement Agent under this Agreement and, if applicable, under the
relevant Underlying Instruments, which replacement Agent shall be a Qualified Agent chosen by the Required Lenders. 
 Each successor Agent shall assume its
obligations hereunder in writing and shall execute a joinder to this Agreement, and from and after the applicable Borrower’s and each Interest Holder’s receipt of a copy of notice of such replacement (together with the applicable
assumption and joinder documents) such successor Agent shall be the sole Agent hereunder with respect to such Loan Asset and the term “Agent” shall thereafter refer to such successor with respect to such Loan Asset. In the event any
Agent resigns or is removed as provided above with respect to any Loan Asset, Agent and each Interest Holder shall cooperate with the successor Agent to transfer to successor Agent (i) all Underlying Instruments in the possession, custody or
control of the resigning Agent, in its capacity as Agent (including, without limitation, executing any assignment documents required to transfer the rights under such applicable Underlying Instrument to the successor Agent), (ii) all control and
other rights of the resigning Agent, in its capacity as Agent, with respect to the Accounts, and (iii) any other items reasonably requested by the successor Agent with respect to the administration and service of the applicable Loan Asset. 

6.2 Administration of the Loans Assets, Generally. 

(a) With respect to each Loan Asset, Agent shall, or shall cause Servicer, to (i) administer and service the Loan Asset in accordance with
Accepted Servicing Practices, the Underlying Instruments, applicable law and this Agreement, and (ii) in the exercise or in the refraining from exercising of any remedies available pursuant to the applicable Underlying Instruments, shall do so
in accordance with this Agreement and Accepted Servicing Practices. Agent may also consult with legal counsel, independent accountants and other experts selected by Agent in connection with matters relating to each Loan Asset and shall not be liable
for (I) any action or inaction by Agent to the extent such action or inaction was directed by Interest Holders exercising their voting rights hereunder or as a result of any failure by Interest Holders holding the required percentage of the
Percentage Interests to reach agreement where such an agreement is required as a condition to Agent’s taking a specified action hereunder or (II) any action taken or omitted to be taken by Agent in good faith in reliance on the advice of
any such person, except for Agent’s gross negligence or willful misconduct. Notwithstanding anything herein to the contrary, 

  
 26 

 
Agent shall owe no fiduciary duty or duty of any kind to any Interest Holder in connection with the exercise of its rights as “agent” (or lender, participant or co-lender, as applicable) under the Underlying Instruments and shall have no liability to any Interest Holder as a result of any acts or omissions in its capacity as “agent” (or lender, participant or co-lender, as applicable), except as expressly set forth herein or due to the bad faith, gross negligence or willful misconduct of Agent under, or willful breach by Agent of this Agreement or any of the Underlying
Instruments. 
 (b) With respect to each Loan Asset, each of the Interest Holders owns, as applicable, either (y) an undivided pari
passu interest in the Underlying Instruments (other than the Notes of any other Interest Holder, as applicable) or (z) a participation interest in the Underlying Instruments, in each case, together with the proceeds thereof equal to its
Percentage Interest, and in all events notwithstanding that the Underlying Instruments have not been amended to include, by name, all of the Interest Holders in the definition of “Lender” or such equivalent term and that the Notes may not
have been split and assigned in accordance with such Percentage Interests. However, each of the Interest Holders hereby acknowledges and agrees that, with respect to each Loan Asset, (i) except as provided herein, Agent, acting on behalf of the
Interest Holders in accordance with the terms of this Agreement, shall at all times communicate and interact directly with Borrower, Guarantor, Counterparty Lenders, Participation Counterparties and any of their Affiliates with respect to all
matters which relate to the Loan Asset, (ii) except as provided herein, Borrower, Guarantor, Counterparty Lenders, Participation Counterparties and any of their Affiliates shall at all times communicate and interact directly and exclusively
with Agent, acting on behalf of the Interest Holders in accordance with the terms of this Agreement, with respect to all matters which relate to the Loan Asset, (iii) Borrower, Guarantor, Counterparty Lenders, Participation Counterparties and
any of their Affiliates may rely upon all instructions, approvals and authorizations given by Agent in accordance with the terms of this Agreement as binding upon all of the Interest Holders, and (iv) Borrower, Guarantor, Counterparty Lenders,
Participation Counterparties and any of their Affiliates shall deliver any and all documentation and information required to be delivered pursuant to the terms of the Underlying Instruments to Agent and such delivery shall be deemed to be delivery
of such documentation and information to the Interest Holders. With respect to each Loan Asset, Agent shall promptly (but in no event later than three (3) Business Days after receipt thereof) deliver to the Interest Holders (A) copies of
all written notices it sends to any Borrower, Guarantor, Counterparty Lender, Participation Counterparty or any of their Affiliates (including, without limitation, notices concerning the existence of a default or Event of Default), except for
interest, tax and insurance bills, closing statements, release documents for partial releases of collateral permitted in accordance with the terms of the Underlying Instruments and other routine or immaterial loan administration, (B) copies of
material written notices it receives from any Borrower, Guarantor, Counterparty Lender, Participation Counterparty or any of their Affiliates concerning the applicable Loan Assets, (C) (i) prior to an Event of Default, copies of all reports and
material correspondence received by Agent from the Construction Consultant and any other consultant engaged by Agent, Guarantor, any Borrower or any of their Affiliates with respect to the applicable Mortgaged Property, and (ii) upon the
occurrence and during the continuation of an Event of Default, copies of all reports and correspondence received by Agent from the Construction Consultant and any other consultant 

  
 27 

 
engaged by Agent, Guarantor, any Borrower or any of their Affiliates with respect to the applicable Loan Asset, (D) copies of all correspondence, pleadings, and filings relating to the
exercise by Agent of any of its remedies under the Underlying Instruments, (E) without limiting the requirement that the same be conducted) notice of the existence of any material litigation concerning any Borrower, Guarantor, or the Mortgaged
Property actually known to Agent, (F) notice of the commencement of any actual litigation or litigation threatened in writing, in either case, affecting the Loan Assets or any security for the Loan Assets, (G) copies of each operating
statement, financial statement, and other material reports delivered to Agent pursuant to the terms of the Underlying Instruments, (H) upon request of an Interest Holder, a copy of the most recent appraisal of a Mortgaged Property to the extent
in Agent’s possession, (I) notwithstanding the fact Agent is not otherwise obligated to deliver certain documentation hereunder, copies of such other information provided by any Borrower, Guarantor, Counterparty Lender, Participation
Counterparty or any of their Affiliates with respect to any Borrower, Guarantor, the Mortgaged Property, or the Loan Asset requested by an Interest Holder (for the avoidance of doubt, such copies may include interest bills, closing statements and
release documents for partial releases of collateral permitted in accordance with the Underlying Instruments), to the extent in the Agent’s possession or control (in each case, with respect to clause (I), at the sole cost and expense of
the requesting Interest Holder (with respect to all actual, third-party, out-of- pocket costs incurred by Agent)), and (J) copies of any and all amendments or
modifications to any one or more of the Underlying Instruments (including, without limitation, any side letters, waivers or consents entered into, executed or delivered by Agent). Notwithstanding anything to the contrary contained herein, any
Initial Interest Holder shall have the right to meet and/or conduct telephone conferences with the applicable Borrower, Guarantor, Counterparty Lender, Participation Counterparty and/or any Construction Consultant with or without the other Interest
Holders, the Agent and/or the Servicer present, provided that such Interest Holder shall use its reasonable best efforts to provide the same notices, information and updates (as well as, when applicable, opportunities to participate in such meetings
and conferences) to Agent and the other Interest Holders as if such Initial Interest Holder was the Agent hereunder for purposes of correspondence and communication with the Borrower. In furtherance of the foregoing, the Agent hereunder shall,
either independently or upon Initial Interest Holder 1’s request, advise Borrowers, Guarantors, Counterparty Lenders, Participation Counterparties and/or any Construction Consultant that notwithstanding the fact that Initial Interest Holder 1
is not the direct “agent” and/or lender of record pursuant to the Underlying Instruments, Initial Interest Holder 1 is authorized to correspond and meet with all such counterparties. Without limiting the foregoing, if an Event of Default
under a Loan Asset has occurred and is continuing, Agent will use good faith efforts to include the Interest Holders in all material meetings and scheduled conference calls with Agent and the applicable Borrower, Guarantor, Counterparty Lender,
Participation Counterparty and/or Construction Consultant; provided, however, that each such Interest Holder shall have the right to meet with such Borrower, Guarantor, Counterparty Lender, Participation Counterparty and/or the
Construction Consultant without the Agent or any other Interest Holders present and to conduct phone calls with such Borrower, Guarantor, Counterparty Lender, Participation Counterparty and/or Construction Consultant independently, but only to the
extent that Agent and each of the other Interest Holders has been offered an opportunity to participate in each such meeting or phone 

  
 28 

 
call. The Interest Holders shall cooperate with Agent, Servicer and Borrower with respect to any amendments to budgets and/or any Underlying Instruments of each Loan Asset as necessary or
advisable in order to evidence budget reallocations approved or permitted in accordance with the applicable Underlying Instruments for such Loan Asset. 

(c) Notwithstanding any provision to the contrary contained elsewhere in this Agreement, to the extent that Agent is not an Interest Holder,
Agent shall not have any duties or responsibilities, except those expressly set forth in this Agreement and pursuant to the terms of the Underlying Instruments of each Loan Asset, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Agreement or any such Underlying Instrument or otherwise exist against Agent. Without limiting the generality of the foregoing sentence, but subject to the requirements of the Accepted Servicing
Practices, the use of the term “agent” or “Agent” in this Agreement with reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law.
Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

(d) Agent shall be entitled to rely upon any certification, notice or other communication (including, without limitation, any thereof by
telephone, telecopy, telegram, email or cable) reasonably believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel, independent
accountants and other experts selected by Agent. As to any matters not expressly provided for by this Agreement or any other Underlying Instrument, Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or
thereunder in accordance with instructions given by the Applicable Interest Holders with respect to Major Decisions and any action taken or failure to act pursuant thereto shall be binding on all of the Interest Holders. 

(e) Within ten (10) days of delivery of any notice of an Event of Default under a Loan Asset from Agent or Servicer to Borrower or to
the Interest Holders (or such shorter period of time as Agent determines is necessary), Agent and Interest Holders shall consult with each other to determine a proposed course of action. Agent and the Interest Holders shall negotiate in good faith
to reach a mutually agreeable decision among themselves with respect to a proposed sale, plan of action or other material decision with respect to the applicable Loan Asset, and, subject to the immediately succeeding sentence, Agent shall not
commence any enforcement action in respect of the Loan Asset without the prior approval of all Interest Holders. Notwithstanding anything to the contrary contained in the provisions of any Underlying Instruments or this Agreement, with respect to
each Loan Asset, upon the occurrence and continuance of any Event of Default of a material nature (whether as a result of the occurrence of the maturity date, a Monetary Event of Default or other material Event of Default) for one hundred and twenty
(120) days (as such period may be extended if Agent is not able to confirm that the REO Property will comply with (or has confirmed that the REO Property will not comply with) environmental laws in accordance with the succeeding clause
(k), the “Waiting Period”) following the expiration of the cure period under the relevant Underlying Instrument, unless all of the Interest Holders have agreed upon a different course of action, Agent shall (I) accelerate
(or, with 

  
 29 

 
respect to a Participation Asset, vote to accelerate) the applicable Mortgage Loan (if not previously accelerated) and commence (or, with respect to a Participation Asset, vote to commence)
(through the recording, filing and/or service of such notices of default or other notices or pleadings as may be required by applicable law) and, except as the same is not applicable with respect to Participation Assets, diligently pursue to
completion appropriate foreclosure proceedings with respect to the applicable Mortgaged Property (including, without, limitation, by way of a deed or other transfer in lieu of foreclosure from the Borrower) or other applicable Underlying Instruments
as Agent deems appropriate, (II) take such other actions as Agent deems necessary to protect the relevant Mortgaged Property and Loan Asset and the value thereof (including, without limitation, seeking (or voting to seek) the appointment of a
receiver for such Mortgaged Property) and enforcing (or voting to enforce) the observance and performance of all terms, covenants and conditions of the relevant Underlying Instruments including, without limitation, the prosecution or settlement of
any action in state, federal or bankruptcy court and the collection of any judgment, and (III) do all such other acts as may be reasonably necessary or incident to the implementation of the foregoing, including, without, limitation, retaining
and directing counsel. 
 (f) If any Interest Holder receives notice of the commencement of any actual litigation or litigation threatened
in writing affecting a Loan Asset or any security for a Loan Asset, it shall promptly notify Agent. In the event of actual or threatened litigation or proceedings affecting a Loan Asset or the security for a Loan Asset, on account of which Agent is
of the opinion that the services of an attorney or attorneys should be retained for the protection of the interests of the Interest Holders, Agent may retain an attorney or attorneys to represent the Interest Holders, the actual out-of-pocket fees and expenses of which shall be borne by the relevant Borrower (to the extent such fees and expenses are otherwise required to be paid by such Borrower in
accordance with the Underlying Instruments or imposed upon such Borrower by law) and, if such Borrower fails to so pay therefor, by the Interest Holders in accordance with each Interest Holder’s respective Percentage Interest in the Loan Asset.

 (g) Without limiting the provisions of and subject to the Underlying Instruments, with respect to any Major Decision, Agent hereby
agrees to follow the directions of the Applicable Interest Holders in the manner provided under this Agreement. Notwithstanding any direction to act, or approval or disapproval of, or right to give direction to or to approve or disapprove an action
of Agent by the Interest Holders or any portion of them, in no event shall Agent be obligated to take any action or refrain from taking any action which would violate any applicable law, or be inconsistent with or violate any provisions of this
Agreement or any provision of any Underlying Instrument. Without limiting the foregoing, with respect to any action taken or refrained from being taken by Agent pursuant to this Agreement, Agent shall be entitled to the benefit of all Agent’s
rights under the Underlying Instruments as though such action was taken or refrained from being taken pursuant to the Underlying Instruments. In granting or withholding consents and approvals pursuant to this Agreement, the Interest Holders shall be
bound by any applicable standards for the granting or withholding of the applicable consents and approvals set forth in the Underlying Instruments of the applicable Loan Asset. 

  
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 (h) No Interest Holder, in such capacity, will have any liability to any other Interest Holder
for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure to give any consent, in good faith pursuant to this Agreement, or for errors in judgment, except for any loss, liability or expense
incurred by reason of its willful misconduct, bad faith or gross negligence. Each Interest Holder acknowledges and agrees that the other Interest Holders, in such capacity, may have special relationships and interests that conflict with those of the
other Interest Holders, that each Interest Holder, in such capacity, may act solely in its best interests, does not have any duties to the other Interest Holders, may take actions that favor its interests over the interests of the other Interest
Holders, and that each Interest Holder, in such capacity, shall have no liability whatsoever for having so acted, and, absent willful misfeasance, bad faith or gross negligence on the part of any Interest Holder, no Interest Holder may take any
action whatsoever against another Interest Holder, in such capacity, or any director, officer, employee, agent or principal thereof for having so acted. 

(i) Each Interest Holder hereby undertakes and agrees, upon the request of Agent, to execute, verify, deliver and file in a timely manner any
proofs of claim, consents, assignments or other action necessary or appropriate to permit Agent to enforce the obligations of Borrower to each Interest Holder in respect of each Loan Asset, and to vote any claims at any meeting of creditors or for
any plan or with respect to any matter as Agent shall direct, subject to the provisions of this Section 6 and otherwise in accordance with the terms of this Agreement and the applicable Underlying Instruments, all in order
to preserve and maintain all claims against the applicable Borrower or Counterparty Lender for sums due under the relevant Mortgage Loan or other Underlying Instrument so that each Interest Holder, as a collective whole, will have the benefit of
such claims as provided herein. Each Interest Holder hereby agrees that, upon the request of Agent, such Interest Holder shall execute, acknowledge and deliver to Agent all and every such further deeds, conveyances and instruments as Agent may
reasonably request for the better assuring and evidencing of the foregoing appointment, assignment and grant. 
 (j) Except as expressly
set forth herein, the provisions, terms and conditions of this Section 6 shall control over any conflicting terms and conditions set forth in the Underlying Instruments for each Loan Asset; provided, however, nothing in
this Section 6 or elsewhere in this Agreement shall limit or affect any of the rights, benefits, privileges, protections, exculpations, releases, or indemnities of or accruing to Agent in any of the Underlying Instruments
for each Loan Asset to the extent such provisions are not inconsistent with the terms hereof, and all provisions of such Underlying Instruments providing for any such rights, benefits, privileges, protections, exculpations, releases, and indemnities
for the benefit of Agent, to the extent not inconsistent with the terms hereof, are hereby incorporated into this Agreement as though fully set forth herein. 

(k) With respect to each Loan Asset other than Participation Assets, in the event that all or any portion of a Mortgaged Property, whether
directly or indirectly through the acquisition of any Collateral, becomes REO Property, title to the REO Property shall be held in the name of a newly formed special purpose entity that is a nominee or subsidiary of Agent (or in such other forms as
may be agreed upon with the unanimous written approval of the Interest Holders, 

  
 31 

 
provided that Interest Holder 1 may hold its interest in such special purpose entity through a taxable REIT subsidiary; and provided further that no Interest Holder shall withhold its
approval to an alternate method of holding title to REO Property if Agent or another Interest Holder requests such alternate method of ownership (provided that any request made by the Required Lenders shall take priority over a request made by
Interest Holders that are not the Required Lenders) for tax planning purposes and such alternate form of ownership does not (y) result in any economic disadvantage to the other Interest Holders, and/or (z) contravene an internal and/or
regulatory rule or regulation applicable to Agent and/or the other Interest Holders) (such entity holding title to the REO Property, the “ REO Holding Entity”), for the benefit of the Interest Holders in accordance with their
respective Percentage Interests in the applicable Loan Asset and governed in accordance with this Section 6.2(k) and each Interest Holder’s rights with respect to the REO Property substantially similar to this Agreement, and each
Interest Holder hereby waives any rights, legal and equitable, to a partition of such REO Property. Prior to the REO Holding Entity taking title to the REO Property, Agent shall obtain evidence reasonably satisfactory to it that such REO Property is
in compliance with all local, state and federal environmental laws, and the cost of obtaining such evidence shall be borne by the Interest Holders. If such evidence is not reasonably satisfactory to Agent, Agent shall immediately notify the Interest
Holders, who shall then promptly direct Agent whether title to the REO Property should be taken by the REO Holding Entity, and the Waiting Period shall be extended until all Interest Holders agree regarding taking title to such REO Property. As soon
as reasonably practicable but not more than sixty (60) days after the REO Holding Entity succeeds to the interest of the relevant Borrower in an REO Property, Agent shall notify the Interest Holders of Agent’s recommended course of action
for the REO Property (a “Post-Foreclosure Plan”), including (i) a proposed initial asking sales price for such REO Property (in the event Agent recommends the sale of such REO Property as a whole), and the initial minimum
acceptable sales price for such REO Property, (ii) a proposed initial asking price for applicable portions (e.g. condominium units) of the REO Property (in the event Agent does not recommend the sale of such REO Property as a whole), and the
recommended minimum acceptable sales price for such portions of the REO Property, and/or (iii) an operating, capital expenditure and/or construction budget (as applicable) approved by the Applicable Interest Holders (any such applicable budget
that is approved by the Applicable Interest Holders, an “Approved REO Budget”). Agent shall (A) not take any material actions with respect to the REO Property until a Post-Foreclosure Plan has been approved by the Applicable
Interest Holders in accordance with Section 6.3 hereof (provided that, except to the extent doing so constitutes a Major Decision expressly set forth herein, Agent shall be permitted to operate the applicable Mortgaged
Property in the same manner that the Mortgaged Property was operated prior to such Mortgaged Property becoming REO Property), and (B) after such approval of a Post-Foreclosure Plan by the Applicable Interest Holders, subject to Agent obtaining
the approval and consents required under such Post-Foreclosure Plan or Section 6.3 below, operate the REO Property in accordance with the Post-Foreclosure Plan and this Agreement. Each Interest Holder shall contribute its
Percentage Interest of all costs and expenses incurred by Agent in connection with the management, operation, repair, administration, construction, restoration, maintenance, leasing and sale of an REO Property in accordance with the Post-Foreclosure
Plan (including the Approved REO Budget), and, to the extent not expressly set forth in the Post-Foreclosure Plan, to 

  
 32 

 
the extent incurred in accordance with Accepted Servicing Practices (including, without limitation, operating reserves or expenditures otherwise reasonably necessary to preserve and protect the
value of the REO Property and/or the health and safety of Persons at the REO Property) or otherwise with the consent of the Applicable Interest Holders (such costs and expenses, the “REO Operating Expenses”); provided,
however, that, Agent shall apply all REO Operating Revenues to pay REO Operating Expenses prior to demanding any such contribution from the Interest Holders. In addition, Agent shall render or cause to be rendered to each of the Interest
Holders, monthly, an income and expense statement for each REO Property, and each of the Interest Holders shall promptly contribute its Percentage Interest of any operating loss for an REO Property, and such other expenses and operating reserves as
are included in the Approved REO Budget. To the extent REO Operating Revenues exceed REO Operating Expenses from an REO Property (the “REO Net Operating Income”), REO Net Operating Income shall be distributed to the Interest
Holders. All such distributions and all REO Sales Revenues shall be paid to the Interest Holders on the applicable Distribution Date in accordance with the priorities and other provisions of Section 3.1. For the purposes of
determining amounts owing to each Interest Holder under the Loan Agreements, as modified by this Agreement, including, without limitation, under Section 3.1, no amount shall be deemed paid to any Interest Holder for a
successful credit bid at a foreclosure sale or for a deed in lieu of foreclosure. With respect to each Loan Asset that is a Participation Asset and for which the Mortgaged Property becomes REO Property, Agent shall administer the interest granted to
the Interest Holders in such REO Property in the manner most closely approximating the agreement of the parties with respect to REO Property set forth in this clause (k), subject in all cases to the Underlying Instruments and the rights of
Participation Counterparties. 
 (l) With respect to each Loan Asset, each Interest Holder expressly acknowledges and agrees that, except
as set forth in a written agreement among the Interest Holders, Agent and/or their respective Affiliates, neither the Agent nor any of its officers, directors, employees, agents, counsel, attorneys- in-fact or
other affiliates has made any representations or warranties to such Interest Holder and that no act by the Agent hereafter taken, including any review of the affairs of the Borrower, any other party to any Loan or Affiliate thereof, shall be deemed
to constitute any such representation or warranty by the Agent to any Interest Holder. 
 (m) With respect to each Loan Asset, each
Interest Holder that acquires an interest in a Loan Asset after the date hereof (excluding, for the avoidance of doubt, the Initial Interest Holders and any Affiliate of the Initial Interest Holders) acknowledges that it has, independently and
without reliance upon the Agent, any other Interest Holder or counsel to the Agent, or any of their respective officers, directors, employees, agents or counsel, and based on the financial statements of the Borrower, Guarantor and/or their
Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, Guarantor or their Affiliates and other Persons, its review of the Underlying Instruments and all other documents and instruments
related to the Loan, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to enter into
this Agreement and the Loan Agreements and the transactions contemplated hereby and thereby. 

  
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 (n) Each Interest Holder also acknowledges that, except as set forth in a written agreement
among the Interest Holders, Agent and/or their respective Affiliates, it will, independently and without reliance upon the Agent, any other Interest Holder or counsel to the Agent or any of their respective officers, directors, employees and agents,
and based on such review, advice, documents and information as it shall deem appropriate at the time, make its own decisions in taking or not taking action under the Underlying Instruments. To the extent that an Affiliate of an Interest Holder is a
creditor in another capacity with a direct and/or indirect security interest in the Loan Assets, and such Interest Holder’s Affiliate has a right to make (or consent or vote to make) determinations with respect to the matters for which Interest
Holders may make determinations hereunder, such applicable Interest Holder shall make (or consent or vote to make) such determinations in a manner that is consistent with the determinations of its Affiliate. 

(o) Except to the extent required to comply with the Accepted Servicing Practices, the Agent shall not be required to keep itself informed as
to the performance or observance by the Borrower or any other party to any Underlying Instruments or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, a Borrower or
any other party to an Underlying Instrument. Except for notices, reports and other documents and information expressly required to be furnished to the Interest Holders by the Agent under this Agreement or any of the other Underlying Instruments, and
except to the extent required to comply with the Accepted Servicing Practices, the Agent shall have no duty or responsibility to provide any Interest Holder with any credit or other information concerning the business, operations, property,
financial and other condition or creditworthiness of the Borrower, any other party to any Underlying Instrument or any other Affiliate thereof which may come into possession of the Agent or any of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each Interest Holder acknowledges that the Agent’s legal counsel in connection with the transactions contemplated by this Agreement
is only acting as counsel to the Agent and is not acting as counsel to such Interest Holder. 
 (p) With respect to any Loan Asset that is
a Participation Asset, the Interest Holders acknowledge that any and all actions decided or directed among the Agent and the Interest Holders may be subject to the rights of the Participation Counterparties and Counterparty Lenders under the
applicable Underlying Instruments, including, without limitation, consent and/or approval of the applicable Participation Counterparties and/or Counterparty Lenders. 

6.3 Major Decisions. 

(a) With respect to each Loan Asset, except as specified in clauses (b) and (c) of this Section 6.3 or in
Section 6.2(f), Agent shall, in accordance with the Accepted Servicing Practices, exercise its commercially reasonable discretion to act or not to act under the applicable Underlying Instruments. Such discretion may, subject to clauses
(b) and (c) of this Section 6.3, be 

  
 34 

 
exercised with respect to the granting of approvals, consents and modifications under the Underlying Instruments and with respect to the exercise or refraining from exercise of rights under the
Underlying Instruments. With respect to each Loan Asset and subject to clauses (b) and (c) of this Section 6.3 and Section 6.2(f), Agent shall have the sole and exclusive right and authority to take or not take any
action under the applicable Underlying Instruments, including, without limitation: 
 (i) act as the disbursing and
collecting agent for Interest Holders with respect to all payments and collections arising in connection with the Underlying Instruments and relating to the collateral securing the Loan Asset; 

(ii) execute and deliver each Underlying Instrument and accept delivery of each such agreement delivered by Borrower; 

(iii) act as collateral agent for Interest Holders for purposes of the perfection of all security interests and liens created
by the Underlying Instruments and all other purposes stated therein; 
 (iv) take such action as is necessary or desirable to
maintain the perfection and priority of the security interests and liens created or purported to be created by the Underlying Instruments; 

(v) deliver notices, including notices of an Event of Default, under the Underlying Instruments in accordance with the terms of
the Loan Agreements and this Agreement; or 
 (vi) waive any immaterial non-monetary
default that does not constitute an Event of Default. 
 (b) Notwithstanding Section 6.3(a) or anything else contained in this
Agreement, with respect to each Loan Asset, Agent shall not take (and shall direct Servicer not to take, which direction may be satisfied by providing Servicer a copy of this Agreement) any of the following actions without the prior consent (in the
manner provided for in Section 6.3(d)) of all the Interest Holders, or to the extent provided below, without the consent of the affected Interest Holder(s): 

(i) forgive, increase or reduce the principal amount of any Loan Asset (other than in connection with reallocations permitted
under the relevant Underlying Instruments), or reduce the interest rate under any Note without the consent of the affected Interest Holder(s); 

(ii) forgive, waive, reduce or extend any accrued interest, exit fee or other fee with respect to any Note without the consent
of the affected Interest Holder(s); 

  
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 (iii) extend or waive or otherwise change (A) the Maturity Date of any Loan
Asset or (B) any stated payment date for principal of or interest on any Loan Asset (other than in each case in accordance with the relevant Underlying Instrument, and other than extensions in the imposition of the Default Rate); 

(iv) release any Borrower, Guarantor or other party from liability under the relevant Underlying Instruments (except that no
such consent shall be required, and Agent is hereby authorized, to release the relevant Borrower and Guarantor (x) upon payment of the Obligations under a Loan Asset in full in accordance with the terms of the relevant Underlying Instruments or
(y) as otherwise provided under the terms of the relevant Underlying Instruments); 
 (v) release, substitute or
exchange any material portion of the collateral given as security for any Loan Asset without the consent of each Interest Holder (except that no such consent shall be required, and Agent is hereby authorized to release, substitute or exchange any
such lien or collateral (A) as expressly provided in (and subject to the applicable conditions set forth in) the relevant Underlying Instruments, and (B) upon payment of the relevant Obligations in full in accordance with the terms of such
Underlying Instruments); 
 (vi) subordinate the Lien of any of the Underlying Instruments to any mortgage or other monetary
encumbrance; provided, however, Agent may subordinate such Lien if the subordination is to a lien or encumbrance in favor of the Agent for the benefit of the Interest Holders or otherwise expressly required pursuant to the terms of the
Underlying Instrument; 
 (vii) in the event all or any portion of a Mortgaged Property becomes (or will become) REO
Property, taking any of the following actions and/or enacting a Post-Foreclosure Plan contemplating any of the following: (a) electing to commence or continue a construction or other material capital expenditure project, (b) approving any
initial construction budget for such REO Property, (c) approving any other operating, capital and/or construction budget that would otherwise require the approval of all of the Interest Holders pursuant to clause (xvii) below, (d)
pursuing any course of action that obligates natural persons that are representatives of the Interest Holders to become directly liable to third parties and/or governmental agencies (e.g. becoming a guarantor of a loan obligation and/or becoming the
“sponsor” under an offering plan), (e) changing the then-existing use of the Mortgaged Property, (f) incurring indebtedness secured by the Mortgaged Property, (g) selling or otherwise disposing the REO Property or any part
thereof, (h) bidding less than the Loan Asset Principal Balance at a foreclosure sale, and/or (i) entering into any contracts with an Affiliate of Agent or an Interest Holder; 

(viii) modify any of the provisions of this Section 6.3, the definition of “Required Lenders” or any other
provision in the Underlying Instruments specifying the number or percentage of Interest Holders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder without the consent of the Applicable
Interest Holders; 

  
 36 

 (ix) increase the Maximum Commitment of any Interest Holder or extend the date of
the availability of Advances under any Underlying Instrument (other than extensions that are exercisable by the counterparties thereunder pursuant to the terms thereof); 

(x) convert or exchange the Loans for any other indebtedness, or cross-default the Loans with any other indebtedness; 

(xi) waive the requirement that Agent shall have received net sales proceeds in an amount greater than or equal to the
applicable Minimum Release Price with respect to the sale of any portion of a Mortgaged Property, unless the excess of the applicable Minimum Release Price over the net sales proceeds received in connection with any such individual sale is less than
five percent (5%) of the applicable Minimum Release Price; 
 (xii) approve the initial Minimum Release Prices proposed with
respect to a Loan Asset if such approval does not otherwise qualify as a decision that may be made by the Required Lenders in accordance with Section 6.3(c)(xx) below, and/or modify a Minimum Release Price schedule adopted by Agent and
Borrower (and, if applicable, previously approved by a Counterparty Lender and/or Participation Counterparty) in a manner that reduces the aggregate sum of the Minimum Release Prices by five percent (5%) or more; 

(xiii) permit any transfer or encumbrance of a Mortgaged Property or transfer or encumbrance of direct or indirect ownership
interests in any Borrower (except as expressly permitted to such Borrower in the Underlying Instruments), permit any assumption of the Loans, consent to the assignment or transfer by any Borrower or other obligor under an Underlying Instrument of
its rights or obligations thereunder, consent to a change in the “key man” or “sponsor” under any Underlying Instrument, consent to any dissolution, liquidation or consolidation or merger of any Borrower, or modify any of the
terms and conditions of the Underlying Instruments concerning any of the foregoing; 
 (xiv) amend the pro rata payment
provisions set forth in any Underlying Instrument 
 (xv) waive the existence of any Event of Default and/or rescind any
acceleration of any Loan Asset that is attributable to (I) a Monetary Event of Default, (II) a material Event of Default that is not a Monetary Event of Default, and/or (III) an Event of Default resulting from the occurrence of the
maturity date and/or an insolvency event; 

  
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 (xvi) make Protective Advances, Reimbursable Advances or other non-emergency expenses with respect to any Mortgaged Property (including after a time when such Mortgaged Property has become REO Property) in excess of (A) amounts necessary to pay real estate taxes,
assessments and governmental charges or levies imposed upon such Mortgaged Property; (B) amounts necessary to pay insurance premiums for policies of insurance related to such Mortgaged Property; or (C) $250,000 with respect to a particular
Mortgaged Property (not including amounts under the preceding clauses (A) and (B)); 
 (xvii) without
limiting any limitation with respect to increasing the Maximum Commitment of the Interest Holders set forth in this clause (b), grant any approval to any Borrower to amend its respective construction budget and/or annual budget (or to incur
expenditures in excess thereof) in a manner that increases the total amount of such budget by five percent (5%) or more (as measured against the last such budget approved by all of the Interest Holders, but excluding any increases resulting from
year-over-year increases in non-discretionary costs that Borrower must incur to comply with Legal Requirements and the Underlying Instruments (e.g. taxes, insurance costs, ground lease payments, etc.)); 

(xviii) waive or amend in writing any of the material terms and conditions of any Underlying Instrument entered into with a
Counterparty Lender and/or Participation Counterparty; 
 (xix) permit any change in the order or priority of any use of
funds and/or distribution of amounts received under any Underlying Instrument, or modify any of the terms and conditions of the Underlying Instruments concerning any of the foregoing; 

(xx) waive of any of the following conditions to a Borrower’s receipt of an Advance (to the extent the same constitute a
condition precedent to Borrower’s receipt of such Advance) with respect to any Loan Asset: (A) receipt of Construction Consultant’s advice with respect to such draw request; (B) receipt of AIA Form G702/G703 or an equivalent
reporting form provided by Borrower pursuant to the Underlying Instrument; (C) the receipt of lien waivers in accordance with the terms of the Underlying Instrument, except to the extent that the amount covered by such lien waivers not delivered
does not exceed the sum of (I) the amount of lien waivers that Borrower is not required to deliver under the Underlying Instrument, and (II) $100,000 for any single payee or $250,000 in the aggregate of such waivers outstanding at any point in
time; (D) the lack of an Event of Default; (E) the receipt of required title letters and/or endorsements, or (F) any of the conditions to the receipt of the final Advance under the Underlying Instrument; 

(xxi) consent to a material change to any Business Plan; 

(xxii) commence any Proceeding under the Underlying Instruments; 

  
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 (xxiii) materially modify any of the provisions or requirements set forth in any
of the Loan Agreements relating to the Guarantor, the Guaranty or the Guaranty of Completion or other guaranty or similar credit enhancement delivered by any Guarantor with respect to a Loan Asset, including, but not limited to, any provisions or
requirements relating to a replacement Guarantor and financial covenants and financial requirements of Guarantor; 
 (xxiv)
approve the extension of any required milestones to be achieved by Borrower under any Loan Asset (as the same may have been previously extended in accordance with this clause (xxiv)) by more than ninety (90) days (in the aggregate,
whether pursuant to one or more extensions) to the extent Agent’s consent is required in order to effectuate the same; 

(xxv) amend any Underlying Instrument in a manner that imposes new, additional or greater restrictions on Transfers of the Loan
Interests; 
 (xxvi) waive the requirement of any Borrower to fund a shortfall that exceeds $500,000 under a Loan Asset; 

(xxvii) agree to accept payments in any currency other than as specified in the Underlying Instruments, or modify any of the
terms and conditions of the Underlying Instruments in a manner permitting the counterparty thereunder to make payments in an additional or different currency; 

(xxviii)Except as set forth in Section 6.2(e) to the extent the Waiting Period has expired (as the same may be extended
until all Interest Holders agree on a course of action with respect to any Mortgaged Property with respect to which Agent has obtained evidence reasonably satisfactory to it that such REO Property is not in compliance with all local, state and
federal environmental laws), commence or complete any exercise of remedies under any Loan Asset or cause any REO Holding Entity to take title to a REO Property; and 

(xxix) amend any Underlying Instrument in a manner that would have the effect of circumventing the requirement to obtain
consent in accordance with this clause (b). 
 (c) Notwithstanding Section 6.3(a) and Section 6.3(b), Agent
shall not take (and shall direct Servicer not to take, which direction may be satisfied by providing Servicer a copy of this Agreement) any of the following actions without the prior consent (in the manner provided for in Section 6.3(d)) of
the Required Lenders (in each case without limiting any requirement to obtain the consent of a greater number of Interest Holders pursuant to Section 6.3(b) above): 

  
 39 

 (i) waive the requirement that Agent shall have received net sales proceeds in an
amount greater than or equal to the applicable Minimum Release Price with respect to the sale of any portion of a Mortgaged Property; provided, however, Agent may waive the same with respect to individual sales so long as (A) the
excess of the applicable Minimum Release Price over the net sales proceeds received is less than (B) the greater of three percent (3%) of such Minimum Release Price and $25,000; 

(ii) modify a Minimum Release Price schedule adopted by Agent and Borrower and previously approved by a Counterparty Lender in
a manner that reduces the aggregate sum of the Minimum Release Prices; 
 (iii) approve any proposed Improvements or
alterations to a Mortgaged Property (other than intended improvements and alterations that are contemplated pursuant to the Underlying Instrument) that are subject to Agent’s consent under the relevant Loan Agreement and would reasonably be
expected to result in an aggregate expenditure for such alterations in excess of One Million Dollars ($1,000,000); 
 (iv)
make any determination to bring any Mortgaged Property into compliance with any environmental law or otherwise address hazardous materials located at an REO Property; 

(v) waive or amend any requirement that the Borrower maintains an Interest Rate Cap Agreement; 

(vi) waive the existence of any Event of Default other than the Events of Default described in Section 6.3(b)(xv) above;

 (vii) waive or amend any requirement relating to the organizational structure or single-purpose entity requirements of any
Borrower (including, without limitation, any requirement to have one or more Independent Directors); 
 (viii) without
limiting anything contained in clause (b), adopt any Post-Foreclosure Plan or taking any action that materially deviates from any such approved Post-Foreclosure Plan; 

(ix) approve any non-emergency expenses or material actions with respect to an REO
Property not contemplated in an approved Post-Foreclosure Plan; 
 (x) appointment of any Person to replace the Agent after
its resignation or removal as provided herein; 
 (xi) without limiting any limitation with respect to increasing the Maximum
Commitment of the Interest Holders set forth in clause (b) above, grant any approval to any Borrower to amend its respective construction budget and/or annual 

  
 40 

 
budget (or to incur expenditures in excess thereof) in a manner that increases the total amount of such budget (except for any increases resulting from year-over-year increases in non-discretionary costs that Borrower must incur to comply with Legal Requirements and the Underlying Instruments (e.g. taxes and insurance costs)); 

(xii) remove or replace or consent to the removal or replacement of any Manager except to the extent the Manager is replaced
with a Qualified Manager; 
 (xiii) modification or waiver of any material insurance requirements; 

(xiv) to the extent Agent has consent rights over same, consent to the settlement of any insurance claim in excess of $250,000
with respect to a particular Mortgaged Property; 
 (xv) rescind any acceleration of any Loan Asset; 

(xvi) waive any requirement of any Borrower to deliver operating statements, financial statements or any other material reports
to the extent such waiver permits the applicable Borrower to deliver such operating statement, financial statement or other report more than sixty (60) days later than the date that such Borrower is required to deliver same under the Underlying
Instruments; 
 (xvii) approve any new Affiliate Contracts or any amendment to an existing Affiliate Contract that increases
the rights (including rights to payment) or decreases the obligations of the counterparty thereto; 
 (xviii) consent to the
settlement of any litigation against any Borrower or any Mortgaged Property to the extent that the amount not covered by insurance exceeds $500,000; 

(xix) consent to any zoning reclassification or a Borrower seeking any variance or special permit under existing zoning
ordinances, except as set forth in an approved Business Plan; 
 (xx) approve the initial Minimum Release Prices proposed
with respect to a Loan Asset if and so long as (Y) the distribution of such Minimum Release Prices across portions of the underlying collateral is commercially reasonable, and (Z) the aggregate of all such Minimum Release Prices are equal
to or exceed the product of (y) 1.20, and (z) the maximum loan amount that may be advanced pursuant to the Underlying Instruments applicable to such Loan Asset; 

(xxi) approve the extension of any required milestones to be achieved by Borrower (as the same may have been previously
extended in accordance with this clause (xxi)) by more than twenty (20) days and less than ninety (90) days (in the aggregate, whether pursuant to one or more extensions) to the extent Agent’s consent is required in order to
effectuate the same; 

  
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 (xxii) waive the requirement of any Borrower to fund a shortfall that exceeds
$100,000 but is less than $500,000 under a Loan Asset; 
 (xxiii) take any other action that Agent deems to be a material
action outside of the ordinary course of administering the Loan Assets that is not otherwise set forth in this Section 6.3; and 

(xxiv) amend any Underlying Instrument in a manner that would have the effect of circumventing the requirement to obtain
consent in accordance with this clause (c) 
 (d) Agent shall solicit any consents or approvals required under Section 6.3(b)
and Section 6.3(c) from the Interest Holders in writing in the manner provided for in Section 11.1 below for any course of action proposed by Agent, and shall include (i) a description of the Major Decision as to which
such consent or approval is requested and (ii) Agent’s recommended course of action or determination in respect thereof. The Interest Holders shall either grant or withhold their approval to such Major Decision in writing within six
(6) Business Days after the delivery to the Applicable Interest Holders of written notice of such proposed Major Decision (or, if fewer than six (6) Business Days is allowed under a particular circumstance under any Loan Agreement, within
the period that is one Business Day less than the period provided for such circumstance) (each such deadline, a “Major Decision Deadline”). In the event that an Interest Holder does not deliver written notice to Agent of its
approval or disapproval of any such proposed action that constitutes a Major Decision on or before the Major Decision Deadline and the Applicable Interest Holders have not otherwise approved such Major Decision, Agent shall deliver a second written
notice to such Applicable Interest Holder stating that “FAILURE TO RESPOND BY WRITTEN NOTICE WITHIN TWO (2) BUSINESS DAYS AFTER RECEIPT OF THIS LETTER SHALL BE DEEMED TO CONSTITUTE YOUR APPROVAL OF THE MAJOR DECISION DESCRIBED
HEREIN”. In the event that such Interest Holder does not deliver written notice to Agent of its approval or disapproval of any such proposed action described in such second notice within such two (2) Business Day period described therein,
such Major Decision shall be deemed approved by such Interest Holder. Notwithstanding anything to the contrary contained in this Agreement, if any provision of an Underlying Instrument imposes, either directly or indirectly, a reasonableness
standard on Agent, then such standard shall also be applicable to Interest Holders in the exercise of their rights pursuant to this Section 6.3. In addition, for the avoidance of doubt, in the event that (i) any
Interest Holder in the case of any Major Decision under Section 6.3(b) or (ii) the sufficient Interest Holders in the case of any Major Decision under Section 6.3(c), objects to any action proposed to be taken by Agent pursuant
to, and in the time frames provided in, this Section 6.3(d), Agent shall not take the proposed action. If any such proposed action is disapproved by the Applicable Interest Holders, the Agent or any Interest Holder may propose an alternate
action (which may be based on any counter-proposals received from the Applicable Interest Holders or, if no such counter-proposal is received, then based on any alternate course of action that the Agent may deem appropriate) until the approval of

  
 42 

 
the Applicable Interest Holders is obtained; provided, that if the Applicable Interest Holders do not agree on a proposed course of action within ninety (90) days after the date on
which the Agent first proposed a course of action, then the Agent shall (x) unless the succeeding clause (y) is applicable, not take the relevant action unless (i) Agent is advised by counsel that such action is required by law,
(ii) such action is required under the terms of the Underlying Instruments, (iii) such action is required to avoid imminent injury or damage to persons or property or (iv) such action is required to avoid invalidating any insurance
coverage; or (y) if the Applicable Interest Holders provide direction, take such action as the Applicable Interest Holder(s) shall direct, subject to Agent’s obligation to follow Accepted Servicing Practices. 

(e) Notwithstanding anything to the contrary set forth herein, with respect to any Loan Asset, during any period of time that an Interest
Holder or any Affiliate or participant of an Interest Holder holds (i) an interest in a Borrower or becomes an Affiliate of a Borrower or a Borrower Related Party of such Loan Asset (except (A) with respect to the equity features of any
Loan Asset that includes equity features, and/or (B) to the extent the same results solely from interests in a Borrower or Borrower Related Party that are held by a portfolio company of an Affiliate of an Interest Holder that is not actively
managed or controlled by the same Persons that control such Interest Holder), (ii) an interest in a Counterparty Lender, or in any other loan or other credit extended with respect to the Mortgaged Property that is not ultimately (whether as a
participation or otherwise) equal in priority to the applicable Loan Asset (other than unsecured corporate credit facilities for which the interests in the Mortgaged Property and/or Borrower, as applicable, constitute less than 15% of the
collateral), or (iii) a direct or indirect interest in any entity prohibited by the Underlying Instruments of such Loan Asset, then, in each case, such Interest Holder shall not be entitled to the consent, approval, voting or similar rights
granted to such Interest Holder under this Agreement with respect to such Loan Asset. 
 (f) It is acknowledged that, with respect to each
Loan Asset, in the event of any conflict between the provisions of the Loan Agreements and the other Underlying Instruments, on the one hand, and the provisions of this Section 6.3 or any other provision of this Agreement,
on the other hand, regarding the Interest Holder or Interest Holders required for approval of any matter under the Underlying Instruments or with respect to the Loan Asset, the terms and conditions of this Agreement shall control and notwithstanding
anything to the contrary contained in the Loan Agreements or the Underlying Instruments, the Agent shall take or not take any actions pursuant to the instructions of the Applicable Interest Holders in accordance with the terms and conditions of this
Agreement. 
 6.4 Agent Consent. Notwithstanding anything to the contrary in this Agreement, including, without
limitation, Section 6.3 hereof, any modification or supplement to any rights or duties of Agent (in its capacity as an agent on behalf of the lenders) under the Underlying Instruments for each Loan Asset shall require the
consent of Agent, not to be unreasonably withheld. 

  
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 6.5 Buy/Sell. 

(a) If the Applicable Interest Holders are unable to reach a decision among themselves with respect to a Major Decision as applicable to any
Loan Asset and/or REO Property (including, without limitation, with respect to exercising a decision to exercise remedies pursuant to Section 6.2(e) hereof) (a “Deadlocked Decision”), any Interest Holder which is not a
Defaulting Lender with respect to an applicable Loan Asset (the “Initiating Interest Holder”) may thereafter initiate the buy/sell provisions of this Section 6.5 by sending written notice (the
“Election Notice”) to the other Interest Holder(s) (the “Responding Interest Holder(s)”), stating that the Initiating Interest Holder wishes to initiate the buy/sell provisions of this
Section 6.5. The Election Notice shall state that the Initiating Interest Holder is willing to either (1) buy the entire Loan Interests of the Responding Interest Holder(s), or (2) sell to the Responding Interest
Holder(s) the entire Loan Interest of the Initiating Interest Holder. For the avoidance of doubt, each Loan Interest purchased or sold pursuant to this Section 6.5 shall include the selling Interest Holder’s rights, if
any, with respect to any outstanding Funded Default Amounts funded by it which remain outstanding at the time of such sale, including all accrued and unpaid interest thereon and any future funding obligations related to such Loan Asset. 

(b) The Initiating Interest Holder shall specify in the Election Notice the purchase price for each applicable Loan Interest to be bought or
sold, as applicable, in accordance with Section 6.5(a) (the “Buy/Sell Purchase Price”), which shall be the amount that each of the Responding Interest Holder(s) (collectively), on the one hand, and the Initiating Interest
Holder, on the other hand, would receive in accordance with this Agreement (after accounting for the repayment of any Funded Default Amounts and all accrued and unpaid interest thereon) if the entire Loan Asset were sold for an all cash price (in an
amount determined by Initiating Interest Holder in its sole discretion) and the proceeds thereof distributed pursuant to this Agreement. 

(c) Within thirty (30) days after receipt of an Election Notice (the “Election Period”), each Responding Interest
Holder shall give a written notice to each other Interest Holder (a “Response Notice”) specifying whether such Responding Interest Holder elects to (I) purchase the Initiating Interest Holder’s Loan Interest,
(II) sell its own Loan Interest, and/or (III) only three (3) times with respect to any Loan Asset, agree with the Initiating Interest Holder’s position with respect to the Deadlocked Decision. Any Responding Interest Holder
responding in the manner described in clause (III) of the immediately preceding sentence shall be deemed to consent to the applicable action that Initiating Interest Holder desires to effectuate with respect to the Deadlocked Decision.
Any Responding Interest Holder that fails to give a Response Notice in compliance with this paragraph (c) within the Election Period shall be deemed to have given a notice electing to be a seller. 

(d) If the Responding Interest Holder(s) elects to be a purchaser, then Initiating Interest Holder shall, only three (3) times with
respect to any Loan Asset, have a period of five (5) days to send a notice to Initiating Interest Holder in which the Initiating Interest Holder(s) agree with the Responding Interest Holder’s position with respect to the Deadlocked
Decision, in which case (I) the Election Notice shall be deemed withdrawn, and (II) Initiating Interest Holder shall be deemed to consent to the applicable action that Responding Interest Holder desires to effectuate with respect to the
Deadlocked Decision. 

  
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 (e) If the Responding Interest Holder(s) elects to be a purchaser and the Election Notice has
not been withdrawn in accordance with the immediately preceding paragraph (d), then the Responding Interest Holder(s) shall purchase the Loan Interest of the Initiating Interest Holder for the applicable Buy/Sell Purchase Price. If the
Responding Interest Holder(s) elect (or is deemed to have elected) to be a seller, then the Responding Interest Holder(s) shall sell its (or their) Loan Interest for the applicable Buy/Sell Purchase Price. If there is more than one Responding
Interest Holder and at least one Responding Interest Holder elects to be a purchaser and at least one Responding Interest Holder elects (or is deemed to have elected) to be a seller, then the Responding Interest Holder(s) that elected to be a
purchaser shall purchase, for the applicable Buy/Sell Purchase Price, the Loan Interests of (1) each Responding Interest Holder that elected (or is deemed to have elected) to be a seller and (2) the Initiating Interest Holder. In the event
that more than one Responding Interest Holder has elected to be a purchaser, then such Responding Interest Holders shall purchase a share of the applicable Loan Interest in proportion to the amount that each such Responding Interest Holder’s
Loan Asset Principal Balance bears to the total Loan Asset Principal Balance of all such Responding Interest Holders.) 
 (f) The closing
shall take place in the City, County and State of New York on the date selected by the purchasing Interest Holder, which shall be no earlier than ten (10) Business Days after and not later than twenty (20) Business Days after the
expiration of the Election Period. Concurrently with payment to the selling Interest Holder of the applicable Buy/Sell Purchase Price (which shall be paid all in cash), the selling Interest Holder shall deliver or cause to be delivered to the
purchasing Interest Holder the applicable form of assignment and assumption agreement (and, if applicable, together with the selling Interest Holder’s respective original Notes and allonges to each such original Note executed by the selling
Interest Holder), without recourse, representation or warranty, other than customary representations and warranties (i) regarding ownership and authority, and that the selling Interest Holder’s Loan Interest is being transferred to the
purchasing lender free and clear of any and all participations or Liens with respect thereto (except to the extent of participations that are disclosed and for which the Buy/Sell Purchase Price is adjusted), and (ii) specifying, as applicable,
(1) the Percentage Interest of the selling Interest Holder, (2) the Loan Asset Principal Balance (and any accrued and unpaid interest thereon) under the Loan Asset being assigned to the purchasing Interest Holder, and (3) the amount
of any outstanding Funded Default Amounts funded by the selling Interest Holder (and any accrued and unpaid interest thereon), being assigned to the purchasing Interest Holder. All of the selling Interest Holder(s)’ rights and liabilities with
respect to the applicable Loan Interest(s) hereunder (and, as applicable, under the Underlying Instruments) arising from and after the date of such transfer (but not as to any liabilities arising prior thereto) shall terminate as of such date, and
the selling Interest Holder(s) shall no longer constitute an “Interest Holder,” “Lender” or “Agent” (in each case, as applicable) for purposes hereof or the Underlying Instruments, other than with respect to such rights
and obligations that expressly survive termination in accordance with this Agreement. Each Interest Holder shall pay its own attorneys’ fees associated with the sale and the seller(s) shall pay any property transfer taxes, if any, payable in
connection with the sale (and if there is more than one seller, sellers shall pay such transfer taxes in proportion to their respective pro rata share of the applicable Loan Interest(s)). In connection with any sale pursuant to this 

  
 45 

 
Section 6.5 occurring after the acquisition of an REO Property, (y) all closing prorations shall be handled in a manner that is customary for the jurisdiction in which the REO Property
is located, and (z) the selling and purchasing Interest Holders shall cooperate in good faith (subject to the economic, organizational and regulatory considerations of such Interest Holders and Agent) to structure the sale transaction in a
manner that minimizes any transfer or other taxes payable in connection with such sale and either Interest Holder shall be entitled to delay the closing of the sale for a period of up to twenty (20) Business Days in order to do so. 

(g) If an Interest Holder shall fail to complete a purchase or sale within the time and in the manner required hereunder, and such failure
continues for three (3) Business Days after notice from the other Interest Holder(s), then the other Interest Holder(s) may elect to (a) purchase such defaulting Interest Holder’s entire Loan Interest for a price equal to ninety-five
percent (95%) of the Buy/Sell Purchase Price otherwise applicable to such Loan Interest (in which case, the other Interest Holder(s) shall be deemed the purchaser, if such defaulting Interest Holder had been the purchaser), said election to be made
within ten (10) Business Days after the defaulting Interest Holder’s failure to timely and properly close, with the closing to take place within ten (10) Business Days thereafter, (b) cancel such purchase or sale, as applicable,
or (c) without limitation of the foregoing, pursue all rights and remedies at law or in equity (including specific performance) against the defaulting Interest Holder. Additionally, the defaulting Interest Holder shall not have the right for a
period of one (1) year after the date of its default to give an Election Notice with respect to such Loan Asset. 
 6.6
Reimbursable Advances. With respect to each Loan Asset, the Interest Holders hereby agree that any and all costs and expenses (i) to be incurred in connection with any Loan Asset by the Agent or the Interest Holders and
(ii) for which Borrower is obligated to reimburse a “Lender” and/or the Agent pursuant to the relevant Underlying Instruments, (such costs and expenses are referred to herein as the “Reimbursable Advances”) may be
incurred by Agent on behalf of the Interest Holders. Agent shall seek reimbursement of the Reimbursable Advances from Borrower but, in all cases, the Interest Holder, on whose behalf any Reimbursable Advance was incurred by Agent, shall remain
liable to Agent for the payment of such Reimbursable Advance in accordance with its respective Percentage Interest, in the event Borrower fails to reimburse Agent for such Reimbursable Advance in accordance with the terms of the Underlying
Instruments. Notwithstanding anything herein to the contrary (other than Section 6.3(b)(xvi) hereof), other than emergency advances for taxes, insurance and otherwise in an aggregate amount not to exceed $250,000 (exclusive of advances for
taxes and insurance) for any Mortgaged Property which are reasonably necessary to protect such Mortgaged Property, Agent shall not make any advances without the consent of the Applicable Interest Holders. 

6.7 Register. With respect to Loan Assets for which Agent acts as agent or the lender of record under the Underlying
Instruments, Agent shall maintain a register for the recordation of the names and addresses of each Interest Holder, the type of interest held by such Interest Holder (e.g. direct loan interest, participation or otherwise), principal amounts (and
stated interest) of the Loan Assets owing to each Interest Holder and the name and address of each 

  
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Interest Holder’s agent for service of process (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and
each Borrower, Agent and each Interest Holder shall treat each person or entity whose name is recorded in the Register as an Interest Holder with respect to the specified Loan Asset. The Register shall be available for inspection and copying by any
Borrower or any Interest Holder during normal business hours upon reasonable prior notice to Agent. 
 6.8 Notices to Interest
Holders. With respect to each Loan Asset, Agent shall promptly provide each Interest Holder with copies of all financial statements and other financial information delivered to Agent by the Borrower in accordance with the applicable
Underlying Instruments. 
 6.9 Administration of Draw Requests. 

(a) With respect to each Loan Asset, Agent shall review and administer Draw Requests by each Borrower in accordance with the terms and
conditions of the applicable Underlying Instruments. Upon receipt of a Draw Request from Borrower, Agent shall determine if the conditions precedent and other material information relating to such Borrower’s request for an Advance under the
applicable Underlying Instruments (the “Advance Conditions”) have been satisfied. Not less than five (5) Business Days prior to the Requested Advance Date for any Draw Request, Agent shall deliver written notice (the
“Preliminary Notice”) to each Interest Holder in the manner provided for in Section 11.1 below, which such notice shall include the Loan Asset, the Requested Advance Date and the preliminary amount of such
Interest Holder’s Percentage Interest of such Advance. Agent shall include with the Preliminary Notice a copy of the Draw Request summary page, to the extent not previously delivered. Not less than two (2) Business Days prior to the
Requested Advance Date for such Draw Request, Agent shall notify each Interest Holder of any material condition that Borrower must satisfy as a condition precedent to the receipt of such Advance that has not been satisfied. In addition, Agent shall
promptly upon its receipt thereof (which Interest Holders acknowledge may be on the Requested Advance Date) deliver to each Interest Holder the Construction Consultant’s summary approval letter relating to such Draw Request (and, prior to the
next succeeding Requested Advance Date, a copy of the Construction Consultant’s report relating to such Draw Request), Borrower’s requisition and applicable title update in respect of such Advance received by Agent after the date of such
notice. Not less than two (2) Business Days prior to the Requested Advance Date for such Draw Request, Agent shall deliver written notice (the “Final Notice”) to each Interest Holder in the manner provided for in
Section 11.1 below, which such notice shall include the final determined amount of such Interest Holder’s Percentage Interest of such Advance (which such amount shall not exceed the amount stated in the Preliminary
Notice). Provided that Agent has determined that each of the Advance Conditions related to a Draw Request have been satisfied (or waived by Agent in accordance with Section 6.3 herein), each of the Interest Holders shall
fund its respective Percentage Interest of the requested Advance on the Requested Advance Date not later than 12:00 P.M., New York City time, in accordance with the Final Notice and the terms and conditions of the applicable Loan Agreement;
provided, however, that notwithstanding anything to the contrary contained herein, no Interest Holder shall be required to fund any amount in excess of its respective Maximum 

  
 47 

 
Commitment. Except to the extent that the Interest Holders may be required to make two (2) Advances in a month in order to make an Advance of the Required Debt Service Payment Amount on the
Payment Date if the Requested Advance Date is not on a Payment Date, Agent shall not direct Interest Holders to make more than one additional Advance with respect to a Loan Asset in a calendar month unless Agent provides no less than five
(5) Business Days’ written notice of such additional Advance to such Interest Holders. Agent shall work directly with the Construction Consultant, Borrower and any architects, engineers or other third party consultants involved in the
construction of the Improvements and keep each Interest Holder reasonably apprised of the progress of construction at the Mortgaged Property. Each Interest Holder hereby acknowledges and agrees that the interest due to each Electing Lender in
connection with a Funded Default Amount funded by such Electing Lender on behalf of a Defaulting Lender shall be at a rate equal to the Funded Default Amount Interest Rate. 

(b) Notwithstanding the provisions of Section 6.9(a) above or anything to the contrary contained in any Underlying Instrument, provided
that Agent has determined that each of the Advance Conditions related to a Draw Request have been satisfied (or waived by Agent in accordance with Section 6.3 herein) in accordance with Section 6.9(a) above,
each Interest Holder shall be required to fund its respective Percentage Interest of each Advance until such Interest Holder has funded its respective Maximum Commitment. 

6.10 Defaulting Lenders. With respect to each Loan Asset, subject to Section 6.10(g), if any Interest
Holder (as hereinafter defined, a “Defaulting Lender”) (i) fails to fund its Percentage Interest of an Advance required to be funded hereunder on or before the time required hereunder or (ii) fails to pay Agent such Interest
Holder’s Percentage Interest of any out-of-pocket costs, expenses or disbursements actually incurred or made by Agent pursuant to the terms of any Underlying
Instruments and permitted hereunder on or prior to the date that is five (5) Business Days after a written demand for Agent by the same (which demand shall be accompanied by invoices or other reasonable back up information demonstrating the
amount owed) to the extent that a Distribution Date has occurred after Agent incurred such expenses and prior to the delivery of such notice for reimbursement to the other Interest Holders and funds applied pursuant to
Section 3.1 hereof were not sufficient to reimburse Agent in full for such amounts on such Distribution Date (the aggregate amount which Defaulting Lender fails to pay or fund under the preceding clause (i) and
(ii) is herein referred to as the “Default Amount” and each such failure by an Interest Holder is referred to herein as a “Lender Default”), then Agent shall promptly notify the Interest Holders that an
Interest Holder has become a Defaulting Lender, and in addition to the rights and remedies that may be available to the Non-Defaulting Lenders at law and in equity, the following provisions of this
Section 6.10 shall apply: 
 (a) For the applicable Loan Asset, Defaulting Lender’s right to participate in
the administration of the Underlying Instruments, including without limitation, any rights to vote upon, consent to or direct any action of Agent or Interest Holders (other than voting rights with respect to increasing such Interest Holder’s
Maximum Commitment and/or extending the time during which such Interest Holder is required to make additional Advances) shall be suspended and such rights shall not be reinstated unless and until such default is cured; provided,
however, 

  
 48 

 
that if Agent is a Defaulting Lender, Agent shall continue to have all rights provided for in this Agreement and the Underlying Instruments with respect to the administration of the Loan Assets,
unless the Required Lenders (excluding Agent and any Affiliates of Agent) request Agent’s resignation or vote to remove and replace Agent in accordance with Section 6.1 hereof. 

(b) If and to the extent the Default Amount includes an amount which, if advanced by Defaulting Lender, would be applied to interest, fees or
other amounts due to the Defaulting Lender, Agent may, and shall upon the direction of Required Lenders, treat as advanced by Defaulting Lender to itself (with a corresponding automatic increase in Defaulting Lender’s Loan Interest balance, and
without necessity for executing any further documents) such amount, whereupon a corresponding offset shall be made against the Default Amount. 

(c) For the applicable Loan Asset, if and to the extent any Default Amount remains (after taking into account the deemed advance and
application made under Section 6.10(b) above) (such amount, the “Remaining Default Amount”), any or all of Non-Defaulting Lenders shall be entitled (but shall not be obligated) to fund
all or part of the Remaining Default Amount (such funded amount, the “Funded Default Amount”), and collect from Defaulting Lender or from amounts otherwise payable to Defaulting Lender free and clear of any withholding taxes at the
Funded Default Amount Interest Rate on the Funded Default Amount for the period from the date on which the payment was due until the date on which payment is made (less any interest actually paid by Borrower on the Funded Default Amount from time to
time, which payments shall be applied by Agent pari passu to Non-Defaulting Lenders which shall have so funded the Funded Default Amount). In the event of a Remaining Default Amount, Agent shall deliver
written notice to the Non-Defaulting Lenders of the right (but not obligation) to fund such Remaining Default Amount (such notice, the “Default Amount Notice”). The Default Amount Notice shall
state (i) the Remaining Default Amount, (ii) the date Agent must receive a Default Amount Election Notice, which shall be no less than two (2) Business Days from the date of such Default Amount Notice, and (iii) the date upon
which the Remaining Default Amount must be received by Agent (such date, “Default Amount Funding Date”), which shall be no less than four (4) Business Days from the date of such Default Amount Notice. The right to fund the
Remaining Default Amount shall be exercised by written notice from a Non-Defaulting Lender (each such Non-Defaulting Lender, an “Electing Lender”) to
Agent and the other Non-Defaulting Lenders (each such notice, a “Default Amount Election Notice”); provided, however, if Agent receives more than one Default Amount Election
Notice, then each Electing Lender’s commitment to fund the Remaining Default Amount shall be apportioned pro rata among the Electing Lenders in the proportion that the amount of each such Electing Lender’s Maximum Commitment bears to the
total Maximum Commitments of all Electing Lenders. Agent shall notify the Electing Lender(s) no later than two (2) Business Days before the Default Amount Funding Date of the amount due from each Electing Lender. For the avoidance of doubt, the
funding of a Remaining Default Amount by Electing Lender(s) on behalf of a Defaulting Lender shall not restore such Defaulting Lender to Non-Defaulting Lender status. Notwithstanding anything to the contrary
contained in this Agreement, upon the repayment to all applicable Interest Holders of all applicable Default Amounts, the Defaulting Lender shall no longer be considered a Defaulting Lender with respect to the applicable Loan Asset for any purposes
hereunder. 

  
 49 

 (d) Intentionally Omitted. 

(e) Each Non-Defaulting Lender shall have the right, but not the obligation, in its sole discretion,
to acquire such Defaulting Lender’s Percentage Interest of the Obligations of such Loan Asset, together with the Funded Default Amount, in which case the following provisions shall apply: 

(i) If more than one Non-Defaulting Lender exercises such right, each such Non-Defaulting Lender shall have the right to acquire (in proportion to such acquiring Interest Holders’ respective Percentage Interests (or upon agreement thereof, any other proportion)) Defaulting
Lender’s Percentage Interest in the Obligations of the applicable Loan Asset, together with all of the Funded Default Amount for such Loan Asset. Such right to purchase shall be exercised by written notice from the applicable Non-Defaulting Lender(s) electing to exercise such right to Defaulting Lender and Agent (an “Exercise Notice”), copies of which shall also be sent concurrently to the other Interest Holders. The
Exercise Notice shall specify (A) the Purchase Price for the Percentage Interest of Defaulting Lender in the applicable Loan Asset, determined in accordance with Section 6.10(e)(ii) below, and (B) the date on which such purchase is
to occur, which shall be any Business Day which is not less than fifteen (15) days after the date on which the Exercise Notice is given, provided that if such Defaulting Lender shall have cured its default in full with respect to such
Loan Asset (including all interest and other amounts due in connection therewith) to the satisfaction of Agent within said fifteen (15) day period, then the Exercise Notice shall be of no further effect and the applicable Non-Defaulting Lenders shall no longer have a right to purchase such Defaulting Lender’s Percentage Interest or the Funded Default Amount. Upon any such purchase of the Percentage Interest of a Defaulting
Lender in such Loan Asset and as of the date of such purchase (the “Purchase Date”), (X) the Non-Defaulting Lenders purchasing Defaulting Lender’s Percentage Interest in the Loan Asset
shall also purchase the relevant Funded Default Amount in equivalent proportions from the Non-Defaulting Lenders which funded the same, for a purchase price equal to par plus interest accrued at the Funded
Default Amount Interest Rate and unpaid thereon (such accrued interest, the “Default Amount Accrued Interest”), (Y) the Non-Defaulting Lenders purchasing Defaulting Lender’s Percentage
Interest in the Loan Asset shall promptly advance to Agent their proportionate shares of any unfunded portion of the Default Amount, and (Z) Defaulting Lender’s interest in the Loan Asset, the Obligations thereof, and its rights hereunder
as an Interest Holder of the Loan Asset arising from and after the Purchase Date (but not its rights and liabilities in respect thereof or under the applicable Underlying Instruments for obligations, indemnities and other matters arising or matters
occurring before the Purchase Date) shall terminate on the Purchase Date, and Defaulting Lender shall promptly execute all documents reasonably requested to surrender and transfer such interest. Without in any manner limiting the remedies of
Interest Holders, the obligations of a Defaulting Lender to sell and assign its applicable 

  
 50 

 
Percentage Interest under this Section 6.10(e) shall be specifically enforceable by Agent and/or the other Interest Holders, by an action brought in any court of competent jurisdiction for
such purpose, it being acknowledged and agreed that, in light of the disruption in the administration of the applicable Loan Asset, and the other terms of the applicable Underlying Instruments that a Defaulting Lender may cause, damages and other
remedies at law are not adequate. 
 (ii) The purchase price for the Percentage Interest of the Loan Asset and the
Obligations of a Defaulting Lender with respect to such Loan Asset (the “Purchase Price”) shall be equal to ninety-eight percent (98%) of the par value (plus accrued interest) of the Defaulting Lender’s Percentage Interest of
the Loan Asset outstanding as of the Purchase Date (which for the avoidance of doubt (A) shall not include any Funded Default Amount for the Loan Asset funded by a Non-Defaulting Lender on behalf of such
Defaulting Lender, and (B) shall be determined utilizing a then-current FIRREA compliant appraisal (obtained by Agent at the Defaulting Lender’s cost) with respect to any Loan Asset providing for a profit participation interest), less
(x) the applicable Default Amount Accrued Interest, and (y) reasonable costs and expenses incurred by Agent and Interest Holders directly as a result of Defaulting Lender’s default hereunder, court costs and the fees and expenses of
attorneys, paralegals, accountants and other similar advisors (such costs and expenses, collectively, the “Default Costs”), and if such amounts are not then known, there shall be deducted from the Purchase Price and placed into
escrow with Agent an amount equal to 150% of Agent’s reasonable estimate of such Default Costs, to be held for disbursement to pay such costs as incurred, with any remainder being returned to Defaulting Lender upon payment in full of all the
Obligations. Interest Holders hereby acknowledge that Interest Holders purchasing Defaulting Lender’s Percentage Interest in such Loan Asset are entitled to do so at the price set forth in this Section 6.10(e)(ii) notwithstanding the
risk that the applicable Obligations and security therefor may further decline in value after such purchase as a result of Defaulting Lender’s default. 

Nothing herein contained shall be deemed or construed to waive, diminish or limit, or prevent or stop any Interest Holder from exercising or enforcing, any
rights or remedies which may be available at law or in equity as a result of or in connection with any default under the applicable Underlying Instruments by another Interest Holder with respect to the applicable Loan Asset. 

(f) With respect to each Loan Asset, within thirty (30) days after any Interest Holder becomes a Defaulting Lender for a Loan Asset, and
if no Non-Defaulting Lender elects to acquire such Defaulting Lender’s Percentage Interest of the Obligations of such Loan Asset together with the Funded Default Amount, in accordance with Section
6.10(e), the following shall apply: 
 (i) Subject to compliance with the terms of the applicable Underlying Instruments,
Agent may, at the option of the Borrower (if applicable pursuant to the Underlying Instruments), or at the direction of the Required Lenders to Agent, notify such Defaulting Lender of Agent’s intention to obtain, at Defaulting Lender’s
expense, a 

  
 51 

 
replacement lender (“Replacement Lender”) for such Defaulting Lender with respect to the applicable Loan Asset, which Replacement Lender must be a Qualified Equity Holder. In the
event Agent obtains a Replacement Lender within one hundred twenty (120) days following notice of its intention to do so, the Replacement Lender shall (i) purchase the Percentage Interest in the applicable Loan Asset and the relevant
Obligations of such Defaulting Lender at the Purchase Price, (ii) purchase the Funded Default Amount from the Electing Lenders which funded the same at par plus the Default Amount Accrued Interest, and (iii) pay to Agent the Default Costs.
Defaulting Lender shall sell, at a price equal to the Purchase Price, Defaulting Lender’s interest in the applicable Loan Asset, the relevant Obligations, and its rights hereunder as an Interest Holder of such Loan Asset arising from and after
the date of such sale (but not its rights and liabilities in respect thereof or under the Underlying Instruments or this Loan Agreement for obligations, indemnities and other matters arising or matters occurring before the date of such sale) shall
terminate on the date of such sale, and Defaulting Lender shall promptly execute all documents reasonably requested to surrender and transfer such interest. Upon any such sale and payment, such replaced Defaulting Lender shall no longer constitute a
“Interest Holder” or “Lender” with respect to the applicable Loan Asset for purposes hereof, other than with respect to such rights and obligations that survive termination as set forth in this
Section 6.10. Without in any manner limiting the remedies of Interest Holders, the obligations of a Defaulting Lender to sell and assign its Percentage Interest in a Loan Asset under this Section 6.10(f) shall be
specifically enforceable by Agent and/or the other Interest Holders, by an action brought in any court of competent jurisdiction for such purpose, it being acknowledged and agreed that, in light of the disruption in the administration of the
applicable Loan Asset and the other terms of the Underlying Instruments that a Defaulting Lender may cause, damages and other remedies at law are not adequate. 

(g) Notwithstanding anything to the contrary contained herein, the following failures to fund by an Interest Holder that would otherwise cause
such Interest Holder to be a Defaulting Lender hereunder shall not cause such Interest Holder to be a Defaulting Lender: 

(i) If any Person that is Controlled by a Permitted Fund Manager described in clause (I) of the definition thereof
fails to fund an amount due hereunder as a result of the failure by German American Capital Corporation (or an Affiliate thereof) to fund any commitment made by such Person to the applicable Interest Holder in accordance with the terms of such
commitment. 
 6.11 Indemnification of Agent. With respect to each Loan Interest, Interest Holders hereby agree to indemnify
Agent in accordance with the Underlying Instruments of such Loan Interest (provided that this sentence shall only be construed to entitle Agent to the same (and not increased or decreased) indemnifications provided to Agent under the Underlying
Instruments notwithstanding the fact that the Interest Holders hereunder may not be parties to the Underlying Instruments). In addition, Interest Holders hereby agree to indemnify Agent, in their respective capacities as such (to the extent not
reimbursed by an applicable Borrower and without limiting the 

  
 52 

 
obligation, if any, of such Borrower to do so), ratably according to the respective amounts of their percentage share of each Loan Asset, from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including without limitation at any time following the payment of the applicable Obligations) be imposed on,
incurred by or asserted against Agent in any way relating to or arising out of the Underlying Instruments or the transactions contemplated thereby or any action taken or omitted by Agent under or in connection with any of the foregoing;
provided, however, that Interest Holders shall not be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from
Agent’s gross negligence, bad faith or willful misconduct, respectively. The provisions of this Section 6.11 shall survive the payment of the Obligations and the termination of this Agreement. 

6.12 Elections Under Participation Assets. 

(a) Within three (3) Business Days of receiving any notice from a Participation Counterparty that provides Agent and/or the Interest
Holders with a right of first offer, right of first refusal, tag-along right, purchase option or other similar right (but not a right in the nature of a buy/sell option) with respect to the acquisition of such
Participation Counterparty’s interest (a “ Participation Purchase Opportunity”) and/or the sale of Loan Interests to such Participation Counterparty (a “Participation Disposition Opportunity”), Agent or the
Interest Holder receiving such notice (the “Participation Notice”) shall deliver a copy of such notice to the applicable Agent and Interest Holders with respect to such Participation Asset, and the applicable Agent and Interest
Holders shall consult with each other to determine a proposed course of action. In the case of a Participation Purchase Opportunity, any Interest Holders wishing to purchase the Participation Counterparty’s interest may acquire such interest,
and, if more than one Interest Holder wishes to purchase such interest, the Interest Holders shall acquire such Participation Counterparty Interest in proportion to such acquiring Interest Holders’ respective Percentage Interests (or upon
agreement thereof, any other proportion)) in accordance with the terms of the Participation Notice. In the case of a Participation Disposition Opportunity, the consent of all Interest Holders shall be required in order to sell such Loan Asset. 

(b) Within three (3) Business Days of receiving any notice in the nature of a “buy/sell” notice from a Participation
Counterparty, Agent or the Interest Holder receiving such notice (the “Participation Buy/Sell Notice”) shall deliver a copy of such notice to the applicable Agent and Interest Holders with respect to such Participation Asset, and
the applicable Agent and Interest Holders shall consult with each other to determine a proposed course of action. If the Interest Holders are unable to agree on a proposed course of action with respect to the Participation Buy/Sell Notice, then the
Interest Holder(s) wishing to buy the Participation Counterparty’s interest (the “Buying Interest Holders”) may, by written notice (the “Participation Buy Notice,” which must be delivered at least two
(2) Business Days prior to the deadline to respond to the Participation Buy/Sell Notice) to Agent and the other Interest Holder(s) (the “Selling Interest Holders”), elect to buy the Loan Interests of the Selling Interest
Holders on the same terms and conditions and subject to the same procedures (as applied to account for the 

  
 53 

 
potentially different nature of the interests held by the Interest Holders) as set forth in the Participation Buy/Sell Notice with respect to the Participation Counterparty’s interests. The
delivery of the Participation Buy Notice shall constitute Buying Interest Holder(s)’ covenant to purchase the Loan Interests and the Participation Counterparty’s interests, and such Buying Interest Holders shall be liable to Agent and the
Selling Interest Holders for all actual losses, damages, and out of pocket costs and expenses incurred by Agent and Selling Interest Holders as a result of Buying Interest Holders’ failure to consummate such transactions. 

(c) If, after receipt of a Participation Buy/Sell Notice and the expiration of the time periods set forth in the immediately preceding
clause (b), no Interest Holder delivers a Participation Buy Notice, Agent shall elect to sell the applicable Loan Asset to the Participation Counterparty in accordance with the Participation Buy/Sell Notice, and each Interest Holder shall
cooperate with Agent in effectuating such sale. Without in any manner limiting the remedies of Interest Holders, the obligations of each Interest Holder to sell and assign its Percentage Interest in a Loan Asset under this Section 6.12(c)
shall be specifically enforceable by Agent and/or the other Interest Holders, by an action brought in any court of competent jurisdiction for such purpose, it being acknowledged and agreed that, in light of the disruption in the administration of
the applicable Loan Asset and the other terms of the Underlying Instruments that may be caused by such failure, damages and other remedies at law are not adequate. 

ARTICLE 7 

RELATIONSHIP OF INTEREST HOLDERS 

7.1 No Creation of a Partnership. Nothing contained in this Agreement, and no action taken pursuant hereto shall be deemed to
constitute a partnership, association, joint venture or other entity by and between any of the Interest Holders. The Interest Holders shall not (and shall cause their respective Affiliates to not) take a position on any Tax return or related Tax
document or filing that this Agreement or action taken pursuant hereto constitutes a partnership for U.S. federal income tax purposes, except upon a final determination by an applicable Taxing authority. The parties will cooperate with each other in
good faith on the tax-related matters described herein, including in determining when and whether to make an election described in Code Section 761 with respect to the agreements contained herein. The
parties intend that none of the terms described herein creates or gives rise to a “debt obligation” (within the meaning of Code Section 7701 and the Treasury regulations promulgated thereunder) of Interest Holder 1, and this Agreement
shall be interpreted consistent with such intent. 
 7.2 Other Business Activities. With respect to each Loan Asset, Interest
Holders acknowledge that each Interest Holder and its respective Affiliates may heretofore have made a loan or otherwise extended credit to Borrower Related Parties applicable to such Loan Asset and, in the future, may make other loans or extend
further credit to Borrower Related Parties, and in connection with each such loan or extension of credit, such Interest Holder may receive payments on such other loans or extensions of credit to Borrower Related Parties and otherwise act with
respect thereto freely and without accountability in the same manner as if this Agreement and the transactions contemplated hereby were not in effect. 

  
 54 

 ARTICLE 8 

ASSIGNMENTS AND PARTICIPATIONS 

8.1 Assignments. No Interest Holder shall Transfer all or any portion of its Loan Interests except as follows: 

(a) Except as provided in and subject to any restrictions set forth in the Underlying Instruments of the applicable Loan Assets and subject
to Section 8.1(b) below, each Interest Holder shall have the right to Transfer all or any portion of its Loan Interests to a Qualified Equity Holder; provided, however, that such Interest Holder shall not Transfer all or any
portion of its legal or beneficial interest in its Loan Interests to any Counterparty Lender, Borrower or Borrower Related Party underlying such Loan Asset; further that (x) Interest Holder 2 may not Transfer all or any portion of its Loan
Interests or any related Note that is the subject of a participation or similar agreement with the other Interest Holder to a person (other than Interest Holder 1 or its designee) that is not both a “United States person” within the
meaning of Code section 7701(a)(30) and a “financial institution” within the meaning of Treasury Regulations section 1.1441-1 and (y) Interest Holder 1 may at any time Transfer all or any
portion of its Loan Interests and any related Note to a wholly owned subsidiary of Interest Holder 1. 
 (b) At least two (2) Business
Days prior to (or, with respect to a Transfer described in Section 8.1(a)(y), within five (5) Business Days after) any Transfer by an Interest Holder (other than a Pledge in accordance with the provisions of
Section 12.1 hereof), such Interest Holder shall provide to Agent a certification that such transfer will be made in accordance with this Section 8.1, which certification shall include the name and
contact information of the proposed transferee, together with the transferee’s agreement to assume all of the obligations hereunder and to make all of the representations made by the Interest Holders hereunder. Effective on any such Transfer
and on compliance with this Section 8.1, such Interest Holder shall have no further liability hereunder with respect to the interest of the transferee that was the subject of such Transfer and such transferee shall be an
“Interest Holder” with respect to such interest. Any Transfer that does not comply with all requirements of Section 8.1 hereof shall be void ab initio. 

8.2 Participations. Except as provided in the Underlying Instruments of the applicable Loan Assets, Interest Holders may assign,
sell, grant, transfer or otherwise issue a participation interest in all or any portion of its rights in and to the Loan to a transferee that is a Qualified Equity Holder; provided, however, that such Interest Holder shall not Transfer
all or any portion of its legal or beneficial interest in its Loan Interests to any Counterparty Lender, Borrower or Borrower Related Party underlying such Loan Asset. Any participation granted by an Interest Holder in the Loan Interests held by it
in accordance with this Agreement shall not dilute or otherwise reduce such Interest Holder’s voting rights, consent rights and/or Percentage Interest 

  
 55 

 
hereunder, and the parties granting and acquiring such participation may decide between themselves whether or not the party granting such participation will take voting instruction from the party
acquiring such participation. 
 8.3 Not a Security. The Notes shall not be deemed to be securities within the meaning of the
Securities Act of 1933 or the Securities Exchange Act of 1934. 
 ARTICLE 9 

CUSTODY AND SERVICING 

9.1 Custody of Underlying Instruments. Agent shall appoint a custodian, which custodian, as agent for the Agent and the Interest
Holders, shall hold in its possession, the originals of all of the Underlying Instruments (other than the Notes) for the pro rata benefit of the Interest Holders. Agent shall have the right to remove and replace the custodian, in which event Agent
shall notify the Interest Holders of the identity of the successor “Custodian” so chosen and such successor custodian shall assume all the rights and duties of custodian hereunder. Such custodian shall hold the Underlying Instruments
(other than the Notes) pursuant to a custodial agreement entered into between Agent and such custodian, which custodial agreement shall be on customary market terms. 

9.2 Servicing of Loans. 

(a) Without limiting the rights of any Interest Holder to have its Loan Interests serviced by a servicer of its choosing, the Loan Assets
shall be serviced by Hanover Street Capital, LLC, a Delaware limited liability company, Situs Asset Management LLC, a Texas limited liability company, and/or another servicer designated by Agent with the consent of the Required Lenders
(collectively, and together with their nominees or designees, the “Servicer”). Agent may delegate all or any portion of its responsibilities under this Agreement and the Underlying Instruments to Servicer. Servicer may, at any time,
delegate all or any portion of its responsibilities for the servicing and administration of the Loan Assets to a sub-servicer or sub-servicers in accordance with the
Servicing Agreement. Notwithstanding any collection of the Servicing Fee by Agent on behalf of Servicer (and for the avoidance of doubt, no Interest Holder shall be liable for such Servicing Fee), the Servicing Fee will be deemed to have been paid
directly to Servicer. 
 (b) Notwithstanding anything to the contrary contained herein, to the extent that Servicer services both the Loan
Assets and the Loan Interests of each Interest Holder, any provision contained herein requiring Agent to provide notice to the other Interest Holders of the occurrence of any event or a copy of any written document, report or other instrument shall,
except as otherwise provided by notice from an Interest Holder to the Servicer with respect to alternate instructions regarding specified Loan Assets, be deemed satisfied upon Servicer obtaining knowledge of the applicable event and/or a copy of the
applicable document, report or 

  
 56 

 
other instrument that is the subject of such notice requirement. For the avoidance of doubt, the deemed approval provided for in this clause (b) shall not apply with respect to any notice
requesting that an Interest Holder approve a Major Decision or fund an amount of money. If there is a conflict between this clause (b), on the one hand, and any other provision set forth in this Agreement, on the other hand, this clause
(b) shall control. 
 ARTICLE 10 

NO FIDUCIARY RESPONSIBILITY 

10.1 Limitation on Liability. With respect to each Loan Asset, no Interest Holder, in its capacity as such, shall have any
fiduciary responsibility to the other Interest Holders or Agent. Notwithstanding anything to the contrary contained herein or in the Underlying Instruments, (a) no Interest Holder shall be personally liable hereunder or under the Underlying
Instruments other than to the extent of cash, property or other value realized or derived from its respective ownership of the Loan Assets, and (b) no principal, director, officer, employee, advisor, beneficiary, shareholder, partner, manager,
member, trustee, agent or Affiliate of any Interest Holder, or any legal representatives, successors or assigns of any of the foregoing shall have any personal liability for with respect to the payment of any sum of money which is or may be payable
hereunder or under any other Underlying Instruments by any Interest Holder. 
 ARTICLE 11 

MISCELLANEOUS 
 11.1
Notices. All notices, demands, requests, consents, approvals or other communications (each of the foregoing, a “Notice”) required, permitted, or desired to be given hereunder shall be in writing sent by facsimile (with
answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, electronic mail, or delivered by hand or reputable overnight courier addressed to the party to be so notified at its address hereinafter set
forth, or to such other address as such party may hereafter specify in accordance with the provisions of this Section 11.1. Any such Notice shall be deemed to have been received: (a) three (3) Business Days after the
date mailed, (b) on the date of sending by facsimile or electronic mail if sent during business hours on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day) and 

  
 57 

 
(d) on the next Business Day if sent by an overnight commercial courier, in each case addressed to the parties as follows: 

 

			
	 If to Interest Holder 1:

		
		 	 [Applicable Interest Holder 1]

c/o TPG RE Finance Trust CLO Issuer, L.P.

345 California Street, Suite 3300

		 	 San Francisco, CA 94104

Attention: Matthew J. Coleman, Esq.

Facsimile: (415) ###-####

		 	 Email: ########@tpg.com

		
		 	 with a copy to:

		
		 	 Ropes & Gray LLP

		 	 Prudential Tower

		 	 800 Boylston Street

		 	 Boston, MA 02199

		 	 Attention: Alfred O. Rose, Esq.

Alison T. Bomberg, Esq.

		 	 Fax: (617) ###- ####

(617) ###-####

		 	 Email: ###########@ropesgray.com

##############@ropesgray.com

	
	 If to Interest Holder 2:

		
		 	 German American Capital Corporation

		 	 60 Wall Street, 10th Floor

		 	 New York, NY 10005

		 	 Attention:

		 	 Facsimile No.

		 	 Email:

		
		 	 with a copy to:

		
		 	 Gibson, Dunn & Crutcher LLP

200 Park Avenue

		 	 New York, New York 10166

		 	 Attention: Eric Feuerstein

Facsimile No. (212) ###-####

Email: ###########@gibsondunn.com

  
 58 

			
	 If to Agent (as applicable):

		
		 	 Deutsche Bank Trust Company Americas

60 Wall Street, 10th Floor

		 	 New York, NY 10005

Attention: Dino Paparelli

Facsimile No. (212) ###-####

Email: #############@db.com

		
		 	 with a copy to:

		
		 	 Hanover Street Capital, LLC

48 Wall Street, 14th Floor

New York, NY 10005

Attention: Amy Sinensky

Facsimile No. (212) ###-####

		 	 Email: ###########@hanoverstcap.com

		
		 	 with a copy to:

		
		 	 Gibson, Dunn & Crutcher LLP

200 Park Avenue

		 	 New York, New York 10166

		 	 Attention: Eric Feuerstein

Facsimile No. (212) ###-####

Email: ###########@gibsondunn.com

		
		 	 OR

		
		 	 Deutsche Bank AG New York Branch

60 Wall Street, 10th Floor

		 	 New York, NY 10005

Attention: Dino Paparelli

Facsimile No. (212) ###-#####

Email: #############@db.com

		
		 	 with a copy to:

		
		 	 Hanover Street Capital, LLC

		 	 48 Wall Street, 14th Floor

		 	 New York, NY 10005

		 	 Attention: Amy Sinensky

		 	 Facsimile No. (212)
###-####

  
 59 

			
		 	 Email: ###########@hanoverstcap.com

		
		 	 with a copy to:

		
		 	 Gibson, Dunn & Crutcher LLP

200 Park Avenue

		 	 New York, New York 10166

		 	 Attention: Eric Feuerstein

Facsimile No. (212) ###-####

Email: ###########@gibsondunn.com

 Each party designates the individual listed above in “Attention” for such party as its authorized representative,
and each other party shall be entitled to rely on such Notice provided by or to such authorized representative at the address, facsimile number or email of such authorized representative listed above. Notwithstanding the foregoing, Agent is entitled
to solicit by email consent or approval from the Interest Holders and rely on the consent or approval from each Interest Holder by the designated representatives at the email address listed on Schedule 2 attached hereto. Any party may change
the address to which any Notice is to be delivered by furnishing five (5) days’ written notice of such change to the other parties in accordance with the provisions of this Section 10.6. Notices shall be deemed to
have been given on the date set forth above, even if there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection or refusal to accept any Notice offered for delivery. Notice
for any party may be given by its respective counsel. Additionally, Notice from Agent may, if Agent directs, also be given by Servicer. 

11.2 Modification. No provision of this Agreement may be changed, waived, discharged or terminated orally, by telephone or by
any other means except by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. 

11.3 WAIVER OF JURY TRIAL. EACH INTEREST HOLDER AND AGENT EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH ANY SUIT,
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, ANY AND EVERY RIGHT IT MAY HAVE TO A TRIAL BY JURY. 
 11.4 Governing Law.

 (a) This Agreement shall be governed by and construed according to the laws, from time to time in effect, of the State of New York and
the laws of the United States of America. To the fullest extent permitted by law, each Interest Holder and Agent hereby unconditionally and irrevocably waives any claim to assert that the law of any other jurisdiction governs this Agreement. This
choice of law is made pursuant to New York General Obligations Law Section 5-1401. 

  
 60 

 (b) Any legal suit, action or proceeding against any Interest Holder arising out of or relating
to this Agreement shall be instituted in any federal or state court in New York, New York, and each Interest Holder and Agent waives any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, and
each Interest Holder hereby irrevocably submits to the jurisdiction of any such court in any suit, action or proceeding. 
 11.5
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original. Such counterparts shall constitute but one and the same instrument and shall be binding upon, and shall inure to the
benefit of, each of the undersigned individually as fully and completely as if all had signed one instrument. 
 11.6 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of each of the Interest Holders and Agent and their respective permitted successors and assigns, including without limitation, any holder of the respective Notes. Any
transfer of any Note or any interest therein shall be expressly subject to the terms of this Agreement, and the transferor shall furnish a true, correct and complete copy of this Agreement to the transferee. 

11.7 No Third Party Beneficiaries. Nothing contained in this Agreement shall be deemed to indicate that this Agreement has been
entered into for the benefit of any Person other than Agent and Interest Holders and their respective successors and assigns, and no other Person shall be a third party beneficiary hereof. 

11.8 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective
and valid under applicable law, but if any provision of this Agreement is prohibited or unenforceable in any applicable jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any applicable jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

11.9 No Waiver. No waiver shall be deemed to be made by any Interest Holder of any of its rights hereunder, or under the
Underlying Instruments, unless the same shall be in writing and signed by such Interest Holder, and each waiver, if any, shall be a waiver only with respect to the specific instances involved and shall in no way impair the rights of such Interest
Holder in any other respect or at any other time. 
 11.10 Further Assurances. Each of the Interest Holders shall execute such
further documents or instruments and take such further actions as the other may reasonably request from time to time to carry out the intent of this Agreement. 

11.11 Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only
and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction of this Agreement. 

  
 61 

 11.12 No Reliance. Each Interest Holder hereby acknowledges and affirms that such
Interest Holder has, independently and without reliance upon any other Interest Holder, Agent or any other person or entity, and based on such documents and information as such Interest Holder has deemed appropriate, made its own credit analysis and
decision to purchase its applicable Note. Each Interest Holder hereby further acknowledges and affirms that neither any other Interest Holder, Agent nor any other person or entity has made any representations or warranties with respect to the Loans
or the Notes (except as provided in this Agreement), and that neither any other Interest Holder nor Agent shall have any responsibility for (a) the collectability of the Loans, (b) the validity, enforceability or legal effect of any of the
Underlying Instruments or the Title Policy or any survey furnished to such Interest Holder in connection with the Loans, (c) the validity, sufficiency or effectiveness of any lien created by the Underlying Instruments, or (d) the financial
condition of Borrower. 
 11.13 No Set-Off. With respect to each Loan Asset, each
Interest Holder hereby acknowledges that the exercise by any Interest Holder of offset, set-off, banker’s lien or similar rights against any deposit account or other property or asset of a Borrower could
result under certain laws in significant impairment of the ability of all Interest Holders to recover any further amounts in respect of the Loan Assets. Therefore, each Interest Holder agrees not to charge or offset (or exercise any other similar
right) any amount owed to it by a Borrower against any of the accounts, property or assets of such Borrower or any of its affiliates held by such Interest Holder without the prior written approval of Agent and Required Lenders. 

11.14 Controlling Document. Each Interest Holder hereby acknowledges and agrees that each of their respective rights
under the Underlying Instruments are and shall be, at all times, subject to the terms and provisions of this Agreement and, in the event of any inconsistency between this Agreement and the terms and provisions of any other Underlying Instrument with
respect to the rights of the other Interest Holder, the terms and provisions of this Agreement shall control. 
 11.15 Individual
Documentation. If Agent (in connection with an enforcement of remedies or if otherwise deemed reasonably necessary for the preservation of the value of a Loan Asset) or any Interest Holder shall so request with respect to any specified Loan
Asset, the applicable Agent and Interest Holders shall enter into a specific version of this Agreement (with such adjustment as necessary depending on the precise method of ownership (e.g. direct loan interest, participation)) solely with respect to
such single Loan Asset, and such agreement shall mirror all of the material terms and conditions of this Agreement with respect to such specified Loan Asset, and upon the execution of such agreement, the Loan Asset governed thereunder shall no
longer be subject to this Agreement. Unless otherwise agreed, costs and expenses of entering into such documentation shall be borne by the Interest Holder that requests such documentation, except that any such documentation requested by Agent for
the purpose of enforcement of remedies or for the preservation of the value of a Loan Asset shall be borne pro rata by each Interest Holder in accordance with its Percentage Interest of the applicable Loan Asset. 

  
 62 

 11.16 Elevation. If the Buyer (as such term is defined in the Master Purchase
Agreement) shall elect Elevation (as such term is defined in the Master Purchase Agreement) with respect to any Loan Asset, the applicable Agent and Interest Holders shall, subject to any limitations in any Underlying Instrument, cooperate in a
commercially reasonable fashion (and in all cases subject to the internal and regulatory restrictions placed on each Agent and Interest Holder) with such election under the Master Purchase Agreement, and shall execute such documents and instruments
as are reasonably necessary to effectuate such Elevation, including each of the documents, agreements, notices and other instruments required to be executed and/or delivered by such party for any Elevation-Specified Loan Asset (as such term is
defined in the Master Purchase Agreement) in accordance with the Master Purchase Agreement. 
 ARTICLE 12 

FINANCING OF LOANS 

12.1 Financing of Loans. 

(a) Subject to the requirements of Section 8.1 and notwithstanding any other provision hereof, any Interest Holder
may pledge (a “ Pledge”) all but not less than all of its interest in the Loan Assets to any entity which has extended a credit facility to such Interest Holder (including, without limitation, credit in the form of a repurchase
agreement facility) and is a Qualified Equity Holder (such entity, a “Loan Pledgee”), on the terms and conditions set forth in this Section 12.1; provided, each that Loan Pledgee shall be bound by
this Agreement, including, without limitation, with respect to the exercise of remedies against any Mortgaged Property or Collateral. Upon written notice by an Interest Holder to Agent that a Pledge has been effected, Agent agrees to acknowledge
receipt of such notice and thereafter agrees: (i) that no amendment, modification, waiver or termination of this Agreement shall be effective against Loan Pledgee without the written consent of Loan Pledgee, which consent shall not be
unreasonably withheld; (ii) to give such Loan Pledgee written notice of any default by such Interest Holder under this Agreement of which default Agent has actual knowledge; (iii) to allow such Loan Pledgee a period of ten
(10) Business Days (in respect of a monetary default) and a period of thirty (30) days (in respect of a non-monetary default) to cure a default by such Interest Holder in respect of its obligations
hereunder (but such Loan Pledgee shall not be obligated to cure any such default); and (iv) that, upon written notice to Agent by Loan Pledgee that the applicable Interest Holder is in default beyond applicable cure periods under such Interest
Holder’s obligations to Loan Pledgee pursuant to the applicable credit agreement between such Interest Holder and Loan Pledgee (such notice, a “Redirection Notice”) (which notice need not be joined in or confirmed by such
Interest Holder), and until such Redirection Notice is withdrawn or rescinded by Loan Pledgee, Agent shall remit to Loan Pledgee and not to such Interest Holder, any payments that Agent would 

  
 63 

 
otherwise be obligated to pay to such Interest Holder from time to time pursuant to this Agreement or any Underlying Instruments. Each Interest Holder hereby unconditionally and irrevocably
releases Agent and the other Interest Holders from any liability to the Interest Holder subject to a Redirection Notice on account of Agent’s compliance with any Redirection Notice believed by Agent to have been delivered by Loan Pledgee. Loan
Pledgee shall be permitted to fully exercise its rights and remedies against such Interest Holder, and realize on any and all collateral granted by such Interest Holder to Loan Pledgee (and accept an assignment in lieu of foreclosure as to such
collateral), in accordance with applicable law. In such event, Agent shall recognize Loan Pledgee (and any transferee which is also a Qualified Equity Holder at any foreclosure or similar sale held by Loan Pledgee or any transfer in lieu of such
foreclosure), and its successors and assigns, as the successor to such Interest Holder’s rights, remedies and obligations under this Agreement and the Underlying Instruments and any such Loan Pledgee or Qualified Equity Holder shall assume in
the writing the obligations of such Interest Holder hereunder accruing from and after such Transfer and agrees to be bound by the terms and provisions hereof (it being understood and agreed that, notwithstanding anything to the contrary herein, such
Loan Pledgee shall not be required to assume such Interest Holder’s obligations hereunder prior to such realization on such collateral). The rights of Loan Pledgee under this Section 12.1 shall remain effective unless
and until Loan Pledgee shall have notified the Agent in writing that its interest in the Loans has terminated. 
 ARTICLE 13 

WITHHOLDING TAXES 

13.1 With respect to each Loan Asset, if the Agent or Borrower (or other applicable withholding agent) shall be required by law to deduct and
withhold Taxes from interest, fees or other amounts payable to or with respect to (including in connection with a participation or similar arrangement) any Interest Holder with respect to a Loan Asset, the Agent or such other withholding agent shall
be entitled to do so with respect to such Interest Holder’s direct or indirect interest in such payment (all withheld amounts being deemed paid to such Interest Holder), provided that the Agent or such other withholding agent shall furnish any
such Interest Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information which may reasonably be requested for purposes of assisting such Interest Holder to seek any allowable credits or deductions
for the Taxes so withheld in each jurisdiction in which such Interest Holder is subject to tax. 
 13.2 With respect to each Loan Asset,
each other Interest Holder shall and hereby agrees to indemnify the Agent against and hold the Agent harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of Agent
to withhold Taxes from payment made to any other Interest Holder in reliance upon any representation, certificate, statement, document or instrument made or provided by such Interest Holder to the Agent in connection with the obligation of the Agent
to withhold Taxes from payments made to such other Interest Holder, it being expressly understood and agreed that (i) the Agent shall be absolutely and unconditionally entitled to accept any such representation, 

  
 64 

 
certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate or to make any inquiries
with respect to the accuracy, veracity, correctness or validity of the same and (ii) any other Interest Holder shall, upon request of the Agent and at its sole cost and expense, defend any claim or action relating to the foregoing
indemnification using counsel reasonably satisfactory to the Agent. Interest Holder 2 represents and warrants to the Agent (other than Interest Holder 2 in its capacity as such) and the benefit of Borrower and each other Interest Holder that
Interest Holder 2 is a “financial institution” within the meaning of Treasury Regulations section 1.1441-1. 

13.3 With respect to each Loan Asset, each Interest Holder represents to the Agent (for its benefit, the benefit of Borrower and each other
Interest Holder) that it is not a Non-Exempt Person and that neither the Agent nor Borrower is obligated under applicable law to withhold U.S. federal Taxes on sums paid to it with respect to the Loans or
otherwise pursuant to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of this Agreement, each Interest Holder shall deliver to the Agent, evidence satisfactory to the Agent
substantiating that it is not a Non-Exempt Person and that the Agent is not obligated under applicable law to withhold U.S. federal Taxes on sums paid to it with respect to the Loans or otherwise under this
Agreement. Without limiting the effect of the foregoing, each party (and each Person that may subsequently become an Interest Holder) shall furnish each other party duly executed copies of the applicable Internal Revenue Service Form W-9 and/or W-8, any successor form thereto or other form or statement (including any replacement form upon the obsolescence or expiration of a form previously provided), as
may be required from time to time, duly executed by such Interest Holder, as evidence of such Interest Holder’s exemption from the withholding of United States tax with respect thereto. The Agent shall not be obligated to make any payment
hereunder to an Interest Holder in respect of its Note or otherwise until such Interest Holder shall have furnished to the Agent the requested forms, certificates, statements or documents. 

ARTICLE 14 
 PATRIOT
ACT COMPLIANCE 
 14.1 In order for the Agent to comply with the USA Patriot Act of 2001 (Public Law
107-56), prior to any Interest Holder or Interest Holder’s participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Agent may
request, and such Interest Holder or participant shall provide to the Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Agent to comply with federal law. 

[SIGNATURE PAGES TO FOLLOW] 

  
 65 

 IN WITNESS WHEREOF, Interest Holder 1, Interest Holder 2, and Agent have caused this
Agreement to be duly executed as of the day and year first above written. 
  

			
	INTEREST HOLDER 1:
	
	TPG RE FINANCE TRUST CLO ISSUER, L.P.
		
	By:	 	TPG RE Finance Trust GenPar, Inc., its general partner
		
	By:	 	 /s/ Ronald Cami

	Name:	 	Ronald Cami
	Title:	 	Vice President

 [signatures continue on next page] 

  
 [Signature Page to Master
Co-Lender Agreement] 

 
			
	TPG RE FINANCE TRUST CLO ISSUER SUB, LTD.
		
	By:	 	 /s/ Ronald Cami

	Name:	 	Ronald Cami
	Title:	 	Vice President

 [signatures continue on next page] 

  
 [Signature Page to Master
Co-Lender Agreement] 

			
	TPG RE FINANCE TRUST CLO TRS CORP.
		
	By:	 	 /s/ Ronald Cami

	Name:	 	Ronald Cami
	Title:	 	Vice President

 [signatures continue on next page] 

  
 [Signature Page to Master
Co-Lender Agreement] 

			
	TPG RE FINANCE TRUST CLO TRS 1 CORP.
		
	By:	 	 /s/ Ronald Cami

	Name:	 	Ronald Cami
	Title:	 	Vice President

 [signatures continue on next page] 

  
 [Signature Page to Master
Co-Lender Agreement] 

			
	TPG RE FINANCE TRUST CLO TRS 2 CORP.
		
	By:	 	 /s/ Ronald Cami

	Name:	 	Ronald Cami
	Title:	 	Vice President

 [signatures continue on next page] 

  
 [Signature Page to Master
Co-Lender Agreement] 

			
	INTEREST HOLDER 2:
	
	GERMAN AMERICAN CAPITAL CORPORATION
		
	By:	 	 /s/ R. Christopher Jones

	Name:	 	R. Christopher Jones
	Title:	 	Director
		
	By:	 	 /s/ Andrew Mullin

	Name:	 	Andrew Mullin
	Title:	 	Director

  
 Signature Page to Master Co-Lender Agreement 

			
	AGENT:
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking

corporation,

	as agent for the benefit of Interest Holders
		
	By:	 	 /s/ James F. Griffith

	Name:	 	James F. Griffith
	Title:	 	Managing Director
		
	By:	 	 /s/ MURRAY MACKINNON

	Name:	 	MURRAY MACKINNON
	Title:	 	VICE PRESIDENT
	
	DEUTSCHE BANK AG NEW YORK BRANCH, a branch of Deutsche Bank AG, a banking corporation organized under the laws of the Federal Republic of Germany
		
	By:	 	 /s/ R. Christopher Jones

	Name:	 	R. Christopher Jones
	Title:	 	Director
		
	By:	 	 /s/ MURRAY MACKINNON

	Name:	 	MURRAY MACKINNON
	Title:	 	VICE PRESIDENT
	
	GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation
		
	By:	 	 /s/ R. Christopher Jones

	Name:	 	R. Christopher Jones
	Title:	 	Director
		
	By:	 	 /s/ Andrew Mullin

	Name:	 	Andrew Mullin
	Title:	 	Director

 Signature Page to Master Co-Lender AgreementFS Energy and Power Fund 8-K

Exhibit 10.1

 

EXECUTION
VERSION

 

	 

                                                                                                                                        CREDIT
        AGREEMENT

        

        dated
        as of April 19, 2017

         

        among

         

        GLADWYNE
FUNDING LLC, 

        as
        Borrower,

         

        VARIOUS
        LENDERS,

         

        GOLDMAN
SACHS BANK USA, 

        as
        Sole Lead Arranger

         

        GOLDMAN
SACHS BANK USA, 

        as
        Administrative Agent

         

        VIRTUS
GROUP, LP, 

        as
        Collateral Administrator

         

        and

         

        CITIBANK,
N.A., 

        as
        Collateral Agent

         

 

    

     

    

 

 

TABLE
OF CONTENTS

 

Page 

	SECTION
    1. DEFINITIONS AND INTERPRETATION	1
	1.1.          Definitions	1
	1.2.          Accounting
    Terms	37
	1.3.          Interpretation,
    Etc.	37
	1.4.          Assumptions
    as to Collateral Obligations, Etc.	38
	SECTION
    2. LOANS	38
	2.1.          Loans	38
	2.2.          Pro
    Rata Shares; Availability of Funds	39
	2.3.          Use
    of Proceeds	39
	2.4.          Evidence
    of Debt; Register; Lenders’ Books and Records; Notes	40
	2.5.          Interest
    on Loans	40
	2.6.          Default
    Interest	41
	2.7.          Fees	41
	2.8.          Voluntary
    Prepayments	41
	2.9.          Scheduled
    Amortization	42
	2.10.        Additional
    Prepayment-Related Provisions, Etc.	42
	2.11.        General
    Provisions Regarding Payments	42
	2.12.        Ratable
    Sharing	43
	2.13.        Making
    or Maintaining Eurodollar Rate Loans	43
	2.14.        Increased
    Costs; Capital Adequacy	45
	2.15.        Taxes;
    Withholding, Etc.	46
	2.16.        Obligation
    to Mitigate	48
	2.17.        Defaulting
    Lenders	49
	2.18.        Removal
    or Replacement of a Lender	49
	2.19.        Reserved	50
	2.20.        Reduction
    Amounts	50
	SECTION
    3. CONDITIONS PRECEDENT	51
	3.1.          Initial
    Funding Date	51
	3.2.          Conditions
    to Each Credit Extension	53
	SECTION
    4. REPRESENTATIONS AND WARRANTIES	54
	4.1.          Organization;
    Requisite Power and Authority; Qualification	54
	4.2.          Equity
    Interests; Ownership; Collateral Obligations	54
	4.3.          Due
    Authorization	54
	4.4.          No
    Conflict	55
	4.5.          Governmental
    Consents	55
	4.6.          Binding
    Obligation	55
	4.7.          No
    Material Adverse Effect	55
	4.8.          Adverse
    Proceedings, Etc.	55
	4.9.          Payment
    of Taxes	55
	4.10.        Properties	56
	4.11.        Environmental
    Matters	56
	4.12.        No
    Defaults	56
	4.13.        No
    Material Contracts	56
	4.14.        Governmental
    Regulation	56
	4.15.        Federal
    Reserve Regulations; Exchange Act	56
	4.16.        Employee
    Benefit Plans	56
	4.17.        Solvency	56
	4.18.        Compliance
    with Statutes, Etc.	57

 

    

     

    

 

	4.19.        Disclosure	57
	4.20.        Sanctioned
    Persons; Anti-Corruption Laws; PATRIOT Act	57
	4.21.        Additional
    Representations	57
	SECTION
    5. COVENANTS	57
	SECTION
    6. ACCOUNTS; ACCOUNTINGS AND RELEASES	57
	SECTION
    7. APPLICATION OF MONIES	58
	SECTION
    8. SALE OF COLLATERAL OBLIGATIONS; SUBSTITUTION	58
	SECTION
    9. EVENTS OF DEFAULT	58
	SECTION
    10. THE AGENTS	60
	10.1.        Appointment
    of Agents	60
	10.2.        Powers
    and Duties	61
	10.3.        General
    Immunity	61
	10.4.        Agents
    Entitled to Act as Lender	65
	10.5.        Lenders’
    Representations, Warranties and Acknowledgment	66
	10.6.        Right
    to Indemnity	66
	10.7.        Successor
    Administrative Agent and Collateral Agent	66
	10.8.        Collateral
    Documents	68
	10.9.        Withholding
    Taxes	68
	10.10.      Administrative
    Agent May File Bankruptcy Disclosure and Proofs of Claim	69
	SECTION
    11. MISCELLANEOUS	69
	11.1.        Notices	69
	11.2.        Expenses	71
	11.3.        Indemnity	71
	11.4.        Set-Off	72
	11.5.        Amendments
    and Waivers	73
	11.6.        Successors
    and Assigns; Participations	74
	11.7.        Independence
    of Covenants	77
	11.8.        Survival
    of Representations, Warranties and Agreements	77
	11.9.        No
    Waiver; Remedies Cumulative	77
	11.10.      Marshalling;
    Payments Set Aside	78
	11.11.      Severability	78
	11.12.      Obligations
    Several; Independent Nature of Lenders’ Rights	78
	11.13.      Headings	78
	11.14.      APPLICABLE
    LAW	78
	11.15.      CONSENT
    TO JURISDICTION	79
	11.16.      WAIVER
    OF JURY TRIAL	79
	11.17.      Usury
    Savings Clause	79
	11.18.      Effectiveness;
    Counterparts	80
	11.19.      PATRIOT
    Act	80
	11.20.      Electronic
    Execution of Assignments	80
	11.21.      No
    Fiduciary Duty	80
	11.22.      Confidentiality	81
	SECTION
    12. SUBORDINATION	82
	SECTION
    13. ASSIGNMENT OF INVESTMENT MANAGEMENT AGREEMENT	82

 

    iii

     

    

 

	APPENDICES:	A	Commitments
	 	B       	Notice Addresses
	 	C-1	Borrower Subsidiaries
	 	C-2	Initial Funding Date Collateral Obligations
	 	 	 
	SCHEDULES:	A	[Reserved]
	 	B	Assumptions as to Collateral Obligations, Etc.
	 	C	Additional Conditions Precedent
	 	D	Additional Representations
	 	E	Additional Covenants
	 	F	Account and Accounting-Related Provisions; Custodianship
	 	G	Priority of Payments Provisions
	 	H	Collateral Obligation Sale and Substitution-Related Provisions
	 	I	Additional Events of Default
	 	 	 
	EXHIBITS:	A	Form of Funding Notice
	 	B	Form of U.S. Tax Compliance Certificates
	 	C	Form of Assignment Agreement
	 	D-1	Form of Request for Consent
	 	D-2	Form of Consent
	 	E	Forms of Cooperation Agreements
	 	F	Form of Lender Information Request

 

    iv

     

    

 

CREDIT
AGREEMENT

 

This
CREDIT AGREEMENT, dated as of April 19, 2017 is entered into by and among:

 

(a)      
    GLADWYNE FUNDING LLC, a Delaware limited liability company (the “Borrower”);

 

(b)           the
Lenders party hereto from time to time;

 

(c)
          GOLDMAN SACHS BANK USA (“Goldman Sachs”), as Sole Lead Arranger (in such capacity, the “Arranger”);

 

(d)      
    GOLDMAN SACHS, in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”);

 

(e)           VIRTUS
GROUP, LP, a limited partnership organized under the laws of the State of Texas, in its capacity as Collateral Administrator (in
such capacity, the “Collateral Administrator”); and

 

(f)
          CITIBANK, N.A., a national banking association, organized and existing under the laws of the United States of America, (“Citibank”),
in its capacity as Collateral Agent (in such capacity, the “Collateral Agent”).

 

RECITALS

 

Capitalized
terms used in these recitals and in the preamble shall have the respective meanings given to such terms in Section 1.1 hereof.

 

The
Borrower has requested the Lenders to make available to it a credit facility hereunder in an aggregate principal amount not to
exceed the Maximum USD Facility Amount, the proceeds of which will be used by the Borrower to refinance existing indebtedness,
to pay the purchase price of certain Collateral Obligations to be Acquired by the Borrower on or after the Initial Funding Date,
to pay certain fees and expenses and for the other limited purposes set forth in Section 2.3 hereof.

 

The
Borrower has agreed to secure all of the Obligations by granting to the Collateral Agent, for the benefit of Secured Parties,
a Lien on all of its assets, all on the terms and subject to the conditions set forth herein and in the other Transaction Documents.

 

Accordingly,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

SECTION
1.      DEFINITIONS AND INTERPRETATION

 

1.1.         Definitions.

 

The
following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following meanings:

 

“Acceptance
Date” is defined in Section 2.20.

 

“Acquire”
means to purchase, enter into, receive by contribution, originate or otherwise acquire. The terms “Acquired”
and “Acquisition” shall have correlative meanings.

 

    

     

    

 

“Additional
Transaction Documents” means the Collateral Administration Agreement, the Sale and Contribution Agreement, the Transfer
Supplements, the Cooperation Agreements and the Limited Liability Company Agreement.

 

“Adjusted
Aggregate Reduction Amount” means, for any day, the lesser of:

 

(a)           the
Aggregate Reduction Amount in effect on such day; and

 

(b)           the
Cash Value as of such day.

 

“Adjusted
Eurodollar Rate” means, for any Interest Period, the rate per annum obtained by dividing:

 

(a)
          (1) the rate per annum equal to the rate determined by the Administrative Agent to be the London interbank offered rate administered
by the ICE Benchmark Administration (or any other person which takes over the administration of that rate) for deposits (for delivery
on the first day of such period) with a term equivalent to such period in Dollars displayed on the ICE LIBOR USD page of the Reuters
Screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such other information service
which publishes that rate from time to time in place of Reuters, determined as of approximately 11:00 a.m. (London, England time)
on the related Interest Rate Determination Date; or (2) in the event the rate referenced in the preceding clause (1) is not available,
the rate per annum equal to the offered quotation rate to first class banks in the London interbank market by a leading bank in
the London interbank market (selected by the Borrower in consultation with the Administrative Agent) for deposits (for delivery
on the first day of the relevant period) in Dollars of amounts in same day funds comparable to the principal amount of the applicable
Loans for which the Adjusted Eurodollar Rate is then being determined with maturities comparable to such period as of approximately
11:00 a.m. (London, England time) on such Interest Rate Determination Date, by

 

(b)           an
amount equal to (1) one minus (2) the Applicable Reserve Requirement;

 

provided
that, notwithstanding the foregoing, the Adjusted Eurodollar Rate shall at no time be less than 0.0% per annum.

 

“Administrative
Agent” is defined in the preamble.

 

“Administrative
Agent Fee Letter” means the Fee Letter dated on or around the Initial Funding Date among Goldman Sachs, as Administrative
Agent, and the Borrower with respect to certain fees to be paid from time to time to the Administrative Agent.

 

“Administrative
Expenses” means amounts due or accrued with respect to any Payment Date and payable in the following order to:

 

(a)           the
Collateral Agent and the other Bank Parties pursuant to this Agreement and the other Transaction Documents;

 

(b)           the
Collateral Administrator under the Collateral Administration Agreement and the other Transaction Documents;

 

(c)           the
Administrative Agent under the Administrative Agent Fee Letter, this Agreement and the other Transaction Documents;

 

(d)           the
Investment Manager (other than the Investment Management Fees) under the Investment Management Agreement, including legal fees
and expenses of counsel to the Investment Manager;

 

    2

     

    

 

(e)           the
Independent Managers pursuant to the Independent Manager Agreement in respect of certain services provided to the Borrower;

 

(f)            the
agents and counsel of the Borrower for fees, including retainers, and expenses; and

 

(g)           without
duplication, any Person in respect of any other reasonable fees or expenses of the Borrower (including in respect of any indemnity
obligations, if applicable) not prohibited under this Agreement and any reports and documents delivered pursuant to or in connection
with this Agreement

 

“Adverse
Proceeding” means any action, suit, proceeding, hearing (in each case, whether administrative, judicial or otherwise),
governmental investigation or arbitration (whether or not purportedly on behalf of any Credit Party) at law or in equity, or before
or by any Governmental Authority, domestic or foreign (including any environmental claims), whether pending or, to the knowledge
of the Borrower, threatened against or affecting any Credit Party or any property of any Credit Party.

 

“Affected
Lender” and “Affected Loans” are defined in Section 2.13(b).

 

“Affiliate”
or “Affiliated” means, with respect to a Person, (1) any other Person who, directly or indirectly, is in control
of, or controlled by, or is under common control with, such Person or (2) any other Person who is a director, officer or employee
(a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in subclause (1) above.
For purposes of this definition, control of a Person shall mean the power, direct or indirect, (x) to vote more than 50% of the
securities having ordinary voting power for the election of directors of any such Person or (y) to direct or cause the direction
of the management and policies of such Person whether by contract or otherwise. With respect to the Borrower, this definition
shall exclude the Independent Managers, their Affiliates and any other special purpose vehicle to which the Independent Managers
are or will be providing administrative services, as a result solely of the Independent Managers acting in such capacity or capacities.

 

“Agent”
means each of (a) the Administrative Agent, (b) the Collateral Agent, (c) the Collateral Administrator, (d) the Borrower Accounts
Securities Intermediary, (e) the other Bank Parties and (f) any other Person appointed under the Transaction Documents to serve
in an agent or similar capacity (including, in each of the foregoing cases (a) through (f), any of their respective receivers
or delegates permitted under the Transaction Documents). For the purposes hereof and the other Transaction Documents, the Investment
Manager shall not constitute an “Agent”.

 

“Agent
Affiliates” is defined in Section 11.1.1(b).

 

“Agent
Fee Letter” means each of (a) the Administrative Agent Fee Letter and (b) the Collateral Agent/Collateral Administrator
Fee Letter.

 

“Agent
Fees” is defined in Section 2.7(b).

 

“Aggregate
Amounts Due” is defined in Section 2.12.

 

“Aggregate
Principal Amount” means, when used with respect to any or all of the Collateral Obligations, Eligible Investments or
Cash, the aggregate of the Principal Balances of such Collateral Obligations, Eligible Investments or Cash on the date of determination.

 

“Aggregate
Reduction Amount” is defined in Section 2.20.

 

“Agreement”
means this Credit Agreement.

 

    3

     

    

 

“Anti-Corruption
Laws” is defined in Section 4.20.

 

“Applicable
Margin” means, for any day, the higher of:

 

(a)          the
product of:

 

(1)          the
Spread for such day; and

 

(2)          the
ratio on such day of:

 

(x)       (i)
the Required Percentage of the aggregate outstanding principal amount of Loans on such day minus (ii) the Adjusted Aggregate
Reduction Amount as of such day; to

 

(y)       the
Required Percentage of the aggregate outstanding principal amount of Loans on such day; and

 

(b)          1.64%.

 

“Applicable
Reserve Requirement” means, at any time, for any Loan, the maximum rate, expressed as a decimal, at which reserves (including
any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against
“Eurocurrency liabilities” (as such term is defined in Regulation D) under regulations issued from time to time by
the Board of Governors or other applicable banking regulator. Without limiting the effect of the foregoing, the Applicable Reserve
Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (a) any category of
liabilities which includes deposits by reference to which the applicable Adjusted Eurodollar Rate or any other interest rate of
a Loan is to be determined, or (b) any category of extensions of credit or other assets which include Loans. A Loan shall be deemed
to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credit
for proration, exceptions or offsets that may be available from time to time to the applicable Lender. The rate of interest on
Loans shall be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement.

 

“Approved
Electronic Communications” means any notice, demand, communication, information, document or other material that is
distributed by means of electronic communications pursuant to Section 11.1(b).

 

“Asset
Amortized Amount” means, in respect of a Collateral Obligation on any day, an amount equal to the principal amount outstanding
under such Collateral Obligation on such day (after giving effect on a pro-rata basis to any repurchase, repayment or tender offer
in respect of that Collateral Obligation).

 

“Asset
Current Price” means, in respect of a Collateral Obligation on any date, the bid side market value of that Collateral
Obligation (expressed as a percentage of par of the Underlying Asset Notional Amount) but excluding any accrued interest, as determined
by the Calculation Agent and notified to the parties by the Calculation Agent on each Business Day.

 

“Asset
Market Related Amount” means, as of any date:

 

(a)          in
respect of an Underlying Asset in the Underlying Portfolio as of such date or an Unsettled Purchase Asset as of such date (but
excluding all Unsettled Sale Assets and all Zero Value Assets), the product of:

 

(x)       the
Asset Amortized Amount therefor as of such date; and

 

    4

     

    

 

(y)       the
Asset Current Price (expressed as a percentage) therefor as of such date;

 

(b)          in
respect of an Unsettled Sale Asset in the Underlying Portfolio as of such date that is not a Zero Value Asset, the Settlement
Value of such Unsettled Sale Asset as of such date; and

 

(c)          in
respect of a Zero Value Asset in the Underlying Portfolio as of such date, zero.

 

“Assignable
Loan” shall mean a Loan Obligation that is capable of being assigned or novated to, at a minimum, commercial banks or
financial institutions (irrespective of their jurisdiction of organization) that are not then a lender or a member of the relevant
lending syndicate, without the consent of the borrower or the guarantor, if any, of such Loan Obligation or any agent.

 

“Assignment
Agreement” means:

 

(a)          with
respect to the Loans and the Commitments, an Assignment and Assumption Agreement substantially in the form of Exhibit C, with
such amendments or modifications as may be approved by the Administrative Agent; and

 

(b)
         with respect to any Underlying Asset, an assignment and assumption agreement in the form required, pursuant to the related Reference
Instruments, for the transfer by the Borrower of all or a portion of the legal and beneficial interest in such Underlying Asset.
If no form of assignment and assumption agreement is required, pursuant to the related Reference Instruments, for the transfer
by the Borrower of all or a portion of the legal and beneficial interest in such Underlying Asset, then the “Assignment
Agreement” for such Underlying Asset shall be a reference to the form of assignment and assumption agreement, and any related
documents, that are customary in the relevant market for the transfer of the legal and beneficial interest in such Underlying
Asset.

 

“Assignment
Effective Date” is defined in Section 11.6(b).

 

“Authorized
Officer” means, with respect to the Borrower, any Officer or any other Person who is authorized to act for the Borrower
in matters relating to, and binding upon, the Borrower. With respect to the Investment Manager, any officer, employee or agent
of the Investment Manager who is authorized to act for the Investment Manager in matters relating to, and binding upon, the Investment
Manager with respect to the subject matter of the request, certificate or order in question. With respect to the Bank Parties,
any officer assigned to the Corporate Trust Division (or any successor thereto), including any Vice President, Assistant Vice
President, Trust Officer, any Assistant Secretary, any trust officer or any other officer of the Bank Parties customarily performing
functions similar to those performed by any of the above designated officers, in each case having direct responsibility for the
administration of this Agreement. With respect to the Collateral Administrator, any Vice President, Assistant Vice President,
Trust Officer, any Assistant Secretary or any other officer of the Collateral Administrator customarily performing functions similar
to those performed by any of the above designated officers who has responsibility with respect to the administration of this Agreement.
With respect to the Administrative Agent, any officer thereof who has responsibility with respect to the administration of this
Agreement. Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the
authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other
party of written notice to the contrary.

 

“Availability
Period” means the period from and including the Initial Funding Date to but excluding the earlier of (a) June 19, 2017
and (b) the Maturity Date.

 

“Average
Applicable Margin” means, for any Interest Period, the sum of the Applicable Margin for each day in such Interest Period
divided by the number of days in such Interest Period.

 

    5

     

    

 

“Balance”
means on any date, with respect to Cash or Eligible Investments in any account, the aggregate of (a) the current balance of Cash,
demand deposits, time deposits, certificates of deposit and federal funds; (b) the principal amount of interest-bearing corporate
and government securities, money market accounts and repurchase obligations; and (c) the purchase price or the accreted value,
as applicable, (but not greater than the face amount) of non-interest-bearing government and corporate securities and commercial
paper.

 

“Bank”
means Citibank, N.A., a national banking association, in its individual capacity and not as Collateral Agent, and any successor
thereto.

 

“Bank
Parties” means, collectively, the Bank in its capacities as Collateral Agent and in its other capacities hereunder and
under the other Transaction Documents.

 

“Bankruptcy”
is defined in the definition of “Zero Value Event”.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy”.

 

“Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the sum of (1) the Adjusted Eurodollar
Rate (after giving effect to any Adjusted Eurodollar Rate “floor”) that would be payable on such day for a Loan bearing
interest based on the Adjusted Eurodollar Rate with a three-month interest period plus (2) 1.0%. Any change in the Base
Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective on the effective day of such change
in the Prime Rate or the Federal Funds Effective Rate, respectively.

 

“Basel
III” means, collectively, those certain agreements on capital and liquidity standards contained in “Basel III:
A Global Regulatory Framework for More Resilient Banks and Banking Systems”, “Basel III: International Framework for
Liquidity Risk Measurement, Standards and Monitoring”, and “Guidance for National Authorities Operating the Countercyclical
Capital Buffer”, each as published by the Basel Committee on Banking Supervision in December 2010 (as revised from time
to time), and “Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools”, as published by the Basel
Committee on Banking Supervision in January 2013 (as revised from time to time), and, in each case, as implemented by such Lender’s
primary U.S. bank regulatory authority.

 

“Board
of Governors” means the Board of Governors of the United States Federal Reserve System.

 

“Board
of Managers” means the Board of Managers specified in the Limited Liability Company Agreement.

 

“Bonds”
means Collateral Obligations (other than Defaulted Obligations) that, at the time of determination, bear interest at a fixed rate.

 

“Borrower”
is defined in the preamble.

 

“Borrower
Accounts” means the Interest Collection Account, the Payment Account, the Collateral Account, the Principal Collection
Account and the Margin Account.

 

“Borrower
Accounts Securities Intermediary” means the Bank or such other person acting as Securities Intermediary under the Securities
Account Control Agreement.

 

“Borrower
Order” and “Borrower Request” means a written order or request dated and signed in the name of the
Borrower by an Authorized Officer of the Borrower or by an Authorized Officer of the Investment Manager, as the context may require
or permit.

 

    6

     

    

 

“Business
Day” means any day on which commercial banks are open for general business in (a) New York, New York and London, England
and (b) solely with respect to the calculation of LIBOR, London, England.

 

“Calculation
Agent” means the Administrative Agent. Unless otherwise expressly stated herein, all determinations by the Calculation
Agent hereunder shall be made in its sole and absolute discretion exercised in good faith and in a manner generally consistent
with its then current practices and policies.

 

“Cash”
means such coin or currency of the United States of America as at the time shall be legal tender for payment of all public and
private debts.

 

“Cash
Value” means, as of any date, an amount, determined by the Calculation Agent, equal to:

 

(a)           the
aggregate amount of cash standing to the credit of the Principal Collection Account (excluding any accrued and unpaid interest);
minus

 

(b)           the
aggregate Settlement Value for all Unsettled Purchase Assets as at such date (if any).

 

“Cause”
has the meaning specified in the Investment Management Agreement.

 

“Certificated
Security” has the meaning specified in Section 8-102(a)(4) of the UCC.

 

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

 

“Citibank”
is defined in the preamble.

 

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

 

“Clearing
Corporation” has the meaning specified in Section 8 102(a)(5) of the UCC.

 

“Clearing
Corporation Security” means an obligation that is a Financial Asset that is registered in the name of a Clearing Corporation
or the nominee of such Clearing Corporation and, if a Certificated Security, is held in the custody of such Clearing Corporation.

 

“Closing
Date” means April 19, 2017.

 

“Collateral”
means, collectively, all of the real, personal and mixed property (including Equity Interests) in which Liens are purported to
be granted to the Collateral Agent pursuant to the Transaction Documents as security for the Obligations.

 

    7

     

    

 

“Collateral
Account” means the segregated trust account or accounts maintained pursuant to Section 2(c) on Schedule F.

 

“Collateral
Administration Agreement” means a collateral administration agreement dated on or around the Initial Funding Date, among
the Borrower, the Investment Manager and the Collateral Administrator.

 

“Collateral
Agent” is defined in the preamble.

 

“Collateral
Agent/Collateral Administrator Fee Letter” means the Fee Letter dated May 7, 2014 among the Bank Parties, the Collateral
Administrator and the Borrower with respect to certain fees to be paid from time to time to the Bank Parties and the Collateral
Administrator and their respective Affiliates in connection with the transactions contemplated by the Transaction Documents.

 

“Collateral
Deficit” and “Collateral Excess” are defined in the Margining Agreement.

 

“Collateral
Documents” means the Pledge and Security Agreement, the Margining Agreement, the Securities Account Control Agreement
and all other instruments, documents and agreements delivered by or on behalf of any Credit Party pursuant to this Agreement or
any of the other Transaction Documents in order to grant to, or perfect in favor of, the Collateral Agent, for the benefit of
Secured Parties, a Lien on any real, personal or mixed property of that Credit Party as security for the Obligations.

 

“Collateral
Obligation” means any Loan Obligation or Bond, that, at the time it is Acquired (or a commitment is made to Acquire
such obligation) by the Borrower, satisfies each of the following criteria:

 

(a)           except
with respect to a Loan Obligation or Bond originated by the Borrower or its Affiliates, it is not more than 20% of the related
debt issuance thereof;

 

(b)          such
obligation is an Initial Funding Date Collateral Obligation or has been approved by the Requisite Lenders in accordance with the
procedures set forth on Schedule H;

 

(c)           such
obligation does not mature more than eight years after the date on which it was Acquired;

 

(d)           it
does not cause all Loan Obligations or Bonds of a single issuer to constitute more than 20% of the Aggregate Principal Amount
of the Collateral (or, if such limit was out of compliance prior to such purchase or commitment, such purchase or commitment does
not worsen the level of non-compliance);

 

(e)           it
does not cause the Aggregate Principal Amount of the Collateral to consist of greater than 60% of Private Collateral Obligations
(or, if such limit was out of compliance prior to such purchase or commitment, such purchase or commitment does not worsen the
level of noncompliance);

 

(f)            it
does not cause the Aggregate Principal Amount of the Collateral to consist of greater than 15% of Collateral Obligations that
are Participations (or, if such limit was out of compliance prior to such purchase or commitment, such purchase or commitment
does not worsen the level of non-compliance); and all of the Participations are Qualified Participations;

 

(g)           it
is U.S. Dollar denominated and is neither convertible by the issuer thereof into, nor payable in, any other currency;

 

(h)           such
obligation is not a Defaulted Obligation or a Credit Risk Obligation;

 

    8

     

    

 

(i)            such
obligation is not a lease (including a finance lease);

 

(j)            such
obligation is not an Interest Only Security;

 

(k)           such
obligation provides for a fixed amount of principal payable in Cash on scheduled payment dates and/or at maturity and does not
by its terms provide for earlier amortization or prepayment at a price of less than par;

 

(l)            such
obligation does not constitute Margin Stock;

 

(m)          such
obligation is an obligation with respect to which the Borrower will receive payments due under the terms of such obligation and
proceeds from disposing of such asset free and clear of withholding tax, other than (A) withholding tax as to which the obligor
or issuer must make additional payments so that the net amount received by the Borrower after satisfaction of such tax is the
amount due to the Borrower before the imposition of any withholding tax and (B) withholding tax on (x) late payment fees, prepayment
fees or other similar fees and (y) amendment, waiver, consent and extension fees;

 

(n)           such
obligation is not a debt obligation whose repayment is subject to substantial non-credit related risk as determined by the Investment
Manager;

 

(o)           such
obligation is not an obligation pursuant to which any future advances or payments to the borrower or the obligor thereof may be
required to be made by the Borrower (other than to indemnify an agent or representative for lenders pursuant to the Reference
Instruments);

 

(p)           such
obligation is not a Structured Finance Obligation;

 

(q)           the
purchase of such obligation will not require the Borrower or the pool of Collateral to be registered as an investment company
under the Investment Company Act;

 

(r)            such
obligation is not, by its terms, convertible into or exchangeable for an Equity Security at any time over its life;

 

(s)           such
obligation does not mature after the scheduled Maturity Date;

 

(t)            such
obligation is Registered;

 

(u)          
such obligation is not a Synthetic Security;

 

(v)          
such obligation does not include or support a letter of credit;

 

(w)          such
obligation is not an interest in a grantor trust;

 

(x)           such
obligation is issued by an obligor that is domiciled in the United States, Canada or any other jurisdiction approved by the Requisite
Lenders;

 

(y)           such
obligation is not issued by an issuer located in a country, which country on the date on which the obligation is acquired by the
Borrower imposed foreign exchange controls that effectively limit the availability or use of U.S. Dollars to make when due the
scheduled payments of principal thereof and interest thereon; and

 

(z)           such
obligation does not cause the Aggregate Principal Amount of the Collateral to consist of greater than 45% of second lien loans
(or, if such limit was out of compliance prior to such purchase or commitment, such purchase or commitment does not worsen the
level of non-compliance),

 

    9

     

    

 

provided
that one or more of the foregoing requirements may be waived in writing by the Requisite Lenders (in their sole and absolute
discretion) prior to the Borrower’s commitment to purchase a Collateral Obligation.

 

“Collateral
Portfolio” means on any date of determination, all Pledged Obligations and all Cash held in any Borrower Account (excluding
Eligible Investments and Cash constituting, in each case, Interest Proceeds).

 

“Commitment”
means:

 

(a)           With
respect to the lending facility under this Agreement, the commitment of a Lender to make or otherwise fund a Loan, and “Commitments”
means such commitments of all Lenders in the aggregate. The amount of each Lender’s Commitment is set forth on Appendix
A or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof.

 

(b)           With
respect to Collateral Obligations, a binding commitment pursuant to FSEP’s and/or the Investment Manager’s then current
policies and procedures to purchase or sell a loan or bond between the buyer and seller of such loan or bond entered into pursuant
to customary documents in the relevant market. The terms “Commit” and “Committed” have correlative
meanings.

 

“Confidential
Information” is defined in Section 11.22.

 

“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.

 

“Consent
Condition” means, for any Underlying Asset proposed to be acquired by the Borrower or any Collateral Obligation subject
to a Restructuring or Material Modification after it was acquired by the Borrower, a condition satisfied if the Requisite Lenders
consent to such acquisition, Restructuring or Material Modification, as applicable (which, as to any Lender, such Lender may withhold
in its sole and absolute discretion).

 

“Consent
Required Loan” means a Loan Obligation that is capable of being assigned or novated solely with the consent of the borrower
and/or the guarantor, if any, of such Loan Obligation and/or any agent. For the avoidance of doubt, if the assignment or novation
of a Loan Obligation requires the consent of any lender or any other party to such Loan Obligation other than the borrower, guarantor
or agent of such loan, it shall not satisfy the definition of Consent Required Loan.

 

“Cooperation
Agreement” means, with respect to any Collateral Obligation for which the provisions of the Reference Instruments require
the consent of any Specified Person for the transfer of all or any portion of such Underlying Asset by the Borrower, an agreement
in form and substance reasonably acceptable to the Requisite Lenders pursuant to which each such Specified Person agrees to provide
such consent when and as required under the terms of such agreement; it being understood and agreed that the Cooperation Agreements
in respect of the Underlying Assets issued by Altus Power America, Inc., Horn Intermediate Holdings, Inc., Sunnova Asset Portfolio
5 Holdings, LLC, Swift Worldwide Resources US Holdings Corp. and Vantage Energy II, LLC and attached as Exhibit E hereto are acceptable
to the Lenders in all respects.

 

    10

     

    

 

“Corporate
Trust Office” means respect to the Collateral Agent and each other Bank Party, the principal corporate trust office
of such Bank Party at:

 

Citibank,
N.A. 

388
Greenwich Street, 14th Floor 

New
York, New York 10013 

Attention:         Citibank
Agency & Trust - Gladwyne Funding LLC 

Email
address:  thomas.varcados@citi.com or call (800) 422-2006 to obtain Citibank, 

N.A. account manager’s email address

 

or
such other address as such Bank Party may designate from time to time by notice to the Lenders, the other Agents, the Borrower
and the Investment Manager, or the principal corporate trust office of any successor Collateral Agent.

 

“Credit
Date” means the date of a Credit Extension.

 

“Credit
Definitions” means the 2003 ISDA Credit Derivatives Definitions as published by the International Swap and Derivatives
Association, Inc.

 

“Credit
Extension” means the making of a Loan.

 

“Credit
Party” means the Borrower.

 

“Credit
Risk Obligation” means any Collateral Obligation that, in the Investment Manager’s judgment exercised in accordance
with the Investment Management Agreement, has a significant risk of declining in credit quality or price.

 

“Debtor
Relief Laws” means, collectively:

 

(a)           the
Bankruptcy Code; and

 

(b)           all
other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership,
insolvency, reorganization, or similar debtor relief laws of the United States, any state thereof or any other applicable jurisdictions
from time to time in effect.

 

“Default”
means a condition or event that, after notice or lapse of time or both, would constitute an Event of Default.

 

“Defaulted
Asset Sale Failure” means the Borrower’s failure to Commit to sell any Defaulted Obligation within 30 days of
such Collateral Obligation becoming a Defaulted Obligation, provided that the failure to Commit to sell any Defaulted Obligation
within 30 days of such Collateral Obligation becoming a Defaulted Obligation shall not result in a Defaulted Asset Sale Failure
for so long as the Borrower continues to use commercially reasonable efforts to continue to sell such Defaulted Obligation after
such 30 day period.

 

“Defaulted
Obligation” means a Collateral Obligation if, with respect to such Collateral Obligation, there has occurred any one
or more of the following:

 

(a)           a
Bankruptcy (as defined in the 2003 ISDA Credit Derivatives Definitions as published by the International Swap and Derivatives
Association, Inc.) with respect to the related obligor; or

 

(b)           after
the expiration of any applicable grace period (however defined in such Collateral Obligation’s Reference Instrument), the
occurrence of a non-payment of a payment of interest that would accrue during the related calculation period for such Collateral
Obligation or principal on the Collateral Obligation when due, in accordance with the terms of the Reference Instrument at the
time of such failure.

 

    11

     

    

 

“Defaulting
Lender” means, subject to Section 2.17(b), any Lender that:

 

(a)           during
the Availability Period, has failed to (1) fund all or any portion of its Loans within two Business Days of the date such Loans
were required to be funded hereunder, unless such Lender notifies the Administrative Agent and the Borrower in writing that such
failure is the result of such Lender’s determination that one or more conditions precedent to funding (which conditions
precedent, together with the applicable default, if any, shall be specifically identified in such writing) has not been satisfied,
or (2) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business
Days of the date when due; or

 

(b)           the
Administrative Agent has received notification during the Availability Period that such Lender is (1) insolvent, or is generally
unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a
general assignment for the benefit of its creditors or (2) the subject of a bankruptcy, insolvency, reorganization, liquidation
or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such
Lender, or such Lender has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding
or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition
of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as
such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

 

“Delaware
LLC” means a limited liability company formed under the Limited Liability Company Act of the State of Delaware.

 

“Deliver”
or “Delivery” means the taking of the following steps:

 

(1)           in
the case of each Certificated Security (other than a Clearing Corporation Security) or instrument, (A) causing the delivery to
the Borrower Accounts Securities Intermediary of the original executed certificate or other writing that constitutes or evidences
such Certificated Security or instrument, registered in the name of the Borrower Accounts Securities Intermediary or endorsed
to the Borrower Accounts Securities Intermediary or in blank by an effective endorsement (unless such Certificated Security or
instrument is in bearer form in which case delivery alone shall suffice), (B) causing the Borrower Accounts Securities Intermediary
to maintain continuous possession of such Certificated Security or instrument and (C) causing the Borrower Accounts Securities
Intermediary to continuously identify on its books and records that such Certificated Security or instrument is credited to the
relevant Borrower Account;

 

(2)           in
the case of each Uncertificated Security (other than a Clearing Corporation Security), (A) causing such Uncertificated Security
to be continuously registered on the books of the issuer thereof to the Borrower Accounts Securities Intermediary and (B) causing
the Borrower Accounts Securities Intermediary to continuously identify on its books and records that such Uncertificated Security
is credited to the relevant Borrower Account;

 

(3)           in
the case of each Clearing Corporation Security, causing (A) the relevant Clearing Corporation to continuously credit such Clearing
Corporation Security to the securities account of the Borrower Accounts Securities Intermediary at such Clearing Corporation and
(B) the Borrower Accounts Securities Intermediary to continuously identify on its books and records that such Clearing Corporation
Security is credited to the relevant Borrower Account;

 

    12

     

    

 

(4)           in
the case of any Financial Asset that is maintained in book-entry form on the records of a Federal Reserve Bank, causing (A) the
continuous crediting of such Financial Asset to a securities account of the Borrower Accounts Securities Intermediary at any Federal
Reserve Bank and (B) the Borrower Accounts Securities Intermediary to continuously identify on its books and records that such
Financial Asset is credited to the relevant Borrower Account;

 

(5)           in
the case of Cash or money, (A) causing the delivery of such Cash or money to the Borrower Accounts Securities Intermediary, (B)
causing the Borrower Accounts Securities Intermediary to treat such Cash or money as a Financial Asset maintained by the Borrower
Accounts Securities Intermediary for credit to the relevant Borrower Account in accordance with the provisions of Article 8 of
the UCC, and (C) causing the Borrower Accounts Securities Intermediary to continuously indicate by book-entry that such Cash or
money is credited to the relevant Borrower Account;

 

(6)           in
the case of each Financial Asset not covered by the foregoing subclauses (1) through (5), (A) causing the transfer of such Financial
Asset to the Borrower Accounts Securities Intermediary in accordance with applicable law and regulation and (B) causing the Borrower
Accounts Securities Intermediary to continuously credit such Financial Asset to the relevant Borrower Account; and

 

(7)           in
the case of any general intangible (including any participation interest not evidenced by an instrument or Certificated Security),
by:

 

 (A)          causing
the Borrower to become and remain the owner thereof and causing a UCC-1 financing statement describing the Collateral and naming
the Borrower as debtor and the Collateral Agent as secured party to be filed (and remain effective) by the Borrower with the Secretary
of State of Delaware within ten (10) days after the Closing Date, or

 

 (B)           (1)
causing the Borrower Accounts Securities Intermediary to become and remain the owner thereof, (2) causing the Borrower Accounts
Securities Intermediary to credit and continuously identify such general intangible to the relevant Borrower Account, (3) causing
the Borrower Accounts Securities Intermediary to agree to treat such general intangible as a Financial Asset and (4) causing the
Borrower Accounts Securities Intermediary to agree pursuant to the Securities Account Control Agreement to comply with Entitlement
Orders related thereto originated by the Collateral Agent without further consent by the Borrower.

 

In
addition, with respect to clause (7), the Investment Manager on behalf of the Borrower will use commercially reasonable efforts
to obtain any and all consents required by the underlying agreements relating to any such general intangibles for the transfer
of ownership and/or pledge hereunder (except to the extent that the requirement for such consent is rendered ineffective under
Section 9-406 or 9-408 of the UCC).

 

Notwithstanding
the foregoing, any property or asset will also be “delivered” for purpose of this definition if it is delivered in
a method specified in an Opinion of Counsel as sufficient to result in a first priority perfected security interest in favor of
the Collateral Agent.

 

“deposit
accounts” has the meaning specified in the UCC.

 

“Deposit
Account” means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union
or like organization, other than an account evidenced by a negotiable certificate of deposit.

 

“Determination
Date” means, with respect to a Payment Date, the last Business Day of the immediately preceding Due Period.

 

“Diligence
Information” is defined in Section 3(a)(3) of Schedule H.

 

    13

     

    

 

“Disposition”
means the sale, transfer, assignment or other disposition of an asset. “Dispose” has a corresponding meaning.

 

“Dispute”
and “Dispute-Related Repayment Right” are defined in the Margining Agreement.

 

“Distribution”
means any payment of principal or interest or any dividend, premium or fee payment made on, or any other distribution in respect
of, a security or obligation.

 

“Disqualified
Institution” means (a) Goldman Sachs BDC, Inc. or any Person that is primarily engaged in the business of private direct
lending as a business development company, mezzanine fund, private debt fund, hedge fund or private equity fund, which is in direct
competition with the Borrower (provided that in no event shall any commercial bank, investment bank or insurance company
be deemed a Disqualified Institution hereunder) and (b) any Person that is not organized under the laws of the United States of
America, any state thereof or the District of Columbia. For the avoidance of doubt, the term “Disqualified Institution”
shall not include any affiliate of any Disqualified Institution unless such affiliate independently meets the criteria set forth
above.

 

“Dollars”,
“USD” and the sign “$” mean the lawful money of the United States of America.

 

“Due
Date” means each date on which a Distribution is due on a Pledged Obligation.

 

“Due
Period” means, with respect to any Payment Date, the period commencing on the day immediately following the eighth Business
Day prior to the preceding Payment Date (or in the case of the Due Period relating to the First Payment Date, beginning on the
Initial Funding Date) and ending on (and including) the eighth Business Day prior to such Payment Date (or, (a) in the case of
the Due Period relating to the First Payment Date, ending on the seventh Business Day prior to such First Payment Date and (b)
in the case of a Due Period that is applicable to the Payment Date relating to the Maturity Date ending on (and including) the
Business Day immediately preceding such Payment Date).

 

“Eligible
Assignee” means any Person other than a Natural Person or a Disqualified Institution that is (a) a Lender, an affiliate
of any Lender or a Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purposes hereof),
or (b) a commercial bank, insurance company, investment or mutual fund or other entity that is an “accredited investor”
(as defined in Regulation D under the Securities Act) and which extends credit or buys loans in the ordinary course of business;
provided that no Defaulting Lender, Credit Party or Affiliate of a Credit Party shall be an Eligible Assignee.

 

“Eligible
Investment” means any (a) Cash or (b) Dollar denominated investment that, at the time it, or evidence of it, is Delivered
to the Collateral Agent (directly or through an intermediary or bailee), is one or more of the following obligations or securities:

 

(a)           direct
Registered debt obligations of, and Registered debt obligations the timely payment of principal and interest on which is fully
and expressly guaranteed by, the United States of America or any agency or instrumentality of the United States of America the
obligations of which are expressly backed by the full faith and credit of the United States of America that satisfies the Eligible
Investment Required Ratings at the time of such investment or contractual commitment providing for such investment;

 

    14

     

    

 

(b)           demand
and time deposits in, certificates of deposit of, trust accounts with, bankers’ acceptances issued by, or federal funds
sold by any depository institution or trust company incorporated under the laws of the United States of America (including the
Bank) or any state thereof and subject to supervision and examination by federal and/or state banking authorities, in each case
payable within 183 days of issuance, so long as the commercial paper and/or the debt obligations of such depository institution
or trust company (or, in the case of the principal depository institution in a holding company system, the commercial paper or
debt obligations of such holding company) at the time of such investment or contractual commitment providing for such investment
have the Eligible Investment Required Ratings;

 

(c)           unleveraged
repurchase obligations with respect to (x) any security described in clause (a) above or (y) any other security issued or guaranteed
by an agency or instrumentality of the United States of America, in either case entered into with a depository institution or
trust company (acting as principal) described in clause (b) above or entered into with an entity (acting as principal) with, or
whose parent company has, the Eligible Investment Required Ratings;

 

(d)           Registered
debt securities bearing interest or sold at a discount with maturities up to 365 days (but in any event such securities will mature
by the next succeeding Payment Date) issued by any entity formed under the laws of the United States of America or any State thereof
that have a S&P rating of “AA” or better at the time of such investment or contractual commitment providing for
such investment;

 

(e)           commercial
paper or other short-term debt obligations with the Eligible Investment Required Ratings and that either bear interest or are
sold at a discount from the face amount thereof and have a maturity of not more than 183 days from their date of issuance; provided
that this clause (e) will not include extendible commercial paper or asset backed commercial paper; and

 

(f)            money
market funds which have, at the time of such reinvestment, a credit rating of “AAA” by S&P;

 

subject,
in each case, to such obligations or securities having a maturity date not later than the earlier of (A) the date that is 60 days
after the date of Delivery thereof and (B) the Business Day immediately preceding the Payment Date immediately following the date
of Delivery thereof; provided that Eligible Investments shall not include (1) any interest-only security, any security
purchased at a price in excess of 100% of the par value thereof or any security whose repayment is subject to substantial non-credit
related risk as determined in the sole judgment of the Investment Manager, (2) any security whose rating assigned by S&P includes
the subscript “f”, “p”, “q”, “pi”, “r”, “sf” or “t”
(3) any security that is subject to an Offer, (4) any other security that is an asset the payments on which are subject to withholding
tax if owned by the Borrower unless the issuer or obligor or other Person (and guarantor, if any) is required to make “gross-up”
payments that cover the full amount of any such withholding taxes, or (5) any security secured by real property. Eligible Investments
may include those investments with respect to which the Bank or an Affiliate of the Bank is an obligor or provides services.

 

“Eligible
Investment Required Ratings” means a long-term senior unsecured debt rating of at least “A” and a short-term
credit rating of at least “A-1” by S&P (or, if such institution has no short-term credit rating, a long-term senior
unsecured debt rating of at least “A+” by S&P).

 

“Employee
Benefit Plan” means any “employee benefit plan” is defined in Section 3(3) of ERISA which is or was sponsored,
maintained or contributed to by, or required to be contributed by, any Credit Party or any of their respective ERISA Affiliates.

 

“Enforcement
Priority of Payments” is defined in Section 7(c).

 

“Entitlement
Order” has the meaning specified in Section 8-102(a)(8) of the UCC.

 

“Equity
Interests” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership
interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to
acquire any of the foregoing.

 

    15

     

    

 

“Equity
Owner” means FS Energy and Power Fund, as the owner of the entire membership interest of the Borrower.

 

“Equity
Security” means (a) any equity security or any other security that is not eligible for purchase by the Borrower hereunder
and is received with respect to a Collateral Obligation or (b) any security purchased as part of a “unit” with a Collateral
Obligation and that itself is not eligible for purchase by the Borrower hereunder.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA
Affiliate” means, as applied to any Person, (a) any corporation which is a member of a controlled group of corporations
within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a member; (b) any trade or business
(whether or not incorporated) which is a member of a group of trades or businesses under common control within the meaning of
Section 414(c) of the Internal Revenue Code of which that Person is a member; and (c) any member of an affiliated service group
within the meaning of Section 414(m) or (o) of the Internal Revenue Code of which that Person, any corporation described in clause
(a) above or any trade or business described in clause (b) above is a member. Any former ERISA Affiliate of the Borrower or any
of its Subsidiaries shall continue to be considered an ERISA Affiliate of the Borrower or any such Subsidiary within the meaning
of this definition with respect to the period such entity was an ERISA Affiliate of the Borrower or such Subsidiary and with respect
to liabilities arising after such period for which the Borrower or such Subsidiary could be liable under the Internal Revenue
Code or ERISA.

 

“Escrowed
Assignment Agreement Documents” means, with respect to each Underlying Asset, three Assignment Agreements, each executed
in blank by (a) the Borrower, as assignor, and (b) if the signature of any affiliate of the Borrower (whether as administrative
agent, servicer, registrar or in any other capacity) is or could be required on such Assignment Agreement for the transfer of
all or any portion of such Underlying Asset by the Borrower, each such affiliate.

 

“Event
of Default” has the meaning specified in Section 9.

 

“Excess
Cure Collateral Refund Amount” is defined in the Margining Agreement.

 

“Excess
Market Value Amount” means, as of any Determination Date, the maximum amount of Principal Proceeds that may be distributed
to the Equity Owner in accordance with clause (2) of the Principal Priority of Payments that would permit the Borrower to continue
to satisfy the Market Value Test after such distribution.

 

“Exchange
Act” means the Securities Exchange Act of 1934.

 

“Excluded
Tax” means any of the following Taxes imposed on or with respect to Administrative Agent and any Lender (each a “Recipient”)
or required to be withheld or deducted from a payment under a Transaction Document to a Recipient, (a) Taxes imposed on or
measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result
of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable
lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, United States federal withholding Taxes imposed on amounts payable to or for
the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by
Borrower)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.15(b),
amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a
party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 2.15(c) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

 

    16

     

    

 

“Existing Indebtedness”
means, collectively, all indebtedness of the Borrower outstanding on the Closing Date, including all indebtedness outstanding
under the Indenture dated as of September 11, 2014 (as heretofore amended), between the Borrower, as issuer, and Citibank, as
trustee.

 

“Failure
to Pay” is defined in the definition of “Zero Value Event”.

 

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code as of the date of this Agreement (including 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 agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code, and
any applicable intergovernmental agreement with respect thereto and applicable official implementing guidance thereunder.

 

“Federal
Funds Effective Rate” means for any day, the rate per annum equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published
by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is
not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding
Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding
Business Day, the Federal Funds Effective Rate for such day shall be the average rate charged to the Administrative Agent on such
day on such transactions as determined by the Administrative Agent.

 

“Fee
Letter” means each of (a) the Agent Fee Letters and (b) the GS Fee Letter.

 

“Financial
Asset” has the meaning specified in Section 8-102(a)(9) of the UCC.

 

“First
Payment Date” means June 15, 2017.

 

“First
Priority” means, with respect to any Lien purported to be created in any Collateral pursuant to any Transaction Document,
that such Collateral is subject to no equal or prior Lien (and is not subject to any other Liens).

 

“FSEP”
is defined in Part 2 of Schedule E.

 

“Funding
Notice” means a notice substantially in the form of Exhibit A.

 

“GAAP”
means, subject to the provisions of Section 1.2, United States generally accepted accounting principles in effect as of the date
of determination thereof.

 

“general
intangibles” has the meaning specified in the UCC.

 

“Goldman
Sachs” is defined in the preamble.

 

“Governmental
Authority” means any federal, state, municipal, national or other government, governmental department, commission, board,
bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether
associated with a state of the United States, the United States or any other foreign entity or government.

 

“Governmental
Authorization” means any permit, license, authorization, plan, directive, consent order or consent decree of or from
any Governmental Authority.

 

    17

     

    

 

“Grant”
means to grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign, transfer, mortgage, pledge, create
and grant a security interest in and right of set-off against, deposit, set over or confirm. A Grant of the Collateral, or of
any other instrument, shall include all rights, powers and options (but none of the obligations) of the granting party thereunder,
including the immediate continuing right to claim for, collect, receive and receipt for principal and interest payments in respect
of the Collateral, and all other monies payable thereunder, to give and receive notices and other communications, to make waivers
or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise,
and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect
thereto.

 

“Grantor”
is defined in the Pledge and Security Agreement.

 

“GS
Fee Letter” means the Fee Letter dated on or around the Initial Funding Date between Goldman Sachs and the Borrower
with respect to certain fees to be paid from time to time to the Lenders.

 

“Highest
Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted
for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law,
under such applicable laws which may hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable
laws now allow.

 

“Increased-Cost
Lenders” is defined in Section 2.18.

 

“Indemnified
Liabilities” means, collectively, any and all liabilities, obligations, losses, damages (including natural resource
damages), penalties, claims, actions, judgments, suits, fees, costs, expenses and disbursements of any kind or nature whatsoever
(including the reasonable fees and disbursements of external counsel for Indemnitees, including in connection with any investigative,
administrative or judicial proceeding or hearing commenced or threatened by any Person, whether or not any such Indemnitee shall
be designated as a party or a potential party thereto, and any fees or expenses incurred by Indemnitees in enforcing this indemnity),
whether direct, indirect, special or consequential and whether based on any federal, state or foreign laws, statutes, rules or
regulations, on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against
any such Indemnitee, in any manner relating to or arising out of any suit, action or other legal proceeding or investigation relating
to (a) this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby (including the Lenders’
agreement to make Credit Extensions or the use or intended use of the proceeds thereof), any amendments, waivers or consents with
respect to any provision of this Agreement or any of the other Transaction Documents, any enforcement of any of the Transaction
Documents (including any sale of, collection from, or other realization upon any of the Collateral) and any reasonable attorneys’
fees and expenses and court costs and any losses incurred directly as a result of a successful defense, in whole or in part, of
any claim that an Agent breached its standard of care; or (b) any Fee Letter or any other fee letter delivered by any Agent or
any Lender to the Borrower with respect to the transactions contemplated by this Agreement or any other Transaction Document.
Without limiting the foregoing, the Borrower shall be liable to each Lender for damages in an amount equal to the cost (including
all fees, expenses and commissions) of entering into or terminating hedge transactions in connection with or as a result of an
Event of Default, and any other loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of
Default hereunder.

 

“Indemnitee”
is defined in Section 11.3(a).

 

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

 

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“Independent
Manager Agreement” means that certain agreement relating to the designation of Independent Managers, among the Borrower
and/or Member and Lord Securities Corporation, as such agreement may be amended from time to time.

 

“Independent
Managers” means the Independent Managers appointed in the Limited Liability Company Agreement of the Borrower.

 

“Initial
Funding Date” means April 19, 2017 or such other date agreed to by the Lenders and the Borrower with notice to the Collateral
Agent and the Collateral Administrator.

 

“Initial
Funding Date Collateral Obligation” means each Collateral Obligation identified on Appendix C-2.

 

“Initial
Funding Date Equity Distribution” means the making of a distribution by the Borrower to the Equity Owner on the Initial
Funding Date in an amount specified by the Borrower to the Administrative Agent; provided that the Initial Funding Date
Equity Distribution shall be reduced (if necessary) such that, after giving effect thereto, (a) no Default or Event of Default
have occurred and be continuing or result therefrom and (b) the Market Value Test is in compliance.

 

“instruments”
has the meaning specified in the UCC.

 

“Interest
Collection Account” means the trust account or accounts established pursuant to Section 10.2(a).

 

“Interest
Only Security” means any obligation or security that does not provide in the related Reference Instruments for the payment
or repayment of a stated principal amount in one or more installments on or prior to its stated maturity.

 

“Interest
Period” means, with respect to each Credit Extension:

 

(a)           the
period from (and including) the related Credit Date to but excluding the immediately following Payment Date, and

 

(b)           each
successive period from and including each Payment Date to but excluding the immediately following Payment Date until the Obligations
are repaid in full.

 

“Interest
Priority of Payments” is defined in Section 7(a).

 

“Interest
Proceeds” means, with respect to any Payment Date, without duplication:

 

(a)           all
payments of interest and dividends, commitment fees, facility fees and fees payable with respect to the approval of amendments,
waivers and similar actions received during the related Due Period on the Pledged Obligations (including Reinvestment Income,
if any), other than (x) any payment of interest received on any Defaulted Obligation if the outstanding principal amount thereof
then due and payable has not been received by the Borrower after giving effect to the receipt of such payments of interest and
(y) the amounts as specified in clause (f) of the definition of Principal Proceeds;

 

    19

     

    

 

(b)           to
the extent not included in the definition of “Sale Proceeds”, if so designated by the Investment Manager and notice
thereof is conveyed in writing to the Collateral Agent, the Collateral Administrator and the Administrative Agent, any portion
of the accrued interest received during the related Due Period in connection with the sale of any Pledged Obligations (excluding
accrued interest received in connection with the sale of (x) Defaulted Obligations if the outstanding principal amount thereof
has not been received by the Borrower after giving effect to such sale, (y) Pledged Obligations in connection with a voluntary
prepayment or (z) an asset that was acquired with Principal Proceeds);

 

(c)           unless
otherwise designated by the Investment Manager as Principal Proceeds and notice thereof is conveyed in writing to the Collateral
Agent, the Collateral Administrator and the Administrative Agent, all amendment and waiver fees, all late payment fees and all
other fees received during such Due Period in connection with the Pledged Obligations, excluding (A) fees received in connection
with Defaulted Obligations (but only to the extent that the outstanding principal amount thereof has not been received by the
Borrower); (B) premiums (including prepayment premiums) constituting Principal Proceeds in accordance with subclause (c) of the
definition thereof); and (C) fees received in connection with the lengthening of the maturity of the related Collateral Obligation
or the reduction of the par of the related Collateral Obligation, in each case, as determined by the Investment Manager with notice
to the Collateral Agent, the Collateral Administrator and the Administrative Agent;

 

(d)           any
recoveries on Defaulted Obligations in excess of the outstanding principal amount thereof;

 

(e)           (x)
any amounts remaining on deposit in the Interest Collection Account from the immediately preceding Payment Date and (y) any Principal
Proceeds and unused proceeds transferred to the Interest Collection Account for application as Interest Proceeds as expressly
provided for herein;

 

(f)           the
aggregate amount of the Investment Management Fees, if any, that the Investment Manager has elected to waive in the manner described
under Section 6 of the Investment Management Agreement (to the extent not included in Principal Proceeds); and

 

(g)           all
payments of principal and interest on Eligible Investments purchased with the proceeds of any of subclauses (a) through (f) of
this definition (without duplication);

 

provided
that, in connection with the final Payment Date, Interest Proceeds shall include any amount referred to in subclauses (a)
through (f) above that is received from the sale of Collateral Obligations on or prior to the day immediately preceding the final
Payment Date.

 

“Interest
Rate Determination Date” means, with respect to any Interest Period, the date that is two Business Days prior to the
first day of such Interest Period.

 

“Internal
Revenue Code” means the Internal Revenue Code of 1986.

 

“Investment
Company Act” means the United States Investment Company Act of 1940, as amended.

 

“Investment
Management Agreement” means the Amended and Restated Investment Management Agreement dated on or around the Initial
Funding Date by and among the Investment Manager and the Borrower.

 

“Investment
Management Fee” means the Investment Management Fee as defined in the Investment Management Agreement.

 

    20

     

    

 

“Investment
Manager” means FS Energy and Power Fund, a Delaware statutory trust, until a successor Person shall have become the
investment manager pursuant to the provisions of the Investment Management Agreement, and thereafter “Investment Manager”
shall mean such successor Person. Each reference herein to the Investment Manager shall be deemed to constitute a reference as
well to any agent of the Investment Manager and to any other Person to whom the Investment Manager has delegated any of its duties
hereunder in accordance with the terms of the Investment Management Agreement, in each case during such time as and to the extent
that such agent or other Person is performing such duties.

 

“investment
property” has the meaning specified in the UCC.

 

“investments”
has the meaning specified in the UCC.

 

“Lender”
means each financial institution listed on the signature pages hereto as a Lender, and any other Person that becomes a party hereto
pursuant to an Assignment Agreement.

 

“Lien”
means (a) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement
to give any of the foregoing, any conditional sale or other title retention agreement, and any lease or license in the nature
thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing and (b) in
the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities.

 

“Limited
Liability Company Agreement” means the governing organizational document of the Borrower.

 

“Liquidation
Proceeds” means, with respect to any voluntary prepayment of the Loans hereunder: (a) all Sale Proceeds from Collateral
Obligations sold in connection with such prepayment; and (b) all Cash and Eligible Investments on deposit in the Borrower Accounts.

 

“Loan”
is defined in Section 2.1(a).

 

“Loan
Obligations” means, collectively, commercial loans and Participations.

 

“Look-Through
Market Value” means, as of any date, the sum of:

 

(a)           the
aggregate Asset Market Related Amounts in respect of all Underlying Assets and Unsettled Purchase Assets in the Underlying Portfolio
on such date; plus

 

(b)           the
Cash Value as at such date.

 

“Make-Whole
Amount” means, in connection with a Make-Whole Event, an amount equal to the aggregate amount of Spread that would otherwise
have been payable to the Lenders hereunder (in each case on an aggregate principal amount of Loans equal to the related Make-Whole
Calculation Amount) during the period from and including the date on which such Make-Whole Event occurs to but excluding the scheduled
Maturity Date, discounted to present value, all as calculated by the Calculation Agent.

 

“Make-Whole
Calculation Amount” means, in connection with:

 

(a)           the
termination of the Commitments on the last day of the Availability Period, the aggregate amount of the undrawn Commitments as
of such date (determined immediately prior to such termination);

 

(b)           the
prepayment of the Loans (in whole or in part) pursuant to a voluntary prepayment under Section 2.8, the aggregate principal amount
of Loans prepaid in connection therewith; and

 

(c)           the
acceleration of the Loans under Section 9, the aggregate principal amount of the Loans outstanding immediately prior to such acceleration.

 

    21

     

    

 

“Make-Whole
Event” means:

 

(a)           the
termination of the Commitments on the last day of the Availability Period (other than due to the acceleration of the Loans under
Section 9), if the aggregate principal amount of Loans borrowed hereunder during the Availability Period is for any reason less
than the Maximum USD Facility Amount;

 

(b)           the
prepayment of the Loans (in whole or in part) pursuant to a voluntary prepayment under Section 2.8 (other than during the continuance
of a Dispute-Related Repayment Right); or

 

(c)           the
acceleration of the Loans under Section 9.

 

For
the avoidance of doubt, more than one Make-Whole Event may occur but only one, if any, Make-Whole Amount shall be due with respect
to any single Make-Whole Event.

 

“Margin
Account” means the trust account maintained pursuant to Section 3(d) on Schedule F.

 

“Margin
Funding Notice” is defined in the Margining Agreement.

 

“Margining
Agreement” means a margining agreement dated on or around the Initial Funding Date, among the Borrower and the Administrative
Agent.

 

“Margin
Notice Deadline” is defined in the Margining Agreement.

 

“Margin
Stock” means Margin stock as defined under Regulation U, including any debt security which is by its terms convertible
into “Margin Stock”.

 

“Market
Value” means, with respect to any Collateral Obligation, the Asset Current Price thereof. With respect to any Eligible
Investment, “Market Value” means (a) the average of at least three firm bids obtained by the Investment Manager
from nationally recognized dealers (that are Independent of the Investment Manager and Independent of each other) that the Investment
Manager determines (in its sole discretion) to be reasonably representative of the Eligible Investment’s current market
value and reasonably reflective of current market conditions; (b) if only two such bids can be obtained, the lower of such two
bids shall be the Market Value of the Eligible Investment; (c) if only one such bid can be obtained, such bid shall be the Market
Value of the Eligible Investment; and (d) if no such bids can be obtained, then, the Market Value of such the Eligible Investment
shall be zero.

 

“Market
Value Numerator” means an amount (without duplication) equal to the sum of:

 

(a)          
the Market Value of the Collateral Obligations; plus

 

(b)           the
principal amount of any Cash and Eligible Investments (together with any uninvested amounts on deposit in the Borrower Accounts)
representing Principal Proceeds or Liquidation Proceeds (in each case excluding Reinvestment Income).

 

“Market
Value Ratio” means the ratio determined as of any date (expressed as a percentage), obtained by dividing:

 

(a)           the
Market Value Numerator; by

 

(b)           the
aggregate outstanding principal amount of the Loans at such date.

 

“Market
Value Test” means a test that is satisfied as of any date if the Market Value Ratio at such date is equal to or greater
than the Required Percentage.

 

    22

     

    

 

“Material
Action” means to: (a) file or consent to the filing of any bankruptcy, insolvency or reorganization petition under any
applicable federal, state or other law relating to a bankruptcy naming the Borrower as debtor or other initiation of bankruptcy
or insolvency proceedings by or against the Borrower, or otherwise seek, with respect to the Borrower, relief under any laws relating
to the relief from debts or the protection of debtors generally; (b) seek or consent to the appointment of a receiver, liquidator,
conservator, assignee, trustee, sequestrator, custodian or any similar official for the Borrower or all or any portion of its
properties; (c) make or consent to any assignment for the benefit of the Borrower’s creditors generally; (d) admit in writing
the inability of the Borrower to pay its debts generally as they become due; (e) petition for or consent to substantive consolidation
of the Borrower with any other person; (f) amend or alter or otherwise modify or remove all or any part of Section 9(j) of the
Borrower’s Limited Liability Company Agreement; or (g) amend, alter or otherwise modify or remove all or any part of the
definition of “Independent Manager” or the definition of “Material Action” in the Borrower’s Limited
Liability Company Agreement.

 

“Material
Adverse Effect” means a material adverse effect on and/or material adverse developments with respect to (a) the business,
operations, properties, assets or financial condition of the Borrower and its Subsidiaries taken as a whole; (b) the ability of
any Credit Party to fully and timely perform its Obligations; (c) the legality, validity, binding effect or enforceability against
a Credit Party of a Transaction Document to which it is a party; or (d) the rights, remedies and benefits available to, or conferred
upon, any Agent, any Lender or any other Secured Party under any Transaction Document.

 

“Material
Contract” means any contract or other arrangement to which any Credit Party is a party (other than the Transaction Documents)
for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect.

 

“Material
Modification” means a Specified Change.

 

“Material
Synergy Debt” means, as to any Synergy Asset, indebtedness that is senior to or pari passu with such Synergy Asset (other
than revolving indebtedness or pari passu debt that does not adversely affect the creditworthiness of Synergy, as determined by
the Requisite Lenders in their sole and absolute discretion).

 

“maturity”
means, with respect to any Collateral Obligation, the date on which such obligation shall be deemed to mature (or its maturity
date) shall be the earlier of (a) the Stated Maturity of such obligation and (b) if the Borrower has a right to require the issuer
or obligor of such Collateral Obligation to purchase, redeem or retire such Collateral Obligation (at par) on any one or more
dates prior to its Stated Maturity (a “put right”) and the Investment Manager determines that it shall exercise
such put right on any such date, the maturity date shall be the date specified in a certification provided to the Collateral Agent,
the Collateral Administrator and the Administrative Agent.

 

“Maturity
Date” means, the earlier of (a) September 15, 2019 and (b) the date on which all Loans shall become due and payable
in full hereunder, whether by acceleration or otherwise.

 

“Maximum
USD Facility Amount” means $425,000,000.

 

“Member”
means FS Energy and Power Fund, as the initial member of the Borrower, and any Person admitted as an additional member of the
Borrower or a substitute member of the Borrower pursuant to the provisions of Limited Liability Company Agreement, each in its
capacity as a member of the Company; provided that the term “Member” shall not include the Independent Managers.

 

“Monetary
Default” means a default by a party in the payment of money when due under a contractual
arrangement (determined without regard to any grace period otherwise specified), or a default by such party in the performance
or observance of any other obligation hereunder (determined without regard to any grace period otherwise specified) that by its
terms can be cured solely by the payment of money.

 

    23

     

    

 

“money”
has the meaning specified in the UCC.

 

“Monthly
Report” is defined in Section 5(a) of Schedule F.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Multiemployer
Plan” means any Employee Benefit Plan which is a “multiemployer plan” is defined in Section 3(37) of ERISA.

 

“Natural
Person” means a natural person, or a holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of, a natural person.

 

“Net
Cash Amount” is defined in the Margining Agreement.

 

“Net
Purchased Loan Balance” means, as of any date of determination, an amount equal to (a) the Aggregate Principal Amount
of all Collateral Obligations Acquired by the Borrower prior to such date minus (b) the Aggregate Principal Amount of all
Warranty Transferred Assets repurchased by the Equity Owner prior to such date.

 

“Non-Consenting
Lender” is defined in Section 2.18.

 

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

 

“Non-Private
Collateral Obligation” means a Collateral Obligation designated as such on Appendix C-2 and each other Collateral Obligation
designated as such pursuant to Section 3(a)(2) on Schedule H.

 

“Non-US
Lender” is defined in Section 2.15(c).

 

“Note”
means a promissory note in form and substance satisfactory to the Borrowers, the Administrative Agent and the Requisite Lenders.

 

“Obligations”
means all obligations (whether now existing or hereafter arising, absolute or contingent, joint, several or independent) of every
nature of each Credit Party, including obligations from time to time owed to the Agents (including former Agents), Lenders or
any of them, under any Transaction Document, whether for principal, interest (including interest which, but for the filing of
a petition in bankruptcy with respect to such Credit Party, would have accrued on any Obligation, whether or not a claim is allowed
against such Credit Party for such interest in the related bankruptcy proceeding), Make-Whole Amounts, other fees, expenses, indemnification
or otherwise.

 

“Offer”
means, (a) with respect to any Collateral Obligation or Eligible Investment, any offer by the issuer of such security or borrower
with respect to such debt obligation or by any other Person made to all of the holders of such security or debt obligation to
purchase or otherwise acquire such security or debt obligation or to exchange such security or debt obligation for any other security,
debt obligation, Cash or other property (other than, in any case, pursuant to any redemption in accordance with the terms of any
related Reference Instrument or for the purpose of registering the security or debt obligation) or (b) with respect to any Collateral
Obligation or Eligible Investment that constitutes a bond, any solicitation by the issuer of such security or borrower with respect
to such debt obligation or any other Person to amend, modify or waive any provision of such security or debt obligation.

 

    24

     

    

 

“Officer”
means, with respect to the Borrower or any other limited liability company, any manager, officer or other person authorized pursuant
to, or by resolutions approved in accordance with, the operating agreement of such limited liability company to act on behalf
of such limited liability company; with respect to any corporation, any director, the Chairman of the Board, the President, any
Vice President, the Secretary, an Assistant Secretary, the Treasurer or an Assistant Treasurer of such entity or such person’s
attorney-in-fact; with respect to any partnership, any general partner thereof or such person’s attorney-in-fact; and with
respect to a Bank Party or any bank or trust company acting as trustee of an express trust or as custodian, any Trust Officer.

 

“Officer’s
Certificate” means, with respect to any Person, a certificate signed by an Authorized Officer of such Person.

 

“Opinion
of Counsel” means, a written opinion addressed to the Collateral Agent, in form and substance reasonably satisfactory
to the Administrative Agent, of a nationally or internationally recognized law firm or an attorney at law admitted to practice
(or law firm, one or more of the partners of which are admitted to practice) before the highest court of any State of the United
States or the District of Columbia, which attorney may, except as otherwise expressly provided in this Agreement, be counsel for
the Borrower or the Investment Manager and which attorney or firm shall be reasonably satisfactory to the Administrative Agent.
Whenever an Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so
admitted and otherwise satisfactory which opinions of other counsel shall accompany such Opinion of Counsel and shall be addressed
to the Administrative Agent or shall state that the Administrative Agent shall be entitled to rely thereon.

 

“Organizational
Documents” means (a) with respect to any corporation or company, its certificate, memorandum or articles of incorporation,
organization or association and its by-laws; (b) with respect to any limited partnership, its certificate or declaration of limited
partnership and its partnership agreement; (c) with respect to any general partnership, its partnership agreement and (d) with
respect to any limited liability company, its articles of organization and its operating agreement. In the event any term or condition
of this Agreement or any other Transaction Document requires any Organizational Document to be certified by a secretary of state
or similar governmental official, the reference to any such Organizational Document shall only be to a document of a type customarily
certified by such governmental official.

 

“Other
Material Default” means a default (other than a Monetary Default) by a party in
the performance or observance of any material obligation of that party under a contractual arrangement that, with the giving of
notice or lapse of time or both, would become an Event of Default with respect to such party.

 

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

 

“Other
Taxes” means any and all present or future stamp or documentary Taxes or any other excise or property Taxes, charges
or similar levies (and interest, fines, penalties and additions related thereto) arising from any payment made hereunder or from
the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Transaction Document, except
any such Taxes that are Other Connection Taxes imposed with respect to an assignment or other transfer (other than an assignment
made pursuant to Section 2.16 or Section 2.18).

 

“Participant
Register” is defined in Section 11.6(g)(1).

 

“Participation”
means an interest in a commercial loan acquired indirectly by way of participation from a Selling Institution.

 

    25

     

    

 

“Par
Value Numerator” means an amount (without duplication) equal to the sum of:

 

(1)           the
Aggregate Principal Amount of the Collateral Obligations (other than Defaulted Obligations); plus

 

(2)           the
principal amount of any Cash and Eligible Investments together with any uninvested amounts on deposit in the Borrower Accounts
representing Principal Proceeds or Liquidation Proceeds (in each case excluding Reinvestment Income); plus

 

(3)           the
sum of the Principal Balances of all Defaulted Obligations.

 

“PATRIOT
Act” is defined in Section 3.1(j).

 

“Payment
Account” means the trust account maintained pursuant to Section 3(c) on Schedule F.

 

“Payment
Date” means each of the following, as applicable: (a) the First Payment Date, (b) thereafter, each three-month anniversary
of the First Payment Date to, but excluding, the Maturity Date and (c) the Maturity Date. If any such date is not a Business Day,
then the Payment Date shall be the next following Business Day.

 

“Payment
Default” means any Event of Default specified in subclause (a) of Section 9.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension
Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to Section 412 of the Internal
Revenue Code or Section 302 of ERISA.

 

“Permitted
Repurchases” is defined in Section 4 of Schedule H.

 

“Person”
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and Governmental Authorities.

 

“Platform”
means Debt Domain, Intralinks, SyndTrak or another relevant website or other information platform.

 

“Pledge
and Security Agreement” means the Pledge and Security Agreement dated on or around the Initial Funding Date between
the Borrower and the Collateral Agent.

 

“Pledged
Obligations” means, on any date of determination, the Collateral Obligations and the Eligible Investments owned by the
Borrower that have been Granted to the Collateral Agent.

 

“Portfolio
Collateral Value” is defined in the Margining Agreement.

 

“Pricing
Source” means, for any Collateral Obligation or Proposed Underlying Asset, a market maker in the relevant market, LoanX
or other pricing sources reasonably acceptable to the Requisite Lenders.

 

“Prime
Rate” means the rate of interest quoted in the print edition of The Wall Street Journal, Money Rates Section
as the Prime Rate (currently defined as the base rate on corporate loans posted by at least 75% of the nation’s thirty largest
banks), as in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or best
rate actually charged to any customer. The Administrative Agent or any other Lender may make commercial loans or other loans at
rates of interest at, above or below the Prime Rate.

 

    26

     

    

 

“Principal
Balance” means, as of any date of determination, with respect to (a) any Collateral Obligation, the outstanding principal
amount (excluding any deferred or capitalized interest thereon) of such Collateral Obligation on such date; and (b) any Eligible
Investment or Cash, the outstanding principal amount of such Eligible Investment or Cash; provided that:

 

(1)           the
Principal Balance of each Defaulted Obligation shall be deemed to be zero; provided that (1) for the purpose of calculating
the amounts payable to the Collateral Agent pursuant to this Agreement and the Collateral Administrator pursuant to the Collateral
Administration Agreement, the Principal Balance of a Defaulted Obligation shall be the outstanding principal amount of such Defaulted
Obligation, (2) for the purpose of calculating the Investment Management Fee, the Principal Balance of a Defaulted Obligation
shall be the outstanding principal amount of such Defaulted Obligation and (3) for the purpose of calculating the Par Value Numerator,
the Principal Balance of a Defaulted Obligation (A) that has been held by the Borrower for less than three years shall be the
Market Value of such Defaulted Obligation as of the relevant date of determination or (B) that has been held by the Borrower for
three years or more shall be deemed to have a Principal Balance of zero;

 

(2)           the
Principal Balance of each Equity Security shall be deemed to be zero; and

 

(3)           the
Principal Balance of any Collateral Obligations and any Eligible Investments in which the Collateral Agent does not have a first
priority perfected security interest shall be deemed to be zero; provided that for the purpose of calculating the Management
Fees and the amounts payable to the Collateral Agent pursuant to this Agreement and the Collateral Administrator pursuant to the
Collateral Administration Agreement, the Principal Balance of such Collateral Obligation or Eligible Investment shall be the outstanding
principal amount thereof.

 

“Principal
Collection Account” means the trust account maintained pursuant to Section 3(a) on Schedule F.

 

“Principal
Office” means, for each Agent, such Person’s “Principal Office” as set forth on Appendix B, or such
other office or office of a third party or sub-agent, as appropriate, as such Person may from time to time designate in writing
to the Borrower, the Administrative Agent, the Collateral Agent and each Lender.

 

“Principal
Payments” means, with respect to any Payment Date, an amount equal to the sum of any payments of principal (including
optional or mandatory redemptions or prepayments) received on the Pledged Obligations during the related Due Period, including
payments of principal received in respect of exchange offers and tender offers and recoveries on Defaulted Obligations up to the
outstanding principal amount thereof, but not including Sale Proceeds received during the Reinvestment Period.

 

“Principal
Proceeds” means, with respect to any Payment Date and the Stated Maturity, without duplication:

 

(a)           all
Principal Payments received during the related Due Period on the Pledged Obligations;

 

(b)           any
amounts, distributions or proceeds (including resulting from any sale) received on any Defaulted Obligations (other than proceeds
that constitute Interest Proceeds under subclause (b) or (e) of the definition thereof) during the related Due Period to the extent
the outstanding principal amount thereof then due and payable has not been received by the Borrower after giving effect to the
receipt of such amounts, distributions or proceeds, as the case may be;

 

    27

     

    

 

(c)           all
premiums (including prepayment premiums) received during the related Due Period on the Collateral Obligations;

 

(d)           (A)
any amounts constituting unused proceeds remaining in the Principal Collection Account from the Loans at the end of the Reinvestment
Period and (B) any Principal Proceeds and unused proceeds designated for application as Principal Proceeds expressly provided
for herein;

 

(e)           Sale
Proceeds received during the related Due Period;

 

(f)           any
accrued interest purchased with Principal Proceeds;

 

(g)           the
aggregate amount of the Investment Management Fees, if any, that the Investment Manager has elected to waive in the manner described
under Section 6 of the Investment Management Agreement (to the extent not included in Interest Proceeds); and

 

(h)           all
other payments received during the related Due Period on the Collateral not included in Interest Proceeds;

 

provided
that any of the amounts referred to in subclauses (a) through (h) above shall be excluded from Principal Proceeds to the extent
such amounts were previously reinvested in Collateral Obligations or are designated by the Investment Manager (with notice to
the Collateral Agent, the Collateral Administrator and the Administrative Agent) as retained for investment or funding in accordance
with certain restrictions set forth herein; provided that, with respect to the final Payment Date, “Principal Proceeds”
shall include any amounts referred to in subclauses (a) through (h) above that are received from the sale of Collateral Obligations
on or prior to the day immediately preceding the final Payment Date.

 

“Principal
Priority of Payments” is defined in Section 7(b).

 

“Priority
of Payments” is defined in Section 7.

 

“Private
Collateral Obligation” means a Collateral Obligation designated as such on Appendix C-2 and each other Collateral Obligation
designated as such pursuant to Section 3(a)(2) on Schedule H.

 

“Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding.

 

“Proceeds”
means (a) any property (including but not limited to Cash and securities) received as a Distribution on the Collateral or any
portion thereof, (b) any property (including but not limited to Cash and securities) received in connection with the sale, liquidation,
exchange or other disposition of the Collateral or any portion thereof and (c) all proceeds (as such term is defined in the UCC)
of the Collateral or any portion thereof.

 

“Proposed
Underlying Asset” means a loan or bond that the Investment Manager has proposed to be acquired by the Borrower that
satisfies the Reinvestment Criteria at the time of such proposal.

 

“Pro
Rata Share” means, with respect to all payments, computations and other matters relating to the Loans of any Lender
at any time, the percentage obtained by dividing (a) the outstanding principal amount of the Loans plus the aggregate
unused Commitments of that Lender at such time by (b) the aggregate outstanding principal amount of the Loans plus
the aggregate unused Commitments of all Lenders at such time.

 

    28

     

    

 

“Prospective
Make-Whole Event” means that, at any date:

 

(a)           an
Event of Default with respect to the Borrower has occurred and is continuing; or

 

(b)           the
schedule Maturity Date occurs or will occur within the next three Business Days; or

 

(c)           the
aggregate principal of the Loans outstanding at such date is less than or equal to U.S.$50,000,000.

 

“Prospective
Make-Whole Payment Amount” means, at any date, the Make-Whole Amount that would be calculated on such date.

 

“Protected
Purchaser” has the meaning specified in Section 8-303 of the UCC.

 

“Qualified
Participation” means a Participation in a Loan that meets each of the following criteria:

 

(1)           the
Selling Institution is a lender on such Loan;

 

(2)           the
Selling Institution is (a) any of FS Investment Corporation, FS Investment Corporation II, FS Investment Corporation III, FS Energy
and Power Fund, FS Investment Corporation IV or FS Global Credit Opportunities Fund, (b) any other fund hereafter sponsored and
managed by Franklin Square Holdings, L.P. (provided in each case that such fund is not a special purpose vehicle used or
intended to be used in a financing transaction), as notified by the Borrower or the Equity Owner to the Collateral Agent and the
Administrative Agent or (c) a bank organized in the United States or is a U.S. branch of a bank organized in an OECD country;

 

(3)           the
aggregate participation in the Loan granted by such Selling Institution to any one or more participants does not exceed the principal
amount or commitment with respect to which the Selling Institution is a lender under such Loan;

 

(4)           such
Participation does not grant, in the aggregate, to the participant in such Participation a greater interest than the Selling Institution
holds in the Loan that is the subject of the participation;

 

(5)           the
entire purchase price for such Participation is paid in full (without the benefit of financing from the Selling Institution) at
the time of the Borrower’s acquisition thereof;

 

(6)           the
Participation provides the participant all of the economic benefit and risk of the whole or part of the Loan that is the subject
of the Participation;

 

(7)           such
participation is documented under a Loan Syndications and Trading Association or similar agreement standard for loan participation
transactions among institutional market participants; and

 

(8)           such
Participation is not a sub-participation interest.

 

“Reduction
Amount”, “Reduction Calculation Amount”, “Reduction Date”, “Reduction
Event” and “Reduction Notice” are defined in Section 2.20.

 

“Recipient”
is defined in the definition of “Excluded Taxes”.

 

    29

     

    

 

“Reference
Instrument” means the indenture, credit agreement or other agreement pursuant to which a Collateral Obligation has been
issued or created and each other agreement that governs the terms of or secures the obligations represented by such Collateral
Obligation or of which the holders of such Collateral Obligation are the beneficiaries (including, in the case of Collateral Obligations
that are Participations, the related participation agreement).

 

“Refund
Request Notice” is defined in the Margining Agreement.

 

“Register”
is defined in Section 2.4(b).

 

“Registered”
means debt obligation that is issued after July 18, 1984 and that is in registered form within the meaning of Section 881(c)(2)(B)(i)
of the Internal Revenue Code and the United States Treasury regulations promulgated thereunder; provided that an interest
in a grantor trust will be considered to be Registered if such interest is in registered form and each of the obligations or securities
held by such trust was issued after July 18, 1984.

 

“Regulation
A”, “Regulation D”, “Regulation T”, “Regulation U” and “Regulation
X” mean Regulations A, D, T, U and X, respectively, of the Board of Governors and all official rulings and interpretations
thereunder or thereof.

 

“Reinvestment
Criteria” means the criteria set forth in the Transaction Documents (including, without limitation, the criteria set
forth in the definition of “Collateral Obligation” set forth herein) that, pursuant to the terms set forth in the
Transaction Documents are required to be satisfied as a condition to the Acquisition by the Borrower of an Underlying Asset (other
than any consent of one or more holders of the Eligible Security).

 

“Reinvestment
Income” means any interest or other earnings on unused proceeds deposited in the Principal Collection Account.

 

“Reinvestment
Period” means the period from the Closing Date to and including the earlier to occur of (a) August 15, 2019 and (b)
the occurrence of an Event of Default that results in an acceleration of the Loans in accordance with Section 9.

 

“Rejected
Underlying Asset” and “Rejection Event” are defined in Section 2.20.

 

“Related
Fund” means, with respect to any Lender that is an investment fund, any other investment fund that invests in commercial
loans and that is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

 

“Replacement
Lender” is defined in Section 2.18.

 

“Required
Amount” is defined in the Margining Agreement.

 

“Required
Percentage” means 177.77777778%.

 

“Requisite
Lenders” means, at any time, Lenders holding more than 50% of the sum of (a) the aggregate principal amount of
the Loans outstanding at such time and (b) the aggregate unused Commitments at such time.

 

“Restructuring”
means, with respect to an Underlying Asset:

 

(a)           if
such Underlying Asset is a Non-Private Collateral Obligation, a “Restructuring” (as defined in Section 4.7 of the
Credit Definitions) has occurred in respect of the Underlying Asset; and

 

(b)           if
such Underlying Asset is a Private Collateral Obligation, a “Restructuring” (as defined in Section 4.7 of the Credit
Definitions) has occurred in respect of the Underlying Asset (except that, for such purposes, Section 4.7(a)(iv) of the Credit
Definitions shall be amended to include the following at the end thereof “; or a release of liens or other credit support
for the Obligation; or any other change that materially reduces the level of subordination enhancing the Obligation”).

 

    30

     

    

 

For
purposes of this Agreement, “Multiple Holder Obligation” will not be applicable in determining whether any such Restructuring
occurs.

 

“Sale
and Contribution Agreement” means the second amended and restated Sale and Contribution Agreement dated on or around
the Initial Funding Date, between FS Energy and Power Fund, as Seller, and the Borrower, as Purchaser.

 

“Sale
Proceeds” means all amounts representing:

 

(a)           proceeds
from the sale or other disposition of any Collateral Obligation or an Equity Security;

 

(b)           at
the Investment Manager’s sole discretion (with notice to the Collateral Agent, the Collateral Administrator and the Administrative
Agent), any accrued interest received in connection with any Eligible Investment purchased with any proceeds described in subclause
(a) above; and

 

(c)           any
proceeds of the foregoing, including from the sale of Eligible Investments purchased with any proceeds described in subclause
(a) above (including any accrued interest thereon, but only to the extent so provided in subclause (b) above).

 

In
the case of each of subclauses (a) through (c), Sale Proceeds (1) shall only include proceeds received on or prior to the last
day of the relevant Due Period (or with respect to the final Payment Date, the day immediately preceding the final Payment Date)
and (2) shall be net of any reasonable fees, expenses or indemnities incurred by the Investment Manager, the Collateral Administrator
or the Collateral Agent in connection with such sale or other disposition.

 

“Sanctions”
and “Sanctions Laws” are defined in Section 4.20.

 

“S&P”
means Standard & Poor’s Financial Services LLC.

 

“Scheduled
to be Due” is defined in the definition of “Zero Value Event”.

 

“Schedule
of Collateral Obligations” means the schedule of Collateral Obligations, which shall list each Collateral Obligation
Acquired by the Borrower delivered pursuant to Section 3 on the Initial Funding Date or any other schedule substantially in the
form, and supplemented, in either case, by additional information regarding Collateral Obligations acquired by the Borrower and
in which a security interest is Granted to the Collateral Agent on or before the Effective Date and as amended from time to time
to reflect the release of Collateral Obligations and the inclusion of Substitute Collateral Obligations pursuant to the terms
and conditions hereof.

 

“Secured
Parties” means the Agents and the Lenders and each other Person (if any) identified as a “Secured Party”
in any of the Transaction Documents.

 

“securities”
has the meaning specified in the UCC.

 

“Securities”
means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing
agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates
of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to
subscribe to, purchase or acquire, any of the foregoing.

 

    31

     

    

 

“Securities
Account Control Agreement” means the Securities Account Control Agreement dated on or around the Closing Date between
the Borrower and the Bank, as Collateral Agent and Securities Intermediary.

 

“Securities
Act” means the Securities Act of 1933.

 

“Securities
Intermediary” has the meaning specified in Section 8-102(a)(14) of the UCC.

 

“Security
Entitlement” has the meaning specified in Section 8-102(a)(17) of the UCC.

 

“Selling
Institution” means an institution from which a Participation is acquired.

 

“Settlement
Value” means, as of any date:

 

(a)          in
respect of any Unsettled Purchase Asset, the aggregate consideration to be paid by the Borrower to acquire such Unsettled Purchase
Asset; and

 

(b)          in
respect of any Unsettled Sale Asset, the contractual sale price for such Unsettled Sale Asset (expressed in USD) to be received
by the Borrower from the purchaser of such Underlying Asset; provided that:

 

(1)          if
the sale of such Unsettled Sale Asset remains unsettled for more than 30 calendar days, then:

 

(x)           from
time to time upon request from a Lender the Borrower shall provide to the Lenders and the Administrative Agent all information
known to the Borrower concerning the facts and circumstances causing such delay in settlement and cooperate with the Lenders in
discussing with the Borrower and the Investment Manager strategies for accelerating settlement of such sale; and

 

(y)           if
the purchaser of such Unsettled Sale Asset is an affiliate of the Borrower and such delay in settlement is not solely a result
of operational or logistical issues, the Borrower and the Lenders shall work together in good faith to determine the Settlement
Value for such Unsettled Purchase Asset; and

 

(2)          if
the sale of such Unsettled Sale Asset continues to remain unsettled for more than 90 calendar days, then the Settlement Value
for such Unsettled Sale Asset will be determined by the Calculation Agent.

 

“Specified
Agent” is defined in Section 10.7(b).

 

“Specified
Change” means any amendment or waiver of, or supplement to, a Reference Instrument or to the terms of the related Collateral
Obligation that:

 

(a)          modifies
the amortization schedule with respect to such Collateral Obligation in a manner that:

 

(1)           reduces
the Dollar amount of any scheduled distribution by more than the greater of (x) 20% and (y) $250,000;

 

(2)           postpones
any scheduled distribution by more than two payment periods or eliminates a scheduled distribution; or

 

(3)           causes
the weighted average life of the applicable Collateral Obligation to increase by more than 10%;

 

    32

     

    

 

(b)           reduces
or increases the Cash interest rate payable by the obligor thereunder by more than 100 basis points (excluding any increase in
an interest rate arising by operation of a default or penalty interest clause under a Collateral Obligation);

 

(c)           extends
the stated maturity date of such Collateral Obligation by more than 24 months (but only if such extension would cause the weighted
average life of such Collateral Obligation to increase by more than 25%);

 

(d)           releases
any party from its obligations under such Collateral Obligation, if such release would have a material adverse effect on the Collateral
Obligation;

 

(e)           reduces
the principal amount thereof; or

 

(f)           in
the reasonable business judgment of the Investment Manager, has a material adverse impact on the value of such Collateral Obligation.

 

“Specified
Information” is defined in Part 2 of Schedule E.

 

“Specified
Person” shall mean any Person:

 

(a)           that
is an affiliate of the Borrower;

 

(b)           whose
investment advisor or investment sub-advisor is, or is an affiliate of, the investment advisor or investment sub-advisor of FS
Energy and Power Fund (including, for the avoidance of doubt, any Person that is a fund sponsored by Franklin Square Holdings,
L.P.); or

 

(c)           that
is a subsidiary of any Person described in clause (a) or (b) above.

 

“Specified
Transfer Asset” is defined in the definition of “Zero Value Asset”.

 

“Sponsor”
means FS Energy and Power Fund.

 

“Sponsor
Affiliate” means each Credit Party and each other Affiliate of the Sponsor.

 

“Spread”
means 3.72% per annum.

 

“Stated
Maturity” means, with respect to any security or debt obligation, the date specified in such security or debt obligation
as the fixed date on which the final payment of principal of such security or debt obligation is due and payable or, if such date
is not a Business Day, the next following Business Day.

 

“Structured
Finance Obligation” means any obligation 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.

 

“Subordinate
Interests” means the rights of the Borrower and the Equity Owner in and to the Collateral.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other
business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees
or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies
thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of
that Person or a combination thereof; provided that, in determining the percentage of ownership interests of any Person
controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall
be deemed to be outstanding.

 

    33

     

    

 

“Substitute
Collateral Obligation” means a Collateral Obligation that Acquired by the Borrower in connection with the sale or other
disposal of another Collateral Obligation.

 

“Synergy”
means collectively, Synergy Resources Corp. or any affiliates thereof.

 

“Synergy
Asset” means an Underlying Asset in the Underlying Portfolio issued by Synergy.

 

“Synergy
Non-Zero Value Component”, “Synergy Zero Value Component” and “Synergy Zero Value Event
Date” are defined in the definition of “Zero Value Asset”.

 

“Synthetic
Security” means a security or swap transaction that has payments associated with either payments of interest on and/or
principal of a reference obligation or the credit performance of a reference obligation.

 

“Tax”
means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding (together with interest,
penalties and other additions thereto) in the nature of a tax and whatever called, imposed, levied, collected, withheld or assessed
by any Governmental Authority.

 

“Terminated
Lender” is defined in Section 2.18.

 

“Transaction
Account” means a Borrower Account.

 

“Transaction
Document” means any of this Agreement, the Notes (if any), the Fee Letters, the Collateral Documents, the Investment
Management Agreement, the Additional Transaction Documents and all other documents, certificates, instruments or agreements executed
and delivered by or on behalf of a Credit Party for the benefit of any Agent or any Lender in connection herewith on or after
the date hereof.

 

“Transferable”
means an obligation that is transferable to institutional investors without any contractual, statutory or regulatory restriction,
provided that none of the following shall be considered contractual, statutory or regulatory restrictions:

 

(a)           contractual,
statutory or regulatory restrictions that provide for eligibility for resale pursuant to Rule 144A or Regulation S promulgated
under the United States Securities Act of 1933, as amended (and any contractual, statutory or regulatory restrictions promulgated
under the laws of any jurisdiction having a similar effect in relation to the eligibility for resale of an obligation);

 

(b)           restrictions
on permitted investments such as statutory or regulatory investment restrictions on insurance companies and pension funds; or

 

(c)           restrictions
in respect of blocked periods on or around payment dates or voting periods.

 

“Transfer
Date” means has the meaning specified in the Sale and Contribution Agreement.

 

“Transfer
Supplement” means the supplement to the Schedule of Collateral Obligations, as defined in accordance with the Sale and
Contribution Agreement, delivered on each Transfer Date.

 

    34

     

    

 

“Trust
Officer” means, when used with respect to the Collateral Agent, any officer within the Corporate Trust Services Division
(or any successor group of the Collateral Agent) including any director, managing director, vice president, assistant vice president,
associate or officer of the Collateral Agent customarily performing functions similar to those performed by the persons who at
the time shall be such officers, or to whom any corporate trust matter is referred at the Corporate Trust Office because of his
or her knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration
of this Agreement.

 

“UCC”
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable
jurisdiction.

 

“Uncertificated
Securities” has the meaning specified in Section 8-102(a)(18) of the UCC.

 

“Underlying
Asset” means each loan or bond that is owned by the Borrower from time to time and is identified in the Schedule of
Collateral Obligations.

 

“Underlying
Asset Notional Amount” means, in respect of any Collateral Obligation, the full principal amount of the Collateral Obligation
owned by the Borrower or Committed to be owned by the Borrower, as the case may be.

 

“Underlying
Portfolio” means the portfolio Underlying Assets or Unsettled Purchase Assets, as applicable, owned by the Borrower
or Committed to be owned by the Borrower from time to time.

 

“Unregistered
Securities” means Securities or debt obligations issued without registration under the Securities Act.

 

“Unsettled
Purchase Asset” means, as of any date, an asset that the Borrower has Committed to acquire and in respect of which the
purchase by the Borrower has not yet settled.

 

“Unsettled
Sale Asset” means, as of any date, an Underlying Asset that the Borrower has Committed to sell and in respect of which
the sale by the Borrower has not yet settled.

 

“Upfront
Fee” is defined in Section 2.7(a).

 

“U.S.
Lender” is defined in Section 2.15(c).

 

“U.S.
Tax Compliance Certificate” means a certificate substantially in the form of one of Exhibits B-1, B-2, B-3 or B-4,
as applicable.

 

“Valuation
Report” is defined in Section 5(b) of Schedule F.

 

“Warranty
Transferred Assets” has the meaning set forth in Article VI of the Sale and Contribution Agreement.

 

“Withholding
Tax Security” means a Collateral Obligation if (a) any payments thereon to the Borrower are subject to deduction or
withholding for or on account of any withholding or similar tax imposed by any jurisdiction or taxing authority thereof or therein
and (b) under the Reference Instrument with respect to such Collateral Obligation, the issuer of or counterparty with respect
to such Collateral Obligation is not required to make payments to the Borrower that would result in the net amount actually received
by the Borrower (free and clear of taxes, whether assessed against such obligor thereof, the counterparty with respect thereto,
or the Borrower) being equal to the full amount that the Borrower would have received had no such deduction or withholding been
required.

 

“Zero
Value Asset” means a Collateral Obligation at any time:

 

(a)           in
respect of which there has occurred a Zero Value Event;

 

    35

     

    

 

(b)           that
did not satisfy the Reinvestment Criteria at the time the Borrower Committed to acquire such Underlying Asset (unless such Underlying
Asset, after such date, subsequently satisfies the Reinvestment Criteria);

 

(c)           that
has been the subject of a Restructuring or a Material Modification if, in either case:

 

 (1)           immediately
following such Restructuring or Material Modification, such Underlying Asset fails to satisfy the Reinvestment Criteria (unless
such Underlying Asset, after such date, subsequently satisfies the Reinvestment Criteria); or

 

 (2)           the
Consent Condition is not satisfied with respect to such Restructuring or Material Modification;

 

(d)           with
respect to which Escrowed Assignment Agreement Documents have not been delivered to the Collateral Agent hereunder to be held
by the Collateral Agent hereunder, all in form and substance satisfactory to the Requisite Lenders in their sole and absolute
discretion; or

 

(e)           that
is not a Transferable bond, an Assignable Loan or a Consent Required Loan (or as to which any rights of first refusal, rights
of first offer, last looks or other material restrictions or conditions to the transfer or assignment of such obligation (whether
in the underlying instruments governing such obligation, in any intercreditor agreement or agreement among lenders relating to
such obligation or otherwise) exist in favor of any other holder of such obligation or any other Person), all as determined by
the Requisite Lenders in their sole and absolute discretion.

 

For
purposes of clauses (d) and (e) above, with respect to the Underlying Assets identified as “Specified Transfer Assets”
in Appendix C-2 hereto (each, a “Specified Transfer Asset”), the Requisite Lenders may, in their sole and absolute
discretion, deem them to be Zero Value Assets.

 

A
Specified Transfer Asset will cease to be a Specified Transfer Asset when:

 

(a)           the
Borrower delivers to the Collateral Agent Escrowed Assignment Agreement Documents for such Specified Transfer Asset and a Cooperation
Agreement to be held by the Collateral Agent hereunder, all in form and substance satisfactory to the Requisite Lenders in their
sole and absolute discretion, provided that the Requisite Lenders in their sole discretion may waive the requirements to
deliver Escrowed Assignment Agreement Documents and/or a Cooperation Agreement for such Specified Transfer Asset; and

 

(b)           the
Requisite Lenders determine, in their sole and absolute discretion, that they are satisfied with the transferability of such Specified
Transfer Asset.

 

For
purposes of the definition of “Zero Value Asset”, the Requisite Lenders may, in their sole and absolute discretion,
deem amounts in excess of $25,000,000 of the Asset Amortized Amount of a Synergy Asset to be a Zero Value Asset (such portion,
the “Synergy Zero Value Component”, and the remainder of such Synergy Asset, the “Synergy Non-Zero
Value Component”) if, on or after the Restatement Date, Synergy incurs Material Synergy Debt (the date of such event,
a “Synergy Zero Value Event Date”), whether or not such Synergy Asset could otherwise be determined to be a
Zero Value Asset; provided that the amount of the Synergy Zero Value Component shall not exceed the amount of such Material
Synergy Debt. The foregoing is without prejudice to the rights of the Calculation Agent or the Requisite Lenders to determine
that the Synergy Non-Zero Value Component of such Synergy Asset constitutes a Zero Value Asset on the terms and conditions set
forth herein.

 

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If
the Asset Amortized Amount of such Synergy Asset is reduced at any time after a Synergy Zero Value Event Date, the amount of such
reduction shall be applied first to reduce the Synergy Zero Value Component and then to reduce the Synergy Non-Zero Value Component.

 

“Zero
Value Event” means, in respect of any Collateral Obligation, the occurrence of any one or more of the following:

 

Bankruptcy

 

Failure
to Pay

 

As
used herein:

 

“Bankruptcy”
means, with respect to an Underlying Asset, a “Bankruptcy” (as defined in the Credit Definitions) with respect to
the related obligor.

 

“Failure
to Pay” means, with respect to a Collateral Obligation, after the expiration of any applicable grace period (however
defined under the terms of such Collateral Obligation), the occurrence of a non-payment of a payment of interest Scheduled to
be Due or principal on the Underlying Asset when due, in accordance with the terms of the Underlying Asset at the time of such
failure.

 

“Scheduled
to be Due” shall mean, in the case of an interest payment, that such interest payment would accrue during the related
calculation period for the Underlying Asset.

 

1.2.        
Accounting Terms.

 

Except
as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to
them in conformity with GAAP. Financial statements and other information required to be delivered by the Borrower to Lenders pursuant
to Section 5 shall be prepared in accordance with GAAP as in effect at the time of such preparation.

 

1.3.        
Interpretation, Etc.

 

(a)           Any
of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the
reference. References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an
Exhibit, as the case may be, hereof unless otherwise specifically provided. The use herein of the word “include” or
“including”, when following any general statement, term or matter, shall not be construed to limit such statement,
term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether
or not non-limiting language (such as “without limitation” or “but not limited to” or words of similar
import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the
broadest possible scope of such general statement, term or matter.

 

(b)           References
to any statute or code shall, unless otherwise specified, be deemed to refer to such statute or code and all rules and regulations
promulgated thereunder, all as amended, modified, supplemented, waived, restated, amended and restated, replaced or otherwise
modified from time to time.

 

(c)           References
to:

 

(1)           any
agreements shall, unless otherwise specified, be deemed to refer to such agreements as amended, modified, supplemented, waived,
restated, amended and restated, replaced or otherwise modified from time to time;

 

    37

     

    

 

(2)           any
Person shall, unless otherwise specified, include references to such Person’s successors and assigns; and

 

(3)           any
Person acting in any particular capacity shall, unless otherwise specified, include references to such Person’s successors
and assigns in such capacity,

 

provided
that the foregoing is without prejudice to the rights or remedies available to a party herein or in any of the other Transaction
Documents that restricts, limits or imposes conditions upon, or provides consequences for, any amendments, successions or assignments.

 

1.4.        
Assumptions as to Collateral Obligations, Etc.

 

The
assumptions and other provisions attached hereto as Schedule B are incorporated herein and shall apply for all purposes of this
Agreement.

 

SECTION
2. LOANS

 

2.1.        
Loans.

 

(a)           Commitments.
During the Availability Period, subject to the terms and conditions hereof, each Lender severally agrees to make one or more term
loans to the Borrower (each, a “Loan”) in an aggregate amount up to but not exceeding such Lender’s Commitment
as then in effect; provided that, after giving effect to the making of any Loan, the Market Value Test shall be satisfied.
Any amount borrowed under this Section 2.1(a) and subsequently repaid or prepaid may not be reborrowed. Subject to Sections 2.8
and 2.10, all amounts owed hereunder with respect to the Loans shall be paid in full no later than the Maturity Date. Each Lender’s
Commitment shall (1) be reduced upon the making of a Loan by such Lender, by the amount of such Loan; and (2) terminate immediately
and without further action on the last day of the Availability Period.

 

(b)           Borrowing
Mechanics for Loans.

 

(1)           Loans
shall be in an aggregate minimum amount of $500,000 and integral multiples of $1,000 in excess of that amount (or such lesser
amount as shall constitute the entire Commitment then available).

 

(2)           Subject
to Section 3.2(b), whenever the Borrower desires that Lenders make Loans, the Borrower shall deliver to the Administrative Agent
a fully executed Funding Notice no later than 10:00 a.m. (New York City time) at least three Business Days in advance of the proposed
Credit Date or such period shorter than three Business Days as may be agreed by the Requisite Lenders and the Administrative Agent.
Except as otherwise provided herein, a Funding Notice shall be irrevocable, and the Borrower shall be bound to make a borrowing
in accordance therewith.

 

(3)           Notice
of receipt of each Funding Notice, together with the amount of each Lender’s Pro Rata Share thereof and the applicable interest
rate, shall be provided by the Administrative Agent to each Lender (with a copy to the Collateral Administrator and Collateral
Agent) with reasonable promptness, but (provided the Administrative Agent shall have received such notice by 10:00 a.m.
(New York City time)) not later than 3:00 p.m. (New York City time) on the same day as the Administrative Agent’s receipt
of such Funding Notice from the Borrower.

 

(4)           Each
Lender shall make the amount of its Loan available to the Administrative Agent not later than 12:00 p.m. (New York City time)
on the applicable Credit Date by wire transfer of same day funds in Dollars, at the principal office designated by the Administrative
Agent. Upon satisfaction or waiver of the conditions precedent specified herein, the Administrative Agent shall make the proceeds
of the Loans available to the Borrower on the applicable Credit Date by causing an amount of same day funds in Dollars equal to
the proceeds of all such Loans received by the Administrative Agent from Lenders to be provided to or for the benefit of the Borrower
as separately agreed between the Borrower and the Administrative Agent.

 

    38

     

    

 

(5)           If
a funding does not occur on the proposed borrowing date because any condition precedent to such requested borrowing herein specified
has not been met, then the Administrative Agent shall return any amounts received to the respective Lenders without interest.

 

2.2.        
Pro Rata Shares; Availability of Funds

 

(a)           Pro
Rata Shares. All Loans shall be made by Lenders simultaneously and proportionately to their respective Pro Rata Shares, it
being understood that no Lender shall be responsible for any default by any other Lender in such other Lender’s obligation
to make a Loan requested hereunder.

 

(b)           Availability
of Funds. Unless the Administrative Agent shall have been notified by any Lender prior to the applicable Credit Date that
such Lender does not intend to make available to the Administrative Agent the amount of such Lender’s Loan requested on
such Credit Date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent
on such Credit Date and the Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to
the Borrower a corresponding amount on such Credit Date. If the Administrative Agent has made such corresponding amount available
to the Borrower but such corresponding amount is not in fact made available to the Administrative Agent by such Lender, then the
Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest
thereon, for each day from such Credit Date until the date such amount is paid to the Administrative Agent, at the customary rate
set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate.
If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative
Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative
Agent together with interest thereon, for each day from such Credit Date until the date such amount is paid to the Administrative
Agent, at the interest rate otherwise payable hereunder. If (1) the Administrative Agent declines to make a requested amount available
to the Borrower until such time as all applicable Lenders have made payment to the Administrative Agent, (2) a Lender fails to
fund to the Administrative Agent all or any portion of the Loans required to be funded by such Lender hereunder prior to the time
specified in this Agreement and (3) such Lender’s failure results in the Administrative Agent failing to make a corresponding
amount available to the Borrower on the applicable Credit Date, then such Lender shall not receive interest hereunder with respect
to the requested amount of such Lender’s Loans for the period commencing with the time specified in this Agreement for receipt
of payment by the Borrower through and including the time of the Borrower’s receipt of the requested amount. Nothing in
this Section 2.2(b) shall be deemed to relieve any Lender from its obligation to fulfill its Commitments hereunder or to prejudice
any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder.

 

2.3.        
Use of Proceeds.

 

(a)           The
proceeds of the Loans made hereunder on the Initial Funding Date shall be used solely:

 

(1)           to
repay Existing Indebtedness;

 

(2)           [reserved];

 

(3)           to
make the Initial Funding Date Equity Distribution;

 

(4)           to
fund the Borrower’s payment of Upfront Fees and other costs and expenses payable hereunder and under the Fee Letters; and

 

    39

     

    

 

(5)           to
make deposits in the following Transaction Accounts identified by the Administrative Agent to the Collateral Agent with the consent
of the Borrower.

 

(b)           The
proceeds of the Loans made hereunder after the Initial Funding Date shall be used solely to fund the Borrower’s Acquisition
of Collateral Obligations in compliance with the terms and conditions set forth herein or, pending such Acquisition, to be credited
to the Principal Collection Account; provided that the Borrower, at the option of the Equity Owner, shall have the right
to make a cash distribution from the cash proceeds of such borrowing to the Equity Owner but only if, and only to the extent that,
after giving effect to such cash distribution, the Market Value Test is satisfied as evidenced by an Officer’s Certificate
of the Borrower or the Investment Manager on behalf of the Borrower provided to the Agents (upon which the Agents shall be entitled
to fully rely with no liability therefor); provided, for purposes of this calculation, any Collateral Obligation that was
a Defaulted Obligation on any Credit Date shall be deemed to have a Principal Balance of zero unless such Collateral Obligation
ceases to meet the definition of a Defaulted Obligation prior to the Effective Date.

 

2.4.        
Evidence of Debt; Register; Lenders’ Books and Records; Notes.

 

(a)           Lenders’
Evidence of Debt. Each Lender shall maintain on its internal records an account or accounts evidencing the Obligations of
the Borrower to such Lender, including the amounts of the Loans made by it and each repayment and prepayment in respect thereof.
Any such recordation shall be conclusive and binding on the Borrower, absent manifest error; provided that (1) the failure
to make any such recordation, or any error in such recordation, shall not affect the Borrower’s Obligations in respect of
any applicable Loans; and (2) in the event of any inconsistency between the Register and any Lender’s records, the recordations
in the Register shall govern.

 

(b)           Register.
The Administrative Agent (or its agent or sub-agent appointed by it), in each case acting as a non-fiduciary agent of the Borrower,
shall maintain at its Principal Office a register for the recordation of the names and addresses of the Lenders, and principal
amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The Register shall be available for inspection by the Borrower or any Lender. The Administrative Agent shall record, or shall
cause to be recorded, in the Register the Loans in accordance with the provisions of Section 11.6, and each repayment or prepayment
in respect of the principal amount of the Loans, and any such recordation shall be conclusive and binding on the Borrower and
each Lender, absent manifest error.

 

(c)           Notes.
If so requested by any Lender by written notice to the Borrower (with a copy to the Administrative Agent) at least two Business
Days prior to the Initial Funding Date, or at any time thereafter, the Borrower shall execute and deliver to such Lender (and/or,
if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant to Section 11.6) on
the Initial Funding Date (or, if such notice is delivered after the Initial Funding Date, promptly after the Borrower’s
receipt of such notice) a Note or Notes to evidence such Lender’s Loan.

 

2.5.        
Interest on Loans.

 

(a)           Interest
Accruals. Except as otherwise set forth herein, each of the Loans shall bear interest on the unpaid principal amount thereof
from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate for each Interest
Period plus the Average Applicable Margin for such Interest Period.

 

(b)           Interest
Rate Determinations. As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date,
the Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon
all parties) the interest rate that shall apply to the Loans for which an interest rate is then being determined for the applicable
Interest Period and shall promptly give notice thereof to the Borrower, the Collateral Agent, the Collateral Administrator and
each Lender.

 

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(c)           Day-Count
Fractions, Etc.

 

(1)           Interest
payable pursuant to Section 2.5(a) shall be computed on the basis of a 360-day year, in each case for the actual number of days
elapsed in the period during which it accrues. In computing interest on any Loan, the date of the making of such Loan or the first
day of an Interest Period applicable to such Loan shall be included, and the date of payment of such Loan or the expiration date
of an Interest Period applicable to such Loan shall be excluded; provided that, if a Loan is repaid on the same day on
which it is made, one day’s interest shall be paid on that Loan.

 

(2)           Except
as otherwise set forth herein, interest on each Loan shall accrue on a daily basis and shall be payable in arrears on each Payment
Date, upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid and
at maturity of the Loans, including final maturity of the Loans, in each case in accordance with the Priority of Payments or otherwise
as expressly provided herein.

 

2.6.        
Default Interest.

 

Upon
the occurrence and during the continuance of an Event of Default, the principal amount of all Loans outstanding and, to the extent
permitted by applicable law, any interest payments on the Loans or any fees or other amounts owed hereunder, shall thereafter
bear interest (including post-petition interest in any proceeding under Debtor Relief Laws) payable on demand at a rate that is
1.0% per annum in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans. Payment
or acceptance of the increased rates of interest provided for in this Section 2.6 is not a permitted alternative to timely payment
and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of any Secured
Party.

 

2.7.        
Fees.

 

(a)           Upfront
Fees. The Borrower shall pay to each Lender, on the Initial Funding Date, a fee (the “Upfront Fee”) in
the amount set forth in the GS Fee Letter as the “Upfront Fee”, will be in all respects fully earned, due and payable
on the Initial Funding Date and non-refundable and non-creditable thereafter. A portion of each Lender’s Upfront Fee shall
be remitted, on the Initial Funding Date, as directed by such Lender to the payment of costs and expenses of Milbank, Tweed, Hadley
& McCloy LLP in connection with the preparation, negotiation and execution of the Transaction Documents and the transactions
contemplated hereby and thereby.

 

(b)           Agent
Fees. The Borrower has agreed to pay to the Agents such fees (the “Agent Fees”), in the amounts and on
the dates, as are set forth in the Agent Fee Letters.

 

(c)           Make-Whole
Payments. If at any time a Make-Whole Event occurs, then the Borrower shall pay to the Lenders, within five Business Days
of the date on which such Make-Whole Event occurs, an amount equal to the related Make-Whole Amount. Make-Whole Amounts shall
be payable pursuant to the Priority of Payments or as otherwise expressly stated herein.

 

2.8.        
Voluntary Prepayments.

 

(a)           Voluntary
Prepayments. Any time and from time to time after the Availability Period, the Borrower may prepay any Loans on any Business
Day in whole or in part, in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000 in excess of that amount;
provided that:

 

(1)           if
such voluntary prepayment is a partial prepayment, no Default or Event of Default has occurred and is continuing or would result
therefrom and the Market Value Test is satisfied after giving effect thereto unless the Requisite Lenders have otherwise expressly
consented thereto; and

 

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(2)           sufficient
amounts are on deposit in the Principal Collection Account and Interest Collection Account to pay the principal of the Loans to
be prepaid together with the other amounts that will be owing in connection therewith, including the related Make-Whole Amount.

 

(b)           Voluntary
Prepayment Notices, Etc. All such voluntary prepayments shall be made, upon not less than one Business Day’s prior written
or telephonic notice, in each case given to the Administrative Agent by 12:00 p.m. (New York City time) on the date required and,
if given by telephone, promptly confirmed by delivery of written notice thereof to the Administrative Agent (and the Administrative
Agent will promptly transmit a copy of such written notice to each Lender, the Collateral Agent and the Collateral Administrator).
Upon the giving of any such notice, the principal amount of the Loans specified in such notice shall become due and payable on
the prepayment date specified therein, except that such notice shall be revocable if a condition to prepayment specified in such
notice is not fulfilled.

 

2.9.        
Scheduled Amortization.

 

On
the Maturity Date the Borrower shall repay the aggregate principal amount of the Loans that are then outstanding.

 

2.10.      
Additional Prepayment-Related Provisions, Etc.

 

In
connection with and at the time of each prepayment of Loans pursuant to Section 2.8, the Borrower shall pay to the Lenders (in
addition to the principal of the Loans to be paid):

 

(a)           interest
accrued to the date of such prepayment on the principal of the Loans so prepaid;

 

(b)           the
related Make-Whole Amount (if any); and

 

(c)           any
amount payable pursuant to Section 2.13(c) in connection therewith.

 

Payments
to be made under Section 2.8 and this 2.10 shall not be subject to the Priority of Payments but instead shall be made first out
of Principal Proceeds and Interest Proceeds then on deposit in the Principal Collection Account and Interest Collection Account,
respectively, with any remaining unpaid amounts to be paid out of Principal Proceeds and Interest Proceeds thereafter received
in the Transaction Accounts until paid in full, and all amounts that continue to be owing on and after the next Payment Date shall
be payable under the Priority of Payments.

 

2.11.      
General Provisions Regarding Payments.

 

(a)           All
payments by the Borrower shall be made in Dollars in same day funds, without defense, recoupment, setoff or counterclaim, free
of any restriction or condition not later than 12:00 p.m. (New York City time) on the date due therefor. For purposes of computing
interest and fees, payments made after that time on such due date shall be deemed to have been paid by the Borrower on the next
succeeding Business Day.

 

(b)           Whenever
any payment to be made hereunder with respect to any Loan shall be stated to be due on a day that is not a Business Day, such
payment shall be made on the next succeeding Business Day, and such extension of time shall be included in the computation of
the payment of interest hereunder.

 

(c)           Except
as otherwise provided herein, all payments under this Agreement shall be made on the Payment Dates in accordance with the Priority
of Payments.

 

(d)           If
an Event of Default shall have occurred (and not otherwise been waived), and the maturity of the Obligations shall have been accelerated
pursuant to Section 9 or pursuant to any sale of, any collection from, or other realization upon all or any part of the Collateral,
all payments or proceeds received by Agents in respect of any of the Obligations shall be applied in accordance with the Enforcement
Priority of Payments.

 

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2.12.      
Ratable Sharing.

 

The
Lenders hereby agree among themselves that if any of them shall, whether by voluntary payment (other than a voluntary prepayment
of Loans made and applied in accordance with the terms hereof), through the exercise of any right of set-off or banker’s
lien, by counterclaim or cross action or by the enforcement of any right under the Transaction Documents or otherwise, or as adequate
protection of a deposit treated as cash collateral under the Bankruptcy Code or under analogous provisions of any other Debtor
Relief Law, receive payment or reduction of a proportion of the aggregate amount of principal, interest, amounts payable in respect
of fees and other amounts then due and owing to such Lender hereunder or under the other Transaction Documents (collectively,
the “Aggregate Amounts Due” to such Lender) that is greater than the proportion received by any other Lender
in respect of the Aggregate Amounts Due to such other Lender, then the Lender receiving such proportionately greater payment shall
(a) notify the Administrative Agent and each other Lender of the receipt of such payment and (b) apply a portion of such payment
to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon
the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Lenders so that all such
recoveries of Aggregate Amounts Due shall be shared by all Lenders in proportion to the Aggregate Amounts Due to them; provided
that, if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from
such Lender upon the bankruptcy or reorganization of the Borrower or otherwise, those purchases shall be rescinded and the purchase
prices paid for such participations shall be returned to such purchasing Lender ratably to the extent of such recovery, but without
interest. The Borrower expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased
may exercise any and all rights of banker’s lien, consolidation, set-off or counterclaim with respect to any and all monies
owing by the Borrower to that holder with respect thereto as fully as if that holder were owed the amount of the participation
held by that holder. The provisions of this Section 2.12 shall not be construed to apply to (1) any payment made by the Borrower
pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence
of a Defaulting Lender) or (2) any payment obtained by any Lender as consideration for the assignment or sale of a participation
in any of its Loans or other Obligations owed to it.

 

2.13.      
Making or Maintaining Eurodollar Rate Loans.

 

(a)           Inability
to Determine Applicable Interest Rate. If the Administrative Agent shall have determined (which determination shall be final
and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Loans, that by
reason of circumstances affecting the London interbank market adequate and fair means do not exist for ascertaining the interest
rate applicable to such Loans on the basis provided for in the definition of “Adjusted Eurodollar Rate”, the Administrative
Agent shall on such date give notice to the Borrower and each Lender of such determination, whereupon (1) outstanding Loans shall
bear interest at the Base Rate plus the Average Applicable Margin per annum until such time as the Administrative
Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, and (2) any Funding
Notice given by the Borrower with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded
by the Borrower.

 

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(b)           Illegality
or Impracticability of Eurodollar Rate Loans. If on any date (1) any Lender shall have determined (which determination shall
be final and conclusive and binding upon all parties hereto) that the making, maintaining, converting to or continuation of its
Loans has become unlawful as a result of compliance by such Lender in good faith with any law, treaty, governmental rule, regulation,
guideline or order (or would conflict with any such treaty, governmental rule, regulation, guideline or order not having the force
of law even though the failure to comply therewith would not be unlawful), or (2) the Administrative Agent is advised by the Requisite
Lenders (which determination shall be final and conclusive and binding upon all parties hereto) that the making, maintaining,
converting to or continuation of its Loans has become impracticable, as a result of contingencies occurring after the date hereof
which materially and adversely affect the London interbank market or the position of the Lenders in that market, then, and in
any such event, such Lenders (or in the case of the preceding clause (1), such Lender) shall be an “Affected Lender”
and such Affected Lender shall on that day give notice (by e-mail or by telephone confirmed in writing) to the Borrower and the
Administrative Agent of such determination (which notice Administrative Agent shall promptly transmit to each other Lender). If
the Administrative Agent receives a notice from (x) any Lender pursuant to clause (1) of the preceding sentence or (y) a notice
from Lenders constituting the Requisite Lenders pursuant to clause (2) of the preceding sentence, then (A) the obligation of the
Lenders (or, in the case of any notice pursuant to clause (1) of the preceding sentence, such Lender) to make additional Loans
shall be suspended until such notice shall be withdrawn by each Affected Lender; (B) to the extent such determination by the Affected
Lender relates to a Loan then being requested by the Borrower pursuant to a Funding Notice, such Funding Notice shall be deemed
to be rescinded by the Borrower; (C) the Lenders’ (or in the case of any notice pursuant to clause (1) of the preceding
sentence, such Lender’s) obligations to maintain their respective outstanding Loans that bear interest based on the Adjusted
Eurodollar Rate (the “Affected Loans”) shall be terminated at the earlier to occur of the expiration of the
Interest Period then in effect with respect to the Affected Loans or when required by law, and (D) the Affected Loans shall automatically
convert into Loans that bear interest at the Base Rate plus the Average Applicable Margin per annum on the date of such
termination. Notwithstanding the foregoing, to the extent a determination by an Affected Lender as described above relates to
a Loan then being requested by the Borrower pursuant to a Funding Notice, the Borrower shall have the option, subject to the provisions
of Section 2.13(c), to rescind such Funding Notice as to all Lenders by giving written or telephonic notice (promptly confirmed
by delivery of written notice thereof) to the Administrative Agent of such rescission on the date on which the Affected Lender
gives notice of its determination as described above (which notice of rescission the Administrative Agent shall promptly transmit
to each other Lender).

 

(c)           Compensation
for Breakage or Non-Commencement of Interest Periods. The Borrower shall compensate each Lender, upon written request by such
Lender (which request shall set forth the basis for requesting such amounts), for all reasonable losses, expenses and liabilities
(including any interest paid or payable by such Lender to Lenders of funds borrowed by it to make or carry its Loans and any loss,
expense or liability sustained by such Lender in connection with the liquidation or re-employment of such funds but excluding
loss of anticipated profits) which such Lender may sustain: (1) if for any reason (other than a default by such Lender) a borrowing
of any Loan does not occur on a date specified therefor in a Funding Notice or a telephonic request for borrowing; (2) if any
prepayment or other principal payment of any of its Loans occurs on a date prior to the last day of an Interest Period applicable
to that Loan; or (3) if any prepayment of any of its Loans is not made on any date specified in a notice of prepayment given by
the Borrower.

 

(d)           Booking
of Loans. Any Lender may make, carry or transfer Loans at, to, or for the account of any of its branch offices or the office
of an Affiliate of such Lender.

 

(e)           Assumptions
Concerning Funding of Loans. Calculation of all amounts payable to a Lender under this Section 2.13 and under Section 2.14
shall be made as though such Lender had actually funded each of its relevant Loans through the purchase of a Eurodollar deposit
bearing interest at the rate obtained pursuant to clause (a) of the definition of “Adjusted Eurodollar Rate” in an
amount equal to the amount of such Loan and having a maturity comparable to the relevant Interest Period and through the transfer
of such Eurodollar deposit from an offshore office of such Lender to a domestic office of such Lender in the United States of
America; provided that each Lender may fund each of its Loans in any manner it sees fit and the foregoing assumptions shall
be utilized only for the purposes of calculating amounts payable under this Section 2.13 and under Section 2.14.

 

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2.14.      
Increased Costs; Capital Adequacy.

 

(a)           Compensation
for Increased Costs and Taxes. Subject to the provisions of Section 2.15 (which shall be controlling with respect to the matters
covered thereby), if any Lender shall determine (which determination shall, absent manifest error, be final and conclusive and
binding upon all parties hereto) that any Change in Law: (1) subjects such Lender (or its applicable lending office) or any company
controlling such Lender to any additional Tax (other than (A) Taxes for which the Lender is indemnified under Section 2.15, (B) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) with respect
to this Agreement or any of the other Transaction Documents or any of its obligations hereunder or thereunder or any payments
to such Lender (or its applicable lending office) of principal, interest, fees or any other amount payable hereunder; (2) imposes,
modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special
deposit, liquidity, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities
in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office
of such Lender (other than any such reserve or other requirements with respect to Loans that are reflected in the definition of
“Adjusted Eurodollar Rate”) or any company controlling such Lender; or (3) imposes any other condition (other than
with respect to a Tax matter) on or affecting such Lender (or its applicable lending office) or any company controlling such Lender
or such Lender’s obligations hereunder or the London interbank market; and the result of any of the foregoing is to increase
the cost to such Lender of agreeing to make, making or maintaining Loans hereunder or to reduce any amount received or receivable
by such Lender (or its applicable lending office) with respect thereto; then, in any such case, the Borrower shall promptly pay
to such Lender, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form
of an increased rate of, or a different method of calculating, interest or in a lump sum or otherwise as such Lender in its sole
discretion shall determine) as may be necessary to compensate such Lender for any such increased cost or reduction in amounts
received or receivable hereunder. Such Lender shall deliver to the Borrower (with a copy to the Administrative Agent) a written
statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Lender under this
Section 2.14(a), which statement shall be conclusive and binding upon all parties hereto absent manifest error.

 

(b)           Capital
Adequacy and Liquidity Adjustment. If any Lender shall have determined (which determination shall, absent manifest error,
be final and conclusive and binding upon all parties hereto) that (1) any Change in Law regarding capital adequacy or liquidity
or (2) compliance by any Lender (or its applicable lending office) or any company controlling such Lender with any Change in Law
regarding capital adequacy or liquidity, has or would have the effect of reducing the rate of return on the capital of such Lender
or any company controlling such Lender as a consequence of, or with reference to, such Lender’s Loans, or participations
therein or other obligations hereunder with respect to the Loans to a level below that which such Lender or such controlling company
could have achieved but for such Change in Law (taking into consideration the policies of such Lender or such controlling company
with regard to capital adequacy and liquidity), then from time to time, within five Business Days after receipt by the Borrower
from such Lender of the statement referred to in the next sentence, the Borrower shall pay to such Lender such additional amount
or amounts as will compensate such Lender or such controlling company. Such Lender shall deliver to the Borrower (with a copy
to the Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional
amounts owed to Lender under this Section 2.14(b), which statement shall be conclusive and binding upon all parties hereto absent
manifest error.

 

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

 

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2.15.      
Taxes; Withholding, Etc.

 

(a)           Payments
to Be Free and Clear. All sums payable by or on behalf of any Credit Party hereunder and under the other Transaction Documents
shall (except to the extent required by law) be paid free and clear of, and without any deduction or withholding on account of,
any Tax

 

(b)           Withholding
of Taxes. If any Credit Party or any other Person (acting as a withholding agent) is (in such withholding agent’s reasonable
good faith discretion) required by law to make any deduction or withholding on account of any such Tax from any sum paid or payable
by any Credit Party to the Administrative Agent or any Lender under any of the Transaction Documents: (1) the Borrower shall notify
the Administrative Agent of any such requirement or any change in any such requirement as soon as the Borrower becomes aware of
it; (2) the Borrower shall pay, or cause to be paid, any such Tax before the date on which penalties attach thereto, such payment
to be made (if the liability to pay is imposed on any Credit Party) for its own account or (if that liability is imposed on the
Administrative Agent or such Lender, as the case may be) on behalf of and in the name of the Administrative Agent or such Lender;
(3) unless the withholding or deduction is on account of an Excluded Tax, the sum payable by such Credit Party in respect of which
the relevant deduction, withholding or payment is required shall be increased to the extent necessary to ensure that, after the
making of that deduction, withholding or payment (including any such Taxes or Other Taxes, other than Excluded Taxes imposed or
asserted on or attributable to amounts payable under this Section 2.15(b)), the Administrative Agent or such Lender, as the case
may be, receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment
been required or made; and (4) within thirty days after the due date of payment of any Tax which it is required by clause (2)
above to pay, the Borrower shall deliver to the Administrative Agent evidence satisfactory to the other affected parties of such
deduction and reasonably available to the party required to make such withholding or deduction, withholding or payment and of
the remittance thereof to the relevant taxing or other authority.

 

(c)           Evidence
of Exemption from U.S. Withholding Tax. Each Lender that is not a “United States person” (as such term is defined
in Section 7701(a)(30) of the Internal Revenue Code) for (a “Non-US Lender”) shall, to the extent such Lender
is legally entitled to do so, deliver to the Administrative Agent for transmission to the Borrower, on or prior to the Initial
Funding Date (in the case of each Lender listed on the signature pages hereof on the Initial Funding Date) or on or prior to the
date of the Assignment Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other times
as may be necessary in the determination of the Borrower or the Administrative Agent (each in the reasonable exercise of its discretion),
(1) two copies of Internal Revenue Service Form W-8BEN, W-8BEN-E, W-8ECI, W-8EXP and/or W-8IMY (or, in each case, any successor
forms), properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue
Code and reasonably requested by the Borrower to establish that such Lender is not subject to (or is subject to a reduced rate
of) deduction or withholding of United States federal income tax with respect to any payments to such Lender of principal, interest,
fees or other amounts payable under any of the Transaction Documents, or (2) if such Lender is not a “bank” or other
Person described in Section 881(c)(3) of the Internal Revenue Code, a U.S. Tax Compliance Certificate together with two copies
of Internal Revenue Service Form W-8BEN or W-8BEN-E or W-8IMY (or any successor form), properly completed and duly executed by
such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by the Borrower to
establish that such Lender is not subject to (or is subject to a reduced rate of) deduction or withholding of United States federal
income tax with respect to any payments to such Lender of interest payable under any of the Transaction Documents. Each Lender
that is a “United States person” (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) (a
“U.S. Lender”) shall deliver to the Administrative Agent and the Borrower on or prior to the
Initial Funding Date (or, if later, on or prior to the date on which such Lender becomes a party to this Agreement) two copies
of Internal Revenue Service Form W-9 (or any successor form), properly completed and duly executed by such Lender, certifying
that such U.S. Lender is entitled to an exemption from United States backup withholding tax, or otherwise prove that it is entitled
to such an exemption. Each Lender required to deliver any forms, certificates or other evidence with respect to United States
federal income tax withholding matters pursuant to this Section 2.15(c) hereby agrees, from time to time after the initial delivery
by such Lender of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such
forms, certificates or other evidence expired, obsolete or inaccurate in any respect, that such Lender shall promptly deliver
to the Administrative Agent for transmission to the Borrower two new original copies of Internal Revenue Service Form W-8BEN,
W-8BEN-E, W-8ECI, W-8EXP, W-8IMY and/or W-9 (or, in each case, any successor form), or a U.S. Tax Compliance Certificate and two
copies of Internal Revenue Service Form W-8BEN or W-8BEN-E or W-8IMY (or, in each case, any successor form), as the case may be,
properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and
reasonably requested by the Borrower to confirm or establish that such Lender is not subject to deduction or withholding of United
States federal income tax with respect to payments to such Lender under the Transaction Documents, or notify the Administrative
Agent and the Borrower of its inability to deliver any such forms, certificates or other evidence. Each Lender shall also provide
any other form or certificate that would allow the Borrower to make payments at a reduced rate of, or without, withholding Tax,
to the extent that such Lender is reasonably able to provide such form or certificate. The Borrower shall not be required to pay
any additional amount to any Lender under Section 2.15(b)(3) if such Lender shall have failed to deliver the forms, certificates
or other evidence required by the first sentence of this Section 2.15(c).

 

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(d)           FATCA.
Notwithstanding anything to the contrary, the Borrower shall not be required to pay any additional amount pursuant to Section
2.15(b) with respect to any United States federal withholding tax imposed under FATCA. If a payment made to a Lender under any
Transaction 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 Internal Revenue Code, as applicable),
such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time
or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested
by the Borrower or the Administrative Agent as may be necessary for the Borrower 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 hereof.

 

(e)           Payment
of Other Taxes. Without limiting the provisions of Section 2.15(b), the Borrower shall timely pay all Other Taxes to the relevant
Governmental Authorities in accordance with applicable law. The Borrower shall deliver to the Administrative Agent official receipts
or other evidence of such payment reasonably satisfactory to the Administrative Agent in respect of any Other Taxes payable hereunder
promptly after payment of such Other Taxes.

 

(f)           Borrower
Indemnity. The Borrower shall indemnify the Administrative Agent and any Lender for the full amount of Taxes, other than Excluded
Taxes, for which additional amounts are required to be paid pursuant to Section 2.15(b) arising in connection with payments made
under this Agreement or any other Transaction Document and Other Taxes (including any such Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this Section 2.15) paid or payable by the Administrative Agent or Lender or any of
their respective Affiliates and any reasonable and documented out-of-pocket expenses arising therefrom or with respect thereto,
whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to such Credit Party shall be conclusive absent manifest
error. Such payment shall be due within ten Business Days of such Credit Party’s receipt of such certificate.

 

(g)           Lender
Indemnity. Each Lender shall severally indemnify the Administrative Agent for (1) Taxes for which additional amounts are required
to be paid pursuant to Section 2.15(b) arising in connection with payments made under this Agreement or any other Transaction
Document and Other Taxes (including any such Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under
this Section 2.15) attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative
Agent therefor and without limiting the obligation of the Borrower to do so); (2) any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 11.6(g)(1) relating to the maintenance of a Participant Register and (3) any
Taxes that are Excluded Taxes, in each case, that are payable or paid by the Administrative Agent in connection with any Transaction
Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes or Other 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. Such payment shall
be due within ten days of such Lender’s receipt of such certificate. 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 Transaction Document or otherwise payable
by the Administrative Agent to such Lender from any other source against any amount due to the Administrative Agent under this
paragraph (g).

 

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(h)           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 2.15 (including additional amounts pursuant to this Section 2.15), 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
2.15 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 (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
if such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary
in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant
to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the
indemnified party would have been in if the 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.

 

2.16.      
Obligation to Mitigate.

 

Each
Lender agrees that, if such Lender requests payment under Section 2.13, 2.14 or 2.15, then such Lender will, to the extent not
inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts
to make, issue, fund or maintain its Credit Extensions, including any Affected Loans, through another office of such Lender if,
as a result thereof, the additional amounts payable to such Lender pursuant to Section 2.13, 2.14 or 2.15, as the case may be,
in the future would be eliminated or reduced and if, as determined by such Lender in its sole discretion, the making, issuing,
funding or maintaining of such Loans through such other office or in accordance with such other measures, as the case may be,
would not otherwise adversely affect such Loans or the interests of such Lender; provided that (1) such Lender will not
be obligated to utilize such other office pursuant to this Section 2.16 unless the Borrower agrees to pay all incremental expenses
incurred by such Lender as a result of utilizing such other office as described above and (2) such payment may only be requested
by the Lenders imposing such increased costs on borrowers similarly situated to the Borrower under credit facilities comparable
to the facility provided hereunder. A certificate as to the amount of any such expenses payable by the Borrower pursuant to this
Section 2.16 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to the Borrower
(with a copy to the Administrative Agent) shall be conclusive absent manifest error.

 

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2.17.      
Defaulting Lenders.

 

(a)           Defaulting
Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law, any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Section 9 or otherwise) or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 11.4 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, as the Borrower may request (so long as no Default or Event of Default shall have occurred and be continuing),
to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower,
to be held in a Deposit Account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans under this Agreement; fourth, so long as no Default or Event of Default shall have occurred
and be continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction;
provided that if (x) such payment is a payment of the principal amount of any Loans and (y) such Loans were made at a time
when the conditions set forth in Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of
all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until
such time as all Loans are held by the Lenders pro rata in accordance with the applicable Commitments. Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(b)           Defaulting
Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender,
the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans
of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to
be held pro rata by the Lenders in accordance with the applicable Commitments, whereupon such Lender will cease to be a Defaulting
Lender; provided that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from
Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having
been a Defaulting Lender.

 

2.18.      
Removal or Replacement of a Lender.

 

Anything
contained herein to the contrary notwithstanding, if:

 

(a)          
(1) any Lender (an “Increased-Cost Lender”) shall give notice to the Borrower that such Lender is an Affected
Lender or that such Lender is entitled to receive payments under Section 2.13, 2.14 or 2.15, (2) the circumstances which have
caused such Lender to be an Affected Lender or which entitle such Lender to receive such payments shall remain in effect, and
(3) such Lender shall fail to withdraw such notice within five Business Days after the Borrower’s request for such withdrawal;
or

 

(b)           (1)
during the Availability Period, any Lender shall become a Defaulting Lender, and (2) such Defaulting Lender shall fail to cure
the default pursuant to Section 2.17(b) within five Business Days after the Borrower’s request that it cure such default;
or

 

(c)           in
connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof
as contemplated by Section 11.5(b), the consent of the Requisite Lenders shall have been obtained but the consent of one or more
of such other Lenders (each a “Non-Consenting Lender”) whose consent is required shall not have been obtained,

 

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then,
with respect to each such Increased-Cost Lender, Defaulting Lender or Non-Consenting Lender (the “Terminated Lender”),
the Borrower may, by giving written notice to the Administrative Agent and any Terminated Lender of its election to do so, elect
to cause such Terminated Lender (and such Terminated Lender hereby irrevocably agrees) to assign its outstanding Loans in full
to one or more Eligible Assignees (each a “Replacement Lender”) in accordance with the provisions of Section
11.6 and the Borrower shall pay the fees, if any, payable thereunder in connection with any such assignment from an Increased-Cost
Lender, a Non-Consenting Lender or a Defaulting Lender; provided that:

 

(1)           on
the date of such assignment, the Replacement Lender shall pay to Terminated Lender an amount equal to the sum of (A) an amount
equal to the principal of, and all accrued interest on, all outstanding Loans of the Terminated Lender and (B) an amount equal
to all accrued, but theretofore unpaid fees owing to such Terminated Lender hereunder;

 

(2)           on
the date of such assignment, the Borrower shall pay any amounts payable to such Terminated Lender pursuant to Section 2.13(c),
2.14 or 2.15; or otherwise as if it were a prepayment;

 

(3)           such
assignment does not conflict with applicable law; and

 

(4)           in
the event such Terminated Lender is a Non-Consenting Lender, each Replacement Lender shall consent, at the time of such assignment,
to each matter in respect of which such Terminated Lender was a Non-Consenting Lender.

 

Upon
the prepayment of all amounts owing to any Terminated Lender, such Terminated Lender shall no longer constitute a “Lender”
for purposes hereof; provided that any rights of such Terminated Lender to indemnification hereunder shall survive as to
such Terminated Lender. Each Lender agrees that if the Borrower exercises its option hereunder to cause an assignment by such
Lender as a Non-Consenting Lender or Terminated Lender, such Lender shall, promptly after receipt of written notice of such election,
execute and deliver all documentation necessary to effectuate such assignment in accordance with Section 11.6. If a Lender does
not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice, each
Lender hereby authorizes and directs the Administrative Agent to execute and deliver such documentation as may be required to
give effect to an assignment in accordance with Section 11.6 on behalf of a Non-Consenting Lender or Terminated Lender and any
such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment pursuant
to Section 11.6. Any removal of Goldman Sachs or its successor as a Defaulting Lender pursuant to this Section shall also constitute
the removal of Goldman Sachs or its successor as the Administrative Agent pursuant to Section 11.7.

 

2.19.      
Reserved.

 

2.20.      
Reduction Amounts.

 

If
at any time the Investment Manager proposes a Proposed Underlying Asset for which at least two Pricing Sources are available and
the Requisite Lenders notify the Borrower and the Administrative Agent (including by telephone or email) that:

 

(x)           the
Requisite Lenders have determined (in their sole and absolute discretion) that such Proposed Underlying Asset is a Non-Private
Collateral Obligation; and

 

(y)           the
Consent Condition is not satisfied with respect to such Proposed Underlying Asset,

 

then
such event will constitute a “Rejection Event” and the Proposed Underlying Asset will constitute a “Rejected
Underlying Asset” unless the Consent Condition is subsequently satisfied with respect to such Proposed Underlying Asset
within three Business Days after the Lenders receive a Reduction Notice for the related Reduction Event as described below.

 

If
the Consent Condition is not satisfied with respect to any Restructuring or any Material Modification of an Underlying Asset,
such event will constitute a “Rejection Event” and the Underlying Asset will also constitute a “Rejected
Underlying Asset” unless the Consent Condition is subsequently satisfied with respect to such Restructuring or Material
Modification within three Business Days after the Lenders receive a Reduction Notice for the related Reduction Event as described
below.

 

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Each
time three unique and consecutive Rejection Events occur (each with respect to Underlying Assets or Proposed Underlying Assets
issued by obligors unaffiliated with one another), such occurrence will constitute a “Reduction Event”, whereupon
the Borrower may, by written notice to the Administrative Agent, the Collateral Agent, the Collateral Administrator and the Lenders
(each such notice, a “Reduction Notice”), declare a “Reduction Amount” (with effect from
the date of such Reduction Notice, each such date a “Reduction Date”) with respect to such Reduction Event
equal to the average of the Reduction Calculation Amounts of the Rejected Underlying Assets relating to such Reduction Event (determined,
for the avoidance of doubt, taking into account the portion of such Rejected Underlying Asset that is or would have been acquired
by the Borrower), provided that the Reduction Amount related to such Reduction Event shall be deemed reduced to zero (with
effect from the date of the related Reduction Notice) if, within three Business Days following the related Reduction Date, the
Consent Condition is subsequently satisfied with respect to one or more of the Rejected Underlying Assets related to such Reduction
Event.

 

For
the avoidance of doubt, multiple Reduction Events may occur during the term of this Agreement entitling the Borrower to declare
Reduction Amounts with respect to each such Reduction Event (the sum of all Reduction Amounts at any time, the “Aggregate
Reduction Amount” at such time).

 

If
(at any time after any Reduction Event) the Investment Manager proposes a Proposed Underlying Asset and the Requisite Lenders
notify the Borrower and the Administrative Agent (including by telephone or email) that the Consent Condition is satisfied with
respect to such Proposed Underlying Asset (each such date, an “Acceptance Date”), or the Consent Condition
is satisfied with respect to a related Restructuring or Material Modification, the Aggregate Reduction Amount will be reduced
(but not below zero) (with effect from such Acceptance Date) by an amount equal to the Reduction Calculation Amount of such Proposed
Underlying Asset or Underlying Asset (determined, for the avoidance of doubt, taking into account the portion of such Proposed
Underlying Asset or Underlying Asset, as the case may be, that is or would have been acquired by the Borrower).

 

As
used herein, “Reduction Calculation Amount” means:

 

(x)           for
any Rejection Event relating to a Proposed Underlying Asset that is a Rejected Underlying Asset, the proposed purchase price of
such Rejected Underlying Asset; and

 

(y)           for
any Rejection Event relating to a Restructuring or Material Modifications, the then-prevailing market value of the related Rejected
Underlying Asset.

 

SECTION
3. CONDITIONS PRECEDENT

 

3.1.        
Initial Funding Date.

 

The
obligation of each Lender to make a Credit Extension on the Initial Funding Date is subject to the satisfaction, or waiver in
accordance with Section 11.5, of the following conditions on or before the Initial Funding Date:

 

(a)           Transaction
Documents. The Administrative Agent shall have received sufficient copies of each Transaction Document as the Administrative
Agent shall request, originally executed and delivered by each Credit Party and each other Person party thereto.

 

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(b)           Organizational
Documents; Incumbency. The Administrative Agent shall have received, in respect of each Credit Party, (1) sufficient copies
of each Organizational Document as the Administrative Agent shall request, and, to the extent applicable, certified as of the
Initial Funding Date or a recent date prior thereto by the appropriate Governmental Authority; (2) signature and incumbency certificates
of the officers of such Credit Party; (3) resolutions of the Board of Managers or similar governing body of such Credit Party
approving and authorizing the execution, delivery and performance of this Agreement and the other Transaction Documents to which
it is a party or by which it or its assets may be bound as of the Initial Funding Date, certified as of the Initial Funding Date
by its secretary or an assistant secretary as being in full force and effect without modification or amendment; (4) a good standing
certificate from the applicable Governmental Authority of such Credit Party’s jurisdiction of incorporation, organization
or formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated
the Initial Funding Date or a recent date prior thereto; (5) signature and incumbency certificates of one or more officers of
the Borrower who are authorized to execute Funding Notices delivered under this Agreement and (6) such other documents as the
Administrative Agent may reasonably request.

 

(c)           Existing
Indebtedness. On the Initial Funding Date, the Borrower shall have (1) repaid in full all or otherwise cancelled Existing
Indebtedness, (2) terminated any commitments to lend or make other extensions of credit thereunder and (3) delivered to the Administrative
Agent all documents or instruments necessary to release all Liens securing Existing Indebtedness or other obligations of the Borrower
and its Subsidiaries thereunder being repaid on the Initial Funding Date.

 

(d)           Governmental
Authorizations and Consents. Each Credit Party shall have obtained all Governmental Authorizations and all consents of other
Persons, in each case that are necessary or advisable in connection with the transactions contemplated by the Transaction Documents
and each of the foregoing shall be in full force and effect and in form and substance reasonably satisfactory to the Administrative
Agent. All applicable waiting periods shall have expired without any action being taken or threatened by any competent authority
which would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Transaction Documents
or the financing thereof and no action, request for stay, petition for review or rehearing, reconsideration, or appeal with respect
to any of the foregoing shall be pending, and the time for any applicable agency to take action to set aside its consent on its
own motion shall have expired.

 

(e)           Personal
Property Collateral. In order to create in favor of the Collateral Agent, for the benefit of Secured Parties, a valid, perfected
First Priority security interest in the personal property Collateral, each Credit Party shall have delivered to the Administrative
Agent:

 

(1)           evidence
satisfactory to the Administrative Agent of the compliance by each Credit Party of their obligations under the Pledge and Security
Agreement and the other Transaction Documents (including their obligations to execute or authorize, as applicable, and deliver
UCC financing statements, originals of securities, instruments and chattel paper and any agreements governing deposit and/or securities
accounts as provided therein); and

 

(2)           opinions
of counsel (which counsel shall be reasonably satisfactory to the Administrative Agent) with respect to the creation of and perfection
of the security interest in favor of the Collateral Agent in such Collateral and such other matters governed by the laws of each
jurisdiction in which any Credit Party or any personal property Collateral is located as the Administrative Agent may reasonably
request, in each case in form and substance reasonably satisfactory to the Administrative Agent.

 

(f)           Opinions
of Counsel to Credit Parties. The Agents and Lenders and their respective counsel shall have received an opinion of Clifford
Chance, counsel to the Investment Manager and the Credit Parties dated the Initial Funding Date, all in form and substance reasonably
satisfactory to the Administrative Agent (and each Credit Party hereby instructs such counsel to deliver such opinions to the
Agents and Lenders).

 

(g)           Opinions
of Counsel to Bank Parties and Collateral Administrator. The Agents and Lenders and their respective counsel shall have received
opinions of (1) Dentons US LLP, counsel to the Collateral Agent and the Collateral Administrator, and (2) Thompson, Coe, Cousins
& Irons, L.L.P. Texas counsel to the Collateral Administrator, in each case dated the Initial Funding Date, all in form and
substance reasonably satisfactory to the Administrative Agent.

 

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(h)           Fees.
The Borrower shall have paid to each Agent the fees payable on or before the Initial Funding Date referred to in Sections 2.7(a)
and (b) and all expenses payable pursuant to Section 11.2 that have accrued to the Initial Funding Date.

 

(i)           No
Litigation. There shall not exist any action, suit, investigation, litigation, proceeding, hearing or other legal or regulatory
developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable opinion
of the Administrative Agent, singly or in the aggregate, materially impairs any of the other transactions contemplated by the
Transaction Documents or that could have a Material Adverse Effect.

 

(j)           Patriot
Act. At least 10 days prior to the Initial Funding Date, the Lenders shall have received all documentation and other information
required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and
regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) the “PATRIOT Act”).

 

(k)           Other
Closing Conditions. Each of the other conditions set forth on Part 1 of Schedule C shall be satisfied as of such date.

 

3.2.        
Conditions to Each Credit Extension.

 

(a)           Conditions
Precedent. The obligation of each Lender to make any Loan on any Credit Date, including the Initial Funding Date, are subject
to the satisfaction, or waiver in accordance with Section 11.5, of the following conditions precedent:

 

(1)          
the Administrative Agent and the Lenders shall have received a fully executed and delivered Funding Notice relating thereto;

 

(2)           the
principal amount of the Loans to be made in such Credit Extension shall not exceed the undrawn Commitments as at the related Credit
Date; and, after giving effect to such Credit Extension, the Market Value Test shall be satisfied;

 

(3)           as
of such Credit Date, the representations and warranties contained herein and in the other Transaction Documents shall be true
and correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, except
to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and
warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in
each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof;

 

(4)           as
of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit
Extension that would constitute a Default or an Event of Default; and

 

(5)           each
of the other conditions set forth on Part 2 of Schedule C shall be satisfied as of such date.

 

Any
Agent or the Requisite Lenders shall be entitled, but not obligated to, request and receive, prior to the making of any Credit
Extension, additional information reasonably satisfactory to the requesting party confirming the satisfaction of any of the foregoing
if, in the good faith judgment of such Agent or the Requisite Lender such request is warranted under the circumstances.

 

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(b)           Notices.
Each Funding Notice shall be executed by an Authorized Officer of the Borrower in a writing delivered to the Administrative Agent.
In lieu of delivering a Funding Notice, the Borrower may give Administrative Agent telephonic notice by the required time of any
proposed borrowing; provided that each such notice shall be promptly confirmed in writing by delivery of the applicable
Funding Notice to the Administrative Agent on or before the close of business on the date that the telephonic notice is given.
In the event of a discrepancy between the telephone notice and the written Funding Notice, the written Funding Notice shall govern.
In the case of any Funding Notice that is irrevocable once given, if the Borrower provides telephonic notice in lieu thereof,
such telephone notice shall also be irrevocable once given. Neither the Administrative Agent nor any Lender shall incur any liability
to the Borrower in acting upon any telephonic notice referred to above that the Administrative Agent believes in good faith to
have been given by a duly authorized officer or other person authorized on behalf of the Borrower or for otherwise acting in good
faith.

 

(c)           Deemed
Representations. Each borrowing of a Loan hereunder shall constitute a representation and warranty by the Borrower as of the
applicable Credit Date that the conditions contained in Section 3.2(a) have been satisfied.

 

SECTION
4. REPRESENTATIONS AND WARRANTIES

 

In
order to induce the Agents and the Lenders to enter into this Agreement and to induce the Lenders to make each Credit Extension
to be made thereby, the Borrower represents and warrants to each Agent and Lender, on the Closing Date and on each Credit Date,
that the following statements are true and correct:

 

4.1.        
Organization; Requisite Power and Authority; Qualification.

 

Each
Credit Party (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization,
(b) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as
proposed to be conducted, to enter into the Transaction Documents to which it is a party and to carry out the transactions contemplated
thereby, and (c) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever
necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing
has not had, and could not be reasonably expected to have, a Material Adverse Effect.

 

4.2.        
Equity Interests; Ownership; Collateral Obligations

 

(a)           The
Equity Interests of each Credit Party have been duly authorized and validly issued and are fully paid and non-assessable. As of
the Closing Date, there is no existing option, warrant, call, right, commitment or other agreement to which any Credit Party is
a party requiring, and there is no membership interest or other Equity Interests of any Credit Party outstanding which upon conversion
or exchange would require, the issuance by any Credit Party of any additional membership interests or other Equity Interests of
it or other Securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase, a membership interest
or other Equity Interests of such Credit Party. Appendix C-1 correctly sets forth the ownership interest of the Borrower in its
Subsidiaries as of the Closing Date.

 

(b)           Appendix
C-2 correctly sets forth a true, correct and complete list of all Collateral Obligations owned by the Borrower and its Subsidiaries
as of the Closing Date.

 

4.3.        
Due Authorization

 

The
execution, delivery and performance of the Transaction Documents have been duly authorized by all necessary action on the part
of each Credit Party that is a party thereto.

 

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4.4.        
No Conflict

 

The
execution, delivery and performance by Credit Parties of the Transaction Documents to which they are parties and the consummation
of the transactions contemplated by the Transaction Documents do not and will not (a) violate (1) any provision of any law or
any governmental rule or regulation applicable to the Credit Parties, (2) any of the Organizational Documents of any of the Credit
Parties or (3) any order, judgment or decree of any court or other agency of government binding on any of the Credit Parties (except
where the violation could not reasonably be expected to result in a Material Adverse Effect); (b)  conflict with, result
in a breach of or constitute (with due notice or lapse of time or both) a default under any contractual obligation of any of the
Credit Parties (except where the conflict could not reasonably be expected to result in a Material Adverse Effect); (c) result
in or require the creation or imposition of any Lien upon any of the properties or assets of any of the Credit Parties (other
than any Liens created under any of the Transaction Documents in favor of Collateral Agent, for the benefit of the Secured Parties);
or (d) require any approval of stockholders, members or partners or any approval or consent of any Person under any contractual
obligation of any of the Credit Parties, except for such approvals or consents which will be obtained on or before the Closing
Date and disclosed in writing to Lenders.

 

4.5.        
Governmental Consents

 

The
execution, delivery and performance by Credit Parties of the Transaction Documents to which they are parties and the consummation
of the transactions contemplated by the Transaction Documents do not and will not require any registration with, consent or approval
of, or notice to, or other action to, with or by, any Governmental Authority, except for filings and recordings with respect to
the Collateral to be made, or otherwise delivered to Administrative Agent for filing and/or recordation, as of the Initial Funding
Date.

 

4.6.        
Binding Obligation

 

Each
Transaction Document has been duly executed and delivered by each Credit Party that is a party thereto and is the legally valid
and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except
as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles relating to enforceability.

 

4.7.        
No Material Adverse Effect

 

Since
December 31, 2016, no event, circumstance or change has occurred that has caused or evidences, or could reasonably be expected
to result in, either in any case or in the aggregate, a Material Adverse Effect.

 

4.8.        
Adverse Proceedings, Etc.

 

There
are no Adverse Proceedings, individually or in the aggregate, that could reasonably be expected to have a Material Adverse Effect.
No Credit Party (a) is in violation of any applicable laws that, individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect or (b) is subject to or in default with respect to any final judgments, writs, injunctions,
decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board,
bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect.

 

4.9.        
Payment of Taxes.

 

Except
as otherwise permitted hereunder, all material Tax returns and reports covering the Credit Parties required to be filed by any
of them have been timely filed, and all Taxes shown on such tax returns to be due and payable and all assessments, fees and other
governmental charges upon the Credit Parties and upon their respective properties, assets, income, businesses and franchises which
are due and payable have been paid when due and payable, except where contested in good faith and by appropriate proceedings (and
for which there are adequate reserves maintained in accordance with GAAP). There is no proposed material Tax assessment against
any Credit Party that is not being actively contested by such Credit Party in good faith and by appropriate proceedings.

 

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4.10.      
Properties

 

Each
Credit Party has good, sufficient and legal title to its properties and assets. Except as permitted by this Agreement, all such
properties and assets are free and clear of Liens. As of the Closing Date, no Credit Party owns or leases any real estate.

 

4.11.      
Environmental Matters

 

No
Credit Party nor any of their respective assets or operations are subject to any outstanding written order, consent decree or
settlement agreement with any Person relating to any environmental law, any environmental claim, or any hazardous materials activity
that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

4.12.      
No Defaults

 

No
Credit Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained
in any of its contractual obligations, and no condition exists which, with the giving of notice or the lapse of time or both,
could constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any, could
not reasonably be expected to have a Material Adverse Effect.

 

4.13.      
No Material Contracts

 

No
Credit Party is party to a Material Contract.

 

4.14.      
Governmental Regulation

 

No
Credit Party is required to register as an investment company under the Investment Company Act or under any other federal or state
statute or regulation which may limit its ability to incur indebtedness or which may otherwise render all or any portion of the
Obligations unenforceable.

 

4.15.      
Federal Reserve Regulations; Exchange Act

 

No
Credit Party is engaged principally, or as one of its important activities, in the business of extending credit for the purpose
of buying or carrying Margin Stock. No portion of the proceeds of any Credit Extension shall be used in any manner, whether directly
or indirectly, that causes or could reasonably be expected to cause, such Credit Extension or the application of such proceeds
to violate Regulation T, Regulation U or Regulation X or any other regulation of the Board of Governors or to violate
the Exchange Act.

 

4.16.      
Employee Benefit Plans

 

No
Credit Party maintains, contributes to, or has incurred any liability with respect to, any Pension Plan or Multiemployer Plan.
The assets of the Credit Parties are not treated as “plan assets” for purposes of Section 3(42) of ERISA.

 

4.17.      
Solvency

 

The
Credit Parties are and, upon the incurrence of any Obligation by any Credit Party on any date on which this representation and
warranty is made, will be, on a consolidated basis, solvent.

 

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4.18.      
Compliance with Statutes, Etc.

 

Each
Credit Party is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed
by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property, except such non-compliance
that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

4.19.      
Disclosure

 

The
representations or warranties of any Credit Party contained in any Transaction Document or in any other documents, certificates
or written statements furnished to any Agent or Lender by or on behalf of any Credit Party for use in connection with the transactions
contemplated hereby, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact
(known to the Borrower, in the case of any document not furnished by it) necessary in order to make the statements contained herein
or therein not misleading in light of the circumstances in which the same were made. There are no facts known (or which should
upon the reasonable exercise of diligence be known) to the Credit Parties (other than matters of a general economic nature) that,
individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect and that have not been disclosed
herein or in such other documents, certificates and statements furnished to Lenders for use in connection with the transactions
contemplated hereby.

 

4.20.      
Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act

 

None
of the Credit Parties or any of their respective directors, officers or, to the knowledge of the Borrower, employees, agents,
advisors or Affiliates is subject to any sanctions or economic embargoes administered or enforced by the U.S. Department of State
or the U.S. Department of Treasury (including the Office of Foreign Assets Control) or any other applicable sanctions authority
(collectively, “Sanctions”, and the associated laws, rules, regulations and orders, collectively, “Sanctions
Laws”). Each of the Credit Parties and their respective directors, officers and, to the knowledge of the Borrower, employees,
agents, advisors and Affiliates is in compliance, in all material respects, with (a) all Sanctions Laws, (b) the United States
Foreign Corrupt Practices Act of 1977, as amended, and any other applicable anti-bribery or anti-corruption laws, rules, regulations
and orders (collectively, “Anti-Corruption Laws”) and (c) the PATRIOT Act and any other applicable terrorism
and money laundering laws, rules, regulations and orders.

 

No
part of the proceeds of the Loans will be used, directly or indirectly, (A) for the purpose of financing any activities or
business of or with any Person or in any country or territory that at such time is the subject of any Sanctions or (B) for any
payments to any governmental official or employee, political party, official of a political party, candidate for political office,
or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage,
in violation of any Anti-Corruption Law.

 

4.21.      
Additional Representations

 

Each
representation and warranty set forth on Schedule D is true, correct and complete.

 

SECTION
5. COVENANTS

 

Each
Credit Party covenants and agrees that, so long as any Commitment is in effect and until payment in full of all Obligations (other
than contingent obligations), each Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants
set forth on Schedule E.

 

SECTION
6. ACCOUNTS; ACCOUNTINGS AND
RELEASES.

 

The
terms and provisions set forth on Schedule F hereto are incorporated herein and shall apply for all purposes of this Agreement
and the other Transaction Documents.

 

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SECTION
7. APPLICATION OF MONIES

 

Notwithstanding
any other provision in this Agreement, but subject to the other subsections of this Section 7 and Section 12, on each Payment
Date, the Collateral Agent (based upon the Valuation Report for such Payment Date) shall disburse amounts transferred to the Payment
Account from the Interest Collection Account and, to the extent permitted hereunder, from the Principal Collection Account pursuant
to this Agreement as follows and for application by the Collateral Agent in accordance with the following priorities (collectively,
the “Priority of Payments”):

 

(a)
          On each Payment Date, Interest Proceeds shall be applied as set forth
on Part 1 of Schedule G hereto (the “Interest Priority of Payments”).

 

(b)
          On each Payment Date, Principal Proceeds shall be applied as set forth
on Part 2 of Schedule G hereto (the “Principal Priority of Payments”).

 

(c)
          After an Event of Default has occurred and is continuing, all Interest
Proceeds, Principal Proceeds and any other available funds in the Borrower Accounts shall be applied as set forth on Part 3 of
Schedule G hereto (the “Enforcement Priority of Payments”).

 

Without
limiting the foregoing, the additional provisions set forth on Part 4 of Schedule G shall apply for purposes of this Section 7.

 

SECTION
8. SALE OF COLLATERAL OBLIGATIONS; SUBSTITUTION

 

The
terms and provisions set forth on Schedule H hereto are incorporated herein and shall apply for all purposes of this Agreement
and the other Transaction Documents.

 

SECTION
9. EVENTS OF DEFAULT

 

If
any one or more of the following conditions or events shall occur (each, an “Event of Default”):

 

(a)           Failure
to Make Payments When Due. Failure by the Borrower to pay:

 

(1)           any
principal of any Loan at the Maturity Date or upon the acceleration thereof; or

 

(2)           any
interest on any Loan, any Make-Whole Amount or any fee or any other amount due hereunder within five Business Days after the date
due (or, in the case of a default in payment resulting solely from an administrative error or omission by the Collateral Agent,
such default continues for a period of seven or more Business Days after the Collateral Agent receives written notice of or a
Trust Officer has actual knowledge of such administrative error or omission); or

 

(3)           the
failure on any Payment Date to disburse amounts available in the Payment Account in excess of $1,000 in accordance with the Priority
of Payments and, in the case of this clause (3), continuation of such failure for a period of ten Business Days (provided
that, if such failure results solely from an administrative error or omission by the Collateral Agent, such default continues
for a period of ten or more Business Days after the Collateral Agent receives written notice of or a Trust Officer has actual
knowledge of such administrative error or omission);

 

(b)           Breach
of Certain Covenants. Failure of any Credit Party to perform or comply with any term or condition contained in Section 2.3;
in Section 3, 7(a), 8 or 9 of Part 1 of Schedule E; or in Schedule H; or in the Margining Agreement; or

 

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(c)           Breach
of Representations, Etc. Any representation, warranty, certification or other statement made or deemed made by any Credit
Party in any Transaction Document or in any statement or certificate at any time given by any Credit Party in writing pursuant
hereto or thereto or in connection herewith or therewith shall be false in any material respect as of the date made or deemed
made (for the avoidance of doubt, the foregoing shall not apply in the case of a breach of any representation or warranty made
with respect to a Transferred Asset such that the applicable Transferred Asset is deemed to be a Warranty Transferred Asset);
or

 

(d)           Other
Defaults Under Transaction Documents. Any Credit Party shall default in the performance of or compliance with any term contained
herein or any of the other Transaction Documents, other than any such term referred to in any other paragraph of this Section
9, and such default shall not have been remedied or waived within 30 days after the earlier of (1) an officer of such Credit Party
becoming aware of such default or (2) receipt by the Borrower of notice from the Administrative Agent or any Lender of such default;
or

 

(e)           Involuntary
Bankruptcy; Appointment of Receiver, Etc. (1) A court of competent jurisdiction shall enter a decree or order for relief in
respect of any Credit Party in an involuntary case under any Debtor Relief Laws now or hereafter in effect, which decree or order
is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (2) an involuntary
case shall be commenced against any Credit Party under any Debtor Relief Laws now or hereafter in effect; or a decree or order
of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian
or other officer having similar powers over any Credit Party, or over all or a substantial part of its property, shall have been
entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of any Credit
Party for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been
issued against any substantial part of the property of any Credit Party, and any such event described in this clause (e)
shall continue for 60 days without having been dismissed, bonded or discharged; or

 

(f)           Voluntary
Bankruptcy; Appointment of Receiver, Etc. (1) Any Credit Party shall have an order for relief entered with respect to it or
shall commence a voluntary case under any Debtor Relief Laws now or hereafter in effect, or shall consent to the entry of an order
for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall
consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of
its property; or any Credit Party shall make any assignment for the benefit of creditors; or (2) any Credit Party shall be unable,
or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors
(or similar governing body) of any Credit Party (or any committee thereof) shall adopt any resolution or otherwise authorize any
action to approve any of the actions referred to herein or in clause (e) above; or

 

(g)           Dissolution.
Any order, judgment or decree shall be entered against any Credit Party decreeing the dissolution or split up of such Credit Party
and such order shall remain undischarged or unstayed for a period in excess of 60 days; or

 

(h)           Transaction
Documents. At any time after the execution and delivery thereof, (1) any Transaction Document ceases to be in full force
and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction
in full of the Obligations in accordance with the terms hereof) or shall be declared null and void, or the Collateral Agent shall
not have or shall cease to have a valid and perfected Lien in any Collateral purported to be covered by the Transaction Documents
with the priority required by the relevant Transaction Document, in each case for any reason other than the failure of the Collateral
Agent or any other Secured Party to take any action within its control; or (2) any Credit Party shall contest the validity or
enforceability of any Transaction Document in writing or deny in writing that it has any further liability, including with respect
to future advances by Lenders, under any Transaction Document to which it is a party or shall contest the validity or perfection
of any Lien in any Collateral purported to be covered by the Transaction Documents; or

 

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(i)           Investment
Company. Any Credit Party or the portfolio of Collateral becomes an “Investment Company” required to be registered
under the Investment Company Act and such status continues unremedied for 45 days; or

 

(j)           ERISA.
Any Credit Party establishes any Pension Plan or Multiemployer Plan; or

 

(k)          Other
Events of Default. Any “Event of Default” set forth on Schedule I at any time occurs.

 

THEN,
(1) upon the occurrence of any Event of Default described in Section 9 (e) or 9(f), automatically, and (2) upon the occurrence
and during the continuance of any other Event of Default, at the request of (or with the consent of) the Requisite Lenders, upon
notice to the Borrower by the Administrative Agent, each of the following shall immediately become due and payable, in each case
without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each Credit
Party:

 

(A)           the
unpaid principal amount of and accrued interest and premium on the Loans, and

 

(B)           all
other Obligations,

 

and
the Administrative Agent or the Requisite Lenders may cause the Collateral Agent to enforce any and all Liens and security interests
created pursuant to Transaction Documents.

 

SECTION
10. THE AGENTS

 

10.1.      
Appointment of Agents.

 

(a)           Goldman
Sachs is hereby appointed the Administrative Agent hereunder and under the other Transaction Documents and each Lender hereby
authorizes Goldman Sachs to act as the Administrative Agent in accordance with the terms hereof and the other Transaction Documents.

 

(b)           Citibank
is hereby appointed the Collateral Agent hereunder and under the other Transaction Documents to which the Collateral Agent is
a party, and each Lender hereby authorizes it to act as Collateral Agent in accordance with the terms hereof and thereof. Virtus
Group, LP is hereby appointed the Collateral Administrator hereunder and under the other Transaction Documents to which the Collateral
Administrator is a party, and each Lender hereby authorizes it to act as Collateral Administrator in accordance with the terms
hereof and thereof.

 

(c)           Each
Agent hereby agrees to act in its capacity as such upon the express provisions contained herein and the other Transaction Documents
to which it is a party, as applicable. The provisions of this Section 10 are solely for the benefit of Agents and the Lenders
and no Credit Party shall have any rights as a third party beneficiary of any of the provisions of this Section 10. In performing
its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed
to have assumed any obligation towards or relationship of agency or trust with or for any Credit Party. No implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into any Transaction Document or otherwise exist
against any Agent. It is understood and agreed that the use of the term “agent” herein or in any Transaction Documents
(or any other similar term) with reference to the Administrative Agent, the Collateral Agent, the Collateral Administrator or
the Borrower Accounts Securities Intermediary is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to
create or reflect only an administrative relationship between contracting parties. The permissive authorizations, entitlements,
powers and rights granted to the Agents in the Transaction Documents shall not be construed as duties.

 

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10.2.      
Powers and Duties.

 

Each
Lender irrevocably authorizes each Agent to take such action on such Lender’s behalf and to exercise such powers, rights
and remedies hereunder and under the other Transaction Documents to which it is a party as are specifically delegated or granted
to such Agent by the terms hereof and thereof, together (in the case of the Agents other than the Collateral Agent, the Collateral
Administrator and the Borrower Accounts Securities Intermediary) with such powers, rights and remedies as are reasonably incidental
thereto. Each Agent shall have only those duties and responsibilities that are expressly specified herein and the other Transaction
Documents to which it is a party, and each Agent shall not be liable except for the performance of such duties and responsibilities
as are express specified herein and therein. Each Agent may exercise such powers, rights and remedies and perform such duties
by or through its agents or employees, and no Agent shall be responsible for any misconduct or gross negligence on the part of
any such agent or employee appointed by it with due care. No Agent shall have, by reason hereof or any of the other Transaction
Documents, a fiduciary relationship in respect of any Lender or any other Person; and nothing herein or any of the other Transaction
Documents, expressed or implied, is intended to or shall be so construed as to impose upon any Agent any obligations in respect
hereof or any of the other Transaction Documents except as expressly set forth herein or therein.

 

The
Agents shall not be liable for any action taken or not taken by them (1) with the consent of or at the request or direction of
the Requisite Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agents shall believe
in good faith shall be necessary, to give such request or direction hereunder), or, solely with respect to the Collateral Agent
or the Collateral Administrator with the consent of or at the direction of the Administrative Agent or (2) in the absence of their
own gross negligence or willful misconduct as determined by a court of competent jurisdiction by a final non-appealable judgment.

 

The
Lenders hereby direct each of the Agents, as applicable, to execute and deliver the Transaction Documents to which they are a
party, respectively, on or prior to the Initial Funding Date and to execute and deliver additional Transaction Documents and Escrowed
Assignment Agreement Documents from time to time (upon written direction by the Requisite Lenders). It is hereby expressly acknowledged
and agreed that, in taking any of the foregoing actions, the Agents are not responsible for the terms or contents of such agreements,
or for the validity or enforceability thereof, or the sufficiency thereof for any purpose. Whether or not so expressly stated
therein, in entering into, or taking (or forbearing from) any action under pursuant to, the Transaction Documents, the Agents
each shall have all of the rights, immunities, indemnities and other protections granted to them under this Agreement (in addition
to those that may be granted to them under the terms of such other agreement or agreements).

 

10.3.      
General Immunity.

 

(a)           No
Agent shall be responsible to any Person for the execution, effectiveness, genuineness, validity, enforceability, collectability
or sufficiency hereof or any other Transaction Document or for any representations, warranties, recitals or statements made herein
or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates
or any other documents furnished or made by any Agent to Lenders or by or on behalf of any Credit Party to any Agent or any Lender
in connection with the Transaction Documents and the transactions contemplated thereby or for the financial condition or business
affairs of any Credit Party or any other Person liable for the payment of any Obligations, nor shall any Agent be required to
ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements
contained in any of the Transaction Documents or as to the use of the proceeds of the Loans or as to the existence or possible
existence of any Event of Default or Default or to make any disclosures with respect to the foregoing. Anything contained herein
to the contrary notwithstanding, the Administrative Agent shall not have any liability arising from confirmations of the amount
of outstanding Loans or the component amounts thereof.

 

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(b)           No
Agent nor any of its officers, partners, directors, employees or agents shall be liable for any action taken or omitted by any
Agent under or in connection with any of the Transaction Documents except to the extent caused by such Agent’s gross negligence
or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction. Each Agent shall
be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith
or any of the other Transaction Documents or from the exercise of any power, discretion or authority vested in it hereunder or
thereunder unless and until such Agent shall have received instructions in respect thereof from the Requisite Lenders (or such
other Lenders as may be required to give such instructions hereunder) or, solely with respect to the Collateral Agent or the Collateral
Administrator instructions in respect thereof from the Administrative Agent and, upon receipt of such instructions from the Requisite
Lenders (or such other Lenders, as the case may be) or the Administrative Agent, such Agent shall be entitled to act or (where
so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions,
including for the avoidance of doubt refraining from any action that, in its opinion or the opinion of its counsel, may be in
violation of the automatic stay under any Debtor Relief Law. Without prejudice to the generality of the foregoing, (1) each Agent
shall be entitled to rely, and shall be fully protected in relying, upon any resolution, officer’s certificate, opinion
of counsel, certificate of auditors or any other certificate, statement, communication, instrument, opinion, report, notice, request,
consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or sent by the
proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys
(who may be attorneys for such Agent or any Credit Party), accountants, experts and other professional advisors selected by it;
and (2) no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or (where so instructed)
refraining from acting hereunder or any of the other Transaction Documents in accordance with the instructions of the Requisite
Lenders (or such other Lenders as may be required to give such instructions hereunder) or the Administrative Agent.

 

(c)           Each
Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Transaction
Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and
all of its duties and exercise its rights and powers by or through their respective Affiliates (each also a “sub-agent”).
The exculpatory, indemnification and other provisions of this Section 10 shall apply to any Affiliates, receivers, delegates or
sub-agents of the Agents and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein (in the case of the Administrative Agent) as well as any other activities as the Agents. All of the rights,
benefits, and privileges (including the exculpatory and indemnification provisions) of this Section 10 shall apply to any such
sub-agent, receiver or delegate and to the Affiliates of any such sub-agent, receiver or delegate, and shall apply to their respective
activities as sub-agent, receiver or delegate as if such sub-agent, receiver or delegate and its respective Affiliates were named
herein. Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by the Agents and each receiver
and delegate, (1) such sub-agent, receiver or delegate shall be a third party beneficiary under this Agreement with respect to
all such rights, benefits and privileges (including exculpatory rights and rights to indemnification) and shall have all of the
rights and benefits of a third party beneficiary, including an independent right of action to enforce such rights, benefits and
privileges (including exculpatory rights and rights to indemnification) directly, without the consent or joinder of any other
Person, against any or all of Credit Parties and the Lenders, (2) such rights, benefits and privileges (including exculpatory
rights and rights to indemnification) shall not be modified or amended without the consent of such sub-agent, receiver or delegate,
and (3) such sub-agent, receiver or delegate shall only have obligations to the respective Agent and not to any Credit Party,
Lender or any other Person and no Credit Party, Lender or any other Person shall have any rights, directly or indirectly, as a
third party beneficiary or otherwise, against such sub-agent, receiver or delegate. The Agents shall not be responsible for the
conduct of such sub-agents, receivers, delegates or attorneys appointed by them with due care.

 

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(d)           No
Agent shall be deemed to have knowledge of any Default, Event of Default, Prospective Make-Whole Event, Reduction Event, Rejection
Event, Zero Value Event or Make-Whole Event unless and until written notice describing such circumstance or event is given to
an Authorized Officer of such Agent by the Borrower or a Lender and states that it is a notice of such circumstance or event.
In the absence of receipt of such notice, each Agent may conclusively assume that there is no Default, Event of Default, Prospective
Make-Whole Event, Reduction Event, Rejection Event, Zero Value Event or Make-Whole Event. Upon receipt of any such notice, the
relevant Agent shall have no duty or obligation in connection therewith unless and until directed by the Requisite Lenders (or
such other number or percentage of the Lenders as shall be necessary, or as the Agents shall believe in good faith shall be necessary,
to give such direction hereunder) or, with respect to directions to the Collateral Agent or the Collateral Administrator, the
Administrative Agent. No Agent shall have any duty to take any action to determine whether any such circumstance or event has
occurred. Except as expressly provided herein, delivery of reports, documents and other information to any Agent is for informational
purposes only and such Agent’s receipt of the foregoing shall not constitute constructive knowledge of any event or circumstance
or any information contained therein or determinable from information contained therein or any other related document. Except
with respect to written notices of Defaults and Events of Default of which an Authorized Officer of the applicable Agent has actual
knowledge, information contained in notices, reports or other documents delivered to such Agent and other publicly available information
shall not constitute actual or constructive knowledge. In the absence of receipt of such notice or actual knowledge, the applicable
Agent may conclusively assume that there is no Default or Event of Default. Knowledge of notices or other documents delivered
to any Agent in any capacity shall not constitute knowledge of or delivery to (1) such Agent in any other capacity under the Transaction
Documents or to any Affiliate or other division of such Agent or (2) any other Agent.

 

(e)           The
powers conferred on the Collateral Agent under the Transaction Documents are solely to protect the Secured Parties’ interests
in the Collateral, shall not impose any duty upon the Collateral Agent to exercise any such powers and are subject to the provisions
of this Agreement. Neither the Collateral Agent nor the Collateral Administrator nor any of their respective officers, directors,
employees or agents shall be responsible for any act or failure to act, except for gross negligence or willful misconduct, as
determined by a final, non-appealable judgment of a court of competent jurisdiction. Neither the Collateral Agent nor the Collateral
Administrator shall have any responsibility for taking any necessary steps to protect, preserve or exercise rights against any
Person with respect to any of the Collateral (except to the extent expressly required in this Agreement and the other Transaction
Documents to which it is a party) and (in the case of the Collateral Agent) shall be relieved of all responsibility for the Collateral
upon surrendering it to the Borrower in accordance with the terms and conditions set forth herein and in the other Transaction
Documents.

 

(f)           Notwithstanding
any provision of this Agreement or the other Transaction Documents to the contrary, before taking or omitting any action to be
taken or omitted by an Agent under the terms of this Agreement and the other Transaction Documents, such Agent may seek the written
direction of the Requisite Lenders or, solely with respect to direction to a Bank Party or the Collateral Administrator, the Administrative
Agent (which written direction may be in the form of an e-mail), and such Agent shall be entitled to rely (and shall be fully
protected in so relying) upon such direction. The Agents shall not be liable with respect to any action taken or omitted to be
taken by it in accordance with such direction. In absence of such direction with respect to any action or inaction, such Agent
shall be entitled to refrain from such action unless and until such Agent shall have received such direction, and such Agent shall
not incur liability to any Person by reason of so refraining. In the absence of an express statement in the Transaction Documents
regarding which Lender shall direct in any circumstance, the direction of the Requisite Lenders shall apply and be sufficient
for all purposes. Any provision of this Agreement or the other Transaction Documents authorizing any Agent to take any action
shall not obligate such Agent to take such action.

 

(g)           No
Agent shall have any obligation whatsoever to any Lender or to any other Person to assure that the Collateral exists or is owned
by the Person purporting to own it or is cared for, protected, or insured or has been encumbered or that the Liens granted to
the Collateral Agent herein or pursuant to the Transaction Documents have been properly or sufficiently or lawfully created, perfected,
protected, or enforced, or are entitled to any particular priority. No Agent shall be responsible for or have a duty to ascertain
or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence,
priority or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Credit Party in connection
therewith, nor shall any Agent be responsible or liable for any failure to monitor or maintain any portion of the Collateral or
to protect against any diminution in value of the Collateral.

 

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(h)           No
Agent shall be under any obligation to ascertain or to inquire as to the observance or performance of any of the agreements contained
in, or conditions of, this Agreement or any other Transaction Document, or to inspect the properties, books or records of the
Borrower, any Affiliate thereof or any other Person. Without limiting the generality of the foregoing, in no event shall any Agent
have any responsibility or liability with respect to any instrument, certificate or report furnished pursuant to the Transaction
Documents, or with respect to any calculations not expressly to be determined by such Agent.

 

(i)           No
Agent shall ever be required to use, risk or advance its own funds or otherwise incur financial liability in the performance of
any of its duties or the exercise of any of its rights and powers under this Agreement or under the other Transaction Documents
(and, without limiting the foregoing, no Agent, in its capacity as such, shall have any obligation to grant any credit extension
or to make any advance hereunder). In no event shall any Agent be liable, directly or indirectly, for any special, punitive, indirect
or consequential damages (including, without limitation, lost profits), even if such Agent has been advised of the possibility
of such damages and regardless of the form of action. No Agent shall be responsible for delays or failures in performance resulting
from acts beyond its control. Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war,
epidemics, governmental regulations superimposed after the fact, fire, communication line failures, computer viruses, power failures,
earthquakes, terrorist attacks or other disasters.

 

(j)           Each
Agent shall be fully justified in failing or refusing to take any action under any Transaction Document unless it shall first
receive written direction of the Requisite Lenders (or such other number or percentage of the Lenders as shall be necessary, or
as the Agents shall believe in good faith shall be necessary, to give such advice or concurrence hereunder or thereunder) or,
solely with respect to a Bank Party or the Collateral Administrator, the Administrative Agent (and shall not be liable for any
loss or expense that arises as a result of its failure to act while awaiting such advice or concurrence) and, if it so requests,
it shall first be indemnified to its satisfaction by the Requisite Lenders (or such other Lenders) against any and all liability
and expense which may be incurred by it by reason of taking or continuing to take, or omitting to take any such action.

 

(k)           Each
Agent shall be entitled to consult with and rely upon advice of counsel concerning legal matters and such advice shall be full
protection and authorization for any action taken or omitted by such Agent in good faith thereon.

 

(l)           In
connection with the delivery of any information to any Agent by the Investment Manager, the Borrower or any other Person to be
used by such Agent in connection with the preparation or distribution of calculations or reports, such Agent is entitled to conclusively
rely on the accuracy of any such information and shall not be required to investigate or reconfirm its accuracy and shall not
be liable in any manner whatsoever for any errors, inaccuracies or incorrect information resulting from the use of such information.

 

(m)           If
any Agent shall require any information to perform its duties under the Transaction Documents, the Borrower shall provide, or
shall instruct the Investment Manager to provide, such information to such Agent promptly upon request.

 

(n)           At
any time and from time to time, the Collateral Agent or the Collateral Administrator may request information from the Administrative
Agent as to the identity of the Requisite Lenders or any other Lender, and the Administrative Agent will endeavor to provide such
information reasonably promptly. The Collateral Agent and the Collateral Administrator shall be entitled to fully rely on such
information from the Administrative Agent and the Collateral Agent and the Collateral Administrator shall have no duty, obligation
or liability with respect to the identity or amount of Loans held by any Lender or the calculation of the Requisite Lenders.

 

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(o)           Each
Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to such Agent and conforming to the requirements of this Agreement.

 

(p)           No
Agent shall be liable for an error of judgment made in good faith unless it shall be finally proved that the Agent was negligent
in ascertaining the pertinent facts.

 

(q)           No
Agent shall have any duty (1) to see to any recording, filing, or depositing of this Agreement or any Transaction Documents referred
to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of
any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (2) to see to any insurance
or (3) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any
kind owing with respect to, assessed or levied in connection with this Agreement (except as set forth in Section 2.15).

 

(r)           No
Agent nor any of its officers or employees shall be required to ascertain whether any borrowing hereunder (or any amendment or
termination of this Agreement) has been duly authorized or is in compliance with any other agreement to which the Borrower is
a party (whether or not the Agent is also a party to such other agreement).

 

(s)           No
Agent shall be required to give any bond or surety in respect of the execution of this Agreement.

 

(t)           No
Agent shall be obligated to monitor or confirm, on a continuing basis or otherwise, any Person’s compliance with the covenants
described herein or with respect to any reports or other documents filed under this Agreement or any other related document.

 

(u)           No
Agent shall be under any obligation to exercise any of the rights vested in it by this Agreement or to enforce any remedy or realize
upon any of the Collateral unless (1) it has been directed to take such action by the Administrative Agent or the Requisite Lenders,
and (2) it has been offered security or indemnity satisfactory to it against the costs, expenses and liabilities (including fees
and expenses of its agents and counsel) that might be incurred by it in compliance with such request or direction. No Agent shall
be held liable for any action or inaction taken in accordance with the directions of the Administrative Agent or the Requisite
Lenders.

 

(v)           The
only obligation of the Bank Parties with respect to any notice or report delivered to them is to deliver a copy of the same to
the Administrative Agent, in each case unless such Agent is otherwise expressly required to act in respect of such notice pursuant
to the terms and conditions set forth herein or in another Transaction Document to which such Agent is a party.

 

10.4.      
Agents Entitled to Act as Lender.

 

The
agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon,
any Agent in its individual capacity as a Lender hereunder. With respect to its participation in the Loans (if any), each Agent
shall have the same rights and powers hereunder as any other Lender and may exercise the same as if it were not performing the
duties and functions delegated to it hereunder, and the term “Lender” shall, unless the context clearly otherwise
indicates, include any such Agent in its individual capacity. Any Agent and its Affiliates may accept deposits from, lend money
to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other business with any Credit
Party or any of their respective Affiliates as if it were not performing the duties specified herein, and may accept fees and
other consideration from the Borrower for services in connection herewith and otherwise without having to account for the same
to Lenders.

 

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10.5.      
Lenders’ Representations, Warranties and Acknowledgment.

 

(a)           Each
Lender represents and warrants that it has made its own independent investigation, without reliance upon any Agent or any other
Person, of the financial condition and affairs of the Credit Parties in connection with Credit Extensions hereunder and that it
has made and shall continue to make its own appraisal of the creditworthiness of the Credit Parties. No Agent shall have any duty
or responsibility, either initially or on a continuing basis, to make any investigation or appraisal on behalf of Lenders or to
provide any Lender with any credit or other information with respect thereto, and no Agent shall have any responsibility with
respect to the accuracy of or the completeness of any information provided to Lenders.

 

(b)           Each
Lender, by delivering its signature page to this Agreement or an Assignment Agreement and funding its Loans on the Initial Funding
Date, shall be deemed to have acknowledged receipt of, and consented to and approved, each Transaction Document and each other
document required to be approved by the Requisite Lenders or Lenders or delivered to any Agent, as applicable, on the Initial
Funding Date.

 

10.6.      
Right to Indemnity.

 

Each
Lender, in proportion to its Pro Rata Share, severally agrees to indemnify each Agent, to the extent that such Agent shall not
have been reimbursed by any Credit Party, for and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, fees, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever
which may be imposed on, incurred by or asserted against such Agent in exercising its powers, rights and remedies or performing
its duties hereunder or under the other Transaction Documents or otherwise in its capacity as such Agent in any way relating to
or arising out of this Agreement, the other Transaction Documents or the use of proceeds thereof; provided that no Lender
shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from such Agent’s gross negligence or willful misconduct, as determined by a final,
non-appealable judgment of a court of competent jurisdiction. If any indemnity furnished to any Agent for any purpose shall, in
the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not
commence, to do the acts indemnified against until such additional indemnity is furnished; provided that (1) in no event
shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action,
judgment, suit, cost, expense or disbursement in excess of such Lender’s Pro Rata Share thereof; and (2) this sentence shall
not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment,
suit, cost, expense or disbursement described in the proviso in the immediately preceding sentence.

 

10.7.      
Successor Administrative Agent and Collateral Agent.

 

(a)           The
Administrative Agent shall have the right to resign at any time by giving prior written notice thereof to the Agents, the Lenders
and the Borrower, and the Administrative Agent may be removed at any time with or without cause by an instrument or concurrent
instruments in writing delivered to the Agents, the Borrower and the Administrative Agent and signed by the Requisite Lenders.
The Requisite Lenders shall have the right to appoint a financial institution to act as the Administrative Agent hereunder, subject
to approval of the Borrower, not to be unreasonably withheld, and the Administrative Agent’s resignation shall become effective,
and the Administrative Agent shall be discharged from its obligations and duties hereunder, on the earliest of (1) 30 days after
delivery of the notice of resignation or removal (regardless of whether a successor has been appointed or not), (2) the acceptance
of appointment by such successor Administrative Agent by the Requisite Lenders and the Borrower or (3) such other date, if any,
agreed to by the Requisite Lenders. If the Requisite Lenders shall not have appointed a successor Administrative Agent by the
end of the period specified above, then the Requisite Lenders shall be deemed to have succeeded to and become vested with all
the rights, powers, privileges and duties of the resigning Administrative Agent. Upon the acceptance of any appointment as the
Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the resigning or removed Administrative Agent and the
resigning or removed Administrative Agent shall promptly transfer to such successor Administrative Agent all records and other
documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent under
the Transaction Documents. After any resigning or removed Administrative Agent’s resignation or removal hereunder as the
Administrative Agent, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken
by it while it was the Administrative Agent hereunder.

 

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(b)           The
Collateral Agent and the Collateral Administrator (each, a “Specified Agent”) may resign at any time by giving
prior written notice thereof to the Lenders, the Administrative Agent and the Borrower, and each Specified Agent may be removed
at any time upon at least 30 days’ notice with or without cause by an instrument or concurrent instruments in writing delivered
to the Borrower and such Specified Agent signed by the Requisite Lenders. The Requisite Lenders shall have the right to appoint
a financial institution (or, in the case of the Collateral Administrator, another entity acceptable to them) as a successor Specified
Agent hereunder, subject to the approval of the Borrower, not to be unreasonably withheld, and each Specified Agent’s resignation
shall become effective, and such Specified Agent shall be discharged from its obligations and duties hereunder, on the earliest
of (1) 30 days after delivery of the notice of resignation or removal (regardless of whether a successor been appointed or not),
(2) the acceptance of appointment by such successor Specified Agent (which shall be no earlier than 30 days after delivery of
such notice of resignation or removal unless agreed to by the Requisite Lenders and the removed Specified Agent) or (3) such other
date, if any, agreed to by the Requisite Lenders and the removed Specified Agent. Until a successor Specified Agent is appointed,
any Collateral or other property held by a Specified Agent on behalf of the Secured Parties under any of the Transaction Documents
shall continue to be held by the resigning or removed Specified Agent as bailee until such time as a successor Specified Agent
is appointed (all costs and expenses incurred by such resigning or removed Specified Agent for holding such Collateral shall be
paid by the Borrower). Each Specified Agent shall have the right, at the cost and expense of the Borrower, to petition a court
of competent jurisdiction regarding the delivery of any Collateral or other property it holds as bailee. Upon the acceptance of
any appointment as Specified Agent hereunder by a successor Specified Agent, such successor Specified Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the resigning or removed Specified Agent under this
Agreement and the Transaction Documents, and the resigning or removed Specified Agent shall promptly (x) transfer to such successor
Specified Agent all Collateral or other property held hereunder or under the Transaction Documents, together with all records
and other documents necessary or appropriate in connection with the performance of the duties of the successor Specified Agent
under this Agreement and the Transaction Documents, and (y) execute and deliver to such successor Specified Agent or otherwise
authorize the filing of such amendments to financing statements, and take such other actions, as may be requested by the Requisite
Lenders (and at the cost and expense of the Borrower) in connection with the assignment to such successor Specified Agent of the
security interests created under the Transaction Documents. After any resigning or removed Specified Agent’s resignation
or removal hereunder as such Specified Agent, the provisions of this Agreement and the Transaction Documents shall inure to its
benefit as to any actions taken or omitted to be taken by it under this Agreement or the Transaction Documents while it was such
Specified Agent hereunder.

 

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

 

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10.8.      
Collateral Documents.

 

(a)           Agents
under Collateral Documents. Each Secured Party hereby further authorizes the Collateral Agent on behalf of and for the benefit
of Secured Parties, to be the agent for and representative of Secured Parties with respect to the Collateral and the Collateral
Documents. Subject to Section 11.5, without further written consent or authorization from any Secured Party, the Administrative
Agent and/or the Collateral Agent (at the direction of the Administrative Agent) is authorized to and shall execute any documents
or instruments requested by either (1) the Borrower (and at the cost and expense of the Borrower) in connection with an Acquisition
or Disposition of assets permitted by this Agreement and to evidence the release of any Lien encumbering any item of Collateral
that is the subject of such Disposition as permitted by Section 6 of Schedule F or (2) or otherwise consented to by the Requisite
Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agents shall believe in good faith
shall be necessary, to give such request or direction hereunder) in connection with any other Disposition of assets in accordance
with this Agreement.

 

(b)           Right
to Realize on Collateral. Notwithstanding anything contained in the Transaction Documents to the contrary, the Credit Parties,
the Agents and each other Secured Party hereby agree that (1) no Secured Party (other than the Collateral Agent) shall have any
right to realize upon any of the Collateral, it being understood and agreed that all such powers, rights and remedies hereunder
and under any of the Transaction Documents may be exercised solely by the Collateral Agent (at the written direction of the Requisite
Lenders) for the benefit of the Secured Parties in accordance with the terms hereof and thereof, and (2) in the event of a foreclosure
or similar enforcement action by the Collateral Agent (at the written direction of the Requisite Lenders) on any of the Collateral
pursuant to a public or private sale or other Disposition (including, without limitation, pursuant to Section 363(k), Section
1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code or under any analogous provisions of any other Debtor Relief Law), the Collateral
Agent (or any Lender, except with respect to a “credit bid” pursuant to Section 363(k), Section 1129(b)(2)(a)(ii)
or otherwise of the Bankruptcy Code or such other Debtor Relief Law) may be the purchaser or licensor of any or all of such Collateral
at any such Disposition and the Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders
in its or their respective individual capacities) shall be entitled, upon instructions from the Requisite Lenders, 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 Disposition,
to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral
Agent at such Disposition.

 

(c)           Release
of Collateral, Termination of Transaction Documents; Etc. Notwithstanding anything to the contrary contained herein or any
other Transaction Document, when all Obligations have been paid in full and all Commitments have terminated or expired (as evidenced
by an executed payoff letter and confirmation from the Administrative Agent of the receipt of such payoff amounts), upon written
direction of the Borrower (at the cost and expense of the Borrower), the Collateral Agent shall (at the sole cost and expense
of the Borrower) take such actions as shall be requested in writing by the Borrower to evidence the release of its security interest
in all Collateral provided for in any Transaction Document. The Borrower shall prepare any such documentation at its expense and
shall be responsible for the costs and expenses of the Collateral Agent (including legal fees and expenses) in connection with
any release under this clause (c).

 

10.9.      
Withholding Taxes.

 

To
the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent
to any applicable withholding Tax. Without duplication of the provisions of Section 2.15(g), if the Internal Revenue Service or
any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid
to or for the account of any Lender because the appropriate form was not delivered or was not properly executed or because such
Lender failed to notify the Administrative Agent of a change in circumstance which rendered the exemption from, or reduction of,
withholding Tax ineffective or for any other reason, or if the Administrative Agent reasonably determines that a payment was made
to a Lender pursuant to this Agreement without deduction of applicable withholding Tax from such payment, such Lender shall indemnify
the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise,
together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) incurred.

 

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10.10.   
Administrative Agent May File Bankruptcy Disclosure and Proofs of Claim.

 

In
case of the pendency of any proceeding under any Debtor Relief Laws relative to any Credit Party, the Administrative Agent (irrespective
of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated)
by intervention in such proceeding or otherwise:

 

(a)           to
file a verified statement pursuant to rule 2019 of the Federal Rules of Bankruptcy Procedure that complies with such rule’s
disclosure requirements for entities representing more than one creditor;

 

(b)           to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Agents and their respective agents and counsel and all other amounts due the Lenders and the Agents under Transaction Documents
allowed in such judicial proceeding); and

 

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

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent
to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due to the Agents
under the Transaction Documents. To the extent that the payment of any such compensation, expenses, disbursements and advances
of the Agents, their agents and counsel, and any other amounts due to the Agents under the Transaction Documents out of the estate
in any such proceeding shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out
of, any and all distributions, dividends, money, securities and other properties that the Lenders may be entitled to receive in
such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

Nothing
contained herein shall be deemed to authorize any Agent to authorize or consent to or accept or adopt on behalf of any Lender
any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize any Agent to vote in respect of the claim of any Lender in any such proceeding.

 

SECTION
11. MISCELLANEOUS

 

11.1.      
Notices.

 

(a)           Notices
Generally. Any notice or other communication herein required or permitted to be given to a Credit Party, the Collateral Agent
or the Administrative Agent, shall be sent to such Person’s address as set forth on Appendix B or in the other relevant
Transaction Document, and in the case of any Lender, the address as indicated on Appendix B or otherwise indicated to the Administrative
Agent in writing. Except as otherwise set forth in Section 3.2(b) or paragraph (b) below, each notice hereunder shall be in writing
and may be personally served or sent by facsimile (except for any notices sent to any of the Agents) or United States mail or
courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt
thereof, upon receipt of facsimile, or three Business Days after depositing it in the United States mail with postage prepaid
and properly addressed; provided that (1) no notice to any Agent shall be effective until received by such Agent; and (2)
any such notice or other communication shall at the request of the Administrative Agent be provided to any sub-agent appointed
pursuant to Section 11.3(c) as designated by the Administrative Agent from time to time.

 

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(b)           Electronic
Communications.

 

(1)          
Notices and other communications to any Agent and Lenders hereunder may be delivered or furnished by electronic communication
(including e mail and Internet or intranet websites, including the Platform) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Agent or any Lender pursuant to Section 2 if such
Person has notified the Administrative Agent that it is incapable of receiving notices under such Section by electronic communication.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited
to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (x) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient
(such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment),
provided that if such notice or other communication is not sent during the normal business hours of the recipient, such
notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient,
and (y) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by
the intended recipient at its e-mail address as described in the foregoing clause (x) of notification that such notice or communication
is available and identifying the website address therefor.

 

Citibank
(in each of its capacities) agrees to accept and act upon instructions or directions pursuant to this Agreement or any documents
executed in connection herewith sent by unsecured email, facsimile transmission or other similar unsecured electronic methods,
provided, however, that any person providing such instructions or directions shall provide to Citibank an incumbency
certificate listing persons designated to provide such instructions or directions (including the email addresses of such persons),
which incumbency certificate shall be amended whenever a person is added or deleted from the listing. If such person elects to
give Citibank email (of .pdf or similar files) or facsimile instructions (or instructions by a similar electronic method) and
Citibank in its discretion elects to act upon such instructions, Citibank’s reasonable understanding of such instructions
shall be deemed controlling. Citibank shall not be liable for any losses, costs or expenses arising directly or indirectly from
the Citibank reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent
with a subsequent written instruction. Any person providing such instructions or directions agrees to assume all risks arising
out of the use of such electronic methods to submit instructions and directions to Citibank, including without limitation the
risk of Citibank acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

(2)           Each
Credit Party understands that the distribution of material through an electronic medium is not necessarily secure and that there
are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic
distribution, except to the extent caused by the willful misconduct or gross negligence of the Administrative Agent, as determined
by a final, non-appealable judgment of a court of competent jurisdiction.

 

(3)           The
Platform and any Approved Electronic Communications are provided “as is” and “as available”. None of the
Agents or any of their respective officers, directors, employees, agents, advisors or representatives (the “Agent Affiliates”)
warrant the accuracy, adequacy, or completeness of the Approved Electronic Communications or the Platform and each expressly disclaims
liability for errors or omissions in the Platform and the Approved Electronic Communications. No warranty of any kind, express,
implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party
rights or freedom from viruses or other code defects is made by the Agent Affiliates in connection with the Platform or the Approved
Electronic Communications. In no event shall the Agent Affiliates have any liability to the Borrower or the other Credit Parties,
any Lender or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential
damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any Credit Party’s
or the Administrative Agent’s transmission of communications through the Platform.

 

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(4)           Each
Credit Party, each Lender and each Agent agrees that the Administrative Agent may, but shall not be obligated to, store any Approved
Electronic Communications on the Platform in accordance with the Administrative Agent’s customary document retention procedures
and policies.

 

(5)           Any
notice of Default or Event of Default may be provided by telephone if confirmed promptly thereafter by delivery of written notice
thereof.

 

11.2.      
Expenses.

 

Whether
or not the transactions contemplated hereby shall be consummated, the Borrower agrees to pay promptly (a) all the actual and reasonable
costs and expenses incurred in connection with the negotiation, preparation and execution of the Transaction Documents and any
consents, amendments, waivers or other modifications thereto; (b) all the costs of furnishing all opinions by counsel for the
Borrower and the other Credit Parties; (c) the reasonable fees, expenses and disbursements of counsel to the Agents (in each case
excluding allocated costs of internal counsel) in connection with the negotiation, preparation and execution of the Transaction
Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters requested by
the Borrower; (d) all the actual costs and reasonable expenses of creating, perfecting, recording, maintaining and preserving
Liens in favor of the Collateral Agent, for the benefit of Secured Parties, including filing and recording fees, expenses and
taxes, stamp or documentary taxes, search fees, title insurance premiums and reasonable fees, expenses and disbursements of counsel
to each Agent and of counsel providing any opinions that any Agent or the Requisite Lenders may request in respect of the Collateral
or the Liens created pursuant to the Transaction Documents; (e) all other actual and reasonable costs and expenses incurred by
each Agent in connection with any consents, amendments, waivers or other modifications thereto and (f) after the occurrence
of a Default or an Event of Default, all costs and expenses, including reasonable attorneys’ fees (excluding allocated costs
of internal counsel) and costs of settlement, incurred by any Agent and the Lenders in enforcing any Obligations of or in collecting
any payments due from any Credit Party hereunder or under the other Transaction Documents by reason of such Default or Event of
Default (including in connection with the sale, lease or license of, collection from, or other realization upon any of the Collateral)
or in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work-out”
or pursuant to any insolvency or bankruptcy cases or proceedings.

 

11.3.      
Indemnity.

 

(a)           In
addition to the payment of expenses pursuant to Section 11.2, whether or not the transactions contemplated hereby shall be consummated,
each Credit Party agrees to defend (subject to Indemnitees’ selection of counsel), indemnify, pay and hold harmless, each
Agent and Lender and each of their respective officers, partners, members, directors, trustees, advisors, employees, agents, sub-agents
and affiliates (each, an “Indemnitee”), from and against any and all Indemnified Liabilities; provided
that no Credit Party shall have any obligation to any Indemnitee hereunder with respect to any Indemnified Liabilities to the
extent such Indemnified Liabilities arise directly from the gross negligence or willful misconduct of such Indemnitee, in each
case, as determined by a final, non-appealable judgment of a court of competent jurisdiction. To the extent that the undertakings
to defend, indemnify, pay and hold harmless set forth in this Section 11.3 may be unenforceable in whole or in part because they
are violative of any law or public policy, the applicable Credit Party shall contribute the maximum portion that it is permitted
to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees
or any of them.

 

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(b)           To
the fullest extent permitted by applicable law, no Credit Party shall assert, and each Credit Party hereby waives, any claim against
each Lender and each Agent and their respective Affiliates, directors, employees, attorneys, agents or sub-agents, 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, any other Transaction Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, or any Loan, or the use of the proceeds thereof. None of any Lender or
any Agent or any of their respective Affiliates, directors, employees, attorneys, agents or sub-agents shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Transaction Documents or the
transactions contemplated hereby or thereby.

 

(c)           Each
Credit Party also agrees that no Lender or Agent nor their respective Affiliates, directors, employees, attorneys, agents or sub-agents
will have any liability to any Credit Party or any person asserting claims on behalf of or in right of any Credit Party or any
other person in connection with or as a result of this Agreement or any Transaction Document or any agreement or instrument contemplated
hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan, or the use of the
proceeds thereof or any act or omission or event occurring in connection therewith, in each case, except in the case of any Credit
Party to the extent that any losses, claims, damages, liabilities or expenses incurred by such Credit Party or its affiliates,
shareholders, partners or other equity holders have been found by a final, non-appealable judgment of a court of competent jurisdiction
to have resulted directly from the gross negligence or willful misconduct of such Lender or Agent or their respective Affiliates,
directors, employees, attorneys, agents or sub-agents in performing its obligations under this Agreement or any Transaction Document
or any agreement or instrument contemplated hereby or thereby or referred to herein or therein; provided that in no event
will such Lender or Agent, or their respective Affiliates, directors, employees, attorneys, agents or sub-agents have any liability
for any indirect, consequential, special or punitive damages in connection with or as a result of such Lender’s or Agent’s,
or their respective Affiliates’, directors’, employees’, attorneys’, agents’ or sub-agents’
activities related to this Agreement, any Transaction Document, or any agreement or instrument contemplated hereby or thereby
or referred to herein or therein.

 

11.4.      
Set-Off.

 

 In
addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, if an Event
of Default has occurred and is continuing, each Lender is hereby authorized by each Credit Party at any time or from time to time
subject to the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), without notice to
any Credit Party or to any other Person (other than the Administrative Agent), any such notice being hereby expressly waived,
to set off and to appropriate and to apply any and all deposits (general or special, including Indebtedness evidenced by certificates
of deposit, whether matured or unmatured, but not including trust accounts) and any other Indebtedness at any time held or owing
by such Lender to or for the credit or the account of any Credit Party against and on account of the obligations and liabilities
of any Credit Party to such Lender hereunder and under the Transaction Documents, including all claims of any nature or description
arising out of or connected hereto and participations therein or with any other Transaction Document, irrespective of whether
or not (a) such Lender shall have made any demand hereunder or (b) the principal of or the interest on the Loans or any other
amounts due hereunder shall have become due and payable pursuant to Section 2 and although such obligations and liabilities, or
any of them, may be contingent or unmatured; provided that, if any Defaulting Lender shall exercise any such right of setoff,
(1) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with
the provisions of Sections 2.12 and 2.17 and, pending such payment, shall be segregated by such Defaulting Lender from its other
funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall
provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section
11.4 are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates
may have.

 

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11.5.      
Amendments and Waivers.

 

(a)           Requisite
Lenders’ Consent. Subject to the additional requirements of Sections 11.5(b) and 11.5(c), no amendment, modification,
termination or waiver of any provision of the Transaction Documents, or consent to any departure by any Credit Party therefrom,
shall in any event be effective without the written concurrence of the Requisite Lenders; provided that the Administrative
Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any other Transaction Document
to cure any ambiguity, omission, defect or inconsistency (as reasonably determined by the Administrative Agent), so long as such
amendment, modification or supplement does not adversely affect the rights of any Lender or the Lenders shall have received at
least five Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five
Business Days of the date of such notice to the Lenders, a written notice from the Requisite Lenders stating that the Requisite
Lenders object to such amendment.

 

(b)           Affected
Lenders’ Consent. Without the written consent of each Lender that would be directly affected thereby, no amendment,
modification, termination, or consent shall be effective if the effect thereof would:

 

(1)           extend
the scheduled final maturity of any Loan or Note;

 

(2)           waive,
reduce or postpone any scheduled repayment (but not prepayment);

 

(3)           reduce
the rate of interest on any Loan or any fee or Make-Whole Amount payable hereunder;

 

(4)           extend
the time for payment of any such interest, fees or Make-Whole Amounts;

 

(5)           reduce
the principal amount of any Loan;

 

(6)           amend,
modify, terminate or waive any provision of this Section 11.5(b), Section 11.5(c) or any other provision of this Agreement that
expressly provides that the consent of all Lenders is required;

 

(7)           amend
the definition of “Requisite Lenders” or “Pro Rata Share”;

 

(8)           release
all or substantially all of the Collateral except as expressly provided in the Transaction Documents and except in connection
with a “credit bid” undertaken by the Collateral Agent at the direction of the Requisite Lenders pursuant to Section
363(k), Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code or other analogous Debtor Relief Law or other sale or disposition
of assets in connection with an enforcement action with respect to the Collateral permitted pursuant to the Transaction Documents
(in which case only the consent of the Requisite Lenders will be needed for such release); or

 

(9)           consent
to the assignment or transfer by any Credit Party of any of its rights and obligations under any Transaction Document;

 

provided
that, for the avoidance of doubt, all Lenders shall be deemed directly affected thereby with respect to any amendment described
in clauses (7), (8) and (9).

 

(c)           Other
Consents. No amendment, modification, termination or waiver of any provision of the Transaction Documents, or consent to any
departure by any Credit Party therefrom, shall amend, modify, terminate or waive any provision of the Transaction Documents as
the same applies to any Agent, or any other provision hereof as the same applies to the rights or obligations of any Agent, in
each case without the consent of such Agent, as applicable. Unless the Agents have been given prior written notice of such amendment
and has consented thereto in writing, no amendments may (a) affect the obligations or rights of the Agents including, without
limitation, expanding or restricting the Agents’ discretion, (b) affect the amount or priority of any fees or other amounts
payable to the Agents hereunder or under any other Transaction Document or (c) otherwise materially and adversely affect any of
the Agents.

 

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(d)           Execution
of Amendments, Etc. The Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute
amendments, modifications, waivers or consents on behalf of such Lender. Any waiver or consent shall be effective only in the
specific instance and for the specific purpose for which it was given. No notice to or demand on any Credit Party in any case
shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances. Any amendment, modification,
termination, waiver or consent effected in accordance with this Section 11.5 shall be binding upon each Lender at the time outstanding,
each future Lender and, if signed by a Credit Party, on such Credit Party.

 

(e)           Cashless
Settlement. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover
all or a portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted
by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent
and such Lender.

 

11.6.      
Successors and Assigns; Participations.

 

(a)           Generally.
This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit
of the parties hereto and the successors and assigns of Lenders. No Credit Party’s rights or obligations hereunder nor any
interest therein may be assigned or delegated by any Credit Party without the prior written consent of all Lenders. Nothing in
this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby and, to the extent expressly contemplated hereby, Affiliates of each of the Agents and
Lenders and other Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)           Register.
The Borrower, the Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders
and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of
any such Commitment or Loan shall be effective, in each case, unless and until recorded in the Register following receipt of a
fully executed Assignment Agreement effecting the assignment or transfer thereof, together with the required forms and certificates
regarding tax matters and any fees payable in connection with such assignment, in each case, as provided in Section 11.6(d). Each
assignment shall be recorded in the Register promptly following receipt by the Administrative Agent of the fully executed Assignment
Agreement and all other necessary documents and approvals, prompt notice thereof shall be provided to the Borrower and a copy
of such Assignment Agreement shall be maintained, as applicable. The date of such recordation of a transfer shall be referred
to herein as the “Assignment Effective Date”. Any request, authority or consent of any Person who, at the time
of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding
on any subsequent holder, assignee or transferee of the corresponding Commitments or Loans.

 

(c)           Right
to Assign. Each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and obligations
under this Agreement, including all or a portion of its Commitment or Loans owing to it or other Obligations (provided
that pro rata assignments shall not be required and each assignment shall be of a uniform, and not varying, percentage of all
rights and obligations under and in respect of any applicable Loan and any related Commitments):

 

(1)           to
any Person meeting the criteria of clause (a) of the definition of the term “Eligible Assignee” upon the giving of
notice to the Borrower and the Administrative Agent; and

 

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(2)           to
any Person meeting the criteria of clause (b) of the definition of the term “Eligible Assignee” upon giving of notice
to the Borrower and the Administrative Agent, and to any other Person with the consent of the Borrower and the Administrative
Agent (such consent not to be (x) unreasonably withheld or delayed or, (y) in the case of Borrower, required at any time an Event
of Default shall have occurred and then be continuing); provided that (A) the Borrower shall be deemed to have consented
to any such assignment unless it shall have objected thereto by written notice to Administrative Agent within 10 Business Days
after having received notice thereof and (B) each such assignment pursuant to this Section 11.6(c)(2) shall be in an aggregate
amount of not less than the lesser of (x) $2,500,000, (y) such lesser amount as agreed to by the Borrower and Administrative Agent
or (z) the aggregate amount of the Loans and any related Commitments of the assigning Lender.

 

(d)           Mechanics.

 

(1)           Assignments
and assumptions of Loans and Commitments by Lenders shall be effected by manual execution and delivery to the Administrative Agent
of an Assignment Agreement. Assignments made pursuant to the foregoing provision shall be effective as of the Assignment Effective
Date. In connection with all assignments there shall be delivered to the Administrative Agent such forms, certificates or other
evidence, if any, with respect to United States federal income tax withholding matters as the assignee under such Assignment Agreement
may be required to deliver pursuant to Section 2.15(c), together with payment to the Administrative Agent of a registration and
processing fee of $3,500 (except that no such registration and processing fee shall be payable (y) in connection with an assignment
by or to Goldman Sachs or any Affiliate thereof or (z) in the case of an assignee which is already a Lender or is an affiliate
or Related Fund of a Lender or a Person under common management with a Lender).

 

(2)           In
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such
additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which
may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of the Borrower and the Administrative Agent, the applicable Pro Rata Share of Loans previously requested
but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other
Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full Pro Rata Share of all Loans.
Notwithstanding the foregoing, if any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed
to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

(e)           Representations
and Warranties of Assignee. Each Lender, upon execution and delivery hereof or upon succeeding to an interest in the Commitments
and Loans, as the case may be, represents and warrants as of the Closing Date or as of the Assignment Effective Date that (1)
it is an Eligible Assignee (or, if not an Eligible Assignee, the assignment to it is permitted under this Section 11.6); (2) it
has experience and expertise in the making of or investing in commitments or loans such as the applicable Commitments or Loans,
as the case may be; (3) it will make or invest in, as the case may be, its Commitments or Loans for its own account in the ordinary
course and without a view to distribution of such Commitments or Loans within the meaning of the Securities Act or the Exchange
Act or other federal securities laws (it being understood that, subject to the provisions of this Section 11.6, the disposition
of such Commitments or Loans or any interests therein shall at all times remain within its exclusive control); and (4) it will
not provide any information obtained by it in its capacity as a Lender to the Sponsor or any Affiliate of the Sponsor.

 

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(f)            Effect
of Assignment. Subject to the terms and conditions of this Section 11.6, as of the Assignment Effective Date (1) the assignee
thereunder shall have the rights and obligations of a “Lender” hereunder to the extent of its interest in the Loans
and Commitments as reflected in the Register and shall thereafter be a party hereto and a “Lender” for all purposes
hereof; (2) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned to the
assignee, relinquish its rights (other than any rights which survive the termination hereof under Section 11.8) and be released
from its obligations hereunder (and, in the case of an assignment covering all or the remaining portion of an assigning Lender’s
rights and obligations hereunder, such Lender shall cease to be a party hereto on the Assignment Effective Date; provided
that, anything contained in any of the Transaction Documents to the contrary notwithstanding, such assigning Lender shall continue
to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising out of the prior
involvement of such assigning Lender as a Lender hereunder); (3) the Commitments shall be modified to reflect any Commitment of
such assignee; and (4) if any such assignment occurs after the issuance of any Note hereunder, the assigning Lender shall, upon
the effectiveness of such assignment or as promptly thereafter as practicable, surrender its applicable Notes to the Administrative
Agent for cancellation, and thereupon the Borrower shall issue and deliver new Notes, if so requested by the assignee and/or assigning
Lender, to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new outstanding Loans of
the assignee and/or the assigning Lender.

 

(g)           Participations.

 

(1)           Each
Lender shall have the right at any time to sell one or more participations to any Person (other than a Credit Party, the Sponsor,
any Sponsor Affiliate or any Natural Person or, if no Event of Default shall have occurred and then be continuing at the time
of such sale, a Disqualified Institution) in all or any part of its Commitments, Loans or in any other Obligation. Each Lender
that sells a participation pursuant to this Section 11.6(g) shall, acting as a non-fiduciary agent of the Borrower, maintain a
register on which it records the name and address of each participant and the principal amounts (and stated interest) of each
participant’s participation interest with respect to the Loans (each, a “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including
the identity of any participant or any information relating to a participant’s interest in any Commitments, Loans or its
other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine
that such disclosure is necessary to establish that such Commitment, Loan or other Obligation is in registered form under Section
5f.103-1(c) of the United States Treasury Regulations. Unless otherwise required by the Internal Revenue Service, or otherwise
reasonably required by the Borrower in connection with legal or regulatory requirements, any disclosure required by the foregoing
sentence shall be made by the relevant Lender directly and solely to the Internal Revenue Service. 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 a participation with respect to the Loan for all purposes under this Agreement, notwithstanding any notice
to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as the Administrative Agent) shall have
no responsibility for maintaining a Participant Register.

 

(2)           The
holder of any such participation, other than an Affiliate of the Lender granting such participation, shall not be entitled to
require such Lender to take or omit to take any action hereunder except with respect to any amendment, modification or waiver
that would (A) extend the final scheduled maturity of any Loan, or Note in which such participant is participating, or reduce
the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of applicability of any
post-default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant’s
participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or
of a mandatory reduction in the Commitment shall not constitute a change in the terms of such participation, and that an increase
in any Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is
not increased as a result thereof), (B) consent to the assignment or transfer by any Credit Party of any of its rights and obligations
under this Agreement or (C) release all or substantially all of the Collateral under the Transaction Documents (in each case,
except as expressly provided in the Transaction Documents) supporting the Loans hereunder in which such participant is participating.

 

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(3)           The
Borrower agrees that each participant shall be entitled to the benefits of Sections 2.13(c), 2.14 and 2.15 to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (c) of this Section; provided
that (x) a participant shall not be entitled to receive any greater payment under Section 2.14 or 2.15 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such participant, except to the extent such entitlement
to receive a greater payment results from a Change in Law that occurs after such participant acquired the participation or unless
the sale of the participation to such participant is made with the Borrower’s prior written consent (not to be unreasonably
withheld or delayed); (y) a participant shall not be entitled to the benefits of Section 2.15 unless the Borrower is notified
of the participation sold to such participant and such participant agrees, for the benefit of the Borrower, to comply with Section
2.15 as though it were a Lender; and (z) except as specifically set forth in clauses (x) and (y) of this sentence, nothing herein
shall require any notice to the Borrower or any other Person in connection with the sale of any participation. To the extent permitted
by law, each participant also shall be entitled to the benefits of Section 11.4 as though it were a Lender, provided that
such participant agrees to be subject to Section 2.12 as though it were a Lender.

 

(h)           Certain
Other Assignments and Participations. In addition to any other assignment or participation permitted pursuant to this Section
11.6 any Lender may assign, pledge and/or grant a security interest in all or any portion of its Loans, the other Obligations
owed by or to such Lender, and its Notes, if any, to secure obligations of such Lender including any Federal Reserve Bank as collateral
security pursuant to Regulation A and any operating circular issued by such Federal Reserve Bank; provided that (1) no
Lender, as between the Borrower and such Lender, shall be relieved of any of its obligations hereunder as a result of any such
assignment and pledge, and (2) in no event shall the applicable Federal Reserve Bank, pledgee or trustee, be considered to be
a “Lender” or be entitled to require the assigning Lender to take or omit to take any action hereunder.

 

11.7.      
Independence of Covenants.

 

All
covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such
covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant
shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

 

11.8.      
Survival of Representations, Warranties and Agreements.

 

All
representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Credit
Extension. Notwithstanding anything herein or implied by law to the contrary, the agreements of each Credit Party set forth in
Sections 2.13(c), 2.14, 2.15, 10.2, 10.3, 10.4 and 10.22 and the agreements of Lenders set forth in Sections 2.15, 9.3(b) and
9.6 shall survive the payment of the Loans, and the termination hereof.

 

11.9.      
No Waiver; Remedies Cumulative.

 

No
failure or delay on the part of any Agent or any Lender in the exercise of any power, right or privilege hereunder or under any
other Transaction Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence
therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof
or of any other power, right or privilege. The rights, powers and remedies given to each Agent and each Lender hereby are cumulative
and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule of law
or in any of the other Transaction Documents. Any forbearance or failure to exercise, and any delay in exercising, any right,
power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it
preclude the further exercise of any such right, power or remedy.

 

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11.10.   
Marshalling; Payments Set Aside.

 

Neither
any Agent nor any Lender shall be under any obligation to marshal any assets in favor of any Credit Party or any other Person
or against or in payment of any or all of the Obligations. To the extent that any Credit Party makes a payment or payments to
the Administrative Agent or Lenders (or to the Administrative Agent, on behalf of Lenders), or any Agent or Lender enforces any
security interests or exercises any right of setoff, and such payment or payments or the proceeds of such enforcement or setoff
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid
to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable
cause, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens,
rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or
payments had not been made or such enforcement or setoff had not occurred.

 

11.11.   
Severability.

 

In
case any provision in or obligation hereunder or under any other Transaction Document shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision
or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

11.12.   
Obligations Several; Independent Nature of Lenders’ Rights.

 

The
obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Commitment of any other
Lender hereunder. Nothing contained herein or in any other Transaction Document, and no action taken by Lenders pursuant hereto
or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity.
The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled
to protect and enforce its rights arising out hereof and it shall not be necessary for any other Lender to be joined as an additional
party in any proceeding for such purpose.

 

11.13.   
Headings.

 

Section
headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose
or be given any substantive effect.

 

11.14.   
APPLICABLE LAW.

 

THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT
LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL
BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

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11.15.   
CONSENT TO JURISDICTION.

 

SUBJECT
TO CLAUSE (E) OF THE FOLLOWING SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO
OR ANY OTHER TRANSACTION DOCUMENTS, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA
SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN
THE CITY AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH CREDIT PARTY, FOR ITSELF AND IN CONNECTION WITH
ITS PROPERTIES, IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE (SUBJECT TO CLAUSE (E) BELOW) JURISDICTION
AND VENUE OF SUCH COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH
PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE CREDIT PARTY
AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 11.1; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT
TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT THE AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS
IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION
IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY TRANSACTION DOCUMENT OR AGAINST ANY COLLATERAL OR THE ENFORCEMENT OF ANY
JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND CONSENTS TO VENUE IN, ANY SUCH COURT.

 

11.16.   
WAIVER OF JURY TRIAL.

 

EACH
OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER TRANSACTION DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER
OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON
THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.
EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION
11.16 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS HERETO OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS
MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

11.17.   
Usury Savings Clause.

 

Notwithstanding
any other provision herein, the aggregate interest rate charged with respect to any of the Obligations, including all charges
or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate.
If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest
Lawful Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total
amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest
set forth in this Agreement had at all times been in effect. In addition, if when the Obligations are repaid in full the total
interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would
have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the
extent permitted by law, the Borrower shall pay to the Administrative Agent an amount equal to the difference between the amount
of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect.
Notwithstanding the foregoing, it is the intention of Lenders and the Borrower to conform strictly to any applicable usury laws.
Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest
Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option
be applied to the outstanding amount of the Loans made hereunder or be refunded to the Borrower.

 

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11.18.   
Effectiveness; Counterparts.

 

This
Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by the Borrower
and the Administrative Agent of written notification of such execution and authorization of delivery thereof. This Agreement may
be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page
of this Agreement by facsimile or in electronic format (i.e., “pdf” or “tif” shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

11.19.   
PATRIOT Act.

 

Each
Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant
to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies each Credit Party,
which information includes the name and address of each Credit Party and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify such Credit Party in accordance with the PATRIOT Act.

 

11.20.   
Electronic Execution of Assignments.

 

The
words “execution”, “signed”, “signature”, and words of like import in any Assignment Agreement
shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as
the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

 

11.21.   
No Fiduciary Duty.

 

Each
Agent, Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may
have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates. Each Credit
Party agrees that nothing in the Transaction Documents or otherwise will be deemed to create an advisory, fiduciary or agency
relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or
its affiliates, on the other. The Credit Parties acknowledge and agree that (a) the transactions contemplated by the Transaction
Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions
between the Lenders, on the one hand, and the Credit Parties, on the other, and (b) in connection therewith and with the process
leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders
or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto)
or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit
Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations
expressly set forth in the Transaction Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary
of any Credit Party, its management, stockholders, creditors or any other Person. Each Credit Party acknowledges and agrees that
it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making
its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that
it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty
to such Credit Party, in connection with such transaction or the process leading thereto.

 

    80

     

    

 

11.22.    
Confidentiality.

 

(a)           The
Collateral Agent, the Collateral Administrator, the Administrative Agent and each Lender will maintain the confidentiality of
all Confidential Information to protect Confidential Information delivered to such Person; provided that such Person may deliver
or disclose Confidential Information to: (i) such Person’s directors, trustees, officers, employees, agents, attorneys and
affiliates who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section
11.22 and to the extent such disclosure is reasonably required for the administration of this Agreement and the other Transaction
Documents, the matters contemplated hereby or the investment represented by the Loans; (ii) such Person’s legal advisors,
financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in
accordance with the terms of this Section 11.22 and to the extent such disclosure is reasonably required for the administration
of this Agreement, the matters contemplated hereby or the investment represented by the Loans; (iii) any other Lender, or any
of the other parties to this Agreement, the Investment Management Agreement or the other Transaction Documents; (iv) any federal
or state or other regulatory, governmental or judicial authority having jurisdiction over such Person in the course of any routine
examination by such authority; (v) any other Person with the consent of the Borrower and the Investment Manager; (vi) any other
Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation
or order applicable to such Person, (B) in response to any subpoena or other legal process upon prior notice to the Borrower and
the Investment Manager (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law),
(C) in connection with any litigation to which such Person is a party upon prior notice to the Borrower and the Investment Manager
(unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (D) to the extent such
Person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection
of the rights and remedies with respect to the Obligations, this Agreement or the other Transaction Documents or (E) in the Collateral
Agent’s, the Collateral Administrator’s or the Administrative Agent’s performance of its obligations under this
Agreement, the Collateral Administration Agreement or other Transaction Document; (vi) any Person of the type that would be, to
such Person’s knowledge, permitted to acquire Loans in accordance with the requirements of Section 11.6 to which such Person
sells or offers to sell any such Loan or any part thereof (if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by the provisions of this Section 11.22); and (vii) with respect to any Collateral Obligation, any actual
or prospective transferee of such Collateral Obligation (if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by the provisions of this Section 11.22 with respect to such Confidential Information or has otherwise
agreed to be bound by all applicable confidentiality restrictions applicable to such Confidential Information in the Reference
Instruments relating to such Collateral Obligation). Each Lender agrees that it shall use the Confidential Information for the
sole purpose of making an investment in the Loans or administering its investment in the Loans; and that the Collateral Agent,
the Collateral Administrator and the Administrative Agent shall neither be required nor authorized to disclose to Lenders any
Confidential Information in violation of this Section 11.22. In the event of any required disclosure of the Confidential Information
by such Lender, such Lender agrees to use reasonable efforts to protect the confidentiality of the Confidential Information.

 

(b)           For
the purposes of this Section 11.22, “Confidential Information” means information delivered to the Collateral
Agent, the Collateral Administrator, the Administrative Agent or any Lender by or on behalf of the Borrower or the Investment
Manager in connection with and relating to the transactions contemplated by or otherwise pursuant to this Agreement; provided
that such term does not include information that: (i) was publicly known or otherwise known to the Collateral Agent, the Collateral
Administrator, the Administrative Agent or such Lender or beneficial owner prior to the time of such disclosure; (ii) subsequently
becomes publicly known through no act or omission by the Collateral Agent, the Collateral Administrator, the Administrative Agent
or any Lender or any person acting on behalf of the Collateral Agent, the Collateral Administrator, the Administrative Agent or
any Lender; (iii) otherwise is known or becomes known to the Collateral Agent, the Collateral Administrator, the Administrative
Agent or any Lender other than (x) through disclosure by or on behalf of the Borrower or the Investment Manager or (y) to the
knowledge of the Collateral Agent, the Collateral Administrator, the Administrative Agent or Lender, as the case may be, in each
case after reasonable inquiry, as a result of the breach of a fiduciary duty to the Borrower or the Investment Manager or a contractual
duty to the Borrower or the Investment Manager; or (iv) is allowed to be treated as non-confidential by consent of the Borrower
and the Investment Manager.

 

    81

     

    

 

SECTION
12. SUBORDINATION

 

(a)           Anything
in this Agreement or the other Transaction Documents to the contrary notwithstanding, the Borrower agrees for the benefit of the
Lenders and the Agents that the rights of the Equity Owner to distribution by the Borrower and in and to the Collateral, including
any payment from Proceeds of Collateral, shall be subordinate and junior to the Loans, to the extent and in the manner set forth
in this Agreement including as set forth in Section 7 and hereinafter provided. If any Event of Default has occurred and has not
been cured or waived, and notwithstanding anything contained in Section 7 to the contrary, interest on and principal and other
amounts owing in respect of the Loans and all other Obligations shall be paid in full in Cash (in order of priority) before any
further payment or distribution is made on account of the Equity Owner.

 

(b)           If
notwithstanding the provisions of this Agreement, any holder of any Subordinate Interests shall have received any payment or distribution
in respect of such Subordinate Interests contrary to the provisions of this Agreement, then, unless and until either the Obligations
shall have been paid in full in Cash in accordance with this Agreement, such payment or distribution shall be received and held
in trust for the benefit of, and shall forthwith be paid over and delivered to, the Collateral Agent, which shall pay and deliver
the same to the Lenders, as the case may be, in accordance with this Agreement; provided that, if any such payment or distribution
is made other than in Cash, it shall be held by the Collateral Agent as part of the Collateral and subject in all respects to
the provisions of this Agreement, including this Section 12.

 

(c)           The
Borrower agrees with all Lenders that the Borrower shall not demand, accept, or receive any payment or distribution in respect
of such Subordinate Interests in violation of the provisions of this Agreement, including this Section 12. Nothing in this Section
12 shall affect the obligation of the Borrower to pay holders of Subordinate Interests.

 

(d)           In
exercising any of its or their voting rights, rights to direct and consent or any other rights as a Lender under this Agreement,
subject to the terms and conditions of this Agreement, a Lender or Lenders shall not have any obligation or duty to any Person
or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by
it or them or at its or their direction or any failure by it or them to act or to direct that an action be taken, without regard
to whether such action or inaction benefits or adversely affects any Lender, the Borrower, or any other Person, except for any
liability to which such Lender may be subject to the extent the same results from such Lender’s taking or directing an action,
or failing to take or direct an action, in bad faith or in violation of the express terms of this Agreement.

 

SECTION
13. ASSIGNMENT OF INVESTMENT MANAGEMENT AGREEMENT

 

(a)           The
Borrower, in furtherance of the covenants of this Agreement and as security for the Obligations and the performance and observance
of the provisions hereof and of the other Transaction Documents, hereby assigns, transfers, conveys and sets over to the Collateral
Agent, for the benefit of the Secured Parties, all of the Borrower’s estate, right, title and interest in, to and under
the Investment Management Agreement (except as set forth in the second proviso of this Section 13(a)), including (1) the right
to give all notices, consents and releases thereunder, (2) the right to take any legal action upon the breach of an obligation
of the Investment Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity,
(3) the right to receive all notices, accountings, consents, releases and statements thereunder and (4) the right to do any and
all other things whatsoever that the Borrower is or may be entitled to do thereunder; provided that, notwithstanding anything
herein to the contrary, the Collateral Agent shall not have the authority to execute any of the rights set forth in subclauses
(1) through (4) above or may otherwise arise as a result of the grant unless an Event of Default has occurred and is continuing
hereunder and the Collateral Agent is directed in writing to take any such action by the Required Lenders and such authority shall
terminate at such time, if any, as such Event of Default is cured or waived; provided that the assignment made hereby does
not include an assignment of the Borrower’s right to terminate the Investment Manager pursuant to Section 11 of the Investment
Management Agreement or any other provision contained therein.

 

    82

     

    

 

(b)           The
assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Borrower under the provisions of the Investment Management Agreement, nor shall any of the obligations
contained in the Investment Management Agreement be imposed on the Collateral Agent.

 

(c)           Upon
the repayment of the Loans in full and the release of the Collateral from the lien of the Transaction Documents, this assignment
and all rights herein assigned to the Collateral Agent for the benefit of the Secured Parties shall cease and terminate and all
the estate, right, title and interest of the Collateral Agent in, to and under the Investment Management Agreement shall revert
to the Borrower and no further instrument or act shall be necessary to evidence such termination and reversion.

 

(d)           The
Borrower represents that the Borrower has not executed any other assignment of the Investment Management Agreement, except for
any assignments that have terminated or been cancelled on or prior to the Initial Funding Date and that are no longer in effect.

 

(e)           The
Borrower agrees that this assignment is irrevocable, and that it will not take any action which is inconsistent with this assignment
or make any other assignment inconsistent herewith. The Borrower will, from time to time, execute all instruments of further assurance
and all such supplemental instruments with respect to this assignment as the Collateral Agent may specify or as may be required
to maintain the perfection thereof.

 

(f)           The
Borrower hereby agrees, and hereby undertakes to obtain the agreement and consent of the Investment Manager in the Investment
Management Agreement, to the following:

 

(1)           The
Investment Manager consents to the provisions of this assignment and agrees to perform any provisions of this Agreement applicable
to the Investment Manager subject to the terms of the Investment Management Agreement.

 

(2)           The
Investment Manager acknowledges that, except as otherwise set forth in clause (a) above, the Borrower is assigning all of its
right, title and interest in, to and under the Investment Management Agreement to the Collateral Agent for the benefit of the
Secured Parties.

 

(3)           The
Investment Manager shall deliver to the Collateral Agent and the Collateral Administrator duplicate original copies of all notices,
statements, communications and instruments delivered or required to be delivered to the Borrower pursuant to the Investment Management
Agreement.

 

(4)           Neither
the Borrower nor the Investment Manager will enter into any agreement amending, modifying or terminating the Investment Management
Agreement without (x) complying with the applicable provisions of the Investment Management Agreement, and (y) the consent of
the Requisite Lenders.

 

    83

     

    

 

(5)
          Except as otherwise set forth herein and therein, the Investment Manager shall continue to serve as Investment Manager under the
Investment Management Agreement notwithstanding that the Investment Manager shall not have received amounts due it under the Investment
Management Agreement because sufficient funds were not then available hereunder to pay such amounts in accordance with the Priority
of Payments. The Investment Manager agrees not to cause the filing of a petition in bankruptcy against the Borrower for the non-payment
of the Investment Management Fees, or other amounts payable by the Borrower to the Investment Manager under the Investment Management
Agreement prior to the date which is one year and one day (or, if longer, the applicable preference period) after the payment
in full of the Loans; provided that nothing in this Section 13 shall preclude, or be deemed to stop, the Investment Manager
(x) from taking any action prior to the expiration of the aforementioned one year and one day (or longer) period in (A) any
case or proceeding voluntarily filed or commenced by the Borrower or (B) any involuntary insolvency proceeding filed or commenced
by a Person other than the Investment Manager or its Affiliates or (y) from commencing against the Borrower or any of its properties
any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding.

 

(6)           The
Investment Manager irrevocably submits to the non-exclusive jurisdiction of any federal or New York state court sitting in the
Borough of Manhattan in The City of New York in any action or Proceeding arising out of or relating to the Loans or this Agreement,
and the Investment Manager irrevocably agrees that all claims in respect of such action or Proceeding may be heard and determined
in such federal or New York state court. The Investment Manager irrevocably waives, to the fullest extent it may legally do so,
the defense of an inconvenient forum to the maintenance of such action or Proceeding. The Investment Manager irrevocably consents
to the service of any and all process in any action or Proceeding by the mailing or delivery of copies of such process to it at
the office of the Investment Manager provided for herein. The Investment Manager agrees that a final judgment in any such action
or Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law.

 

[Remainder
of page intentionally left blank]

 

    84

     

    

 

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

 

	 	GLADWYNE FUNDING LLC, as the Borrower
	 	 	 
	 	By:	/s/ Edward T. Gallivan Jr.
	 	 	Name: Edward T. Gallivan, Jr.
	 	 	Title: Chief Financial Officer
	 	 	 
	 	GOLDMAN SACHS BANK USA, as the Administrative Agent
	 	 	 
	 	By:	/s/ Ali Meli
	 	 	Name: Ali Meli
	 	 	Title: PMD
	 	 	 
	 	GOLDMAN SACHS BANK USA, as Sole Lead Arranger
	 	 	 
	 	By:	/s/ Ali Meli
	 	 	Name: Ali Meli
	 	 	Title: PMD
	 	 	 
	 	GOLDMAN SACHS BANK USA, as Lender
	 	 	 
	 	By:	/s/ Ali Meli
	 	 	Name: Ali Meli
	 	 	Title: PMD
	 	 	 
	 	VIRTUS GROUP, LP, as the Collateral Administrator
	 	 	 
	 	By:	/s/ Mirna Herr
	 	 	Name: Mirna Herr
	 	 	Title: Partner
	 	 	 
	 	CITIBANK, N.A., as the Collateral Agent
	 	 	 
	 	By:	/s/ Thomas J. Varcados
	 	 	Name: Thomas J. Varcados
	 	 	Title: Vice President

 

     

     

    

 

APPENDIX
A

 

Lenders
and Commitments

 

	Lender	Commitment	Pro
    Rata Share
	Goldman Sachs Bank USA	$    425,000,000	100%
	 	 	 
	Totals:	$    425,000,000	100%

 

    A-1

     

    

 

SCHEDULE
A

 

[Reserved]

 

    A-1

     

    

 

SCHEDULE
B

 

Assumptions
as to Collateral Obligations, Etc.

 

(a)           In
connection with all calculations required to be made pursuant to this Agreement with respect to Distributions on any Pledged Obligations,
or any payments on any other assets included in the Collateral, and with respect to the income that can be earned on Distributions
on such Pledged Obligations and on any other amounts that may be received for deposit in the Interest Collection Account or the
Principal Collection Account, the provisions set forth in this Schedule B shall be applied.

 

(b)           All
calculations with respect to Distributions on the Pledged Obligations shall be made by the Investment Manager on the basis of
information as to the terms of each such Pledged Obligation and upon report of payments, if any, received on such Pledged Obligation
that are furnished by or on behalf of the issuer of or borrower with respect to such Pledged Obligation and, to the extent they
are not manifestly in error, such information or report may be conclusively relied upon in making such calculations. To the extent
they are not manifestly in error, any information or report received by the Investment Manager (other than those prepared by the
Investment Manager), the Collateral Administrator or the Collateral Agent with respect to the Collateral Obligations may be conclusively
relied upon in making such calculations.

 

(c)           For
each Due Period, the Distribution on any Pledged Obligation (other than a Defaulted Obligation or other Collateral which is assigned
a Principal Balance of zero, which shall be, until any Distribution is actually received by the Borrower from such Defaulted Obligation
or Collateral Obligation, assumed to have a Distribution of zero) shall be the minimum amount, including coupon payments, accrued
interest, scheduled Principal Payments, if any, by way of sinking fund payments which are assumed to be on a pro rata basis
or other scheduled amortization of principal, return of principal, and redemption premium, if any, assuming that any index applicable
to any payments on a Pledged Obligation that is subject to change is not changed, that, if paid as scheduled, will be available
in the Interest Collection Account or the Principal Collection Account, at the end of the Due Period net of withholding or similar
taxes to be withheld from such payments (but taking into account payments made in respect of such taxes that result in the net
amount actually received by the Borrower (free and clear of taxes, whether assessed against such obligor thereof, the counterparty
with respect thereto, or the Borrower) being equal to the full amount that the Borrower would have received had no such deduction
or withholding been required).

 

(d)           The
Investment Manager’s judgment in all cases under this Agreement and the other Transaction Documents shall be subject to
Section 2 of the Investment Management Agreement.

 

(e)           For
purposes of (1) the Schedule of Collateral Obligations or a list of Collateral Obligations prepared in accordance with this Agreement,
(2) the Valuation Reports, (3) the Monthly Reports, (4) the Additional Reports prepared in accordance with this Agreement and
(5) preparing any other reports hereunder, Collateral Obligations committed to be purchased by the Borrower shall be treated as
owned or acquired by the Borrower (with the Borrower deemed to have a perfected security interest in such Collateral Obligation)
and Collateral Obligations committed to be sold by the Borrower shall be treated as having been sold by the Borrower and shall
not be treated as owned by the Borrower.

 

    B-1

     

    

 

SCHEDULE
C

 

Additional
Conditions Precedent

 

Part
1:

 

In
addition to the conditions set forth in Section 3.1 of the Agreement to which this Schedule C is attached, the obligation of each
Lender to make a Credit Extension on the Initial Funding Date is subject to the receipt by the Administrative Agent of each of
the following (each in form and substance satisfactory to it in its sole and absolute discretion):

 

(a)          An
Officer’s certificate of the Investment Manager, dated as of the Initial Funding Date, to the effect that each Collateral
Obligation to be Delivered by the Borrower on the Initial Funding Date and each Collateral Obligation with respect to which the
Investment Manager on behalf of the Borrower has entered into a binding commitment to purchase or enter into is listed in the
Schedule of Collateral Obligations and:

 

(1)           in
the case of each such Collateral Obligation in the Schedule of Collateral Obligations, immediately prior to the Delivery of any
Collateral Obligations on the Initial Funding Date, the information with respect to each such Collateral Obligation in the Schedule
of Collateral Obligations is complete and correct in all material respects; and

 

(2)           in
the case of (x) each such Collateral Obligation in the Schedule of Collateral Obligations to be Delivered on the Initial Funding
Date, immediately prior to the Delivery thereof on the Initial Funding Date, it satisfies, and (y) each Collateral Obligation
that the Investment Manager on behalf of the Borrower committed to purchase on or prior to the Closing Date, each such Collateral
Obligation, upon its acquisition, will satisfy, the applicable requirements of the definition of “Collateral Obligation”
in this Agreement;

 

(b)          A
certificate of an Authorized Officer of the Borrower, dated as of the Initial Funding Date, to the effect that, in the case of
each Collateral Obligation pledged to the Collateral Agent for inclusion in the Collateral on the Initial Funding Date and immediately
prior to the Delivery thereof on the Initial Funding Date:

 

(i)            the
Borrower has good and marketable title to such Collateral Obligation free and clear of any liens, claims, encumbrances or defects
of any nature whatsoever except (1) for those which are being released on the Initial Funding Date or (2) for those encumbrances
arising from due bills, if any, with respect to interest, or a portion thereof, accrued on such Collateral Obligation prior to
the Initial Funding Date and owed by the Borrower to the seller of such Collateral Obligation;

 

(ii)           the
Borrower has acquired its ownership in such Collateral Obligation in good faith without notice of any adverse claim, except as
described in paragraph (i) above;

 

(iii)          the
Borrower has not assigned, pledged or otherwise encumbered any interest in such Collateral Obligation (or, if any such interest
has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Agreement
and the other Transaction Documents;

 

(iv)          the
Borrower has full right to Grant a security interest in and assign and pledge such Collateral Obligation to the Collateral Agent;

 

(v)           the
information set forth with respect to such Collateral Obligation in Appendix C-2 is correct; and

 

    C-1

     

    

 

(vi)          upon
Grant by the Borrower and the taking of the relevant actions contemplated by the Transaction Documents, the Collateral Agent has
a perfected security interest in the Collateral that is of first priority, free of any adverse claim or the legal equivalent thereof.

 

(c)          Evidence
of the establishment of the Borrower Accounts.

 

Part
2:

 

In
addition to the conditions set forth in Section 3.2 of the Agreement to which this Schedule C is attached, the obligation of each
Lender to make a Credit Extension on each Credit Date is subject to the receipt by the Administrative Agent of each of the following
(each in form and substance satisfactory to it in its sole and absolute discretion):

 

(a)          Evidence
that, after giving effect to the related borrowing, the quotient of the aggregate outstanding principal amount of the Loans divided
by Par Value Numerator will exceed 56.25%.

 

    C-2

     

    

 

SCHEDULE
D

 

Additional
Representations

 

Part
1:

 

None.

 

Part
2:

 

None.

 

    D-1

     

    

 

SCHEDULE
E

 

Additional
Covenants

 

Part
1:

 

1.            Compliance
with Laws, Etc.

 

The
Borrower will comply in all material respects with applicable laws, rules, regulations, writs, judgments, injunctions, decrees,
awards and orders with respect to it, its business and its properties.

 

2.            Maintenance
of Books and Records.

 

The
Borrower shall maintain and implement administrative and operating procedures reasonably necessary in the performance of its obligations
hereunder and the Borrower shall keep and maintain, or cause the Board of Managers to keep or maintain at all times, or cause
to be kept and maintained at all times in the registered office of the Borrower specified in the Limited Liability Company Agreement,
all documents, books, records, accounts and other information as are required under the laws of Delaware.

 

3.            Existence
of Borrower.

 

(a)           The
Borrower shall take all reasonable steps to maintain its identity as a separate legal entity from that of its members. The Borrower
shall keep its principal place of business at the address specified on Appendix B. The Borrower shall keep separate books and
records and will not commingle its respective funds with those of any other Person. The Borrower shall, to the maximum extent
permitted by applicable law, keep in full force and effect its rights and franchises as a limited liability company incorporated
under the laws of the State of Delaware, shall comply with the provisions of its organizational documents, and shall obtain and
preserve its qualification to do business as a foreign limited liability company in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Collateral.

 

(b)           The
Borrower shall ensure that all limited liability company or other formalities regarding its existence (including, to the extent
required by applicable law, holding regular member and managers or other similar meetings) are followed and shall conduct business
in its name. The Borrower shall not take any action, or conduct its affairs in a manner, that is likely to result in its separate
existence being ignored, will fail to correct any known misunderstanding regarding its existence, or in its assets and liabilities
being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. Without
limiting the foregoing, the Borrower shall not (A) have any employees (other than members, managers and any other officers appointed
in compliance with the Limited Liability Company Agreement), (B) engage in any transaction with any member (other than the issuance
of the Borrower’s equity) that would constitute a conflict of interest (provided that the Limited Liability Company
Agreement, the Collateral Administration Agreement, the Sale and Contribution Agreement and the Investment Management Agreement
shall not be deemed to be such a transaction that would constitute a conflict of interest) or (C) pay dividends other than in
accordance with the Priority of Payments or any other provision of any Transaction Document that expressly permits dividends.

 

(c)           The
Borrower shall (1) have a board of managers separate from that of any other person (although members of the board of managers
of the Borrower may serve as managers of one or more Affiliates of the Borrower); (2) file its own tax returns, if any, as may
be required under applicable law, to the extent (x) not part of a consolidated group filing a consolidated return or returns or
(y) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable
law; (3) not commingle its assets with assets of any other person; (4) conduct its business in its own name and strictly comply
with all organizational formalities necessary to maintain its separate existence (and all such formalities have been complied
with since the Borrower’s formation); (5) maintain separate financial statements (it being understood that, if the Borrower’s
financial statements are part of a consolidated group with its Affiliates, then any such consolidated statements shall contain
a note indicating the Borrower’s separateness from any such Affiliates and that its assets are not available to pay the
debts of such Affiliate); (6) pay its own liabilities only out of its own funds; (7) maintain an arm’s-length relationship
with its Affiliates; (8) not hold out its credit or assets as being available to satisfy the obligations of others; (9) pay its
fair and reasonable share of overhead for shared office space, if any; (10) use separate stationery, invoices and checks and not
of any other entity (unless such entity is clearly designated as being the Borrower’s agent); (11) not pledge its assets
as security for the obligations of any other person; (12) maintain adequate capital in light of its contemplated business purpose,
transactions and liabilities and pay its operating expenses and liabilities from its own assets; and (13) not take any Material
Action without the unanimous affirmative vote of each member of its board of managers, including, in all cases, each of the Independent
Managers.

 

    E-1

     

    

 

4.           Protection
of Collateral.

 

(a)          The
Borrower 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 necessary
to secure the rights and remedies of the Secured Parties hereunder and to:

 

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

 

(2)           maintain
or preserve the lien (and the priority thereof) of the Transaction Documents or to carry out more effectively the purposes hereof;

 

(3)           perfect,
publish notice of or protect the validity of any Grant made or to be made by the Transaction Documents;

 

(4)           enforce
any of the Pledged Obligations or other instruments or property included in the Collateral;

 

(5)           preserve
and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties against the claims of
all persons and parties;

 

(6)           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; and

 

(7)           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 the Transaction Documents
or to enable the Collateral Agent to exercise and enforce its rights hereunder and thereunder 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.

 

The
Borrower hereby designates the Collateral Agent as its agent and attorney-in-fact to file, upon Borrower Order, any financing
statement, continuation statement or other instrument required pursuant to this Section 4; provided that such appointment
shall not impose upon the Collateral Agent any of the Borrower’s obligations under this Section 4. The Borrower shall cause
to be filed one or more continuation statements under the applicable UCC (it being understood that the Borrower (and to the extent
the Collateral Agent takes any action, the Collateral Agent) shall be entitled to rely upon an Opinion of Counsel as to the need
to file such financing statements and continuation statements, the dates by which such filings are required to be made and the
jurisdictions in which such filings are required to be made).

 

    E-2

     

    

 

(b)           The
Collateral Agent shall not (1) except in accordance with the terms and conditions herein, remove any portion of the Collateral
that consists of Cash or is evidenced by an instrument, certificate or other writing (A) from the jurisdiction in which it was
held at the date the most recent Opinion of Counsel was delivered pursuant to Section 5 below in this Part 1 of Schedule E (or
from the jurisdiction in which it was held as described in the Opinion of Counsel delivered at the Initial Funding Date pursuant
to Section 3 of this Agreement, if no Opinion of Counsel has yet been delivered pursuant to said Section 5) or (B) from the possession
of the Person who held it on such date or (2) cause or permit ownership or the pledge of any portion of the Collateral that consists
of book-entry securities to be recorded on the books of a Person (A) located in a different jurisdiction from the jurisdiction
in which such ownership or pledge was recorded at such date or (B) other than the Person on whose books such ownership or pledge
was recorded at such date, unless the Collateral Agent shall have first received an Opinion of Counsel to the effect that the
lien and security interest created by this Agreement with respect to such property will continue to be maintained after giving
effect to such action or actions.

 

5.            Opinions
as to Collateral.

 

On
or before March 1 in each calendar year, commencing in 2018, the Borrower shall furnish to the Collateral Agent and the Administrative
Agent an Opinion of Counsel relating to the security interest granted by the Borrower to the Collateral Agent, stating that, as
of the date of such opinion, the lien and security interest created by the Transaction Documents with respect to the Collateral
remain in effect and that no further action (other than as specified in such opinion) needs to be taken to ensure the continued
effectiveness of such lien over the next year.

 

6.            Performance
of Obligations.

 

(a)           If
an Event of Default shall have occurred and be continuing, the Borrower shall not take any action that would release any principal
obligor from any of such principal obligor’s covenants or obligations under any Reference Instrument, except in connection
with the restructuring, default, waiver or amendment of any Collateral; provided that Requisite Lenders shall have consented
to such action.

 

(b)           The
Borrower may contract with other Persons, including the Investment Manager and the Collateral Administrator, for the performance
of actions and obligations to be performed by the Borrower hereunder by such Persons and the performance of the actions and other
obligations with respect to the Collateral of the nature set forth in the Investment Management Agreement by the Investment Manager
and the Collateral Administration Agreement by the Collateral Administrator. Notwithstanding any such arrangement, the Borrower
shall remain primarily liable with respect thereto. In the event of such contract, the performance of such actions and obligations
by such Persons shall be deemed to be performance of such actions and obligations by the Borrower; and the Borrower will punctually
perform, and use its commercially reasonable efforts to cause the Investment Manager or such other Person to perform, all of their
obligations and agreements contained in the Investment Management Agreement, the Collateral Administration Agreement or such other
agreement.

 

(c)           The
Borrower agrees to comply in all material respects with all requirements applicable to it set forth in any Opinion of Counsel
obtained pursuant to any provision of this Agreement including satisfaction of any event identified in any Opinion of Counsel
as a prerequisite for the obtaining or maintaining by the Collateral Agent of a perfected security interest in any Collateral
Obligation, Substitute Collateral Obligation, Eligible Investment or other Collateral that is of first priority, free of any adverse
claim or the legal equivalent thereof, as applicable.

 

7.            Negative
Covenants.

 

(a)           The
Borrower will not:

 

(1)           sell,
transfer, assign, participate, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (by security
interest, lien (statutory or otherwise), preference, priority or other security agreement or preferential arrangement of any kind
or nature whatsoever or otherwise) (or permit such to occur or suffer such to exist), any part of the Collateral, except as expressly
permitted by this Agreement, the Sale and Contribution Agreement and the Investment Management Agreement;

 

    E-3

     

    

 

(2)           claim
any credit on, or make any deduction from, the principal or interest payable or amounts distributable in respect of the Loans
(other than amounts withheld in accordance with the Internal Revenue Code or any other applicable law) or assert any claim against
any present or future Lender by reason of the payment of any taxes levied or assessed upon any part of the Collateral (other than
taxes levied or assessed in respect of amounts required to be deducted or withheld from the principal or interest payable in respect
of the Loans);

 

(3)           (A)
incur or assume or guarantee any indebtedness or any contingent obligations, other than this Agreement and the other agreements
and transactions expressly contemplated hereby and thereby or (B) issue any additional securities (other than the issuance of
the Borrower’s equity to the Equity Owner), it being understood that additional capital contributions to the Borrower from
the Equity Owner are not prohibited by this clause (3);

 

(4)           (A)
permit the validity or effectiveness of this Agreement or any other Transaction Document or any Grant hereunder or thereunder
to be impaired, or permit the lien of this Agreement or any other Transaction Document to be amended, hypothecated, subordinated,
terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Agreement
or any other Transaction Document, except as may be expressly permitted hereby, or by the Investment Management Agreement, (B)
permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (including any preference, priority or
other security agreement or preferential arrangement of any kind or nature whatsoever or otherwise, other than the lien of this
Agreement or any other Transaction Document) to be created on or extend to or otherwise arise upon or burden the Collateral or
any part thereof, any interest therein or the Proceeds thereof, or (C) take any action that would cause the lien of this Agreement
or any other Transaction Document not to constitute a valid perfected security interest in the Collateral that is of first priority,
free of any adverse claim or the legal equivalent thereof, as applicable, except as may be expressly permitted hereby (or in connection
with a disposition of Collateral required hereby);

 

(5)           make
or incur any capital expenditures, except as reasonably required to perform its functions in accordance with the terms of this
Agreement;

 

(6)           become
liable in any way, whether directly or by assignment or as a guarantor or other surety, for the obligations of the lessee under
any lease, hire any employees or pay any dividends to the Equity Owner (other than in accordance with this Agreement);

 

(7)           enter
into any transaction with any Affiliate or any Lender other than (A) the transactions contemplated by this Agreement, the
Limited Liability Company, the Investment Management Agreement, the Sale and Contribution Agreement and the Collateral Administration
Agreement, (B) the transactions relating to the making of the Loans or (C) transactions on terms that are no less favorable than
those obtainable in an arm’s-length transaction with a wholly unaffiliated Person and on terms that are fair and equitable
to the Borrower under all the facts or circumstances under applicable law;

 

(8)           maintain
any bank accounts other than the Borrower Accounts;

 

(9)           change
its name without (x) receiving the prior written consent of the Requisite Lenders, (y) delivering to the Collateral Agent and
the Administrative Agent notice thereof and (z) receiving an Opinion of Counsel that such name change will not adversely affect
the Collateral Agent’s lien or the interest hereunder of the Secured Parties or the Collateral Agent;

 

    E-4

     

    

 

(10)           fail
to pay any tax, assessment, charge or fee with respect to the Collateral, or fail to defend any action, if such failure to pay
or defend will adversely affect the priority or enforceability of the lien over the Collateral created by this Agreement;

 

(11)           amend
any Transaction Document without the prior written consent of the Requisite Lenders;

 

(12)           other
than agreements involving purchase and sale relating to the Collateral Portfolio having customary purchase and sale terms, enter
into any agreement or contract with any Person unless such contract or agreement contains “limited recourse” provisions
and such Person agrees that, prior to the date that is one year and one day after all of the related obligations of the Borrower
have been paid in full (or, if longer, the applicable preference period under applicable insolvency law), such Person shall not
take any action or institute any proceeding against the Borrower under any insolvency law applicable to the Borrower or which
would be reasonably likely to cause the Borrower to be subject to, or seek protection of, any such insolvency law; provided
that such Person shall be permitted to become a party to and to participate in any Proceeding or action under any such insolvency
law that is initiated by any other Person other than one of its Affiliates;

 

(13)           amend
any provision of this Agreement or any other agreement entered into by the Borrower with respect to the transactions contemplated
hereby, relating to (A) the institution of proceedings for the Borrower to be adjudicated as bankrupt or insolvent, (B) the consent
of the Borrower to the institution of bankruptcy or insolvency proceedings against it, (C) the filing with respect to the Borrower
of a petition or answer or consent seeking reorganization, arrangement, moratorium or liquidation proceedings, or other proceedings
under the Bankruptcy Code or any similar laws, or (D) the consent of the Borrower to the filing of any such petition or the appointment
of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Borrower or any substantial part
of its property, respectively;

 

(14)           amend
any limited recourse or non-petition provision of this Agreement or any limited recourse provision of any other agreement entered
into by the Borrower with respect to the transactions contemplated hereby, (which limited recourse or non-petition provision provides
that the obligations of the Borrower are limited recourse obligations of the Borrower, payable solely from the Collateral in accordance
with the terms of this Agreement and which non-petition provision provides that no party entering into an agreement with the Borrower
will initiate insolvency or examinership proceedings against the Borrower);

 

(15)           amend
any non-petition provision of this Agreement or any non-petition provision of any other agreement entered into by the Borrower
with respect to the transactions contemplated hereby;

 

(16)           acquire
any assets or take any action that would require it to register as an “investment company” under the Investment Company
Act;

 

(17)           fail
to correct any known misunderstanding regarding its separate identity;

 

(18)           have
any employees;

 

(19)           pay
any dividends (other than in accordance with this Agreement);

 

(20)           enter
into any transaction other than on arm’s length terms and at market rates other than as expressly permitted pursuant to
this Agreement;

 

    E-5

     

    

 

(21)           take
any action or make an election to classify itself as an association taxable as a corporation for federal, state or any applicable
tax purposes;

 

(22)           acquire
or form any subsidiary; or

 

(23)           maintain
less than two Independent Managers who are not Affiliates of the Investment Manager; provided in each case that the Borrower
shall not be in breach of this covenant if an Independent Manager resigns, is unable to serve as an Independent Manager or is
otherwise incapacitated so long as (x) the Borrower and/or its governing body replaces such Independent Manager promptly and in
any event within 10 Business Days after obtaining knowledge thereof and (y) at all times during such period at least one Independent
Manager who is not an Affiliate of the Investment Manager is maintained.

 

(b)          The
Borrower shall not sell, transfer, exchange or otherwise dispose of Collateral, or enter into or engage in any business with respect
to any part of the Collateral except as expressly permitted or required by this Agreement and the Investment Management Agreement.

 

8.           No
Consolidation.

 

The
Borrower shall not consolidate or merge with or into any other Person or, other than the security interest Granted to the Collateral
Agent pursuant to this Agreement and the other Transaction Documents, convey or transfer its properties and assets substantially
as an entirety to any Person.

 

9.           No
Other Business; Etc.

 

The
Borrower shall not engage in any business or activity other than making the Loans pursuant to this Agreement, and Acquiring, owning,
holding, selling, pledging, contracting for the management of and otherwise dealing with Collateral Obligations and other Collateral
in connection therewith and such other activities which are necessary, required or advisable to accomplish the foregoing; provided
that the Borrower shall be permitted to enter into any additional agreements not expressly prohibited by this Agreement.

 

Without
limiting the foregoing, in the performance of its obligations hereunder, the Borrower (or the Investment Manager on its behalf)
may enter into any amendment or waiver of, or supplement to, any Reference Instrument; provided that (1) the Borrower shall
give the Lenders and the Agents prompt written notice of each such amendment or waiver of, or supplement to, any Reference Instrument;
and (2) the prior written consent of the Requisite Lenders to any such amendment, waiver or supplement shall be required if such
amendment, waiver or supplement constitutes a Specified Change.

 

The
Borrower will not amend its Limited Liability Company Agreement without giving notice to the Investment Manager and the Administrative
Agent and without the consent of the Requisite Lenders.

 

10.         Compliance
with Investment Management Agreement.

 

The
Borrower agrees to perform all actions required to be performed by it, and to refrain from performing any actions prohibited under,
the Investment Management Agreement. The Borrower also agrees to take all actions as may be necessary to ensure that all of the
Borrower’s representations and warranties made pursuant to the Investment Management Agreement are true and correct as of
the date thereof and continue to be true and correct for so long as any Loans are outstanding. The Borrower further agrees not
to authorize or otherwise to permit the Investment Manager to act in contravention of the representations, warranties and agreements
of the Investment Manager under the Investment Management Agreement.

 

    E-6

     

    

 

11.          Certain
Tax Matters.

 

(a)           FS
Energy and Power Fund, as tax owner of the Borrower and its assets, including the Collateral, shall pay or cause to be paid all
federal, state and local taxes imposed on income derived from the Collateral and timely file, or cause to be filed, all tax returns
and information statements and returns relating to the Borrower’s income and assets, except where contested in good faith
and by appropriate proceedings (and for which there are adequate reserves maintained in accordance with GAAP). It shall also provide,
if required, a duly completed IRS Form W-9 (Request for Taxpayer Identification Number and Certification) or any successor to
such IRS form, to the payor with respect to any item included in the Collateral at the time such item is purchased or entered
into.

 

(b)           To
the extent that the Loans are treated as issued for U.S. federal income tax purposes, the Borrower and each Lender, by making
a Loan, or any interest therein, shall be deemed to have agreed to treat, and shall treat, the Loans as unconditional debt in
the Borrower (or the Equity Owner) for U.S. federal, state and local income tax purposes, unless otherwise required by law.

 

12.          Certain
Regulations.

 

Each
of the Borrower and the Investment Manager understands that Executive Orders issued by the President of the United States of America,
Federal regulations administered by OFAC and other federal laws prohibit, among other things, U.S. persons or persons under jurisdiction
of the United States from engaging in certain transactions with, the provision of certain services to, and making certain investments
in, certain foreign countries, territories, entities and individuals, and that the lists of prohibited countries, territories,
entities and individuals can be found on, among other places, the OFAC website at www.treas.gov/ofac. None of the Borrower, the
Investment Manager or any of their respective Affiliates, owners, directors or officers is, or is acting on behalf of, a country,
territory, entity or individual named on such lists, and none of the Borrower, the Investment Manager or any of their respective
Affiliates, owners, directors or officers is a natural person or entity with whom dealings with U.S. persons or persons under
the jurisdiction of the United States are prohibited under any OFAC regulation or other applicable federal law or acting on behalf
of such a person or entity. The Borrower does not own and will not acquire, and the Investment Manager will not cause the Borrower
to own or acquire, any security issued by, or interest in, any country, territory, or entity whose direct ownership by U.S. persons
or persons under the jurisdiction of the U.S. would be or is prohibited under any OFAC regulation or other applicable federal
law.

 

    E-7

     

    

 

Part
2:

 

1.             Financial
and other Information.

 

The
Borrower shall deliver the following documents and information (the “Specified Information”) to the Administrative
Agent and the Lenders:

 

	 	Form/Document/
    Certificate	Date
    by which to be delivered
	 	Audited
    consolidated annual financial statements of FS Energy and Power Fund (“FSEP”)	Within
    120 days of the end of FSEP’s fiscal year
	 	Unaudited
    quarterly financial statements of FSEP	Within
    45 days after the end of each fiscal quarter of FSEP (other than the last fiscal quarter of each fiscal year of FSEP)
	 	Such
    other financial or other information with respect to the Borrower as any Lender may reasonably request from time to time	Within
    five Business Days after request by such Lender
	 	For
    each Non-Private Collateral Obligation, all financial information (other than material non-public information) relating to
    the obligors on such Underlying Asset and made available by such obligors to the lenders of record of such Underlying Asset
    in accordance with the documents governing such Underlying Asset.	Within
    five Business Days of such information being made available to the Borrower, FSEP or FSEP’s affiliates.  Such
    information shall be made available in an electronic data room that is at all times available to the Lenders and the Agents.
	 	For
    each Private Underlying Asset, all bank syndicate information relating to the obligors on such Underlying Asset and made available
    by such obligors to the lenders of record of such Underlying Asset in accordance with the documents governing such Underlying
    Asset (but subject to satisfaction of applicable confidentiality requirements under the documents governing such Underlying
    Asset).  For purposes of the foregoing, “bank syndicate information” shall not include any material
    non-public information relating to the obligors on a Private Underlying Asset that not been made available to all of the private-side
    lenders of record under the documents governing such Underlying Asset.	Within
    five Business Days of such information being made available to the Borrower, FSEP or FSEP’s affiliates.  Such
    information shall be made available in an electronic data room that is at all times available to the Lenders and the Agents.
	 	A
    copy of each Commitment to purchase or sell an Underlying Asset entered into by the Borrower from time to time.	Within
    two Business Days

 

    E-8

     

    

 

SCHEDULE
F

 

Account
and Accounting-Related Provisions; Custodianship

 

1.            Collection
of Money.

 

(a)           Except
as otherwise expressly provided herein, the Collateral Agent may demand payment or delivery of, and shall receive and collect,
directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable
to or receivable by the Collateral Agent pursuant to this Agreement and the other Transaction Documents, including all payments
due on the Collateral, in accordance with the terms and conditions of such Collateral. The Collateral Agent shall segregate and
hold all such money and property received by it in the Borrower Accounts in trust for the Secured Parties and shall apply it as
provided in this Agreement. If a default occurs in the making of any payment or performance in connection with any Collateral,
the Collateral Agent shall, subject to paragraph (b) below, take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate proceedings.

 

(b)           In
the event that in any month the Collateral Administrator determines based upon the information contained in the Monthly Report
or information received from the Investment Manager that it has not received a payment with respect to any Pledged Obligation
on its Due Date, (a) the Collateral Administrator shall promptly notify the Borrower and the Investment Manager in writing and
(b) unless within three Business Days (or the end of the applicable grace period for such payment, if longer), after such notice
such payment shall have been received by the Collateral Administrator, or the Borrower, in its absolute discretion (but only to
the extent not prohibited by Section 2(a) below), shall have made provision for such payment satisfactory to the Collateral Agent
in accordance with Section 2(a) below, the Collateral Administrator shall request the issuer of such Pledged Obligation, the trustee
under the related Reference Instrument or paying agent designated by either of them, as the case may be, to make such payment
as soon as practicable after such request but in no event later than three Business Days after the date of such request.

 

(c)           The
accounts established by the Collateral Agent pursuant to this Agreement may include any number of sub-accounts deemed necessary
by the Collateral Agent or requested by the Investment Manager for convenience in administering the Accounts and the Collateral
Obligations.

 

(d)           Each
Borrower Account shall be established and maintained (a) with a federal or state-chartered depository institution with a short-term
rating of at least “A-1” by S&P (or a long-term rating of at least “A+” by S&P if such institution
has no short-term rating) and if such institution’s short-term rating falls below “A-1” by S&P (or its long-term
rating falls below “A+” by S&P if such institution has no short-term rating), the assets held in such Account
shall be transferred within 60 calendar days to another institution that has a short-term rating of at least “A-1”
by S&P (or which has a long-term rating of at least “A+” by S&P if such institution has no short-term rating)
or (b) with respect to securities accounts, in segregated trust accounts with the corporate trust department of a federal or state-chartered
deposit institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulation
Section 9.10(b). Such institution shall have a combined capital and surplus of at least U.S.$200,000,000.

 

    F-1

     

    

 

(e)           All
investment or application of funds in accordance with Section 3 of this Schedule F shall be made pursuant to a Borrower Order
(which may be in the form of standing instructions) executed by an Authorized Officer of the Investment Manager. The Borrower
shall at all times direct the Collateral Agent or the Borrower Accounts Securities Intermediary, as applicable to, and, upon receipt
of such Borrower Order, the Collateral Agent or the Borrower Accounts Securities Intermediary shall, invest or cause the investment
of, pending application in accordance with Section 3 of this Schedule F, all funds received into the Borrower Accounts (other
than the Payment Account) during a Due Period (except when such funds shall be required to be disbursed hereunder), and amounts
received in prior Due Periods and retained in any Borrower Account, as so directed, in Eligible Investments. If, prior to the
occurrence of an Event of Default, the Borrower shall not have given any such investment directions, the Collateral Agent shall
seek instructions from the Borrower within three Business Days after transfer of such funds to the applicable Borrower Account.
If the Collateral Agent does not thereupon receive written instructions from the Borrower within five Business Days after transfer
of such funds to such Borrower Account, it shall invest and reinvest the funds held in such Borrower Account, as fully as practicable,
but only in one or more Eligible Investments maturing (as selected by the Investment Manager in a writing delivered to the Collateral
Agent) no later than the third Business Day prior to the next Payment Date unless such Eligible Investments are issued by the
Bank, in which event such Eligible Investments may mature up to the Business Day preceding such Payment Date. After the occurrence
and during the continuance of an Event of Default, the Collateral Agent shall invest and reinvest, or cause the investment or
reinvestment of, such monies as fully as practicable in Eligible Investments (as selected by the Investment Manager in a writing
delivered to the Collateral Agent) maturing not later than the earlier of (i) 30 days after the date of such investment or (ii)
the third Business Day prior to the next Payment Date unless such Eligible Investments are issued by the Bank, in which event
such Eligible Investments may mature up to the Business Day preceding such Payment Date. In the absence of any direction from
the Investment Manager the Collateral Agent shall invest amounts on deposit in each Borrower Account in Eligible Investments of
the type described in clause (b) of the definition thereof. All interest and other income from such Eligible Investments shall
be deposited into the applicable Borrower Accounts and transferred to the Interest Collection Account, and any gain realized from
such investments shall be credited to the Interest Collection Account, and any loss resulting from such investments shall be charged
to the Interest Collection Account. Except as otherwise provided herein, the Collateral Agent shall not in any way be held liable
by reason of any insufficiency of funds in any Borrower Account resulting from any loss relating to any such investment; and the
Collateral Agent shall not be under any obligation to invest any funds held hereunder except as otherwise expressly set forth
herein.

 

(f)
          The Collateral Agent, within one Business Day after becoming aware of the receipt of
any Distribution or other Proceeds that is not Cash, shall so notify the Investment Manager on behalf of the Borrower and the
Borrower shall, within 10 Business Days of receipt of such notice from the Collateral Agent, sell such Distributions or other
Proceeds for Cash in an arm’s length transaction and deposit the Proceeds thereof in the Interest Collection Account for
investment; provided that the Borrower need not sell such Distributions or other Proceeds if it delivers an Officer’s
Certificate to the Collateral Agent certifying that such Distributions or other Proceeds constitute Collateral Obligations or
Eligible Investments and that all steps necessary to cause the Collateral Agent to have a perfected lien therein that is of first
priority, free of any adverse claim or the legal equivalent thereof, as applicable, have been taken.

 

2.            Interest
Collection Account; Collateral Account.

 

(a)           Interest
Collection Account. The Borrower shall, on or prior to the Initial Funding Date, establish at the Borrower Accounts Securities
Intermediary a segregated trust account in the name “Gladwyne Funding LLC, subject to the lien of Citibank, N.A., as Collateral
Agent on behalf of the Secured Parties”, which shall be designated as the Interest Collection Account, which shall be held
by the Borrower Accounts Securities Intermediary in accordance with the Securities Account Control Agreement into which the Borrower
shall, from time to time, deposit all Interest Proceeds (unless simultaneously reinvested in Collateral Obligations or in Eligible
Investments) except as otherwise provided on this Schedule F. In addition, the Borrower may, but under no circumstances shall
be required to, deposit or cause to be deposited from time to time such monies in the Interest Collection Account as it deems,
in its sole discretion, to be advisable. All monies deposited from time to time in the Interest Collection Account pursuant to
this Agreement shall be held in trust by the Collateral Agent as part of the Collateral and shall be applied to the purposes provided
herein. The Collateral Agent agrees to give the Borrower and the Administrative Agent notice as soon as practicable under the
circumstances if it becomes aware that the Interest Collection Account or any funds on deposit therein, or otherwise to the credit
of the Interest Collection Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar
process. The Borrower shall not have any legal, equitable or beneficial interest in the Interest Collection Account other than
in accordance with the provisions of this Agreement and the Securities Account Control Agreement. At all times, the Interest Collection
Account shall remain at an institution that satisfies the requirements of Section 1 of this Schedule F.

 

    F-2

     

    

 

(b)           Investment
of Interest Collection Account. Subject to Section 3 of this Schedule F, all property in the Interest Collection Account,
together with any securities in which funds included in such property are or will be invested or reinvested during the term of
this Agreement, and any income or other gain realized from such investments, shall be held by the Borrower Accounts Securities
Intermediary in the Interest Collection Account as part of the Collateral subject to disbursement and withdrawal solely as provided
in this Section 2 and Section 3 below.

 

(c)           Collateral
Account. The Borrower shall, on or prior to the Initial Funding Date, establish at the Borrower Accounts Securities Intermediary
a segregated trust account in the name “Gladwyne Funding LLC, subject to the lien of Citibank, N.A., as Collateral Agent
on behalf of the Secured Parties”, which shall be designated as the Collateral Account, which shall be held by the Borrower
Accounts Securities Intermediary in accordance with the Securities Account Control Agreement into which the Borrower shall from
time to time deposit Collateral. All Collateral deposited from time to time in the Collateral Account pursuant to this Agreement
shall be held in trust by the Collateral Agent as part of the Collateral and shall be applied to the purposes provided herein.
The Collateral Agent agrees to give the Borrower and the Administrative Agent notice as soon as practicable under the circumstances
if it becomes aware that the Collateral Account or any funds on deposit therein, or otherwise to the credit of the Collateral
Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Borrower
shall not have any legal, equitable or beneficial interest in the Collateral Account other than in accordance with the provisions
of this Agreement and the Securities Account Control Agreement. At all times, the Collateral Account shall remain at an institution
that satisfies the requirements of Section 1 of this Schedule F.

 

3.            Principal
Collection Account; Payment Account and Margin Account.

 

(a)           Principal
Collection Account. The Borrower shall, prior to the Initial Funding Date, establish at the Borrower Accounts Securities Intermediary
a segregated trust account in the name “Gladwyne Funding LLC, subject to the lien of Citibank, N.A., as Collateral Agent
on behalf of the Secured Parties”, which shall be designated as the Principal Collection Account, which shall be held by
the Borrower Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. Any and all funds at
any time on deposit in, or otherwise to the credit of, the Principal Collection Account shall be held in trust by the Collateral
Agent for the benefit of the Secured Parties. The Collateral Agent agrees to give the Borrower and the Administrative Agent notice
as soon as practicable under the circumstances if the Principal Collection Account or any funds on deposit therein, or otherwise
to the credit of the Principal Collection Account, shall become subject to any writ, order, judgment, warrant of attachment, execution
or similar process. The Borrower shall not have any legal, equitable or beneficial interest in the Principal Collection Account
other than in accordance with the provisions of this Agreement and the Securities Account Control Agreement. At all times, the
Principal Collection Account shall remain at an institution that satisfies the requirements of Section 1 of this Schedule F.

 

(b)           Deposits
into Principal Collection Account; Investment. All capital contributions in cash from the Equity Owner, all proceeds of borrowings
made hereunder and all Principal Proceeds received that have not been reinvested in Substitute Collateral Obligations upon the
receipt of such Principal Proceeds shall be deposited into the Principal Collection Account. All such funds, together with any
Eligible Investments made with such funds, shall be held by the Borrower Accounts Securities Intermediary in the Principal Collection
Account as part of the Collateral subject to disbursement and withdrawal solely as provided in this Section 3(b) and Section 3(c)
below. Any income or other gain realized from Eligible Investments in the Principal Collection Account shall be transferred to
the Interest Collection Account and disbursed and withdrawn in accordance with Section 2 above.

 

Prior
to the end Reinvestment Period, upon the receipt of an Borrower Order, the Borrower Accounts Securities Intermediary shall reinvest
funds on deposit in the Principal Collection Account in Collateral Obligations as permitted under and in accordance with the requirements
of Section 8 of the Agreement to which this Schedule F is attached and such Borrower Order. Any unused proceeds remaining in the
Principal Collection Account at the end of the Reinvestment Period (other than Reinvestment Income (which shall be treated as
Interest Proceeds)) shall be applied as Principal Proceeds on the first Payment Date following the end of the Reinvestment Period.

 

    F-3

     

    

 

(c)           Payment
Account. The Borrower shall, on or prior to the Initial Funding Date, establish at the Borrower Accounts Securities Intermediary
a segregated trust account in the name “Gladwyne Funding LLC, subject to the lien of Citibank, N.A., as Collateral Agent
on behalf of the Secured Parties”, which shall be designated as the Payment Account, which shall be held by the Borrower
Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. Any and all funds at any time on
deposit in, or otherwise to the credit of, the Payment Account shall be held in trust by the Collateral Agent for the benefit
of the Secured Parties. Except as provided in the Priority of Payments and in this Section 3, the only permitted withdrawal from
or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be to pay the interest on and
the principal of and premium, if any, on the Loans in accordance with the provisions of this Agreement and, upon Borrower Order
to pay Administrative Expenses and other amounts specified in the Priority of Payments in accordance with the Priority of Payments
and Section 12 of the Agreement to which this Schedule F is attached. The Collateral Agent agrees to give the Borrower and the
Administrative Agent notice as soon as practicable under the circumstances if it becomes aware that the Payment Account or any
funds on deposit therein, or otherwise to the credit of the Payment Account, shall become subject to any writ, order, judgment,
warrant of attachment, execution or similar process. The Borrower shall not have any legal, equitable or beneficial interest in
the Payment Account other than in accordance with the provisions of this Agreement and the Securities Account Control Agreement.
At all times, the Payment Account shall remain at an institution that satisfies the requirements of Section 1 of this Schedule
F.

 

The
Borrower or the Investment Manager on behalf of the Borrower shall direct the Collateral Agent in writing to, and upon the receipt
of such written instructions, the Collateral Agent shall, cause the transfer to the Payment Account, for application pursuant
to the Priority of Payments, on the first Business Day preceding each Payment Date, or, in the event such funds are permitted
to be available in the Interest Collection Account or the Principal Collection Account, as the case may be, on the Business Day
preceding each Payment Date pursuant to Section 1 above of any amounts then held in Cash in (i) the Interest Collection Account
and (ii) the Principal Collection Account (other than Cash that the Investment Manager is permitted to and elects to retain in
such account for subsequent reinvestment in Collateral Obligations) and any Reinvestment Income on amounts in the Principal Collection
Account, other than Proceeds received after the end of the Due Period with respect to such Payment Date.

 

(d)           Margin
Account. The Borrower shall, on or prior to the Initial Funding Date, establish at the Borrower Accounts Securities Intermediary
a segregated trust account in the name “Gladwyne Funding LLC, subject to the lien of Citibank, N.A., as Collateral Agent
on behalf of the Secured Parties”, which shall be designated as the Margin Account, which shall be held by the Borrower
Accounts Securities Intermediary in accordance with the Securities Account Control Agreement, into which the Borrower shall deposit
cash in U.S. dollars from time to time as required pursuant to the Margining Agreement. Any and all funds at any time on deposit
in, or otherwise to the credit of, the Margin Account shall be held in trust by the Collateral Agent for the benefit of the Secured
Parties. The only withdrawals from the Margin Account shall be (1) if at any time any Event of Default has occurred and is continuing,
for application under the Enforcement Priority of Payments at the direction of the Requisite Lenders and (2) if no Default or
Event of Default or Collateral Deficit has occurred and is continuing or would result therefrom, for remittance to the Equity
Owner or transfer to the Principal Collection Account as provided in the Margining Agreement. On the Business Day prior to the
Maturity Date, the Collateral Agent shall remit the balance on deposit in the Margin Account to the Principal Collection Account
for application as Principal Proceeds. At all times, the Margin Account shall remain at an institution that satisfies the requirements
of Section 1 of this Schedule F.

 

4.            Reports
by Collateral Agent.

 

The
Collateral Agent shall make available in a timely fashion to the Borrower and the Investment Manager any information regularly
maintained by the Collateral Agent and the Collateral Administrator that the Borrower or the Investment Manager may from time
to time reasonably request with respect to the Pledged Obligations or the Borrower Accounts reasonably needed to complete the
Valuation Report and the Monthly Report or to provide any other information reasonably available to the Collateral Agent by reason
of its acting as Collateral Agent hereunder and required to be provided by Section 5 of this Schedule F or to permit the Investment
Manager to perform its obligations under the Investment Management Agreement. The Collateral Agent or the Collateral Administrator
shall, in a timely fashion, forward to the Investment Manager copies of notices and other writings received by it, in its capacity
as Collateral Agent or the Collateral Administrator, as applicable, hereunder, from the obligor or other Person with respect to
any Collateral Obligation or from any Clearing Agency with respect to any Collateral Obligation advising the holders of such obligation
of any rights that the holders might have with respect thereto (including notices of calls and redemptions thereof) as well as
all periodic financial reports received from such obligor or other Person with respect to such obligation and Clearing Agencies
with respect to such obligor. The Borrower and the Investment Manager shall likewise cooperate by providing in a timely fashion
to the Collateral Agent and the Collateral Administrator such information in such party’s possession as maintained or reasonably
available to it hereunder in respect of the Pledged Securities or otherwise reasonably necessary to permit the Collateral Agent
or the Collateral Administrator, as applicable, to perform its duties hereunder and, with respect to the Collateral Administrator,
under the Collateral Administration Agreement.

 

    F-4

     

    

 

Nothing
in this Section 4 shall be construed to impose upon the Collateral Agent or the Collateral Administrator any duty to prepare any
report or statement required under Section 5 below or to calculate or compute information required to be set forth in any such
report or statement other than information regularly maintained by the Collateral Agent by reason of its acting as Collateral
Agent hereunder.

 

5.           Accountings.

 

(a)          Monthly.
Commencing in May, 2017, (i) in the case of a month in which there is no Payment Date, not later than the seventh Business Day
after the 10th day of such month and (ii) in the case of a month in which there is a Payment Date, one Business Day
prior to such Payment Date, the Borrower shall compile, or cause to be compiled, a report (the “Monthly Report”)
and the Borrower shall then provide or make available such Monthly Report by facsimile, overnight courier or electronic mail to
the Collateral Agent, the Collateral Administrator, the Administrative Agent, the Investment Manager and each Lender (as identified
by the Administrative Agent), provided that a Monthly Report may be provided to any such party by posting such Monthly
Report on the Collateral Agent’s website and providing access thereto to such parties. The Monthly Report shall contain
the following information and instructions with respect to the Collateral, determined as of (1) in the case of a month in which
there is no Payment Date, the 10th day of the applicable month and (2) in the case of a month in which there is a Payment
Date, the Determination Date for such Payment Date:

 

(i) 
         With respect to the Collateral Portfolio:

 

(1)           the
Aggregate Principal Amount of the Collateral Obligations and the Eligible Investments;

 

(2)           the
Principal Balance, annual interest rate (including the basis for such rate), maturity date (including the later date if such maturity
date is extended), issuer of each Collateral Obligation and Eligible Investment and where the issuer of each Collateral Obligation
and Eligible Investment is organized, as the case may be;

 

(3)           the
CUSIP, LIN or any other security identifier, if any, of each Collateral Obligation and Eligible Investment, as the case may be;

 

(4)           an
indication as to the classification of such Collateral Obligation (i.e., first lien, participation, etc.); and

 

(5)           whether
each Collateral Obligation has been designated as a “Private Collateral Obligation” or a “Public Collateral
Obligation” pursuant to the terms hereof;

 

(ii)          the
nature, source and amount of any Proceeds in each of the Borrower Accounts including the Interest Proceeds and Principal Proceeds
(stating separately the amount of Sale Proceeds), received since the date of determination of the last Monthly Report;

 

    F-5

     

    

 

(iii)          the
number, identity and, if applicable, principal amount of any Collateral that was released for sale or other disposition (specifying
the category of permitted sales under Section 2 of Schedule H under which it falls) and the number, identity and, if applicable,
par value of Collateral acquired by the Borrower and in which the Borrower, pursuant to the Transaction Documents, has Granted
an interest to the Collateral Agent since the date of determination of the last Monthly Report (or, in the case of the first Monthly
Report, since the Initial Funding Date);

 

(iv)          (a)
the identity of each Collateral Obligation which became a Defaulted Obligation since the date of determination of the last Monthly
Report (or, in the case of the first Monthly Report, since the Initial Funding Date) and the date on which such Collateral Obligation
became a Defaulted Obligation, (b) the identity of each Collateral Obligation that is a Defaulted Obligation as of the date of
determination of the current Monthly Report (or, in the case of the first Monthly Report, as of the Initial Funding Date), the
date on which such Collateral Obligation became a Defaulted Obligation and the Market Value of such Defaulted Obligation as of
the date of determination of the current Monthly Report, and (c) the Aggregate Principal Amount of all Defaulted Obligations;

 

(v)           the
purchase or sale price of each item of Collateral acquired by the Borrower and in which the Borrower, pursuant to the Collateral
Documents, has Granted an interest to the Collateral Agent and each item of Collateral sold by the Borrower, in each case, since
the date of determination of the last Monthly Report (or, in the case of the first Monthly Report, since the Initial Funding Date)
and the identity of the purchasers or sellers thereof, if any, which are Affiliated with the Borrower or the Investment Manager;

 

(vi)          (A)
the identity and Principal Balance of each Collateral Obligation that was upgraded or downgraded since the most recent Monthly
Report (or, in the case of the first Monthly Report, since the Initial Funding Date) and (B) the Aggregate Principal Amount of
Collateral Obligations that were (1) upgraded and (2) downgraded, respectively since the most recent Monthly Report (or, in the
case of the first Monthly Report, since the Initial Funding Date); and

 

(vii)         such
other information as the Collateral Agent, Investment Manager or the Requisite Lenders may reasonably request regarding the Loans
and the Collateral therefor.

 

Upon
receipt of each Monthly Report, the Collateral Agent shall compare the information contained therein to the information contained
in its records with respect to the Collateral and shall, within three Business Days after receipt of such Monthly Report, notify
the Borrower, the Investment Manager and the Administrative Agent if the information contained in the Monthly Report does not
conform to the information maintained by the Collateral Agent in its records and detail any discrepancies. In the event that any
discrepancy exists, the Collateral Agent and the Borrower, or the Investment Manager on behalf of the Borrower, shall attempt
to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Borrower shall appoint, within five Business
Days, an Independent accountant to review such Monthly Report and the Collateral Agent’s records to determine the cause
of such discrepancy. If such review reveals an error in the Monthly Report or the Collateral Agent’s records, the Monthly
Report or the Collateral Agent’s records shall be revised accordingly and, as so revised, shall be utilized in making all
calculations pursuant to this Agreement.

 

(b)           Payment
Date Accounting. The Borrower shall compile or cause to be compiled a report (the “Valuation Report”) and
the Borrower shall then provide, or cause to be provided, such Valuation Report by facsimile, overnight courier or electronic
mail to the Administrative Agent and the Collateral Agent (who shall make such Valuation Report available to the Lenders by access
to its website or by first class mail upon written request therefor in the form of Exhibit F attached hereto) not later than one
Business Day prior to the related Payment Date (or, with respect to the Maturity Date, on the Payment Date). The Valuation Report
shall contain the following information:

 

(i)            the
Aggregate Principal Amount of the Collateral Obligations as of the close of business on the related Determination Date, after
giving effect to (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment
of such Proceeds in Substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the release of any
Collateral Obligations during such Due Period;

 

    F-6

     

    

 

(ii)           the
aggregate outstanding principal balance of the Loans as a Dollar figure and as a percentage of the original aggregate outstanding
principal balance of the Loan at the beginning of the Due Period, the amount of principal payments to be made on the Loans on
the next Payment Date, the amount of any overdue interest on or other amounts in respect of the Loans and the aggregate outstanding
principal balance of the Loans as a Dollar figure and as a percentage of the original aggregate outstanding principal balance,
in each case after giving effect to the principal payments, if any, for such Payment Date;

 

(iii)          the
aggregate amount of interest and other amounts payable to the Lenders for such Payment Date (in the aggregate) and the amount
of Interest Proceeds and Principal Proceeds payable to the Equity Owner (in each case determined as of the related Determination
Date);

 

(iv)          the
amount of Principal Proceeds to be applied pursuant to clause (1) of the Principal Priority of Payments (in each case determined
as of the related Determination Date);

 

(v)           the
Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date);

 

(vi)          for
the Interest Collection Account:

 

 (1)           the
Balance on deposit in the Interest Collection Account at the end of the related Due Period;

 

 (2)           the
amounts payable from the Interest Collection Account (through a transfer to the Payment Account) pursuant to subclauses (1) through
(7) of the Interest Priority of Payments and subclauses (1) through (6) of the Principal Priority of Payments for such Payment
Date; and

 

 (3)           the
Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date
(determined as of the related Determination Date);

 

(vii)         for
the Principal Collection Account:

 

 (1)           the
Balance on deposit in the Principal Collection Account at the end of the related Due Period;

 

 (2)           the
amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds
pursuant to the Interest Priority of Payments and as Principal Proceeds pursuant to the Principal Priority of Payments for such
Payment Date (in each case determined as of the related Determination Date); and

 

 (3)           the
Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date
(determined as of the related Determination Date);

 

(vii)         the
amount of unpaid interest, if any, with respect to any Loans and the Investment Management Fee (in each case determined as of
the related Determination Date);

 

(viii)        the
principal amount of Loans that have been borrowed hereunder after the Closing Date and the date of such borrowings (determined
as of the related Determination Date);

 

(ix)          the
Principal Payments received during the related Due Period;

 

(x)           the
Principal Proceeds received during the related Due Period;

 

    F-7

     

    

 

(xi)          the
Interest Proceeds received during the related Due Period;

 

(x)           the
amounts payable pursuant to each subclause of the Interest Priority of Payments and the Principal Priority of Payments on the
related Payment Date (in each case determined as of the related Determination Date);

 

(xi)          the
identity of each Collateral Obligation that became a Defaulted Obligation during the related Due Period;

 

(xii)         the
identity of any Collateral Obligations that were released for sale or other disposition, indicating whether such Collateral Obligation
is a Defaulted Obligation, a Withholding Tax Security or an Equity Security and whether such Collateral Obligation or an Equity
Security was sold or disposed of since the last Valuation Report; and

 

(xiii)        such
other information as the Collateral Agent, Investment Manager, the Administrative Agent or any Lender may reasonably request regarding
the Loans and the Collateral therefor.

 

(c)           Payment
Date Instructions. Each Valuation Report shall constitute instructions to the Collateral Agent to withdraw on the related
Payment Date from the Payment Account and pay or transfer the amounts set forth in such report in the manner specified, and in
accordance with the priorities established, in the Priority of Payments.

 

(d)           Valuation
Report/Monthly Report. Notwithstanding any provision to the contrary contained in this Agreement, in the case of a month in
which there is a Payment Date, the Borrower, or the Investment Manager on behalf of the Borrower, need not compile a separate
Monthly Report and Valuation Report but may in lieu thereof compile a combined report that contains the information, determined
as of the Determination Date, required by paragraphs (a) and (b) above in this Section 5. Such combined report shall otherwise
be subject to all of the requirements set forth in the first paragraphs of Sections 5(a) and 5(b) of this Schedule F.

 

(e)           Distribution
of Reports. The Collateral Agent will make the Monthly Report and the Valuation Report available via its internet website.
The Collateral Agent’s internet website shall initially be located at “www.sf.citidirect.com”. Assistance in
using the website can be obtained by calling the Collateral Agent’s customer service desk at (800) 422-2066. Parties that
are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling
the customer service desk and indicating such. The Collateral Agent shall have the right to change the way such statements are
distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Collateral
Agent shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access
to the Collateral Agent’s internet website, the Collateral Agent may require registration and the acceptance of a disclaimer.
The Collateral Agent shall be entitled to rely on but shall not be responsible for the content or accuracy of any information
provided in the Monthly Report and the Valuation Report which the Collateral Agent disseminates in accordance with this Agreement
and may affix thereto any disclaimer it deems appropriate in its reasonable discretion.

 

6.            Custodianship
and Release of Collateral.

 

(a)           Subject
to Section 8 of the Agreement to which this Schedule F is attached, the Borrower may, by Borrower Order delivered to the Collateral
Agent at least two Business Days prior to the settlement date for any sale of a Collateral Obligation (x) in the case of Defaulted
Obligations, Withholding Tax Securities, or Equity Securities, direct the Collateral Agent to release such Collateral Obligation
and, upon receipt of such Borrower Order, the Collateral Agent shall deliver any such Collateral Obligation, if in physical form,
duly endorsed to the broker or purchaser designated in such Borrower Order or against receipt of the sales price therefor as set
forth in such Borrower Order; provided that the Collateral Agent may deliver any such Collateral Obligation in physical
form for examination in accordance with street delivery custom, or (y) if no Event of Default has occurred and is continuing,
certify that (i) it has determined that a Collateral Obligation has become a Defaulted Obligation (which certification shall contain
a short statement of the reason for such determination), and in each case, that the sale of such Collateral Obligation will comply
with said Section 8, (ii) the sale of such Collateral Obligation and the proposed purchase and delivery of Substitute Collateral
Obligations will comply with the terms and conditions set forth herein or (iii) the sale of such Collateral Obligation will comply
with the terms and conditions set forth herein, and direct the Collateral Agent to release such Collateral Obligation and, upon
receipt of such Borrower Order, the Collateral Agent shall deliver any such Collateral Obligation, if in physical form, duly endorsed
to the broker or purchaser designated in such Borrower Order or against receipt of the sales price therefor as set forth in such
Borrower Order; provided that the Collateral Agent may deliver any such Collateral Obligation in physical form for examination
in accordance with street delivery custom and, in each case, the Lien of the Collateral Agent shall automatically be released
from such Collateral Obligation without further action upon receipt of the Sale Proceeds.

 

    F-8

     

    

 

(b)           Subject
to Section 8 of the Agreement to which this Schedule F is attached, the Borrower may, by Borrower Order delivered to the Collateral
Agent at least two Business Days prior to the date set for redemption or payment in full of a Pledged Obligation or other item
of Collateral and certifying that such Collateral Obligation is being redeemed or paid in full, direct the Collateral Agent, or
at the Collateral Agent’s instructions, the Borrower Accounts Securities Intermediary, to deliver such Collateral Obligation,
if in physical form, duly endorsed, to cause it to be presented, or otherwise appropriately deliver or present such security or
debt obligation, to the appropriate paying agent therefor or other Person responsible for payment thereon on or before the date
set for redemption or payment, in each case against receipt of the redemption price or payment in full thereof and the Lien of
the Collateral Agent shall automatically be released from such Collateral Obligation without further action upon receipt of the
applicable redemption or repayment amount. Except with respect to Defaulted Obligations, Withholding Tax Securities and Equity
Securities, if an Event of Default has occurred and is continuing at the time of such direction, the Collateral Agent, if so directed
by the Requisite Lenders, shall disregard such direction.

 

(c)           Subject
to Section 8 of the Agreement to which this Schedule F is attached, the Borrower may, by Borrower Order, delivered to the Collateral
Agent at least two Business Days prior to the date set for an exchange, tender or sale, certifying that a Collateral Obligation
is subject to an Offer and setting forth in reasonable detail the procedure for response to such Offer, direct the Collateral
Agent or, at the Collateral Agent’s instructions, the Borrower Accounts Securities Intermediary, to deliver such security
or debt obligation, if in physical form, duly endorsed, or, if such security is a Collateral Obligation for which a Security Entitlement
has been created in an Borrower Account, to cause it to be delivered, or otherwise appropriately deliver or present such security
or debt obligation, in accordance with such Borrower Order, in each case against receipt of payment therefor and the Lien of the
Collateral Agent shall automatically be released from such Collateral Obligation without further action upon receipt of the applicable
exchange tender or Sale Proceeds. Except with respect to Defaulted Obligations, Withholding Tax Securities and Equity Securities,
if an Event of Default has occurred and is continuing at the time of such direction, the Collateral Agent, if so directed by the
Requisite Lenders, shall disregard such direction.

 

(d)           The
Collateral Agent shall deposit any proceeds received from the disposition of a Pledged Obligation in the Principal Collection
Account and/or the Interest Collection Account, as the case may be, unless directed to simultaneously applied to the purchase
of Substitute Collateral Obligations or Eligible Investments as permitted under and in accordance with this Schedule F and Section
8 of the Agreement to which this Schedule F is attached.

 

(e)           The
Lien of the Collateral Agent on the Collateral under the Collateral Documents shall, upon receipt of a Borrower Order at such
time as there are no Loans outstanding and all obligations of the Borrower hereunder have been satisfied (as evidenced by an Officer’s
Certificate) automatically be released.

 

    F-9

     

    

 

7.            Additional
Reports.

 

In
addition to the information and reports specifically required to be provided pursuant to the terms of this Agreement, the Borrower
(at its expense), or the Investment Manager on behalf of the Borrower, shall compile and the Borrower shall then provide the Lenders
(upon request of the Requisite Lenders), with all information or reports delivered to the Collateral Agent hereunder, and such
additional information as the Requisite Lenders may from time to time reasonably request and the Borrower shall reasonably determine
may be obtained and provided without unreasonable burden or expense. Such a request from a Lender (or its designee) may be submitted
directly to the Collateral Agent and then such request shall be forwarded to the Borrower for processing. Such request from a
Lender (or its designee) shall be submitted to the Collateral Agent by delivery of a written request in the form of Exhibit F
attached hereto.

 

8.            Procedures
Relating to the Establishment of Borrower Accounts Controlled by the Collateral Agent.

 

(a)           Notwithstanding
any term in this Agreement to the contrary and notwithstanding the terms of Part 5 of Article 8 of the UCC, to the extent applicable,
with respect to Collateral Obligations delivered to the Collateral Agent, any custodian acting on its behalf, or the Bank acting
as Borrower Accounts Securities Intermediary pursuant to the provisions of this Agreement, the Collateral Agent, any custodian
acting on its behalf, or the Bank acting as, Borrower Accounts Securities Intermediary shall be obligated to receive and hold
until released pursuant to the terms of this Agreement the items delivered or caused to be delivered to it by the Borrower or
the Investment Manager, and to hold the same in its custody in accordance with the terms of the Transaction Documents but shall
have no further obligation with respect to, or be obligated to take (or to determine whether there has been taken) any action
in connection with the delivery of such Collateral Obligations. Without limiting the foregoing, in no instance shall the Collateral
Agent, any such custodian or the Bank acting as Borrower Accounts Securities Intermediary be under any duty or obligation to examine
the underlying credit agreement, loan agreement, participation agreement, Agreement, trust agreement or similar instrument that
may be applicable to any Collateral Obligation in order to determine (or otherwise to determine under applicable law) whether
sufficient actions have been taken and documents delivered (including without limitation, any requisite obligor or agent bank
consents, notices or filings) in order to properly assign, transfer, or otherwise convey title to such Collateral Obligations.

 

In
connection with the delivery of any Collateral Obligation, the Borrower or the Investment Manager shall send to the Collateral
Agent and the Collateral Administrator a trade ticket or transmittal letter (in form and content mutually reasonably acceptable
to them), which shall, at a minimum (in addition to other appropriate information with regard to the subject Collateral Obligation
as may be mutually agreed upon between the Collateral Administrator and the Investment Manager), (i) specify the purchase price
for such Collateral Obligation, and (ii) identify the Collateral Obligation and its material amount, payment and interest rate
terms. Each of the Collateral Agent, the Collateral Administrator, any custodian acting on its behalf and the Bank acting as Borrower
Accounts Securities Intermediary shall be entitled to assume the genuineness, validity and enforceability of each such note, certificate,
instrument and agreement delivered to it in connection with the delivery of a Collateral Obligation, and to assume that each is
what it purports on its face to be, and to assume the genuineness and due authority of all signatures appearing thereon.

 

(b)           Nothing
in this Section 8 shall impose upon the Borrower Accounts Securities Intermediary the duties, obligations or liabilities of the
Collateral Agent; and nothing herein shall impose upon the Collateral Agent the duties, obligations or liabilities of the Borrower
Accounts Securities Intermediary.

 

    F-10

     

    

 

SCHEDULE
G

 

Priority
of Payments Provisions

 

Part
1: Interest Priority of Payments

 

On
each Payment Date, Interest Proceeds shall be applied as follows:

 

(1)           to
the payment of taxes of the Borrower, if any, and any governmental fee, including all filing, registration and annual return fees
payable by the Borrower;

 

(2)           to
the payment of accrued and unpaid Administrative Expenses constituting (x) fees of the Bank Parties under the Transaction Documents
and reimbursement of expenses (including indemnity payments) of the Bank Parties pursuant to the terms of this Agreement and the
other Transaction Documents and (y) fees and reimbursement of expenses (including indemnity payments) of the Collateral Administrator
under the Collateral Administration Agreement; provided that total payments pursuant to this subclause (2) shall not exceed,
on any Payment Date other than the First Payment Date, an amount equal to a percentage of the Aggregate Principal Amount of the
Collateral Portfolio equal to an annual rate of 0.02%, measured as of the beginning of the Due Period preceding such Payment Date;
and, with respect to the First Payment Date, 0.005% (not annualized) of the Aggregate Principal Amount of the Collateral Portfolio,
measured as of the beginning of the Due Period preceding such Payment Date;

 

(3)           to
the payment (in the order set forth in the definition of Administrative Expenses), of (a) first, remaining accrued and
unpaid Administrative Expenses (other than indemnity payments) of the Borrower including other amounts payable by the Borrower
to the Investment Manager under the Investment Management Agreement (excluding any Investment Management Fee), and to the Bank
Parties and the Collateral Administrator constituting Administrative Expenses (other than indemnity payments) not paid pursuant
to subclause (2) above, and (b) second, remaining accrued and unpaid Administrative Expenses of the Borrower constituting
indemnity payments; provided that such payments pursuant to this subclause (3) shall not exceed an amount equal on any
Payment Date (when taken together with any Administrative Expenses paid during the period since the preceding Payment Date or,
in the case of the First Payment Date, the Closing Date) to $325,000 per annum;

 

(4)           to
the payment of accrued and unpaid interest, Make-Whole Amounts (if any) and other amounts due and payable on the Loans (in each
case other than principal of the Loans);

 

(5)           to
the payment, first, pari passu, of any accrued and unpaid fees and expenses of the Collateral Administrator and the Bank
Parties; second, in the order set forth in the definition of Administrative Expenses, of any accrued and unpaid Administrative
Expenses of the Borrower (including, for the avoidance of doubt and without limitation, (a) indemnities and amounts payable by
the Borrower to the Bank Parties and the Collateral Administrator and (b) indemnities and amounts payable by the Borrower to the
Investment Manager under the Investment Management Agreement (other than any Investment Management Fee)), in each case to the
extent not paid pursuant to subclauses (2) and (3) above;

 

(6)           to
the payment to the Investment Manager of, first, the current Investment Management Fee in accordance with the terms of the Investment
Management Agreement and, then, any accrued and previously unpaid Investment Management Fee; and

 

(7)           the
balance of Interest Proceeds to the Borrower for distribution to the Equity Owner as a dividend payment thereon or as a final
distribution in redemption thereof, as applicable.

 

    G-1

     

    

 

Part
2: Principal Priority of Payments

 

Without
limiting any other applicable provisions of this Agreement, on each Payment Date, Principal Proceeds will be distributed in the
following order of priority:

 

(1)           to
the payment of the amounts referred to in subclauses (1) through (4) of the Interest Priority of Payments (in the order of priority
set forth therein), but only to the extent not paid in full thereunder;

 

(2)           during
the Reinvestment Period:

 

 (I)            first,
to the Acquisition of Collateral Obligations or to the Principal Collection Account for investment in Eligible Investments pending
purchase of Collateral Obligations at a later date in accordance with this Agreement and the other Transaction Documents;

 

 (II)           second,
either (x) if such Payment Date is a date on which a voluntary prepayment is being made or (y) at the election of the Borrower,
to the payment of principal of the Loans (provided, in the case of this clause (y), that, as of such Payment Date, after
giving effect to all sales of Collateral Obligations prior to such Payment Date, the Aggregate Principal Amount of the Collateral
does not consist of greater than 65% of Private Collateral Obligations); or

 

 (III)          third,
to the extent the Market Value Test is satisfied as of the related Determination Date and at the election of the Borrower (and
so long as no Default has occurred and is then continuing, no Cause has occurred and is then continuing under the Investment Management
Agreement and no voluntary prepayment is then pending), to the Borrower for distribution to the Equity Owner in an amount equal
to the Excess Market Value Amount on such Determination Date;

 

(3)           after
the Reinvestment Period, to the payment of principal of the Loans, until the Loans are repaid in full;

 

(4)           to
the amounts referred to in subclause (5) of the Interest Priority of Payments (in the order of priority set forth therein), but
only to the extent not paid in full thereunder;

 

(5)           to
the payment to the Investment Manager of the current Investment Management Fee in accordance with the terms of the Investment
Management Agreement and then, any accrued and previously unpaid Investment Management Fee, in each case, to the extent not paid
pursuant to the Interest Priority of Payments; and

 

(6)           the
balance of Principal Proceeds to the Borrower for distribution to the Equity Owner as a dividend payment thereon or as a final
distribution in redemption thereof, as applicable.

 

Part
3: Enforcement Priority of Payments

 

After
an Event of Default has occurred and is continuing, all Interest Proceeds, Principal Proceeds and any other available funds in
the Borrower Accounts will be distributed in the following order of priority:

 

(1)           to
the payment of the amounts referred to in subclauses (1) through (3) of the Interest Priority of Payments (in the order of priority
set forth therein);

 

(2)           to
the payment (a) first, of the accrued and unpaid interest, Make-Whole Amounts (if any) and other amounts due and payable
on the Loans (in each case other than principal of the Loans), (b) second, of principal of the Loans, until the Loans have
been paid in full, and (c) third, of the amount referred to in subclause (5) of the Interest Priority of Payments (in the
order of priority set forth therein);

 

    G-2

     

    

 

(3)           to
the payment to the Investment Manager of the current Investment Management Fee in accordance with the terms of the Investment
Management Agreement and then, any accrued and previously unpaid Investment Management Fee; and

 

(4)           the
balance of such funds, if any, to the Borrower for distribution to the Equity Owner as a final distribution in redemption thereof,
as applicable.

 

Part
4: Additional Provisions

 

(a)           Not
later than 12:00 noon, New York time, on the Business Day preceding each Payment Date, the Borrower shall, pursuant to Section
3 set forth on Schedule F, remit or cause to be remitted to the Collateral Agent for deposit in the Payment Account an amount
of Cash sufficient to pay the amounts described in the Priority of Payments required to be paid on such Payment Date.

 

(b)           If
on any Payment Date the amount available in the Payment Account from amounts received in the related Due Period is insufficient
to make the full amount of the disbursements required by the statements furnished by the Borrower pursuant to Section 5 on Schedule
F, the Collateral Agent shall make the disbursements called for in the order and according to the priority set forth in the Priority
of Payments, subject to Section 12 of the Agreement, to the extent funds are available therefor.

 

(c)           Notwithstanding
anything to the contrary contained herein, Interest Proceeds may be applied to the payment of Administrative Expenses of the Borrower
on days other than Payment Dates; provided that (1) in any Due Period such payments shall not exceed an amount equal on
any Payment Date (when taken together with any Administrative Expenses paid during the period since the preceding Payment Date
or, in the case of the First Payment Date, the Closing Date) to $325,000 per annum; (2) such payments do not exceed the amounts
permitted to be paid on the related Payment Date pursuant to clause (3) of the Interest Priority of Payments; and (3) sufficient
Interest Proceeds have theretofore been received to cover such payments.

 

(d)           Notwithstanding
any other provision of this Agreement, including the other subsections of this Schedule G, the Borrower, at the option of the
Equity Owner, shall have the right to direct the Collateral Agent to make a cash distribution from Interest Proceeds to the Equity
Owner on any Business Day but only if, and only to the extent that, after giving effect to such cash distribution the Borrower
will be able to satisfy all payments requirements under the Priority of Payments required of it on the next Payment Date as evidenced
by an Officer’s Certificate of the Borrower or the Investment Manager on behalf of the Borrower, provided to the Collateral
Agent and the Administrative Agent upon which the Collateral Agent and the Administrative Agent shall be entitled to fully rely
with no liability therefor.

 

    G-3

     

    

 

SCHEDULE
H

 

Collateral
Obligation Sale and Substitution-Related Provisions

 

1.            Purchase
and Delivery of Collateral Obligations.

 

(a)           Investment
in Collateral Obligations. The Investment Manager on behalf of the Borrower shall seek to invest all amounts on deposit from
time to time in the Principal Collection Account in Collateral Obligations in accordance with the provisions hereof. Subject to
the provisions of this Section 1, all or any portion of such amounts may be applied prior to the end of the Reinvestment
Period to purchase a Collateral Obligation or one or more Eligible Investments for inclusion in the Collateral upon (i) in the
case of a purchase of a Collateral Obligation, compliance with the conditions to purchase such Collateral Obligation below on
this Schedule H and (ii) receipt by the Collateral Agent of a Borrower Order with respect thereto directing the Collateral Agent
to pay out the amount specified therein against delivery of the Collateral Obligations or Eligible Investments specified therein.

 

(b)           Investment
in Eligible Investments. Any amounts on deposit from time to time in the Principal Collection Account that are not invested
in Collateral Obligations at 3:00 p.m., New York City time, on any Business Day during the Reinvestment Period shall, on the next
succeeding Business Day or as soon as practicable thereafter, be invested in Eligible Investments as directed by the Investment
Manager in writing (which may be in the form of standing instructions).

 

(c)           Schedule
of Collateral Obligations. The Borrower shall cause to be delivered to the Collateral Agent, the Collateral Administrator,
the Administrative Agent and the Lenders, as promptly as practicable on or after each Credit Date, either an amended Schedule
of Collateral Obligations or a list of Collateral Obligations setting forth all Collateral Obligations acquired by the Borrower
and Granted to the Collateral Agent pursuant to this Agreement and the other Transaction Documents through such Credit Date, which
schedule or list shall supersede any prior Schedule of Collateral Obligations delivered hereunder, and which schedule or list
shall include all Collateral Obligations held as of such Credit Date.

 

2.            Sales
of Collateral Obligations.

 

(a)           Discretionary
Sales. For so long as no Event of Default has occurred and is continuing, the Investment Manager may direct the Collateral
Agent, on behalf of the Borrower, in writing to sell, and the Collateral Agent shall sell, in the manner directed by the Investment
Manager any Collateral Obligation at any time, in accordance with, and subject to, any applicable limitations on amounts and other
requirements set forth herein (it being understood that the foregoing limitation shall not apply to any optional or mandatory
substitutions or repurchases effected by FS Energy and Power Fund pursuant to clause (b) below and the Sale and Contribution Agreement).

 

(b)           Limit
on Affiliate Sales. Notwithstanding the foregoing, the Aggregate Principal Amount of all Collateral Obligations (other than
Warranty Transferred Assets) sold pursuant hereto to the Equity Owner or an Affiliate thereof or released to the Equity Owner
pursuant to a dividend by the Borrower shall not in aggregate exceed 20% of the Net Purchased Loan Balance measured as of the
date of such sale or dividend; provided that the Aggregate Principal Amount of all Defaulted Obligations (other than Warranty
Transferred Assets) sold pursuant to Section 2(a) above to the Equity Owner or an Affiliate thereof or released to the Equity
Owner pursuant to a dividend by the Borrower shall not in any twelve-month period exceed 10% of the Net Purchased Loan Balance
measured as of the date of such sale or dividend.

 

(c)           Application
of Sale Proceeds. During the Reinvestment Period, all Sale Proceeds shall be applied to purchase additional Collateral Obligations
in accordance with this Schedule H or to purchase Eligible Investments in accordance with the terms and conditions set forth in
the Transaction Documents, or shall be applied in accordance with the Priority of Payments applicable thereto on the next succeeding
Payment Date. After the Reinvestment Period, no Principal Proceeds may be reinvested in Collateral Obligations at any time.

 

    H-1

     

    

 

(d)           Sales
of Eligible Investments. Except as otherwise expressly provided herein, none of the Borrower, the Investment Manager or the
Collateral Agent may at any time sell or permit the sale of any Eligible Investment prior to its maturity date if the Borrower
or the Investment Manager, as the case may be, determines that such Eligible Investment will sell at a price that is below the
par value of such Eligible Investment.

 

(e)           Collateral
Acquisition and Disposition Terms. Any transaction involving the purchase or sale of Collateral effected under this Agreement
shall be conducted on terms no less favorable to the Borrower than terms prevailing in the market. All sales of Collateral Obligations
or any portion thereof pursuant to this Schedule H shall be for Cash on a non-recourse basis to the Borrower.

 

(f)            Sales
Prior to Stated Maturity. On or prior to the date that is two Business Days prior to the scheduled Maturity Date , but no
earlier than the date that is 90 Business Days prior to the scheduled Maturity Date, the Investment Manager shall direct the Collateral
Agent in writing to sell, and the Collateral Agent shall sell, all Collateral Obligations and other securities to the extent necessary
such that no Collateral Obligations or other securities will be expected to be held by the Borrower on or after such date, and
the Collateral Agent shall sell such Collateral Obligations and such other securities in accordance with the direction of the
Investment Manager. The settlement dates for any such sales of Collateral Obligations and other securities shall be no later than
two Business Days prior to the scheduled Maturity Date.

 

(g)           Reinvestment
in Collateral Obligations. Whenever the Investment Manager is required to use commercially reasonable efforts to direct the
reinvestment of Sale Proceeds on behalf of the Borrower under this Schedule H, such reinvestment shall be subject to market conditions
and the availability and suitability of available investments.

 

(h)           Sales
following Events of Default, Etc. Following the occurrence and continuation of an Event of Default or the occurrence and continuation
of Cause under the Investment Management Agreement (and after the application of any cure or grace periods), the Investment Manager
shall obtain the written consent of the Requisite Lenders before acting on behalf of, or otherwise directing, the Borrower, the
Collateral Agent or any other person in connection with a sale of Collateral Obligations pursuant to any provision of this Agreement.

 

3.             Trading
Restrictions.

 

(a)           In
connection with the purchase of a Collateral Obligation and prior to entering into a commitment to purchase such Collateral Obligation,
the Borrower, or the Investment Manager on behalf of the Borrower, shall comply with the following procedure:

 

(1)           each
proposed purchase of a Collateral Obligation shall be submitted in writing for approval to the Lenders, which submission shall
be in substantially the form of Exhibit D-1;

 

(2)           the
Borrower and the Requisite Lenders shall, in good faith, collectively designate each proposed Collateral Obligation as a “Private
Collateral Obligation” or a “Non-Private Collateral Obligation;

 

(3)           the
Requisite Lenders shall have the right to request (and upon receipt of such request, the Investment Manager shall promptly provide)
the following information with respect to the Collateral Obligation identified for purchase: (x) the Reference Instrument (including
the collateral and security documents) relating to such Collateral Obligation; (y) any appraisal or valuation reports conducted
by third parties; and (z) any other information customary and typical in performing a detailed credit analysis and as reasonably
requested by the Requisite Lenders, including (without limitation) corporate organization charts of the obligors (to the extent
available to the Investment Manager) and information concerning the relationship of such obligor to the Borrower and the Investment
Manager and their respective Affiliates (collectively, the “Diligence Information”); and

 

    H-2

     

    

 

(4)           upon
receipt of the request for approval and all Diligence Information, the Administrative Agent (with the consent of the Requisite
Lenders) shall, within five Business Days, either (x) approve the purchase of such Collateral Obligation (which approval shall
be given in substantially the form of Exhibit D-2) and, in connection with such approval, determine the Market Value for such
Collateral Obligation as of the approval date, or (y) reject the purchase of such Collateral Obligation.

 

For
the avoidance of doubt, no Collateral Obligations shall be purchased or otherwise acquired by the Borrower unless consent of the
Requisite Lenders has been obtained therefor.

 

(b)           In
connection with the Borrower’s holding of a Collateral Obligation and for as long as such Collateral Obligation remains
part of the Collateral Portfolio, the Borrower, or the Investment Manager on behalf of the Borrower, shall use commercially reasonable
efforts to provide upon request, as soon as practically available, upon request of Requisite Lenders the Diligence Information
referred to in subclause (a)(3) above.

 

(c)           Notwithstanding
anything to the contrary herein, for the avoidance of doubt, there shall be no reinvestment in any Collateral Obligations after
the end of the Reinvestment Period.

 

(d)           Notwithstanding
anything to the contrary herein, the Borrower will not at any time commit to purchase any Collateral Obligation unless at the
time of such commitment the Borrower, in its commercially reasonable judgment, believes there is or will be an amount of funds
on deposit in the Principal Collection Account that is equal to or greater than the full amount required by the Borrower to purchase
such Collateral Obligation (and all other Collateral Obligations that the Borrower has committed to purchase but that have not
yet settled).

 

4.             Affiliate
Transactions.

 

The
Borrower will not have the right or ability to sell to an Affiliate any Collateral Obligation acquired from an Affiliate except
for (a) Defaulted Obligations, (b) required repurchase obligations or other permitted transactions pursuant to clause (b) of Section
2 above and the Sale and Contribution Agreement (such repurchase, “Permitted Repurchases”), or (c) sales to
Affiliates conducted on terms and conditions consistent with those of an arm’s length transaction at fair market value so
long as the Investment Manager obtains bid prices from at least two nationally recognized dealers (unaffiliated with the Investment
Manager or its affiliates) for such Collateral Obligation. The Borrower will not have the right or ability to purchase Collateral
Obligations from any Affiliate except for purchases from Affiliates conducted on terms and conditions consistent with those of
an arm’s length transaction at fair market value.

 

    H-3

     

    

 

SCHEDULE
I

 

Additional
Events of Default

 

Part
1:

 

None.

 

Part
2:

 

(a)           The
Borrower fails to comply with any obligation to deliver Specified Information within the time specified in Part 2 of Schedule
E.

 

(b)           The
limited liability company agreement or any other organizational document of the Borrower (collectively, for purposes of this clause
(b), the “Organizational Documents”), or any provision thereof, shall be amended, modified, changed, waived,
terminated, cease to be effective or cease to be the legally valid, binding and enforceable obligation, if the effect of such
amendment, modification, change, termination or other action would have a material adverse effect on (1) the ability of the Borrower
to perform its obligations under this Agreement or any other Transaction Document or (2) the validity or enforceability of this
Agreement or any other Transaction Document against the Borrower by the Secured Parties or the rights and remedies of the Secured
Parties against the Borrower hereunder or under the other Transaction Documents.

 

(c)           The
Borrower shall default or breach of any provision under any Organizational Document, if the effect of such default or breach,
would have a material adverse effect on (1) the ability of the Borrower to perform its obligations under this Agreement or any
other Transaction Document or (2) the validity or enforceability of this Agreement or any other Transaction Document against the
Borrower by the Secured Parties or the rights and remedies of the Secured Parties against the Borrower hereunder or under the
other Transaction Documents.

 

(d)           The
occurrence of a Defaulted Asset Sale Failure.

 

    I-1

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