Document:

FS Investment Corporation II 8-K

Exhibit 10.2

 

 

AMENDED AND RESTATED SALE AND CONTRIBUTION
AGREEMENT

between

FS INVESTMENT CORPORATION II,

as Seller

and

COOPER RIVER LLC,

as Purchaser

Dated as of May 29, 2015

 

    	 

    	 

    

TABLE OF CONTENTS

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	1
	 	 	 
	SECTION 1.1	Definitions.	1
	SECTION 1.2	Other Terms.	4
	SECTION 1.3	Computation of Time Periods.	4
	 	 	 
	ARTICLE II	CONVEYANCES OF TRANSFERRED ASSETS	4
	 	 	 
	SECTION 2.1	Conveyances.	4
	SECTION 2.2	Indemnification.	5
	 	 	 
	ARTICLE III	CONSIDERATION AND PAYMENT; REPORTING	6
	 	 	 
	SECTION 3.1	Purchase Price.	6
	SECTION 3.2	Payment of Purchase Price.	6
	 	 	 
	ARTICLE IV	REPRESENTATIONS AND WARRANTIES	6
	 	 	 
	SECTION 4.1	Seller’s Representations and Warranties.	6
	SECTION 4.2	Reaffirmation of Representations and Warranties by the Seller; Notice of Breach.	11
	 	 	 
	ARTICLE V	COVENANTS OF THE SELLER	11
	 	 	 
	SECTION 5.1	Covenants of the Seller.	11
	 	 	 
	ARTICLE VI	WARRANTY LOANS	13
	 	 	 
	SECTION 6.1	Warranty Collateral Loans.	13
	SECTION 6.2	Dilutions, Etc..	14
	 	 	 
	ARTICLE VII	CONDITIONS PRECEDENT	14
	 	 	 
	SECTION 7.1	Conditions Precedent.	14
	 	 	 
	ARTICLE VIII	MISCELLANEOUS PROVISIONS	14
	 	 	 
	SECTION 8.1	Amendments, Etc.	14
	SECTION 8.2	Governing Law: Submission to Jurisdiction.	15
	SECTION 8.3	Notices.	15
	SECTION 8.4	Severability of Provisions.	16
	SECTION 8.5	Further Assurances.	16
	SECTION 8.6	No Waiver; Cumulative Remedies.	16
	SECTION 8.7	Counterparts.	17
	SECTION 8.8	Binding Effect; Third-Party Beneficiaries.	17
	SECTION 8.9	Merger and Integration.	17
	SECTION 8.10	Headings.	17

 

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This AMENDED AND RESTATED
SALE AND CONTRIBUTION AGREEMENT, dated as of May 29, 2015 (as amended, supplemented or otherwise modified and in effect from time
to time, this “Agreement”), between FS Investment Corporation II, a Maryland corporation, as seller (in such
capacity, the “Seller”) and Cooper River LLC, a Delaware limited liability company, as purchaser (in such capacity,
the “Purchaser”). This Agreement amends and restates in its entirety the Equity Contribution Framework Agreement,
dated as of March 27, 2013, between the Purchaser, as borrower, and the Seller, as borrower investor (the “Equity
Contribution Framework Agreement”).

W I T N E S S E T H:

WHEREAS, the Purchaser
desires to purchase certain loans and related assets existing on the Closing Date and from time to time thereafter;

WHEREAS, the Seller
may also wish to contribute certain loans and related contracts to the capital of the Purchaser on the Closing Date and from time
to time on each Purchase Date;

WHEREAS, the Seller
desires to sell, assign and contribute such loans and related contracts to the Purchaser upon the terms and conditions hereinafter
set forth;

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed by and between
the Purchaser and the Seller as follows:

ARTICLE
I

DEFINITIONS

SECTION
1.1           Definitions.
As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both
the singular and plural forms of the terms defined). All capitalized terms used herein but not defined herein shall have the respective
meanings specified in, or incorporated by reference into, the Amended and Restated Credit and Security Agreement, dated as of the
date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”),
by and among the Purchaser, as borrower, the lenders from time to time party thereto, Citibank, N.A., as administrative agent,
Citibank, N.A., acting through its Agency & Trust division, as custodian and as collateral agent, and Virtus Group, LP, as
collateral administrator.

“Agreement” has the
meaning set forth in the preamble hereto.

“Convey”
means to sell, transfer, assign, contribute or otherwise convey assets hereunder.

    	

    	 

    

“Conveyance” means,
as the context may require, the Initial Conveyance or a Subsequent Conveyance.

“ECFA Collateral
Loans” has the meaning set forth in Section 2.1(a).

“Equity Contribution Framework
Agreement” has the meaning set forth in the preamble hereto.

“Indorsement” has the
meaning specified in Section 8-102(a)(11) of the UCC, and “Indorsed” has a corresponding meaning.

“Initial
Collateral Loans” has the meaning set forth in Section 2.1(a).

“Initial
Conveyance” has the meaning set forth in Section 2.1(a).

“Purchase
Date” has the meaning set forth in Section 2.1(b).

“Purchase
Notice” has the meaning set forth in Section 2.1(b).

“Purchase
Price” has the meaning set forth in Section 3.1.

“Purchaser”
has the meaning set forth in the preamble hereto.

“Related
Security” means, with respect to each Collateral Loan:

(a)                 
the Related Documents with respect to such Collateral Loan; 

(b)                 
all interest, dividends, stock dividends, stock splits, distributions and other Money or property of any kind distributed
in respect of such Collateral Loan, which the holder of such Collateral Loan is entitled to receive, including all Collections
in respect of such Collateral Loan; 

(c)                 
all Liens, property, guaranties, supporting obligations, insurance and other agreements or arrangements of whatever character
from time to time supporting or securing payment of the assets, investments and properties described above with respect to such
Collateral Loan; and 

(d)                
all Proceeds of any and all of the foregoing.

“Repurchase
Amount” means, for any Warranty Collateral Loan for which a payment or substitution is being made pursuant to Section 6.1
as of any time of determination, the sum of (i) the greater of (a) an amount equal to the purchase price paid by the
Purchaser for such Collateral Loan (excluding purchased accrued interest and original issue discount) less all payments of principal
received in connection with such Collateral Loan since the date it was added to the Collateral and (b) the product of (1) the
product of (x) the excess of (A) the Asset Value (determined without including any unfunded commitments in the Principal
Balance) of such Warranty Collateral Loan over (B) the portion of the Excess Concentration Amount attributable to the Asset
Value of such Warranty Collateral Loan and (y) the Advance Rate for such Collateral Loan (or, in the case of a Warranty Collateral
Loan that is not an Eligible Loan, the Advance Rate that would be applicable to such Warranty Collateral Loan if it were an Eligible
Loan), and (2) a fraction, the numerator of which is the outstanding principal amount of the Advances, and the denominator
of which is the Borrowing Base, and (ii) any accrued and unpaid interest thereon that has not been paid into the Collection
Account.

 

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“Repurchase
Event” means, with respect to any Transferred Collateral Loan, the occurrence of any of the following:

(a)                 
the related Conveyance becomes or may become voidable or subject to avoidance under Title 11 of the Bankruptcy Code and
the rules and regulations thereunder;

(b)                 
the Seller has actual knowledge or is notified of any event which, as of the date of the related Conveyance had occurred
and was continuing, could reasonably have been expected to affect the collectibility of such Transferred Collateral Loan or cause
it not to be paid in full; or

(c)                 
such Transferred Collateral Loan (or any portion thereof after giving effect to any contribution) was sold by the Seller
to the Purchaser other than pursuant to a “true sale”.

“Retained
Interest” means, with respect to any Collateral Loan included in any Conveyance, (a) such obligations to provide additional
funding with respect to such Collateral Loan that have been retained by the other lender(s) of such Collateral Loan, (b) all of
the rights and obligations, if any, of the agent(s) under the underlying instruments, (c) any unused commitment fees associated
with the additional funding obligations that are being retained in accordance with clause (a) above, and (d) any agency or similar
fees associated with the rights and obligations of the agent(s) that are being retained in accordance with clause (b) above.

“Schedule
of Collateral Loans” has the meaning set forth in Section 2.1(a).

“Seller”
has the meaning set forth in the preamble hereto.

“Subsequent
Conveyance” has the meaning set forth in Section 2.1(b).

“Subsequent
Conveyance Date” has the meaning set forth in Section 2.1(b).

“Transferred
Assets” means, collectively, the Transferred Collateral Loans and Related Security Conveyed by the Seller to the Purchaser
hereunder.

“Transferred
Collateral Loans” means each Collateral Loan Conveyed from the Seller to the Purchaser pursuant to the terms of this
Agreement, and shall include, for the avoidance of doubt, the ECFA Collateral Loans.

“Warranty
Collateral Loans” has the meaning set forth in Section 6.1.

 

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SECTION
1.2           Other
Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting
principles. All terms used in Article 9 of the UCC, and not specifically defined herein, are used herein as defined in such Article
9. The term “including” when used in this Agreement means “including without limitation.”

SECTION
1.3           Computation
of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to
a later specified date, the word “from” means “from and including” and the words “to” and
“until” each means “to but excluding.”

ARTICLE
II

CONVEYANCES OF TRANSFERRED ASSETS

SECTION
2.1           Conveyances.

(a)                
Pursuant to the Equity Contribution Framework Agreement, the Seller sold, transferred, assigned, contributed or otherwise
conveyed to the Purchaser prior to the Closing Date, and the Purchaser received prior to the Closing Date (collectively, the “Initial
Conveyance”), all of the Seller’s right, title and interest in and to the Collateral Loans and Related Security
Conveyed thereunder (the “ECFA Collateral Loans”). Each of the ECFA Collateral Loans and each other Collateral
Loan owned by the Purchaser on the Closing Date (collectively, the “Initial Collateral Loans”) is listed on
Schedule A to this Agreement (as such schedule may be amended, supplemented, updated or otherwise modified from time
to time, the “Schedule of Collateral Loans”) (the Schedule of Collateral Loans, as amended, supplemented, updated
or otherwise modified shall become part of the Schedule of Collateral Loans).

(b)                
In the event the Purchaser agrees, from time to time after the Closing Date, to acquire additional Collateral Loans (including
Related Security) from the Seller, the Purchaser shall deliver written notice thereof to the Administrative Agent substantially
in the form set forth in Schedule B hereto (each, a “Purchase Notice”), designating the date of the proposed
Conveyance (a “Subsequent Conveyance Date” or a “Purchase Date”) and attaching a supplement
to the Schedule of Collateral Loans identifying the Transferred Assets proposed to be Conveyed. On the terms and subject to the
conditions set forth in this Agreement and the Credit Agreement, the Seller shall Convey to the Purchaser, and the Purchaser shall
purchase, on the applicable Subsequent Conveyance Date (each such purchase and sale being herein called a “Subsequent
Conveyance”), all of the Seller’s right, title and interest in and to each Collateral Loan then reported by the
Seller on the Schedule of Collateral Loans attached to the related Purchase Notice, together with all other Related Security and
all proceeds of the foregoing but excluding the Retained Interests (if any) for such Collateral Loan.

(c)                
It is the express intent of the Seller and the Purchaser that each Conveyance of Transferred Assets by the Seller to the
Purchaser pursuant to this Agreement be construed as an absolute sale and/or contribution of such Transferred Assets by the Seller
to the Purchaser. Further, it is not the intention of the Seller and the Purchaser that any purchase be deemed a grant of a security
interest in the Transferred Assets by the Seller to the Purchaser to secure a debt or other obligation of the Seller. However,
in the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not
as sales and/or contributions, then (i) this Agreement also shall be deemed to be, and hereby is, a security agreement within
the meaning of the UCC and other applicable law and (ii) the Conveyances by the Seller provided for in this Agreement shall
be deemed to be, and the Seller hereby grants to the Purchaser, a security interest in, to and under all of the Seller’s
right, title and interest in, to and under, whether now owned or hereafter acquired, such Transferred Assets and all proceeds
of the foregoing. The Purchaser and its assignees shall have, with respect to such Transferred Assets and other related rights,
in addition to all the other rights and remedies available to the Purchaser and its assignees and under the other Transaction
Documents, all the rights and remedies of a secured party under any applicable UCC.

 

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The
Seller and the Purchaser shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure
that, if this Agreement were deemed to create a security interest in the Transferred Assets to secure a debt or other obligation,
such security interest would be deemed to be a perfected security interest in favor of the Purchaser under applicable law and
will be maintained as such throughout the term of this Agreement. The Seller represents and warrants that the Transferred Assets
are being transferred with the intention of removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy
Code.

(d)                
The Seller agrees to file on or prior to the Closing Date, at its own expense, a financing statement or statements with
respect to the Transferred Assets Conveyed by the Seller hereunder from time to time meeting the requirements of applicable state
law in the jurisdiction of the Seller’s organization to perfect and protect the interests of the Purchaser created hereby
under the UCC against all creditors of, and purchasers from, the Seller, and to deliver a file-stamped copy of such financing
statements or other evidence of such filings to the Purchaser as soon as reasonably practicable after its receipt thereof.

(e)                
The Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents
and take all actions as may be reasonably necessary or as the Purchaser may reasonably request, in order to perfect or protect
the interest of the Purchaser in the Transferred Assets purchased hereunder or to enable the Purchaser to exercise or enforce
any of its rights hereunder. Without limiting the foregoing, the Seller will, in order to accurately reflect the Conveyances contemplated
by this Agreement, execute and file such financing or continuation statements or amendments thereto or assignments thereof (as
permitted pursuant hereto) or other documents or instruments as may be reasonably requested by the Purchaser and mark its master
computer records (or related sub-ledger) noting the purchase by the Purchaser of the Transferred Assets and the Lien of the Collateral
Agent pursuant to the Credit Agreement. The Seller hereby authorizes the Purchaser to file and, to the fullest extent permitted
by applicable law the Purchaser shall be permitted to file initial financing statements, continuation statements and amendments
thereto and assignments thereof without the Seller’s further action; provided that the description of collateral
contained in such financing statements shall be limited to only Transferred Assets. Carbon, photographic or other reproduction
of this Agreement or any financing statement shall be sufficient as a financing statement.

SECTION
2.2           Indemnification.
Without limiting any other rights which any such Person may have hereunder or under applicable law, the Seller agrees to indemnify
on a net after-tax basis (including, for example, taking into account the deductibility of an applicable underlying damage, loss,
liability or related cost and expense) the Purchaser and its successors, transferees, and assigns (including each Secured Party)
and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing
Persons being individually called an “Indemnified Party”), forthwith on demand, from and against any and all
damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys’ fees and disbursements
(all of the foregoing being collectively called “Indemnified Amounts”) awarded against or incurred by any of
them arising out of any breach by the Seller of any of its obligations hereunder or arising as a result of the failure of any
representation or warranty of the Seller herein to be true and correct on the date such representation or warranty was made, excluding,
however, (a) Indemnified Amounts in respect of any Transferred Asset due to such Obligor’s creditworthiness, (b) Indemnified
Amounts payable to an Indemnified Party to the extent determined by a court of competent jurisdiction to have resulted from gross
negligence or willful misconduct on the part of any Indemnified Party or its agent or subcontractor, (c) except as otherwise specifically
provided herein, non-payment by any Obligor of an amount due and payable with respect to a Transferred Asset, (d) any Excluded
Taxes and any Taxes indemnifiable under the Credit Agreement and (e) Indemnified Amounts resulting from the performance or non-performance
of the Collateral Loans. 

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ARTICLE
III

CONSIDERATION AND PAYMENT; REPORTING

SECTION
3.1           Purchase
Price. The purchase price (the “Purchase Price”) for the Transferred Assets Conveyed on each Purchase Date
shall be a dollar amount equal to the fair market value (as agreed upon between the Seller and the Purchaser at the time of such
Conveyance) of such Transferred Assets as of such date.

SECTION
3.2           Payment
of Purchase Price. The Purchase Price shall be paid on the related Purchase Date at the option of the Seller (a) by the Purchaser
making a payment in cash of immediately available funds, (b) by the Seller making a capital contribution to the Purchaser, or
(c) any combination of the foregoing clauses (a) and (b).

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

SECTION
4.1           Seller’s
Representations and Warranties. The Seller represents and warrants to the Purchaser as of the Closing Date and as of each
Purchase Date:

(a)                
Organization and Good Standing. The Seller is a corporation duly formed, validly existing and in good standing under
the laws of its jurisdiction of organization and is duly qualified to do business, and is in good standing, in every jurisdiction
in which the nature of its business and the performance of its obligations hereunder and under the other Transaction Documents
to which it is a party requires it to be so qualified, except where the failure to be so qualified or in good standing would not
reasonably be expected to have a material adverse effect on (i) its ability to perform its obligations under this Agreement, (ii)
the validity or enforceability of the Transferred Assets and the Related Security and (iii) its ability to perform its obligations
under the other Transaction Documents to which it is a party.

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(b)                
Power and Authority; Title. The Seller has the power and authority to own, pledge, mortgage, operate and convey
the Transferred Assets, to conduct its business as now, or proposed to be, conducted and to execute and deliver this Agreement
and the Transaction Documents to which it is a party and to perform the transactions contemplated hereby and thereby. The Seller
owns and has good and marketable title to the Transferred Assets acquired by the Purchaser hereunder on such Purchase Date, free
and clear of any Lien, claim or encumbrance of any Person other than the interest of the Purchaser in the Transferred Assets and
Permitted Liens.

(c)                
Authorization; Contravention. The execution, delivery and performance by the Seller of this Agreement, each other
Transaction Document to which it is a party and all other agreements, instruments and documents which may be delivered by it pursuant
hereto or thereto and the transactions contemplated hereby and thereby (i) have been duly authorized by all necessary action
on the part of the Seller, (ii) do not contravene or cause the Seller to be in default in any material respect under (A) its
certificate of formation or limited partnership agreement, (B) any contractual restriction with respect to any indebtedness
of the Seller or contained in any indenture, loan or credit agreement, lease, mortgage, security agreement, bond, note or other
agreement or instrument binding on or affecting it or its property, or (C) any law, rule, regulation, order, license, requirement,
writ, judgment, award, injunction or decree applicable to, binding on or affecting it or any of its property and (iii) do
not result in or require the creation of any Lien upon or with respect to any of its properties (other than Liens created pursuant
to this Agreement).

(d)                
Execution and Delivery. This Agreement and each other Transaction Document to which the Seller is a party have been
duly executed and delivered by the Seller.

(e)                
Governmental Authorization. No approval, consent of, notice to, filing 

with or permits, licenses, qualifications or other action by any Governmental Authority having jurisdiction over it or its properties
is required or necessary (i) for the conduct of the Seller’s business as currently conducted, for the ownership, use, operation
or maintenance of its properties and for the due execution, delivery and performance by the Seller of this Agreement or any of
the Transaction Documents to which it is a party, (ii) for the perfection of or the exercise by each of the Purchaser and the
Collateral Agent of any of its rights or remedies under the Credit Agreement or hereunder, or (iii) to ensure the legality, validity,
or enforceability of this Agreement in any jurisdiction in which the Seller does business, in each case other than (A) consents,
notices, filings and other actions which have been obtained or made (or will be obtained or made substantially simultaneously
with the Closing Date), and continuation statements and renewals in respect thereof and (B) where the lack of such consent, notice,
filing or other action would not have a material adverse effect on its ability to perform its obligations hereunder and under
the Transaction Documents to which it is a party.

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(f)                 
Legality; Validity; Enforceability. Assuming due authorization, execution and delivery by each other party hereto
and thereto, this Agreement and each other Transaction Document to which it is a party is the legal, valid and binding obligation
of the Seller enforceable against the Seller in accordance with its respective terms, except as such enforceability may be limited
by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights
generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability
is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing.

(g)                
No Litigation. There are no proceedings or investigations pending or, to its knowledge, threatened against the Seller,
before any court or Governmental Authority having jurisdiction over it or its properties (A) asserting the invalidity of
this Agreement or any of the other Transaction Documents, (B) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or any of the other Transaction Documents, (C) seeking any determination or ruling that might
materially and adversely affect the performance by the Purchaser of its obligations under, or the validity or enforceability of,
this Agreement or any of the other Transaction Documents, (D) seeking any determination or ruling that would reasonably be expected
to have a material adverse effect on any of the Transferred Assets or (E) seeking to impose any excise, franchise, transfer or
similar tax upon the conveyance of the Transferred Assets hereunder.

(h)                
Legal Compliance. The Seller has complied and will comply in all material respects with all Applicable Laws, judgments,
agreements with governmental authorities, decrees and orders with respect to its business and properties and the Transferred Assets.

(i)                  
Taxes. The Seller has timely filed all federal and other material Tax returns (foreign, federal, state, local and
otherwise) required to be filed by it relating to the Transferred Assets and has paid all federal and other material Taxes due
and payable by it relating to the Transferred Assets (other than any amount the validity of which is currently being contested
in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the
books of the Seller). It is not liable for taxes with respect to the Transferred Assets payable by any other Person. No Tax lien
or similar Adverse Claim has been filed, and no claim has been filed or is being asserted, with respect to any Tax relating to
the Transferred Assets. Any taxes, fees and other governmental charges payable by the Seller in connection with the transactions
contemplated by this Agreement and the execution and delivery of this Agreement have been paid or shall have been paid if and
when due.

(j)                 
Place of Business. The principal place of business and chief executive office of the Seller, and the offices where
the Seller keeps all its records, are located at its address specified in Section 8.3, or such other locations notified
to the Purchaser in accordance with this Agreement in jurisdictions where all action required by the terms of this Agreement has
been taken and completed. There are currently no, and during the past four months (or such shorter time as the Seller has been
in existence) there have not been, any other locations where the Seller is located (as that term is used in the UCC of the jurisdiction
where such principal place of business is located).

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(k)                
Ownership; Security Interest. 

                                                     
i.               
In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans
and not as sales and/or contributions, then this Agreement creates a valid and continuing Lien on the Transferred Assets in favor
of the Purchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly
perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable
as such against creditors of and purchasers from the Purchaser; the Transferred Assets are comprised of Instruments, Security
Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property
and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations
as set forth herein; the Seller has received all consents and approvals required by the terms of any Collateral Loan to the sale
and granting of a security interest in the Collateral Loans hereunder to the Purchaser and the Collateral Agent, as assignee on
behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security
interest in that portion of the Transferred Assets in which a security interest may be perfected by filing pursuant to Article
9 of the UCC as in effect in Maryland; all original executed copies of each underlying promissory note constituting or evidencing
any Transferred Asset have been or, subject to the delivery requirements contained in the Credit Agreement, will be delivered
to the Purchaser or its designee; none of the underlying promissory notes that constitute or evidence the Collateral Loans has
any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser
and the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a
Certificated Security, such certificated security has been delivered to the Purchaser or its designee and, if in registered form,
has been specially Indorsed (within the meaning of the UCC) to the Collateral Agent or in blank by an effective Indorsement or
has been registered in the name of the Collateral Agent upon original issue or registration of transfer by the Seller of such
Certificated Security; and in the case of an Uncertificated Security, by causing the Purchaser or its designee to become the registered
owner of such uncertificated security.

(l)                  
Fair Consideration; No Avoidance for Collateral Loan Payments. With respect to each Transferred Collateral Loan
sold hereunder, the Seller sold such Transferred Collateral Loan to the Purchaser in exchange for payment, made in accordance
with the provisions of this Agreement, in an amount which constitutes fair consideration and reasonably equivalent value. Each
such Conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by
the Seller to the Purchaser. In addition, no such Conveyance shall have been made with the intent to hinder or delay payment to
or defraud any creditor of the Seller.

(m)              
Eligibility of Transferred Collateral Loans. Each Transferred Collateral Loan Conveyed hereunder on or after the
Closing Date is, at the time of such Conveyance, an Eligible Collateral Loan. As of each Purchase Date, Schedule A is an accurate
and complete listing of all the Transferred Collateral Loans and other Transferred Assets hereunder as of such Purchase Date.

    	-9-

    	 

    

(n)                
Adequate Capitalization; No Insolvency. The Seller is adequately capitalized and will not become insolvent after
giving effect to the transactions contemplated by this Agreement and the Transaction Documents. The Seller is adequately capitalized
for its business as proposed to be conducted in the foreseeable future and does not expect the commencement of any insolvency,
bankruptcy or similar proceedings or the appointment of a receiver, liquidator or similar official in respect of its assets. The
Seller executed and delivered each of the Transaction Documents to which it is a party for fair consideration and without the
intent to hinder, delay or defraud any of its creditors or any other Person.

(o)                
True and Complete Information. All information heretofore or hereafter furnished by or on behalf of the Seller in
writing to any Lender, the Collateral Agent or the Administrative Agent in connection with this Agreement, the other Transaction
Documents, the Transferred Assets, or any transaction contemplated hereby is and will be (when taken as a whole) true, correct
and complete in all material respects.

(p)                
Financial Statements. The Seller has delivered to each Lender complete 

and correct copies of (A) the audited consolidated financial statements of the Seller for the fiscal year most recently ended,
and (B) the unaudited consolidated financial statements of the Seller for the fiscal quarter most recently ended, in each case
when (and to the extent) required to be delivered under Sections 5.01(d)(i) and (ii) of the Credit Agreement. Such financial statements
(including the related notes) fairly present the financial condition of the Seller as of the respective dates thereof and the
results of operations for the periods covered thereby, each in accordance with GAAP.

(q)                
Payment in Full. The Seller had no actual knowledge at the time of Conveyance of a Transferred Asset of any fact
which leads it to expect that any payments on such Transferred Asset will not be paid in full when due or to expect any other
material adverse effect on (A) the performance by the Seller of its obligations under this Agreement or any of the Transaction
Documents to which it is a party, (B) the validity or enforceability of this Agreement or any of the Transaction Documents to
which it is a party, or (C) the Transferred Assets or the interests of the Seller therein.

(r)                 
No Brokers or Finders. No broker or finder acting on behalf of the Seller was employed or utilized in connection
with this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby and the Seller has no
obligation to any Person in respect of any finder’s or brokerage fees in connection therewith.

(s)                 
Restricted Payments. The Seller shall not cause or permit the Purchaser to make any payments or distributions which
would violate Section 10.05 of the Credit Agreement.

    	-10-

    	 

    

(t)                 
Special Purpose Entity. The Purchaser is an entity with assets and liabilities separate and distinct from those
of the Seller and any Affiliates thereof, and the Seller hereby acknowledges that the Administrative Agent, the Lenders and the
other Secured Parties are entering into the transactions contemplated by the Credit Agreement in reliance upon the Purchaser’s
identity as a legal entity that is separate from the Seller and from each other Affiliate of the Seller. Therefore, from and after
the date of execution and delivery of this Agreement, the Seller shall take all reasonable steps, including all steps that the
Purchaser or the Administrative Agent may from time to time reasonably request, to maintain the Purchaser’s identity as
a legal entity that is separate from the Seller and from each other Affiliate of the Seller, and to make it manifest to third
parties that the Purchaser is an entity with assets and liabilities distinct from those of the Seller and each other Affiliate
thereof and not just a division of the Seller or any such other Affiliate.

(u)                
Set–Off, etc. At the time of Conveyance of a Transferred Asset and to the knowledge of the Seller after reasonable
inquiry, such Transferred Asset has not been compromised, adjusted, extended, satisfied, subordinated, rescinded, set–off
or modified by the Seller or by the Obligor thereof, and at such time such Transferred Asset is not subject to compromise, adjustment,
extension, satisfaction, subordination, rescission, set–off, counterclaim, defense, abatement, suspension, deferment, deduction,
reduction, termination or modification, whether arising out of transactions concerning such Transferred Asset or otherwise, by
the Seller or by the Obligor with respect thereto, except, in each case, for amendments, extensions and modifications, if any,
to such Transferred Asset otherwise permitted under the Transaction Documents.

(v)                
No Fraud. Each Collateral Loan was originated without any fraud or material misrepresentation by the Seller or,
to the Seller’s knowledge, on the part of the related Obligor.

SECTION
4.2           Reaffirmation
of Representations and Warranties by the Seller; Notice of Breach. On the Closing Date and on each Purchase Date, the Seller,
by accepting the proceeds of such Conveyance, shall be deemed to have certified that all representations and warranties described
in Section 4.1 are true and correct on and as of such day as though made on and as of such day (or, if such representation
or warranty is limited to a specific date, such specific date). The representations and warranties set forth in Section 4.1
shall survive (i) the Conveyance of the Transferred Assets to the Purchaser, (ii) the termination of the rights and obligations
of the Purchaser and the Seller under this Agreement and (iii) the termination of the rights and obligations of the Purchaser
under the Credit Agreement. Upon discovery by a Responsible Officer of the Purchaser or the Seller of a breach of any of the foregoing
representations and warranties in any material respect, the party discovering such breach shall give prompt written notice to
the other and to the Administrative Agent.

ARTICLE
V

COVENANTS OF THE SELLER

SECTION
5.1           Covenants
of the Seller. The Seller hereby covenants and agrees with the Purchaser that, from the date hereof, and until all amounts
owed by the Seller pursuant to this Agreement have been paid in full (other than as expressly survive the termination of this
Agreement), unless the Purchaser otherwise consents in writing:

(a)                
Compliance with Agreements and Applicable Laws. The Seller shall perform each of its obligations under this Agreement
and the other Transaction Documents to which it is a party and comply with all Applicable Laws, including those applicable to
the Transferred Collateral Loans and all proceeds thereof, except to the extent that the failure to so comply would not reasonably
be expected to have a material adverse effect on (i) its ability to perform its obligations under the Transaction Documents to
which it is a party, (ii) its assets, operations, properties, financial condition, or business or (iii) the validity or enforceability
of this Agreement or any of the other Transaction Documents.

    	-11-

    	 

    

(b)                
Maintenance of Existence and Conduct of Business. The Seller shall: (i) do or cause to be done all things necessary
to (A) preserve and keep in full force and effect its existence as a corporation and maintain its rights and franchises in
its jurisdiction of formation and (B) qualify and remain qualified as a foreign corporation in good standing and preserve
its rights and franchises in each jurisdiction in which the failure to so qualify and remain qualified and preserve its rights
and franchises would reasonably be expected to have a material adverse effect on its assets, operations, properties, financial
condition, or business; (ii) continue to conduct its business substantially as now conducted or as otherwise permitted hereunder
and under its organizational documents; and (iii) at all times maintain, preserve and protect all of its licenses, permits,
charters and registrations in each case except where the failure to maintain such liens, permits, charters and registrations would
not reasonably be expected to have a material adverse effect on its assets, operations, properties, financial condition, or business.

(c)                
Cash Management Systems: Deposit of Collections. The Seller shall transfer, or cause to be transferred, all Collections
received by the Seller with respect to any Transferred Asset to the Collection Account by the close of business on the Business
Day following the date such Collections are received.

(d)                
Books and Records. The Seller shall keep proper books of record and account in which full and correct entries shall
be made of all transactions with the Purchaser and the assets and business of the Seller related to its obligations under this
Agreement or any Transferred Assets or assets proposed to be transferred in accordance with GAAP, maintain and implement administrative
and operating procedures necessary to fulfill its obligations hereunder; and keep and maintain all documents, books, records and
other information necessary or reasonably advisable and relating to the Transferred Assets prior to their Conveyance hereunder
for the collection of all Transferred Assets.

(e)                
Taxes. The Seller will file on a timely basis all federal and other material Tax returns required to be filed and
will pay all federal and other material Taxes due and payable by it (other than any amount the validity of which is contested
in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books
of the Seller).

(f)                 
ERISA. The Seller shall not, and shall not cause or permit any of its Affiliates to, cause or permit to occur an
event that results in the imposition of a Lien on its interest, if any, in any Transferred Asset under Section 412 of the IRC
or Section 303(K) or 4068 of ERISA.

(g)                
Liens. The Seller shall not create, incur, assume or permit to exist any Lien on or with respect to any of its rights
under any of the Transaction Documents (other than the Lien covering this Agreement and existing on the Closing Date, which has
been disclosed to the Administrative Agent) or on or with respect to any of its rights in the Transferred Assets, in each case
other than Permitted Liens. For the avoidance of doubt, this Section 5.1(g) shall not apply to any property retained by
the Seller and not Conveyed or purported to be Conveyed hereunder.

    	-12-

    	 

    

(h)                
Change of Name. Etc. The Seller shall not change its name, identity or corporate structure in any manner that would
make any financing statement or continuation statement filed by the Seller (or by the Administrative Agent on behalf of the Seller)
in accordance with Sections 2.1(d) and (e) seriously misleading or change its jurisdiction of organization, unless
the Seller shall have given the Purchaser at least 10 days prior written notice thereof, and shall promptly file appropriate amendments
to all previously filed financing statements and continuation statements.

(i)                  
Sale Characterization. The Seller shall not make statements or disclosures, or treat the transactions contemplated
by this Agreement (other than for Tax or accounting purposes) in any manner other than as a true sale, contribution or absolute
assignment of the title to and sole record and beneficial ownership interest of the Transferred Collateral Loans Conveyed or purported
to be Conveyed hereunder; provided that the Seller may consolidate the Purchaser and/or its properties and other assets
for accounting purposes in accordance with GAAP.

(j)                 
Commingling. Except to the extent permitted by the Credit Agreement, the Seller shall not, and shall not permit
any of its Affiliates to, deposit or permit the deposit of any funds that do not constitute Collections or other proceeds of any
Collateral Loans into the Collection Account.

(k)                
Nonconsolidation Opinion. The Seller shall not take any action contrary to the “Assumptions and Facts”
section in the opinion of Dechert LLP, dated the date hereof, relating to certain nonconsolidation matters.

ARTICLE
VI

WARRANTY LOANS

SECTION
6.1           Warranty
Collateral Loans. The Seller agrees that, with respect to any Transferred Collateral Loan, in the event of (x) a Repurchase
Event with respect to such Transferred Collateral Loan or (y) a breach of any representation or warranty or covenant applicable
to a Transferred Asset set forth in Article IV or Article V (each such Transferred Collateral Loan, an “Warranty
Collateral Loan”), no later than 30 days after the earlier of (x) knowledge of such breach on the part of the Seller
and (y) receipt by the Seller of written notice thereof given by the Purchaser, the Administrative Agent or the Required Lenders,
the Seller shall either (a) pay to the Collection Account in immediately available funds the Repurchase Amount with respect to
the Warranty Collateral Loan(s) to which such breach relates or (b) substitute for such Warranty Collateral Loan(s) one or more
Eligible Loan(s) with an aggregate Collateral Loan Amount at least equal to the Repurchase Amount of the Warranty Collateral Loan(s)
being replaced; provided, that no such repayment or substitution shall be required to be made with respect to any Warranty
Collateral Loan (and such Collateral Loan shall cease to be a Warranty Collateral Loan) if, on or before the expiration of such
30 day period either (x) such Repurchase Event shall no longer be continuing or (y) the representations and warranties in Article
IV and the covenants in Article V with respect to such Warranty Collateral Loan shall be made true and correct in all
material respects with respect to such Warranty Collateral Loan as if such Warranty Collateral Loan had been Conveyed to the Purchaser
on such day, as applicable.

    	-13-

    	 

    

SECTION
6.2           Dilutions,
Etc. The Seller agrees that if, on any day following the Reinvestment Period, the Principal Balance of a Transferred Collateral
Loan that has been sold by the Seller hereunder is either reduced or adjusted as a result of any valid setoff by the Obligor against
the Seller, the Seller shall be deemed to have received on such day a Collection of such Transferred Collateral Loan in the amount
of such setoff and shall, within three (3) Business Days, pay to the Collection Account in immediately available funds an amount
equal to such setoff.

ARTICLE
VII

CONDITIONS PRECEDENT

SECTION
7.1           Conditions
Precedent. The obligations of the Purchaser to pay the Purchase Price for the Transferred Assets sold on the Closing Date
and any Purchase Date shall be subject to the satisfaction of the following conditions:

(a)                
All representations and warranties of the Seller contained in this Agreement shall be true and correct in all material
respects on such Purchase Date;

(b)                
All information concerning the Transferred Assets provided to the Purchaser and the Administrative Agent shall be true
and correct, when taken as a whole, in all material respects as of such Purchase Date;

(c)                
The Seller shall have performed in all material respects all other obligations required to be performed by the provisions
of this Agreement and the other Transaction Documents to which it is a party;

(d)                
The Seller shall have either filed or caused to be filed the financing statement(s) required to be filed pursuant to Sections 2.1(d)
and (e); and

(e)                
All corporate and legal proceedings, and all instruments in connection with the transactions contemplated by this Agreement
and the other Transaction Documents shall be reasonably satisfactory in form and substance to the Purchaser, and the Purchaser
shall have received from the Seller copies of all documents (including records of corporate proceedings) relevant to the transactions
herein contemplated as the Purchaser may reasonably have requested.

ARTICLE
VIII

MISCELLANEOUS PROVISIONS

SECTION
8.1           Amendments,
Etc. This Agreement and the rights and obligations of the parties hereunder may not be amended, supplemented, waived or otherwise
modified except in an instrument in writing signed by the Purchaser and the Seller and consented to in writing by the Administrative
Agent. Any Conveyance or reconveyance executed in accordance with the provisions hereof shall not be considered an amendment or
modification to this Agreement.

    	-14-

    	 

    

SECTION
8.2           Governing
Law: Submission to Jurisdiction.

(a)                
THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE
OF NEW YORK.

(b)                
Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting
in New York City in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto hereby
irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State
court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent
they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties
hereto agree 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.

SECTION
8.3           Notices.
All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile
communication) and shall be personally delivered or sent by certified mail, electronic mail, postage prepaid, or by facsimile,
to the intended party at the address or facsimile number of such party set forth below:

	(a)                  	in the case of the Purchaser:
	 	Cooper River LLC
	 	c/o FS Investment Corporation II
	 	201 Rouse Boulevard
	 	Philadelphia, PA 19112
	 	Attention:  Gerald F. Stahlecker, Executive Vice President
	 	Telephone:  (215) 495-1169
	 	Facsimile:  (215) 222-4649
	 	 
	(b)                  	in the case of the Seller:
	 	FS Investment Corporation II
	 	201 Rouse Boulevard
	 	Philadelphia, PA 19112
	 	Attention:  Gerald F. Stahlecker, Executive Vice President
	 	Telephone:  (215) 495-1169
	 	Facsimile:  (215) 222-4649

(in each case, with a copy to the Administrative Agent at the address for notice provided under the Credit Agreement) 

 

    	-15-

    	 

    

All such
notices and communications shall be effective, (a) if personally delivered, when received, (b) if sent by certified
mail, three Business Days after having been deposited in the mail, postage prepaid, (c) if sent by two-day mail, two Business
Days after having been deposited in the mail, postage prepaid, (d) if sent by overnight courier, one Business Day after having
been given to such courier, and (e) if transmitted by facsimile, when sent, receipt confirmed by telephone or electronic
means.

SECTION
8.4           Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining
covenants, agreements, provisions, or terms of this Agreement and shall in no way affect the validity or enforceability of the
other provisions of this Agreement. 

SECTION
8.5           Further
Assurances. 

(a)                
The Purchaser and the Seller each agree that at any time and from time to time, at its expense and upon reasonable request
of the Administrative Agent or the Collateral Agent, it shall promptly execute and deliver all further instruments and documents,
and take all reasonable further action, that is necessary or desirable to perfect and protect the Conveyances and security interests
granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise
and enforce its rights and remedies under this Agreement with respect to any Collateral.

(b)                
The Purchaser and the Seller agree to do and perform, from time to time, any and all acts and to execute any and all further
instruments reasonably requested by the other party more fully to effect the purposes of this Agreement and the other Transaction
Documents, including the execution of any financing statements or continuation statements or equivalent documents relating to
the Transferred Collateral Loans for filing under the provisions of the UCC or other laws of any applicable jurisdiction.

(c)                
The Purchaser and the Seller hereby severally authorize the Collateral Agent, upon receipt of written direction from the
Administrative Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any
part of the Transferred Assets.

(d)                
The Seller shall furnish to the Collateral Agent and the Administrative Agent from time to time such statements and schedules
further identifying and describing the Related Security and such other reports in connection with the Transferred Assets as the
Collateral Agent (acting solely at the Administrative Agent’s request) or the Administrative Agent may reasonably request,
all in reasonable detail.

SECTION
8.6           No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Purchaser, the Seller or
the Administrative Agent, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and
not exhaustive of any rights, remedies, powers and privilege provided by law.

    	-16-

    	 

    

SECTION
8.7           Counterparts.
This Agreement may be executed in two or more counterparts including telecopy transmission thereof (and by different parties on
separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument.

SECTION
8.8           Binding
Effect; Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto and
their respective successors and permitted assigns.

The
Seller hereby acknowledges that (a) the Collateral Agent is the beneficiary of a collateral assignment of this Agreement pursuant
to Section 7.01(a)(iv) of the Credit Agreement and (b) the Collateral Agent for the benefit of the Secured Parties shall
be an express third party beneficiary of the Purchaser’s rights hereunder, including but not limited to the Purchaser’s
right to indemnification set forth in Section 2.2, subject to each of the limitations, restrictions and conditions set
forth in Section 7.01 of the Credit Agreement with respect to the collateral assignment of this Agreement; provided that,
such collateral assignment and such third party beneficiary rights shall automatically terminate upon the irrevocable payment
in full of the Obligations (other than contingent indemnity obligations as to which no claim has been made) and the termination
of the Commitments in full.

SECTION
8.9           Merger
and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement.

SECTION
8.10          Headings.
The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision
hereof.

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	-17-

    	 

    

IN
WITNESS WHEREOF, the Purchaser and the Seller each have caused this Sale and Contribution Agreement to be duly executed by their
respective officers as of the day and year first above written.

 

	 	FS Investment Corporation II, 
	 	as Seller
	 	 
	 	By:	/s/ Gerald F. Stahlecker
	 	 	Name:Gerald F. Stahlecker
	 	 	Title:Executive Vice President
	 	 	 
	 	 	 
	 	Cooper River LLC, 
	 	as Purchaser
	 	 
	 	By:	/s/ Gerald F. Stahlecker
	 	 	Name: Gerald F. Stahlecker
	 	 	Title: Executive Vice President

 

    	S-1

    	 

    

Schedule
A

 

SCHEDULE
OF COLLATERAL LOANS

 

As of the
Closing Date, the Collateral Loans described below have been sold or contributed to the Purchaser.

 

	Obligor
    Name	Facility
    Name	LoanX
    Id / CUSIP	Principal
    Balance (Adjusted for PIK)	Final
    Weighted Avg Spread	Maturity
    Date	Purchase
    Price
	A.T.
    Cross Company (fka ATC Acquisition, Inc.)	Initial
    Term Loan	LX132827	6,915,000.00	8.500000%	09/06/2019	99.00
	Abaco
    Energy Technologies LLC	Initial
    Term Loan	LX141905	7,453,125.00	7.746700%	11/23/2020	93.50
	Aerostructures
    Acquisitions LLC	Initial
    Term B loans	 	12,000,000.00	8.119000%	 	100.00
	Alison
    Bidco S.a.r.l.	Initial
    Term Loan (Second Lien)	LX137859	4,444,444.45	9.246700%	08/29/2022	88.33
	American
    Energy - Marcellus, LLC	Initial
    Loan (Second Lien)	LX138432	3,333,333.33	8.246700%	08/04/2021	66.88
	API
    Heat Transfer (Thermasys (Heat Holdings))	Term
    Loan	LX123772	4,872,611.48	5.996700%	05/03/2019	100.04
	Ascension
    Insurance, Inc.	Term
    Loan	LX129461	9,957,471.15	9.246700%	03/05/2019	100.00
	Blueprint
    Sub, Inc.	Initial
    Term Loan	 	10,000,000.00	7.500000%	 	100.00
	Cactus
    Wellhead, LLC	Tranche
    B term Loan	LX138818	9,234,921.68	6.746700%	07/31/2020	80.00
	Cadillac
    Jack, Inc. (Amaya Gaming Group, Inc.)	Initial
    Term Loan	LX134746	6,912,500.00	9.246700%	05/15/2019	104.75
	Caesars
    Entertainment Operating Co (aka Harrah's)	Term
    B-7 Loan	LX137320	4,975,000.00	11.246700%	01/28/2018	91.50
	Caesars
    Entertainment Resort Properties, LLC	Term
    B Loan	LX132914	4,409,593.03	6.746700%	10/12/2020	96.21
	Cengage
    Learning Acquisitions, Inc. (fka TL Acquisitions, Inc.)	Term
    Loan	LX135679	2,675,675.67	6.746700%	03/31/2020	100.23
	Chief
    Exploration & Development LLC	Term
    Loan (Second Lien)	LX136974	2,258,823.53	7.246700%	05/16/2021	95.08
	Corner
    Investment Propco. LLC.	Term
    B Loan	LX126816	9,935,995.22	10.746700%	11/02/2019	99.75
	Crestwood
    Holdings LLC	Term
    B-1 Term Loan	LX129978	5,381,561.61	6.746700%	06/19/2019	99.00
	Digital
    River, Inc.	Initial
    Term Loan (First Lien)	LX142988	10,000,000.00	7.246700%	02/12/2021	100.25
	Eastman
    Kodak Company	Term
    Loan - Original	LX131438	7,145,454.54	6.996700%	09/03/2019	100.17
	EnergySolutions/Duratek	Term
    Advance	LX137277	4,092,467.53	6.496700%	05/29/2020	99.83
	Fairway
    Group Acquisition Company	Term
    Loan (2013)	LX128411	9,451,653.95	4.746700%	08/17/2018	96.83
	FR
    Dixie Acquisition Corp	Term
    Loan	LX134871	4,157,894.74	5.496700%	12/18/2020	85.25
	Intralinks,
    Inc.	New
    1st Lien TL	LX135810	4,950,000.00	6.996700%	02/26/2019	99.50

 

    	 

    	 

    

 

	Jazz
    Acquisition, Inc. (Wencor Group)	Term
    Loan (Second Lien)	LX138064	3,700,000.00	7.496700%	06/19/2022	96.00
	Larchmont
    Resources, L.L.C.	Initial
    Term Loan	LX131403	2,522,102.37	7.996700%	08/07/2019	85.00
	MMM
    Holding, Inc. / NAMM Holdings, Inc. / PHMC/AVETA	MMM
    Term Loan	LX126692	2,605,507.97	9.496700%	12/12/2017	84.00
	MModal
    (aka Medquist Inc/Legends)	Term
    B Loan	LX139894	4,332,819.84	8.746700%	01/31/2020	91.38
	Mood
    Media Corp	Term
    Loan	LX136614	1,802,891.52	6.746700%	05/01/2019	97.25
	Moxie
    Liberty LLC (Panda Liberty)	Construction
    B-1 Advance	LX131692	7,352,941.17	7.246700%	08/21/2020	99.50
	MSO
    of Puerto Rico, Inc.	MSO
    Term Loan	LX126737	1,894,213.18	9.496700%	12/12/2017	84.00
	NEW
    STAR METALS HOLDINGS LLC	Term
    Loan	LX136218	7,295,000.00	8.996700%	03/20/2020	100.00
	Nobel
    Learning Communities, Inc.	Term
    Loan	LX144452	14,472,049.69	9.202580%	04/27/2021	100.00
	Nova
    Wildcat Amerock, LLC (Newell & Rubbermaid)	Term
    Loan - Last Out	LX132819	4,418,301.38	9.774180%	09/10/2019	99.00
	PharMEDium
    Healthcare Corporation	Initial
    Term Loan (First Lien)	LX134847	702,579.98	3.996700%	01/28/2021	99.75
	Polyconcept
    Investments B.V. (Leedsworld, Bullet Line, Metropolitan Mgmt)	Term
    Loan (Second Lien)	LX131237	12,500,000.00	9.746700%	06/28/2020	100.00
	PPG
    Intermediate Holdco, Inc. (Professional Plumbing)	Term
    Loan	LX132821x	4,485,893.38	8.750000%	07/31/2020	101.50
	Production
    Resource Group, LLC	Term
    Loan	LX139752	7,500,000.00	8.246700%	07/23/2019	100.00
	PRV
    Aerospace, LLC (Cadence)	Term
    Loan	LX124034	2,917,974.56	6.249304%	05/09/2018	98.50
	Reddy
    Ice Group, Inc.	Term
    B Loan (First Lien)	LX128969	1,166,666.66	6.498061%	05/01/2019	88.50
	Regent
    Energy Group Ltd. (RGL Reservoir)	Initial
    Term Loan	LX139654	3,980,000.00	5.746700%	08/13/2021	63.33
	Samson
    Investment Company	Tranche
    1 Term Loan (Second Lien)	LX134515	2,000,000.00	4.746700%	09/25/2018	47.50
	Serena
    Software, Inc.	Term
    Loan	LX136126	7,600,000.00	7.246700%	04/14/2020	100.38
	Smile
    Brands Group Inc.	Term
    B Loan	LX131939	6,895,000.00	7.246700%	08/16/2019	84.50
	Sorenson
    Communications, Inc.	Initial
    Term Loan (First Lien)	LX135924	7,443,750.00	7.746700%	04/30/2020	100.50
	Sports
    Authority, Inc (aka TSA)	Term
    B Loan	LX116854	7,818,262.21	7.246700%	11/16/2017	87.25
	Stallion
    Oilfield Services	Term
    Loan	LX130466	6,787,566.39	7.746700%	06/19/2018	84.17
	Stonewall
    Gas Gathering LLC	New
    TL B	LX142860	6,982,500.00	8.496700%	01/28/2022	100.75
	SunGard
    Availability Services Capital, Inc.	Tranche
    B term Loan	LX136139	5,807,124.64	5.746700%	03/29/2019	94.75
	Swift
    Worldwide Resources US Holdings Corp.	Term
    Loan	LX133647	7,424,812.03	8.996700%	10/31/2019	98.00
	TGGT
    Holdings, LLC (Azure Midstream Holdings LLC)	Term
    Loan	LX133413	3,441,477.27	7.246700%	11/15/2018	98.75
	Utility
    Services Associates, LLC (FR Utility Services)	Initial
    Term Loan	LX133103	569,950.43	6.496700%	10/18/2019	100.33
	Winebow,
    Inc.	Loan
    (Second Lien)	LX138103	2,774,566.47	8.246700%	01/02/2022	96.00

 

    	 

    	 

    

Schedule
B

FORM
OF PURCHASE NOTICE

[Date]

	To:	Cooper River LLC
	 	c/o FS Investment Corporation II
	 	201 Rouse Boulevard
	 	Philadelphia, PA 19112
	 	Attention: Gerald F. Stahlecker, Executive Vice President
	 	Telephone: (215) 495-1169
	 	Facsimile: (215) 222-4649
	 	 
	Re:	Purchase Notice for Conveyance
	 	Date of ______________, 20__
	 	Ladies and Gentlemen:

Ladies and Gentlemen:

This
Purchase Notice is delivered to you pursuant to Section 2.1(b) of the Sale and Contribution Agreement, dated as of
May 29, 2015 (together with all amendments, if any, from time to time made thereto, the “Sale Agreement”),
between COOPER RIVER LLC, as purchaser (the “Purchaser”), and FS INVESTMENT CORPORATION II, as seller. Unless
otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Sale
Agreement.

In
accordance with Section 2.1(b) of the Sale Agreement, the Seller hereby offers to Convey to the Purchaser on the above-referenced
Purchase Date pursuant to the terms and conditions of the Sale Agreement the Collateral Loans listed on Schedule I hereto,
together with the Related Security and all proceeds of the foregoing.

To
the extent applicable, please wire the Purchase Price to the Seller pursuant to the wiring instructions included at the end of
this letter.

The
Seller represents that the conditions described in Section 7.1 of the Sale Agreement have been satisfied with respect
to such Conveyance.

The
Seller agrees that if prior to the Purchase Date any matter certified to herein by it will not be true and correct at such time
as if then made, it will promptly so notify the Purchaser. Except to the extent, if any, that prior to the Purchase Date the Purchaser
shall receive written notice to the contrary from the Seller, each matter certified to herein shall be deemed once again to be
certified as true and correct at the Purchase Date as if then made.

 

    	 

    	 

    

The Seller
has caused this Purchase Notice to be executed and delivered, and the certification and warranties contained herein to be made,
by its duly authorized officer this ___ day of __________, _____.

 

	 	Very truly yours,
	 	FS INVESTMENT CORPORATION II
	 	 
	 	By:	 
	 	Name:	Gerald F. Stahlecker
	 	Title:   	Executive Vice President

    	 

    	 

    

Wire Instructions

Bank: ABA:

Account Name:

Account Number:

For further credit to account:

 

    	 

    	 

    

 

Schedule
of Collateral LoansFS Investment Corporation II 8-K

Exhibit 10.3

 

 

COOPER
RIVER LLC

as Company

and

FS INVESTMENT CORPORATION II

as Investment Manager

 

 

 

AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT

 

 

Dated as of May 29, 2015

 

    	 

    	 

    

 

Amended
and Restated INVESTMENT MANAGEMENT AGREEMENT, dated as of May 29, 2015 (this “Agreement”), between
COOPER RIVER LLC, a Delaware limited liability company (the “Company”),
and FS INVESTMENT CORPORATION II, a Maryland corporation (in such capacity, the “Investment Manager”). This
Agreement amends and restates in its entirety the Investment Management Agreement, dated as of March 27, 2013, by and between
the Company and the Investment Manager.

WHEREAS, the Company
desires to engage the Investment Manager to provide the services described herein, and the Investment Manager desires to provide
such services; and

WHEREAS, capitalized
terms used herein that are not otherwise defined herein shall have the respective meanings ascribed thereto in the Amended and
Restated Credit and Security Agreement dated as of May 29, 2015, as amended from time to time (together with any agreements
referred to therein, the “Credit Agreement”), among the Company, the financial institutions and other lenders
from time to time party thereto (the “Lenders”), Citibank, N.A., as administrative agent for the Lenders (in
such capacity, together with its successors in such capacity, the “Administrative Agent”), Citibank, N.A., acting
through its Agency & Trust division, as collateral custodian and as collateral agent, and Virtus Group, LP, as collateral administrator.

NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein, the parties hereto hereby agree as follows:

1.                  
Management Services.

The Investment Manager
will provide the Company with the following services (in accordance with and subject to the applicable requirements of, and the
restrictions and limitations set forth in, the Credit Agreement and the Company’s amended and restated limited liability
company agreement (the “LLC Agreement”)):

(a)                
determining the specific Collateral Loans or other assets to be purchased, otherwise acquired
or sold by the Company, taking into consideration the payment obligations of the Company on each Payment Date under the Credit
Agreement, such that expected distributions on the Collateral Loans and other assets of the Company permit a timely performance
of the payment obligations by the Company under the Credit Agreement; provided that the Investment Manager does not hereby
guarantee the timely performance of such payment obligations;

(b)                
effecting the purchase, other acquisition and sale of Collateral Loans and all other assets
of the Company;

(c)                
subject to the limitations set forth in the Credit Agreement, negotiating with Obligors of
the Collateral Loans as to proposed amendments and modifications (including, but not limited to, extensions or releases of collateral)
of the documentation evidencing and governing the Collateral Loans;

(d)                
making determinations with respect to the Company’s exercise (including but not limited
to any waiver) of any rights (including but not limited to voting rights and rights arising in connection with the bankruptcy or
insolvency of an Obligor or the consensual or non-judicial restructuring of the debt or equity of an Obligor) or remedies in connection
with the Collateral Loans and participating in the committees (official or otherwise) or other groups formed by creditors of an
Obligor;

    	 

    	 

    

 

(e)                
monitoring the ratings of the Collateral Loans;

(f)                 
monitoring the Collateral Loans on an ongoing basis and providing to the Agent and the Company
or to any other Person designated by the Company all information and data which is generated by, or reasonably accessible to, the
Investment Manager and which is required under the Credit Agreement or requested by the Company in connection with the preparation
of all reports, certificates, schedules and other data which the Company is required to prepare and deliver under the Credit Agreement,
in the form and containing all information required by the Credit Agreement, in sufficient time for the Company, or the Person
designated by the Company, to review such data and prepare and deliver to the parties entitled thereto all such reports, certificates,
schedules and other data required by the Credit Agreement;

(g)                
determining whether any investment is an Eligible Loan, determining whether the Concentration
Limitations are exceeded, selecting (from among the Collateral Loans whose Aggregate Principal Balance causes such Concentration
Limitations to be exceeded) the Collateral Loans, or portions thereof, to be allocated to the Excess Concentration Amount, and
revising such allocations from time to time;

(h)                
determining whether any investment is a Broadly Syndicated Loan, First Lien Obligation, Uni-tranche
Collateral Loan, First Lien/Last Out Obligation or Second Lien Obligation;

(i)                  
subject to the limitations set forth in the Credit Agreement, determining whether any payment
will be made, and the amount thereof, pursuant to Section 9.01 of the Credit Agreement (it being understood that certain of
such determinations will involve discretion on the part of the Investment Manager, and others will be merely computational, all
in accordance with the procedures and limitations set forth in the Credit Agreement);

(j)                 
managing the Company’s investments within the parameters set forth in the Credit Agreement;

(k)                
complying with such other duties and responsibilities as may be expressly required of the
Investment Manager by the Credit Agreement;

(l)                  
notifying the Administrative Agent and the Company in writing within three (3) Business Days
of an Event of Default under the Credit Agreement to the extent a Responsible Officer of the Investment Manager has actual knowledge
of the occurrence thereof; and

(m)              
delivering notices of borrowing and payment instructions to the Administrative Agent and the
Collateral Agent.

    	2

    	 

    

The Company agrees
for the benefit of the Investment Manager and the Administrative Agent to follow the lawful instructions and directions of the
Investment Manager in connection with the Investment Manager’s services hereunder.

The Investment Manager
shall use reasonable care in rendering its services hereunder, using a degree of skill and attention no less than that which the
Investment Manager exercises with respect to comparable assets that it manages for itself and for others in accordance with its
existing practices and procedures which the Investment Manager reasonably believes to be consistent with those followed by institutional
managers of national standing relating to assets of the nature and character of Collateral Loans, except as expressly provided
otherwise in this Agreement or the Credit Agreement. The Investment Manager shall comply with and perform all the duties and functions
that have been specifically delegated to it under this Agreement and the Credit Agreement. The Investment Manager shall not be
bound to follow any amendment to the Credit Agreement, however, until it has received a copy of the amendment from the Company
or the Administrative Agent and, in addition, the Investment Manager shall not be bound by any amendment to the Credit Agreement
which adversely affects in any material respects the obligations of the Investment Manager unless the Investment Manager shall
have consented thereto in writing. The Company agrees that it will not permit any amendment to the Credit Agreement that adversely
affects the duties or liabilities of the Investment Manager to become effective unless the Investment Manager has been given prior
written notice of such amendment and consented thereto in writing.

To the extent necessary
or appropriate to perform all of the duties to be performed by it hereunder, the Investment Manager shall have the power to negotiate,
execute and deliver all necessary documents and instruments on behalf of the Company with respect to any Collateral Loan or other
asset of the Company and with respect to the rights and obligations of the Company under the Credit Agreement.

The Investment Manager
shall have no obligation to perform any duties other than those specified herein or in the Credit Agreement.

The Investment Manager
agrees to cooperate and assist in the servicing and administration of the Collateral after the occurrence of a Collateral Manager
Event, including, without limitation, the delivery to the Administrative Agent in an orderly and timely fashion of all records
and information with respect to the Collateral (provided that the Investment Manager may keep a copy of such records and
information for its own files).

2.                  
Brokerage.

The Investment Manager
shall use reasonable efforts to obtain the best prices and execution for all orders placed with respect to the Collateral Loans,
and other assets of the Company, considering all circumstances. Subject to the objective of obtaining best prices and execution,
the Investment Manager may take into consideration research and other brokerage services furnished to the Investment Manager or
its Affiliates by brokers and dealers which are not Affiliates of the Investment Manager. Such services may be used by the Investment
Manager or its Affiliates in connection with its other advisory activities or investment operations. The Investment Manager may
aggregate sales and purchase orders of securities placed with respect to the Collateral Loans, and other assets of the Company,
with similar orders being made simultaneously for other accounts managed by the Investment Manager or with accounts of the Affiliates
of the Investment Manager, if in the Investment Manager’s sole judgment such aggregation shall result in an overall economic
benefit to the Company taking into consideration the selling or purchase price, brokerage commission and other expenses. In accounting
for such aggregated order price, commission and other expenses shall be averaged on a per position basis.

    	3

    	 

    

The Company acknowledges
that the determination of any such economic benefit by the Investment Manager is subjective and represents the Investment Manager’s
evaluation at the time that the Company will be benefited by better purchase or sales prices, lower commission expenses and beneficial
timing of transactions or a combination of these and other factors. When any aggregate sales or purchase orders occur, the objective
of the Investment Manager (and any of its Affiliates involved in such transactions) shall be to allocate the executions among the
accounts in an equitable manner.

Subject to the Investment
Manager’s execution obligations described herein, the Investment Manager is hereby authorized to effect client cross-transactions
where the Investment Manager causes a transaction to be effected between the Company and another account advised by it or any of
its Affiliates; provided that, if and to the extent required by the Investment Advisers Act, such authorization is terminable at
the Company’s option without penalty, effective upon receipt by the Investment Manager of written notice from the Company.
In addition, the Company hereby consents to, and authorizes the Investment Manager to enter into, agency cross-transactions where
it or any of its Affiliates acts as broker for the Company and for the other party to the transaction, to the extent permitted
under applicable law; provided that the Company shall have the right to revoke such consent at any time by written notice to the
Investment Manager.

All purchases and
sales of Collateral Loans and other assets of the Company by the Investment Manager on behalf of the Company shall be in compliance
with applicable laws.

3.                  
The Representations and Warranties of the Company.

The Company represents
and warrants to the Investment Manager that:

(a)                
the Company has been duly organized and is validly existing under the laws of Delaware, has
the full power and authority to own its assets and the obligations proposed to be owned by it and to transact the business in which
it is presently engaged and is duly qualified under the laws of each jurisdiction where its ownership or lease of property or the
conduct of its business requires, or the performance of its obligations under this Agreement and the Credit Agreement would require,
such qualification, except for failures to be so qualified, authorized or licensed that would not in the aggregate have a material
adverse effect on the business, operations, assets or financial condition of the Company;

(b)                
the Company has full corporate power and authority to execute, deliver and perform this Agreement,
the Credit Agreement and all obligations required hereunder and under the Credit Agreement, and the performance of all obligations
imposed upon it hereunder and thereunder;

    	4

    	 

    

(c)                
this Agreement has been duly authorized, executed and delivered by it and constitutes its
valid and binding obligation, enforceable in accordance with its terms except that the enforceability thereof may be subject to
(i) bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws now or hereafter in
effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law);

(d)                
no consent, approval, authorization or order of or declaration or filing with any government,
governmental instrumentality or court or other person is required for the performance by the Company of its duties hereunder, except
such as have been duly made or obtained;

(e)                
neither the execution and delivery of this Agreement nor the fulfillment of the terms hereof
conflicts with or results in a material breach or violation of any of the material terms or provisions of or constitutes a material
default under (i) the Company’s certificate of formation, operating agreement or other constituent documents, (ii) the terms
of any material indenture, contract, lease, mortgage, deed of trust, note, agreement or other evidence of indebtedness or other
material agreement, obligation, condition, covenant or instrument to which the Company is a party or is bound, (iii) any statute
applicable to the Company or (iv) any law, decree, order, rule or regulation applicable to the Company of any court or regulatory,
administrative or governmental agency, body or authority or arbitrator having or asserting jurisdiction over the Company or its
properties, and which would have a material adverse effect upon the performance by the Company of its duties under this Agreement;

(f)                 
neither the Company nor any of its Affiliates are in violation of any U.S. federal or state
securities law or regulation promulgated thereunder and there is no charge, investigation, action, suit or proceeding before or
by any court or regulatory agency pending or, to the best knowledge of the Company, threatened that would have a material adverse
effect upon the performance by the Company of its duties under this Agreement;

(g)                
the Company has not engaged in any transaction that would result in the violation of, or require
registration as an investment company under, the Investment Company Act;

(h)                
the Company is not required to register as an “investment company” under the Investment
Company Act; and

(i)                  
there is no charge, investigation, action, suit or proceeding before or by any court pending
or, to the best knowledge of the Company, threatened that, if determined adversely to the Company, would have a material adverse
effect upon the performance by the Company of its duties under, or on the validity or enforceability of, this Agreement or the
provisions of the Credit Agreement applicable to the Company thereunder.

    	5

    	 

    

4.                  
Representations and Warranties of the Investment Manager.

The Investment Manager
represents and warrants to the Company that:

(a)                
the Investment Manager is duly organized and validly existing under the laws of Maryland and
has the full power and authority to transact the business in which it is presently engaged and is duly qualified under the laws
of each jurisdiction where the conduct of its business requires, or the performance of its obligations under this Agreement and
the provisions of the Credit Agreement applicable to the Investment Manager would require, such qualification, except for failures
to be so qualified, authorized or licensed which would not in the aggregate have a material adverse effect on the business, operations,
assets or financial condition of the Investment Manager, or on the ability of the Investment Manager to perform its obligations
under, or on the validity or enforceability of, this Agreement and the applicable provisions of the Credit Agreement;

(b)                
the Investment Manager has full power and authority to execute and deliver this Agreement
and to perform all of its obligations hereunder and under the Credit Agreement;

(c)                
this Agreement has been duly authorized, executed and delivered by the Investment Manager
and constitutes a valid and binding agreement of the Investment Manager, enforceable against it in accordance with its terms, except
that the enforceability thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law);

(d)                
neither the Investment Manager nor any of its Affiliates is in violation of any federal or
state securities law or regulation promulgated thereunder or any material listing requirements of any exchange on which it is listed
and there is no charge, investigation, action, suit or proceeding before or by any court, exchange or regulatory agency pending
or, to the best knowledge of the Investment Manager, threatened, that in either case would have a material adverse effect upon
the performance by the Investment Manager of its duties under this Agreement;

(e)                
neither the execution and delivery of this Agreement, nor the performance of the terms hereof
or the provisions of the Credit Agreement applicable to the Investment Manager, conflicts with or results in a material breach
or violation of any of the material terms or provisions of, or constitutes a material default under, (i) its articles of incorporation,
bylaws or other constituent document, (ii) the terms of any material indenture, contract, lease, mortgage, deed of trust, note
agreement or other evidence of indebtedness or other material agreement, obligation, condition, covenant or instrument to which
the Investment Manager is a party or is bound, (iii) any statute applicable to the Investment Manager or (iv) any law, decree,
order, rule or regulation applicable to the Investment Manager of any court or regulatory, administrative or governmental agency,
body or authority or arbitrator having or asserting jurisdiction over the Investment Manager or its properties, and which would
have, in the case of any of clauses (ii) through (iv) of this paragraph (e), a material adverse effect upon the performance by
the Investment Manager of its duties under this Agreement or the provisions of the Credit Agreement applicable to the Investment
Manager; and

    	6

    	 

    

(f)                 
no consent, approval, authorization or order of or declaration or filing with any government,
governmental instrumentality or court or other person is required for the performance by it of its duties hereunder, except such
as have been duly made or obtained.

5.                  
Expenses.

The Investment Manager
shall pay all expenses and costs (including salaries, rent and other overhead) incurred by it in connection with its services under
this Agreement; provided that the Investment Manager shall not be liable for and the Company shall be responsible for the
payment of (i) expenses and costs of legal advisers (including reasonable expenses and costs associated with the use of internal
legal counsel of the Investment Manager), consultants and other professionals retained by the Company or by the Investment Manager,
on behalf of the Company, in connection with the services provided by the Investment Manager pursuant to this Agreement and the
Credit Agreement, (ii) the reasonable cost of asset pricing and asset rating services, and accounting, programming and data entry
services that are retained in connection with services of the Investment Manager under this Agreement, (iii) travel expenses (airfare,
meals, lodging and other transportation) incurred by the Investment Manager as is reasonably necessary in connection with the selection
of Collateral Loans and the negotiation, documentation, default or restructuring of any Collateral Loan, and (iv) any extraordinary
costs and expenses incurred by the Investment Manager in the performance of its obligations under this Agreement and the Credit
Agreement. To the extent that such expenses are incurred in connection with obligations that are also held by the Investment Manager,
the Investment Manager shall allocate the expenses among the accounts in a fair and equitable manner. Any amounts payable pursuant
to this Section 5 shall be reimbursed by the Company to the extent funds are available therefor and payable as an Administrative
Expense in accordance with the Priority of Payments.

6.                  
Fees.

(a)                
The Company shall pay to the Investment Manager, for services rendered and performance of
its obligations under this Agreement fees which are payable in arrears on each Payment Date (subject to availability of funds and
the conditions set forth in Section 9.01(a)(i)(B) or (H) of the Credit Agreement) in an amount equal to 0.35% per annum of
the Aggregate Principal Balance of all Eligible Loans and the principal balance of any Eligible Investments on deposit in the Principal
Collection Account, measured as of the Determination Date immediately preceding such Payment Date (the “Management Fee”).
The Management Fee will be calculated on the basis of a calendar year consisting of 360 days and the actual number of days elapsed.

    	7

    	 

    

(b)                
[Reserved].

(c)                
The Investment Manager may, in its sole discretion, (i) waive all or any portion of the Management
Fee or (ii) defer all or any portion of the Management Fee. Such deferred amounts will become payable on the next Payment Date
in the same manner and priority as their original characterization would have required unless deferred again.

(d)                
If this Agreement is terminated pursuant to Section 11 hereof or otherwise, the Management
Fee calculated as provided in Section 6(a) hereof shall be prorated for any partial periods between Payment Dates during which
this Agreement was in effect and shall be due and payable, along with any deferred Management Fee, on the first Payment Date following
the effective date of such termination.

(e)                
The Management Fee will be payable from the Company’s assets in accordance with the
terms of the Credit Agreement. If on any Payment Date there are insufficient funds to pay the Management Fee then due in full,
the amount not so paid shall be deferred without interest and shall be payable on the next Payment Date, if any, on which any funds
are available therefor in accordance with the Priority of Payments, as provided in the Credit Agreement.

7.                  
Non-Exclusivity.

The services of the
Investment Manager to the Company are not to be deemed exclusive, and the Investment Manager shall be free to render asset management
or management services to other Persons (including Affiliates, other investment companies, and clients having objectives similar
to those of the Company). It is understood and agreed that the officers and directors of the Investment Manager may engage in any
other business activity or render services to any other Person or serve as partners, officers or directors of any other firm or
corporation. Notwithstanding the foregoing, it is understood and agreed that the Investment Manager will at no time render any
services to, or in any way participate in the organization or operation of, any investment company or other entity if such actions
would require the Company to register as an “investment company” under the Investment Company Act. Subject to Section
9 hereof, it is understood and agreed that information or advice received by the Investment Manager and officers or directors of
the Investment Manager hereunder shall be used by such organization or such persons to the extent permitted by applicable law.

8.                  
Conflicts of Interest.

The Investment Manager
may, subject to applicable legal requirements and the Credit Agreement, direct the Company (i) to acquire (whether by purchase,
contribution or otherwise) any Collateral Loans for the Company from the Investment Manager or any of its Affiliates as principal
or (ii) to sell or distribute any Collateral Loans for the Company to the Investment Manager or any of its Affiliates as principal;
provided that any such purchase and sale shall be on terms no less favorable to the Company than as would be obtained on
an arm’s length basis.

Notwithstanding the
provisions of the preceding paragraph, various potential and actual conflicts of interest may arise from the overall investment
activity of the Investment Manager and its Affiliates. The Investment Manager, its Affiliates and their respective clients may
invest in obligations that would be appropriate for inclusion in the Company’s assets. Such investments may be different
from those made on behalf of the Company. The Investment Manager and its Affiliates may have ongoing relationships with Obligors
and may own equity or debt obligations issued by Obligors. The Investment Manager and its Affiliates and the clients of the Investment
Manager or its Affiliates may invest in obligations that are senior to, or have interests different from or adverse to, the Collateral
Loans of the Company. The Investment Manager may serve as Investment Manager for, invest in, or be affiliated with, other entities
organized to issue collateralized debt obligations secured by loans, high-yield debt securities, or other debt obligations. The
Investment Manager may at certain times be simultaneously seeking to purchase or sell investments for other entities for which
it serves as Investment Manager, or for its clients and Affiliates, and selecting such investments as Collateral Loans for the
Company. Furthermore, the Investment Manager and/or its Affiliates may make an investment on their behalf or on behalf of any account
that they manage or advise without offering the investment opportunity to the Company or making an investment on behalf of the
Company.

    	8

    	 

    

The Company hereby
acknowledges the various potential and actual conflicts of interest that may exist with respect to the Investment Manager; provided
that nothing in this Section 8 shall be construed as altering the duties of the Investment Manager as set forth in this
Agreement, the Credit Agreement or the requirements of any law, rule, or regulation applicable to the Investment Manager.

9.                  
Records; Confidentiality.

The Investment Manager
shall maintain appropriate books of account and records relating to services performed hereunder, and such books of account and
records shall be accessible for inspection by a representative of the Company, the Administrative Agent, and independent accountants
appointed by the Company at a mutually agreed time during normal business hours and upon not less than ten (10) days’ prior
notice.

At no time will the
Investment Manager make a public announcement concerning the Credit Agreement, the Investment Manager’s role hereunder or
any other aspect of the transactions contemplated by this Agreement and the Credit Agreement absent the written consent of the
Company.

The Investment Manager
shall, and shall cause its Affiliates to, keep confidential any and all information obtained in connection with the services rendered
hereunder and shall not disclose any such information to non-affiliated third parties except (i) with the prior written consent
of the Company, (ii) as required by law, regulation, court order or the rules or regulations of any self regulating organization,
body or official having jurisdiction over the Investment Manager, (iii) to its professional advisers, (iv) such information as
shall have been publicly disclosed other than in violation of this Agreement, (v) the identification of the Company as a client
of the Investment Manager, (vi) information related to the performance of the Investment Manager, (vii) information furnished
in connection with any successor investment manager or assignee, or any agent that has been assigned duties in accordance with
this Agreement, or (viii) such information that was or is obtained by the Investment Manager on a non-confidential basis;
provided that the Investment Manager does not know or have reason to know, after due inquiry, of any breach by such source
of any confidentiality obligations with respect thereto. For purposes of this Section 9, the Administrative Agent shall in no event
be considered a “non-affiliated third party,” and the Investment Manager may disclose any of the aforementioned information
to the Administrative Agent insofar as such information relates to the Company’s performance of its obligations under the
Credit Agreement.

    	9

    	 

    

10.               
Term.

This Agreement shall
become effective on the date hereof and shall continue unless terminated as hereinafter provided.

11.               
Termination.

(a)                
This Agreement may be terminated, and the Investment Manager may be removed, without payment
to the Investment Manager of any penalty, for cause upon prior written notice by the Company, acting with the consent of the Administrative
Agent; provided that such notice may be waived by the Investment Manager. For
this purpose, “cause” will mean the occurrence of any of the following events or circumstances:

(i)                  
the Investment Manager’s breach, in any respect, of any provision of this Agreement
or the Credit Agreement applicable to it (except for any breach that has not had, and could not reasonably be expected to have,
a material adverse effect on the Company or the Administrative Agent) and the Investment Manager’s failure to cure such breach
within 30 days of a Responsible Officer of the Investment Manager becoming aware of, or receiving notice of, the occurrence of
such breach;

(ii)                
the Investment Manager’s intentional breach of any provision of this Agreement or the
Credit Agreement applicable to it relating to the Investment Manager’s or the Company’s obligation to comply with any
material provision of this Agreement or the Credit Agreement applicable to it, and the Investment Manager’s failure to cure
such breach within 15 days of the occurrence of such breach;

(iii)               
the failure of any representation, warranty, certification or statement made or delivered
by the Investment Manager in or pursuant to this Agreement or the Credit Agreement to be correct in any material respect when made,
which failure (a) could reasonably be expected to have a material adverse effect on the Administrative Agent and (b) is not corrected
by the Investment Manager within 30 days of its receipt of notice from the Company or the Administrative Agent of such failure,
unless, if such failure is not capable of being cured in 30 days but is curable within 90 days, the Investment Manager has taken
action that the Investment Manager in good faith believes will remedy, and does in fact remedy, such failure within 90 days after
notice of such failure being given to the Investment Manager;

    	10

    	 

    

(iv)              
the Investment Manager (1) is dissolved (other than pursuant to a consolidation, amalgamation
or merger), (2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization
or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization,
moratorium or other similar law of any jurisdiction, (3) becomes insolvent or is unable to pay its debts or fails or admits in
writing its inability generally to pay its debts as they become due, (4) makes a general assignment, arrangement or composition
with or for the benefit of its creditors, (5) consents to the appointment of a custodian, receiver, trustee or other officer with
similar powers with respect to it or with respect to any substantial part of its property or (6) is adjudicated as insolvent or
bankrupt, or a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Investment Manager,
or appointing a receiver, liquidator, assignee, or sequestrator (or other similar official) of the Investment Manager or of any
substantial part of its property, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days;

(v)                
the occurrence of an Event of Default under the Credit Agreement that results from any breach
by the Investment Manager of its duties under the Credit Agreement or this Agreement; or

(vi)              
the occurrence of an act by the Investment Manager that constitutes fraud or criminal activity
in the performance of its obligations under this Agreement, or the Investment Manager being indicted for a criminal offense materially
related to its business of providing asset management services.

If any such
event occurs, the Investment Manager shall give prompt written notice thereof to the Company and the Administrative Agent promptly
upon a Responsible Officer of the Investment Manager becoming aware of the occurrence of such event.

(b)                
The Investment Manager shall have the right to terminate this Agreement only upon 90 days
prior written notice to the Company and the Administrative Agent, and this Agreement shall terminate automatically in the event
of its assignment by the Investment Manager which is not made in accordance with Sections 13 and 17 of this Agreement.

(c)                
This Agreement shall be automatically terminated in the event that the Company determines
in good faith that the Company or the Company’s asset portfolio has become required to be registered under the provisions
of the Investment Company Act.

(d)                
Within 30 days of the resignation or removal of the Investment Manager, the Company may appoint
a successor investment manager; provided that such appointment is subject to the prior approval of the Administrative Agent.

(e)                
Nothing in this Section 11 or any other provision of this Agreement shall be deemed to
be a limitation on whether a Collateral Manager Event has occurred or is continuing under the Credit Agreement or affect the rights
and remedies of the Collateral Agent or the Administrative Agent thereunder.

    	11

    	 

    

12.               
Action Upon Termination.

(a)                
Upon the effective termination of this Agreement, the Investment Manager shall as soon as
practicable:

(i)                  
deliver to the Company all property and documents of the Company or otherwise relating to
the Company’s assets then in the custody of the Investment Manager; and

(ii)                
deliver to the Administrative Agent an account with respect to the books and records delivered
to the Administrative Agent or the successor investment manager appointed pursuant to Section 11(d).

Notwithstanding
such termination, the Investment Manager shall remain liable to the extent set forth herein (but subject to Section 13 hereof)
for its acts or omissions hereunder arising prior to termination and for any expenses, losses, damages, liabilities, demands, charges
and claims (including reasonable attorney’s fees) in respect of or arising out of a breach of the representations and warranties
made by the Investment Manager in Section 4 hereof or from any failure of the Investment Manager to comply with the provisions
of this Section 12.

(b)                
The Investment Manager agrees that, notwithstanding any termination, it shall reasonably cooperate
in any suit, action or proceeding relating to this Agreement (each, a “Proceeding”) arising in connection with
this Agreement, the Credit Agreement or any of the Company’s assets (excluding any such Proceeding in which claims are asserted
against the Investment Manager or any Affiliate of the Investment Manager) so long as the Investment Manager shall have been offered
reasonable security, indemnity or other provisions against the cost, expenses and liabilities that might be incurred in connection
therewith and a reasonable per diem fee.

13.               
Liability of Investment Manager; Delegation.

(a)                
The Investment Manager assumes no responsibility under this Agreement other than to render
the services called for hereunder and under the terms of the Credit Agreement made applicable to it pursuant to the terms of this
Agreement. The Investment Manager shall not be responsible for any action of the Company in declining to follow any advice, recommendation
or direction of the Investment Manager. The Investment Manager shall have no liability to the Administrative Agent or other creditors
of the Company, for any error of judgment, mistake of law, or for any loss arising out of any investment, or for any other act
or omission in the performance of its obligations to the Company except for liability to which it would be subject by reason of
willful misconduct or gross negligence in performance of its obligations hereunder. The Investment Manager may delegate to an agent
selected with reasonable care, which shall include any Person that is party to a sub-advisory agreement with the Investment Manager
or any of its Affiliates as of the date hereof, any or all duties (other than its asset selection or trade execution duties) assigned
to the Investment Manager hereunder; provided that no such delegation by the
Investment Manager of any of its duties hereunder shall relieve the Investment Manager of any of its duties hereunder nor relieve
the Investment Manager of any liability with respect to the performance of such duties. For the avoidance of doubt, asset selection
and trade execution duties shall include the services described in Section 1(a) hereof.

    	12

    	 

    

Notwithstanding
the above and Section 17, the Investment Manager shall be permitted to assign any or all of its rights and delegate any or all
of its obligations to FS Investment Corporation or to an Affiliate of the Investment Manager that is reasonably acceptable to the
Administrative Agent and that (i) will professionally and competently perform duties similar to those imposed upon the Investment
Manager under this Agreement and (ii) is legally qualified and has the capacity to act as the Investment Manager under this Agreement.
The Investment Manager shall not be liable for any consequential damages hereunder.

(b)                
The Company shall reimburse, indemnify and hold harmless the Investment Manager, its directors,
officers, agents and employees and any of its Affiliates from any and all expenses, losses, damages, liabilities, demands, charges
and claims of any nature whatsoever (including reasonable attorneys’ fees and expenses), as are incurred in investigating,
preparing, pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation
caused by, or arising out of or in connection with, any acts or omissions of the Investment Manager, its directors, officers, stockholders,
agents and employees made in good faith and in the performance of the Investment Manager’s duties under this Agreement or
the Credit Agreement except to the extent resulting from such person’s willful misconduct or gross negligence with respect
to its duties hereunder or thereunder. The Investment Manager, its directors, officers, stockholders, agents and employees may
consult with counsel and accountants with respect to the affairs of the Company and shall be fully protected and justified, to
the extent allowed by law, in acting, or failing to act, if such action or failure to act is taken or made in good faith and is
in accordance with the advice or opinion of such counsel or accountants. Notwithstanding anything contained herein to the contrary,
the obligations of the Company under this Section 13(b) shall be payable from the Company’s assets and are subject to the
availability of funds.

(c)                
The Investment Manager shall reimburse, indemnify and hold harmless the Company, its members,
manager, officers, agents and employees from any and all expenses, losses, damages, liabilities, demands, charges and claims of
any nature whatsoever (including reasonable attorneys’ fees and expenses), as are incurred in investigating, preparing, pursuing
or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation caused by, or
arising out of or in connection with, (i) any acts or omissions of the Investment Manager constituting bad faith, willful misconduct,
gross negligence or reckless disregard of its duties under this Agreement or under the Credit Agreement and (ii) any breach of
the representations and warranties made by the Investment Manager in Section 4 hereof.

    	13

    	 

    

14.               
Obligations of Investment Manager. 

Unless otherwise required
by any provision of the Credit Agreement or this Agreement or by applicable law, the Investment Manager shall not intentionally
take any action, which it knows or should know would (a) materially adversely affect the Company for purposes of United States
federal or state law or any other law known to the Investment Manager to be applicable to the Company, (b) require registration
of the Company or the Company’s assets as an “investment company” under the Investment Company Act, (c) not be
permitted under the Company’s operating agreement or certificate of formation (including, but not limited to, Section 9
thereof), (d) cause the Company to violate the terms of the Credit Agreement, (e) subject the Company to federal, state or other
income taxation or (f) adversely affect the interests of the Administrative Agent in any material respect (other than as permitted
or required hereunder or under the Credit Agreement, including, without limitation, as may result from the performance of any Collateral
Loan), it being understood that in connection with the foregoing the Investment Manager will not be required to make any independent
investigation of any facts or laws not otherwise known to it in connection with its obligations under this Agreement and the Credit
Agreement or the conduct of its business generally. The Investment Manager covenants that it shall comply in all material respects
with all laws and regulations applicable to it in connection with the performance of its duties under this Agreement and the Credit
Agreement. Notwithstanding anything in this Agreement, the Investment Manager shall not take any discretionary action that would
reasonably be expected to cause an Event of Default under the Credit Agreement. The Investment Manager covenants that it shall
not fail to correct any known misunderstandings regarding the separate identity of the Company and shall not identify itself as
a division or department of the Company.

15.               
No Partnership or Joint Venture.

The Company and the
Investment Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such
partners or joint venturers or impose any liability as such on either of them. The Investment Manager’s relation to the Company
shall be deemed to be that of an independent contractor.

16.               
Notices.

Any notice under this
Agreement shall be in writing and sent by facsimile, confirmed by telephonic communication, or addressed and delivered or mailed
postage paid to the other party at such address as such other party may designate for the receipt of such notice. Until further
notice to the other party it is agreed that the address of the Company and the Administrative Agent for this purpose shall be as
specified pursuant to Section 12.02 of the Credit Agreement, and the address of the Investment Manager for this purpose shall
be:

FS Investment Corporation
II

201 Rouse Boulevard

Philadelphia, Pennsylvania
19112

Attention: Gerald F. Stahlecker

Telephone: (215) 495-1169

Facsimile: (215) 222-4649

Electronic Mail: jerry.stahlecker@franklinsquare.com

 

    	14

    	 

    

 

All notices are to
be effective in accordance with Section 12.02 of the Credit Agreement.

17.               
Succession/Assignment.

This Agreement shall
inure to the benefit of and be binding upon the successors to the parties hereto. Except in connection with a Permitted Equityholder
Transaction, no assignment of this Agreement by the Investment Manager (including, without limitation, a change in control or management
of the Investment Manager which would be deemed an “assignment” under the Investment Advisers Act) shall be made without
the consent of the Company and the Administrative Agent.

18.               
Conflicts with the Credit Agreement.

Subject to the provisions
of Section 1 hereof pertaining to the binding effect of certain amendments to the Credit Agreement on the Investment Manager, in
the event that this Agreement requires any action to be taken with respect to any matter and the Credit Agreement requires that
a different action be taken with respect of such matter, and such actions are mutually exclusive, the provisions of the Credit
Agreement in respect thereof shall control.

19.               
Miscellaneous.

(a)                
This Agreement shall be governed by and construed in accordance with the laws of the State
of New York without regard to conflicts of laws principles. With respect to any Proceeding, each party irrevocably (i) submits
to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough
of Manhattan in New York City and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings
brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives
the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing
in this Agreement precludes either party from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings
in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

(b)                
THE PARTIES HERETO IRREVOCABLY CONSENT TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION
OR PROCEEDING BY THE MAILING OR DELIVERY OF COPIES OF SUCH PROCESS TO EACH SUCH PARTY AT THE ADDRESS SPECIFIED IN SECTION 16 HEREOF.
THE PARTIES HERETO AGREE 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.

(c)                
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

    	15

    	 

    

(d)                
No failure on the part of either party hereto to exercise and no delay in exercising, and
no course of dealing with respect to, any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof
nor shall any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power
or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted
such waiver.

(e)                
The captions in this Agreement are included for convenience only and in no way define or limit
any of the provisions hereof or otherwise affect their construction or effect.

(f)                 
In the event any provision of this Agreement shall be held invalid or unenforceable, by any
court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provisions hereof.

(g)                
This Agreement may not be amended or modified or any provision thereof waived except by an
instrument in writing signed by the parties hereto.

(h)                
This Agreement and the Credit Agreement contain the entire understanding and agreement between
the parties and supersedes all other prior understandings and agreements, whether written or oral, between the parties concerning
this subject matter. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof.

(i)                  
The Investment Manager (i) consents to, and agrees to perform, the provisions of the Credit
Agreement applicable to the Investment Manager and (ii) agrees that all of the representations, covenants and agreements made by
the Investment Manager in this Agreement are also for the benefit of the Lenders. The Investment Manager hereby consents to the
collateral assignment of this Agreement by the Company as provided in Section 7.01 of the Credit Agreement.

(j)                 
This Agreement may be executed in any number of counterparts, each of which so executed shall
be deemed an original, but all such counterparts shall together constitute but one and the same instrument. This Agreement shall
become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories.

(k)                
Each representation and warranty made or deemed to be made herein or pursuant hereto, and
each indemnity provided for hereby, shall survive the execution and delivery and any termination or assignment of this Agreement
or resignation or removal of the Investment Manager.

    	16

    	 

    

(l)                  
The Company hereby acknowledges and accepts all actions that were taken by the Investment
Manager and/or recommended to the Company by the Investment Manager prior to the Closing Date, including all actions and recommendations
that were otherwise consistent with the services to be provided by the Investment Manager to the Company pursuant to Section 1
of this Agreement prior to the Closing Date, in each case, as if this Agreement had been in effect at the time that such actions
were taken or such recommendations were made.

20.               
Non-Petition; Priority of Payments.

The Investment Manager
shall continue to serve as Investment Manager under this Agreement notwithstanding that the Investment Manager shall not have received
amounts due to it under this Agreement because sufficient funds were not then available hereunder to pay such amounts in accordance
with Section 9.01 of the Credit Agreement, and agrees, in its capacity as a creditor of the Company, not to cause the filing
of an involuntary petition in bankruptcy against the Company for such non-payment to the Investment Manager, until the payment
in full of all Obligations (except for contingent obligations in respect of which no claim has been asserted in writing) under
the Credit Agreement and the expiration of a period equal to one year and one day (or, if longer, the applicable preference period
then in effect) following all such payments; provided that nothing in this clause shall preclude, or be deemed
to estop, the Investment Manager (A) from taking any action prior to the expiration of the aforementioned one year and one
day (or, if longer, the applicable preference period then in effect) period in (x) any case or proceeding voluntarily filed
or commenced by the Company or (y) any involuntary insolvency proceeding filed or commenced against the Company, by a Person
other than the Investment Manager or its Affiliates, or (B) from commencing against the Company or any properties of the Company
any legal action which is not a Bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding. The
provisions of this Section 20 shall survive the termination of this Agreement for any reason whatsoever.

The Investment Manager
agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be due and payable only in accordance
with the Priority of Payments in the Credit Agreement and only to the extent that funds are available for such payments in accordance
with such priorities.

21.               
No Recourse.

The Investment Manager
hereby acknowledges and agrees that the Company’s obligations hereunder will be solely the corporate obligations of the Company,
and the Investment Manager will not have any recourse to any of the directors, officers, employees, holders of the membership interest
of Company with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any transactions
contemplated hereby. Recourse in respect of any obligations of the Company hereunder will be
limited to the Company’s assets and on the exhaustion thereof all claims against the Company arising from this Agreement
or any transactions contemplated hereby shall be extinguished. The provisions of this Section 21 shall survive the termination
of this Agreement for any reason whatsoever.

[signature page follows]

    	17

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT to be executed by their respective authorized
representatives on the day and year first above written.

	 	COOPER RIVER LLC
	 	 
	 	By: /s/ Gerald F. Stahlecker
	 	Name:  Gerald F. Stahlecker
	 	Title:    Executive Vice President
	 	 
	 	FS INVESTMENT CORPORATION II
	 	 
	 	By: /s/ Gerald F. Stahlecker
	 	Name:  Gerald F. Stahlecker
	 	Title:    Executive Vice President

    	[Signature Page to Investment Management Agreement]

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