Document:

FS KKR Capital Corp 8-K

 

Exhibit 10.1

 

EXECUTION
VERSION

 

FS
KKR MM CLO 1 LLC

Issuer

 

U.S.
BANK NATIONAL ASSOCIATION

Trustee

 

INDENTURE

 

Dated
as of June 25, 2019

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 	 
	PRELIMINARY
    STATEMENT	 	1
	 	 	 
	GRANTING
    CLAUSES	 	1
	 	 	 
	ARTICLE
    I DEFINITIONS	 	2
	 	 	 
	Section
    1.1.	 	Definitions	 	2
	Section
    1.2.	 	Assumptions
    as to Assets	 	73
	 	 	 	 	 
	ARTICLE
    II THE NOTES	 	77
	 	 	 
	Section
    2.1.	 	Forms
    Generally	 	77
	Section
    2.2.	 	Forms
    of Notes	 	77
	Section
    2.3.	 	Authorized
    Amount; Stated Maturity; Denominations	 	79
	Section
    2.4.	 	Execution,
    Authentication, Delivery and Dating	 	80
	Section
    2.5.	 	Registration,
    Registration of Transfer and Exchange	 	81
	Section
    2.6.	 	Mutilated,
    Defaced, Destroyed, Lost or Stolen Note	 	94
	Section
    2.7.	 	Payment
    of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	 	94
	Section
    2.8.	 	Persons
    Deemed Owners	 	98
	Section
    2.9.	 	Cancellation	 	98
	Section
    2.10.	 	DTC
    Ceases to be Depository	 	98
	Section
    2.11.	 	Notes
    Beneficially Owned by Persons Not QIB/QPs or IAI/QPs or in Violation of ERISA Representations or Holder Reporting Obligations	 	99
	Section
    2.12.	 	Deduction
    or Withholding from Payments on Notes; No Gross Up.	 	100
	Section
    2.13.	 	Additional
    Issuance	 	101
	Section
    2.14.	 	Issuer
    Purchases of Notes	 	104
	 	 	 	 	 
	ARTICLE
    III CONDITIONS PRECEDENT	 	106
	 	 	 
	Section
    3.1.	 	Conditions
    to Issuance of Notes on Closing Date	 	106
	Section
    3.2.	 	Conditions
    to Additional Issuance	 	110
	Section
    3.3.	 	Delivery
    of Collateral Obligations and Eligible Investments	 	111
	 	 	 	 	 
	ARTICLE
    IV SATISFACTION AND DISCHARGE; ILLIQUID ASSETS; LIMITATION ON ADMINISTRATIVE EXPENSES	 	112
	 	 	 
	Section
    4.1.	 	Satisfaction
    and Discharge of Indenture	 	112
	Section
    4.2.	 	Application
    of Trust Money	 	114
	Section
    4.3.	 	Repayment
    of Monies Held by Paying Agent	 	114
	Section
    4.4.	 	Disposition
    of Illiquid Assets	 	114
	Section
    4.5.	 	Limitation
    on Obligation to Incur Administrative Expenses	 	115
	 	 	 	 	 
	ARTICLE
    V REMEDIES	 	116
	 	 	 
	Section
    5.1.	 	Events
    of Default	 	116
	Section
    5.2.	 	Acceleration
    of Maturity; Rescission and Annulment	 	118
	Section
    5.3.	 	Collection
    of Indebtedness and Suits for Enforcement by Trustee	 	119

 

     -i-

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	Section
    5.4.	 	Remedies	 	121
	Section
    5.5.	 	Optional
    Preservation of Assets	 	123
	Section
    5.6.	 	Trustee
    May Enforce Claims Without Possession of Notes	 	125
	Section
    5.7.	 	Application
    of Money Collected	 	125
	Section
    5.8.	 	Limitation
    on Suits	 	125
	Section
    5.9.	 	Unconditional
    Rights of Holders to Receive Principal and Interest	 	126
	Section
    5.10.	 	Restoration
    of Rights and Remedies	 	127
	Section
    5.11.	 	Rights
    and Remedies Cumulative	 	127
	Section
    5.12.	 	Delay
    or Omission Not Waiver	 	127
	Section
    5.13.	 	Control
    by Supermajority of Controlling Class	 	127
	Section
    5.14.	 	Waiver
    of Past Defaults	 	128
	Section
    5.15.	 	Undertaking
    for Costs	 	128
	Section
    5.16.	 	Waiver
    of Stay or Extension Laws	 	129
	Section
    5.17.	 	Sale
    of Assets	 	129
	Section
    5.18.	 	Action
    on the Notes	 	130
	 	 	 	 	 
	ARTICLE
    VI THE TRUSTEE	 	130
	 	 	 
	Section
    6.1.	 	Certain
    Duties and Responsibilities	 	130
	Section
    6.2.	 	Notice
    of Default	 	133
	Section
    6.3.	 	Certain
    Rights of Trustee	 	133
	Section
    6.4.	 	Not
    Responsible for Recitals or Issuance of Notes	 	137
	Section
    6.5.	 	May
    Hold Notes	 	137
	Section
    6.6.	 	Money
    Held in Trust	 	137
	Section
    6.7.	 	Compensation
    and Reimbursement	 	137
	Section
    6.8.	 	Corporate
    Trustee Required; Eligibility	 	139
	Section
    6.9.	 	Resignation
    and Removal; Appointment of Successor	 	140
	Section
    6.10.	 	Acceptance
    of Appointment by Successor	 	141
	Section
    6.11.	 	Merger,
    Conversion, Consolidation or Succession to Business of Trustee	 	142
	Section
    6.12.	 	Co-Trustees	 	142
	Section
    6.13.	 	Certain
    Duties of Trustee Related to Delayed Payment of Proceeds	 	143
	Section
    6.14.	 	Authenticating
    Agents	 	144
	Section
    6.15.	 	Withholding	 	144
	Section
    6.16.	 	Representative
    for Holders Only; Agent for each other Secured Party	 	145
	Section
    6.17.	 	Representations
    and Warranties of the Bank	 	145
	 	 	 	 	 
	ARTICLE
    VII COVENANTS	 	146
	 	 	 
	Section
    7.1.	 	Payment
    of Principal and Interest	 	146
	Section
    7.2.	 	Maintenance
    of Office or Agency	 	146
	Section
    7.3.	 	Money
    for Note Payments to be Held in Trust	 	146
	Section
    7.4.	 	Existence
    of Issuer	 	148
	Section
    7.5.	 	Protection
    of Assets	 	149

 

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TABLE
OF CONTENTS

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	Section
    7.6.	 	Opinions
    as to Assets	 	150
	Section
    7.7.	 	Performance
    of Obligations	 	150
	Section
    7.8.	 	Negative
    Covenants	 	151
	Section
    7.9.	 	Statement
    as to Compliance	 	153
	Section
    7.10.	 	Issuer
    May Consolidate, Etc., Only on Certain Terms	 	153
	Section
    7.11.	 	Successor
    Substituted	 	155
	Section
    7.12.	 	No
    Other Business	 	155
	Section
    7.13.	 	Acknowledgment
    of Portfolio Manager Standard of Care	 	156
	Section
    7.14.	 	Ratings;
    Review of Credit Estimates	 	156
	Section
    7.15.	 	Reporting	 	156
	Section
    7.16.	 	Calculation
    Agent	 	157
	Section
    7.17.	 	Certain
    Tax Matters	 	158
	Section
    7.18.	 	Effective
    Date; Purchase of Additional Collateral Obligations	 	158
	Section
    7.19.	 	Representations
    Relating to Security Interests in the Assets	 	161
	Section
    7.20.	 	Rule
    17g-5 Compliance	 	163
	Section
    7.21.	 	Contesting
    Insolvency Filings	 	164
	Section
    7.22.	 	Use
    of Name	 	165
	 	 	 	 	 
	ARTICLE
    VIII SUPPLEMENTAL INDENTURES	 	165
	 	 	 
	Section
    8.1.	 	Supplemental
    Indentures Without Consent of Holders	 	165
	Section
    8.2.	 	Supplemental
    Indentures With Consent of Holders	 	170
	Section
    8.3.	 	Execution
    of Supplemental Indentures	 	172
	Section
    8.4.	 	Effect
    of Supplemental Indentures	 	174
	Section
    8.5.	 	Reference
    in Notes to Supplemental Indentures	 	174
	Section
    8.6.	 	Re-Pricing
    Amendment	 	174
	 	 	 	 	 
	ARTICLE
    IX REDEMPTION OF NOTES	 	174
	 	 	 
	Section
    9.1.	 	Mandatory
    Redemption	 	174
	Section
    9.2.	 	Optional
    Redemption	 	174
	Section
    9.3.	 	Tax
    Redemption	 	178
	Section
    9.4.	 	Redemption
    Procedures	 	179
	Section
    9.5.	 	Notes
    Payable on Redemption Date	 	181
	Section
    9.6.	 	Special
    Redemption	 	182
	Section
    9.7.	 	Clean-Up
    Call Redemption	 	182
	Section
    9.8.	 	Re-Pricing
    of the Notes	 	184
	 	 	 	 	 
	ARTICLE
    X ACCOUNTS, ACCOUNTING AND RELEASES	 	187
	 	 	 
	Section
    10.1.	 	Collection
    of Money	 	187
	Section
    10.2.	 	Collection
    Account	 	188
	Section
    10.3.	 	Transaction
    Accounts	 	191
	Section
    10.4.	 	The
    Revolver Funding Account	 	194
	Section
    10.5.	 	[Reserved]	 	195
	Section
    10.6.	 	Reinvestment
    of Funds in Accounts; Reports by Trustee	 	195

 

     -iii-

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	Section
    10.7.	 	Accountings	 	197
	Section
    10.8.	 	Release
    of Assets	 	206
	Section
    10.9.	 	Reports
    by Independent Accountants	 	208
	Section
    10.10. 	 	Reports
    to Rating Agencies and Additional Recipients	 	209
	Section
    10.11. 	 	Procedures
    Relating to the Establishment of Accounts Controlled by the Trustee	 	210
	Section
    10.12. 	 	Section
    3(c)(7) Procedures	 	210
	 	 	 	 	 
	ARTICLE
    XI APPLICATION OF MONIES	 	211
	 	 	 
	Section
    11.1.	 	Disbursements
    of Monies from Payment Account	 	211
	 	 	 	 	 
	ARTICLE
    XII SALE OF COLLATERAL OBLIGATIONS; PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS	 	 218
	 	 	 
	Section
    12.1.	 	Sales
    of Collateral Obligations	 	218
	Section
    12.2.	 	Purchase
    of Additional Collateral Obligations	 	221
	Section
    12.3.	 	Conditions
    Applicable to All Sale and Purchase Transactions	 	224
	Section
    12.4.	 	Exchange
    Transactions	 	225
	Section
    12.5.	 	Optional
    Repurchase or Substitution of Collateral Obligations.	 	226
	 	 	 	 	 
	ARTICLE
    XIII HOLDERS’ RELATIONS	 	229
	 	 	 
	Section
    13.1.	 	Subordination	 	229
	Section
    13.2.	 	Standard
    of Conduct	 	230
	 	 	 	 	 
	ARTICLE
    XIV MISCELLANEOUS	 	230
	 	 	 
	Section
    14.1.	 	Form
    of Documents Delivered to Trustee	 	230
	Section
    14.2.	 	Acts
    of Holders	 	231
	Section
    14.3.	 	Notices,
    etc., to Certain Parties	 	232
	Section
    14.4.	 	Notices
    to Holders; Waiver	 	234
	Section
    14.5.	 	Effect
    of Headings and Table of Contents	 	235
	Section
    14.6.	 	Successors
    and Assigns	 	235
	Section
    14.7.	 	Severability	 	236
	Section
    14.8.	 	Benefits
    of Indenture	 	236
	Section
    14.9.	 	Legal
    Holidays	 	236
	Section
    14.10. 	 	Governing
    Law	 	236
	Section
    14.11. 	 	Submission
    to Jurisdiction	 	236
	Section
    14.12. 	 	Waiver
    of Jury Trial	 	237
	Section
    14.13. 	 	Counterparts	 	237
	Section
    14.14. 	 	Acts
    of Issuer	 	237
	Section
    14.15. 	 	Confidential
    Information	 	238
	 	 	 	 	 
	ARTICLE
    XV ASSIGNMENT OF PORTFOLIO MANAGEMENT AGREEMENT	 	239
	 	 	 
	Section
    15.1.	 	Assignment
    of Portfolio Management Agreement	 	239
	Section
    15.2.	 	Standard
    of Care Applicable to the Portfolio Manager	 	241

 

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	Schedules
    and Exhibits
	 
	Schedule
    1	–	Schedule
    of Collateral Obligations
	Schedule
    2	–	S&P
    Industry Classifications
	Schedule
    3	–	S&P
    CDO Monitor Test Definitions
	Schedule
    4	–	Moody’s
    Rating Definitions
	Schedule
    5	–	Fitch
    Rating Definitions
	Schedule
    6	–	Approved
    Index List
	Schedule
    7	–	S&P
    Recovery Rate Tables
	Schedule
    8	–	Fitch
    Industry Classifications
	 	 	 
	Exhibit
    A	–	Forms
    of Notes
	 	 	 
	 	 	A-1
    – Form of Class A-1 Note
	 	 	A-2
    – Form of Class A-2 Note
	 	 	A-3
    – Form of Class B Note
	 	 	 
	Exhibit
    B	–	Forms
    of Transfer and Exchange Certificates
	 	 	 
	 	 	B-1
    – Form of Transferor and Transferee Certificate for Transfer to Rule 144A Global Note
	 	 	B-2
    – Form of Transferor and Transferee Certificate for Transfer to Regulation S Global Note
	 	 	B-3
    – Form of Transferor and Transferee Certificate for Transfer to Certificated Note
	 	 	
	Exhibit
    C	–	Calculation
    of LIBOR
	Exhibit
    D	–	Form
    of Security Owner Certificate
	Exhibit
    E	–	Issuer
    Payment Account Information
	Exhibit
    F	–	Form
    of Contribution Notice
	Exhibit
    G	–	Form
    of Notice of Substitution

 

     -v-

     

    

 

INDENTURE,
dated as of June 25, 2019, between FS KKR MM CLO 1 LLC, a Delaware limited liability company (the “Issuer”)
and U.S. Bank National Association, as trustee (herein, together with its permitted successors and assigns in the trusts hereunder,
the “Trustee”).

 

PRELIMINARY
STATEMENT

 

The
Issuer is duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided in this Indenture.
Except as otherwise provided herein, all covenants and agreements made by the Issuer herein are for the benefit and security of
the Secured Parties. The Issuer is entering into this Indenture, and the Trustee is accepting the trusts and agreements created
hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

 

All
things necessary to make this Indenture a valid agreement of the Issuer in accordance with the agreement’s terms have been
done.

 

GRANTING
CLAUSES

 

I.       Subject
to the priorities and the exclusions, if any, specified below in this Granting Clause, the Issuer hereby Grants to the Trustee,
for the benefit and security of Holders of the Notes, the Trustee, the Portfolio Manager and the Collateral Administrator (collectively,
the “Secured Parties”) to the extent of such Secured Party’s interest hereunder, including under the
Priority of Payments, all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter
acquired or arising, all securities, loans and investments and, in each case as defined in the UCC, accounts, chattel paper, deposit
accounts, instruments, financial assets, investment property, general intangibles, letter of credit rights, and other supporting
obligations, and other property of any type or nature in which the Issuer has an interest, including all proceeds (as defined
in the UCC) with respect to the foregoing (subject to the exclusions noted below, the “Assets”). Such Grants
include, but are not limited to:

 

		(a)	the
                                         Collateral Obligations, Closing Date Participation Interests and Equity Securities that
                                         the Issuer causes to be delivered to the Trustee (directly or through an intermediary
                                         or bailee) pursuant to this Indenture and all payments thereon or with respect thereto,
                                         and all Collateral Obligations which are delivered to the Trustee in the future pursuant
                                         to the terms of this Indenture and all payments thereon or with respect thereto,

 

		(b)	the
                                         Issuer’s interest in each Account and all Eligible Investments purchased with funds
                                         on deposit therein, and all income from the investment of funds therein,

 

		(c)	the
                                         Issuer’s rights under the EU Retention Undertaking Letter, the Account Agreement,
                                         the Portfolio Management Agreement and the Collateral Administration Agreement,

 

		(d)	all
                                         Cash or money delivered to the Trustee (directly or through an intermediary or its bailee)
                                         for the benefit of the Secured Parties,

 

     

     

    

 

		(e)	any
                                         Selling Institution Collateral, subject to the prior lien of the relevant Selling Institution,

 

		(f)	all
                                         accounts, chattel paper, deposit accounts, financial assets, general intangibles, instruments,
                                         investment property, letter-of-credit rights and other supporting obligations relating
                                         to the foregoing,

 

		(g)	any
                                         other property otherwise delivered to the Trustee by or on behalf of the Issuer (whether
                                         or not constituting Collateral Obligations, Closing Date Participation Interests or Eligible
                                         Investments), and

 

		(h)	all
                                         proceeds (as defined in the UCC) with respect to the foregoing.

 

Such
Grants exclude Margin Stock or the Dollar amount of any liquidation thereof, whether or not such Dollar amount has been reinvested
in another asset.

 

Such
Grants are made in trust to secure the Notes equally and ratably without prejudice, priority or distinction between any Note and
any other Note by reason of difference of time of issuance or otherwise, except as expressly provided in this Indenture, and to
secure, in accordance with the priorities set forth in the Priority of Payments, (A) the payment of all amounts due on the Notes
in accordance with their terms, (B) the payment of all other sums payable under this Indenture to any Secured Party and (C) compliance
with the provisions of this Indenture, all as provided in this Indenture (collectively, the “Secured Obligations”).

 

II.       The
Trustee acknowledges such Grant, accepts its appointment as Trustee and the trusts hereunder in accordance with the provisions
hereof, and agrees to perform the duties herein in accordance with the terms hereof.

 

ARTICLE
I

DEFINITIONS

 

Section
1.1.     Definitions

 

Except
as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural
forms of such terms and to the masculine, feminine and neuter genders of such terms. Except as otherwise specified herein or as
the context may otherwise require: (i) references to an agreement or other document are to it as amended, supplemented, restated
and otherwise modified from time to time and to any successor document (whether or not already so stated); (ii) references to
a statute, regulation or other government rule are to it as amended from time to time and, as applicable, are to corresponding
provisions of successor governmental rules (whether or not already so stated); (iii) the word “including” and correlative
words shall be deemed to be followed by the phrase “without limitation” unless actually followed by such phrase or
a phrase of like import; (iv) the word “or” is always used inclusively herein (for example, the phrase “A or
B” means “A or B or both,” not “either A or B but not both”), unless used in an “either ...
or” construction; (v) references to a Person are references to such Person’s successors and assigns (whether or not
already so stated); (vi) all references in this Indenture to designated “Articles”, “Sections”, “subsections”
and other subdivisions are to the designated articles, sections, subsections and other subdivisions of this Indenture; and (vii)
the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular article, section, subsection or other subdivision.

 

    2

     

    

 

“17g-5
Website”: The Issuer’s website, which shall initially be located at https://www.structuredfn.com,
or such other address as the Issuer may provide to the Trustee, the Collateral Administrator, the Portfolio Manager and
the Rating Agencies.

 

“Accepted
Purchase Request”: The meaning specified in Section 9.8(c).

 

“Account
Agreement”: The securities account control agreement dated as of the Closing Date among the Issuer, the Trustee and
the Bank, as Custodian.

 

“Accountants’
Report”: An agreed upon procedures report from the firm or firms appointed by the Issuer pursuant to Section 10.9(a).

 

“Accounts”:
(i) the Payment Account, (ii) the Collection Account, (iii) the Ramp-Up Account, (iv) the Revolver Funding Account, (v) the Expense
Reserve Account, (vi) the Custodial Account, (vii) the Contribution Account and (viii) the Interest Reserve Account.

 

“Act”
and “Act of Holders”: The meanings specified in Section 14.2(a).

 

“Adjusted
Collateral Principal Amount”: As of any date of determination:

 

		(a)	the
                                         Aggregate Principal Balance of the Collateral Obligations (other than Defaulted Obligations,
                                         Discount Obligations and Closing Date Participation Interests); plus

 

		(b)	without
                                         duplication, the amounts on deposit in the Collection Account and the Ramp-Up Account
                                         (including Eligible Investments therein) representing Principal Proceeds; plus

 

		(c)	for
                                         each Defaulted Obligation, (i) if such Defaulted Obligation has been a Defaulted Obligation
                                         for 30 days or less, the lesser of the S&P Recovery Amount and the Fitch Recovery
                                         Amount for such Defaulted Obligation and (ii) if such Defaulted Obligation has been a
                                         Defaulted Obligation for more than 30 days, the lesser of the S&P Collateral Value
                                         and the Fitch Collateral Value for such Defaulted Obligation; plus

 

		(d)	the
                                         aggregate, for each Discount Obligation, of the product of (i) the ratio of the purchase
                                         price, excluding accrued interest but including, at the discretion of the Portfolio Manager,
                                         the amount of any related transaction costs (including assignment fees) paid by the Issuer
                                         to the seller of such Collateral Obligation or its agent, expressed as a Dollar amount,
                                         over the Principal Balance of the Discount Obligation as of the date of acquisition and
                                         (ii) the current Principal Balance of such Discount Obligation; plus

 

    3

     

    

 

		(e)	if
                                         such date of determination is on or after the Effective Date, the aggregate, for each
                                         Closing Date Participation Interest, of the S&P Recovery Amount thereof; minus

 

		(f)	the
                                         Excess CCC Adjustment Amount;

 

provided,
that with respect to any Collateral Obligation that satisfies more than one of the definitions of Defaulted Obligation, Discount
Obligation or Closing Date Participation Interest, or any Collateral Obligation that falls into the Excess CCC Adjustment Amount,
such Collateral Obligation shall, for purposes of this definition, be treated as belonging to the category of Collateral Obligations
to which it otherwise belongs and which results in the lowest Adjusted Collateral Principal Amount on any date of determination;
provided, further, that any Deferring Obligation that has not paid interest in Cash for the lesser of six consecutive months
and one accrual period shall be treated as a Defaulted Obligation that has been a Defaulted Obligation for more than 30 days for
the purpose of determining the Adjusted Collateral Principal Amount.

 

“Administrative
Expense Cap”: An amount equal on any Payment Date (when taken together with any Administrative Expenses paid in the
order of priority contained in the definition thereof during the period since the preceding Payment Date or in the case of the
first Payment Date, the period since the Closing Date), to the sum of (a) 0.02% per annum (prorated for the related Interest Accrual
Period on the basis of a 360-day year and the actual number of days elapsed) of the Fee Basis Amount on the related Determination
Date and (b) U.S.$200,000 per annum (prorated for the related Interest Accrual Period on the basis of a 360-day year and the actual
number of days elapsed); provided that, (1) in respect of any Payment Date after the third Payment Date following
the Closing Date, if the aggregate amount of Administrative Expenses paid pursuant to Sections 11.1(a)(i)(A), 11.1(a)(ii)(A) and
11.1(a)(iii)(A) (including any excess applied in accordance with this proviso) on the three immediately preceding Payment Dates
and during the related Collection Periods is less than the stated Administrative Expense Cap (without regard to any excess applied
in accordance with this proviso) in the aggregate for such three preceding Payment Dates, then the excess may be applied to the
Administrative Expense Cap with respect to the then-current Payment Date; and (2) in respect of the third Payment Date following
the Closing Date, such excess amount shall be calculated based on the Payment Dates preceding such Payment Date and may be applied
to the Administrative Expense Cap with respect to the then current Payment Date.

 

“Administrative
Expenses”: The fees, expenses (including indemnities) and other amounts due or accrued with respect to any Payment Date
(including, with respect to any Payment Date, any such amounts that were due and not paid on any prior Payment Date) and payable
in the following order by the Issuer: first, to the Trustee pursuant to Section 6.7 and the other provisions of this Indenture,
second, to the Bank (in each of its capacities) including as Collateral Administrator pursuant to the Collateral Administration
Agreement, third, on a pro rata basis, the following amounts (excluding indemnities) to the following parties:

 

		(i)	the
                                         Independent accountants, agents (other than the Portfolio Manager) and counsel of the
                                         Issuer for fees and expenses;

 

    4

     

    

 

		(ii)	the
                                         Rating Agencies for fees and expenses (including any annual fee, amendment fees and surveillance
                                         fees) in connection with any rating of the Notes or in connection with the rating of
                                         (or provision of credit estimates in respect of) any Collateral Obligations;

 

		(iii)	the
                                         Portfolio Manager under this Indenture and the Portfolio Management Agreement, including
                                         without limitation reasonable expenses of the Portfolio Manager (including, without limitation,
                                         (x) actual fees incurred and paid by the Portfolio Manager for its accountants, agents,
                                         counsel and administration of the Issuer and (y) reasonable costs and expenses incurred
                                         in connection with the Portfolio Manager’s management of the Collateral Obligations,
                                         Eligible Investments and other assets of the Issuer) actually incurred and paid in connection
                                         with the Portfolio Manager’s management of the Collateral Obligations and any other
                                         amounts payable pursuant to Section 26 of the Portfolio Management Agreement, but excluding
                                         the Management Fees;

 

		(iv)	the
                                         Independent Manager of the Issuer for any fees or expenses due under the engagement letter
                                         between Lord Securities Corporation and the Issuer;

 

		(v)	any
                                         other Person in respect of any other fees or expenses permitted under this Indenture
                                         and the documents delivered pursuant to or in connection with this Indenture (including
                                         expenses incurred in connection with complying with tax laws, fees and expenses incurred
                                         in connection with a Refinancing or Re-Pricing, the payment of facility rating fees and
                                         all legal and other fees and expenses incurred in connection with the purchase or sale
                                         of any Collateral Obligations and any other expenses incurred in connection with the
                                         Collateral Obligations, including Excepted Advances) and the Notes, including but not
                                         limited to, if applicable, any amounts due in respect of the listing of the Notes on
                                         any stock exchange or trading system; and

 

		(vi)	any
                                         other Person in connection with satisfying the U.S. Risk Retention Rules or the EU Securitization
                                         Laws, as applicable, including any costs or fees related to additional due diligence
                                         or reporting requirements;

 

and
fourth, on a pro rata basis, indemnities payable to any Person pursuant to any Transaction Document or the Purchase
Agreement or any purchase agreement, placement agreement or similar agreement signed in connection with a refinancing; provided
that, (x) for the avoidance of doubt, amounts that are expressly payable to any Person under the Priority of Payments
in respect of an amount that is stated to be payable as an amount other than as Administrative Expenses (including, without limitation,
interest and principal in respect of the Notes and distributions made to the Issuer) shall not constitute Administrative Expenses,
(y) no amount shall be payable to the Portfolio Manager as Administrative Expenses in reimbursement of fees or expenses of any
third party unless the Portfolio Manager shall have first paid the fees or expenses that are the subject of such reimbursement
and (z) the Portfolio Manager may direct the payment of Rating Agency fees (only out of amounts available pursuant to clause (b)
of the definition of “Administrative Expense Cap”) other than in the order required pursuant to items third and fourth
above if, in the Portfolio Manager’s commercially reasonable judgment, such payments are necessary to avoid the withdrawal
of any currently assigned rating on any Class of Notes that is Outstanding and rated by a Rating Agency.

 

    5

     

    

 

“Advisers
Act”: The Investment Advisers Act of 1940, as amended from time to time.

 

“Advisor”:
FS/KKR Advisor, LLC.

 

“Affected
Class”: Any Class of Notes that, as a result of the occurrence of a Tax Event, has not received 100% of the aggregate
amount of principal and interest that would otherwise be due and payable to such Class on any Quarterly Payment Date.

 

“Affiliate”
or “Affiliated”: With respect to a Person, any other Person who, directly or indirectly, is in control of,
or controlled by, or is under common control with, such Person. For the purposes of this definition, “control” of
a Person shall mean the power, direct or indirect, (x) to vote more than 50% of the securities having ordinary voting power for
the election of directors of any such Person or (y) to direct or cause the direction of the management and policies of such Person
whether by contract or otherwise; provided that, no special purpose company to which the Portfolio Manager provides
investment advisory services shall be considered an Affiliate of the Portfolio Manager. For the avoidance of doubt, (A) for the
purposes of calculating compliance with clause (iii) of the Concentration Limitations, an Obligor will not be considered an “Affiliate”
of any other Obligor solely due to the fact that each such Obligor is under the control of the same financial sponsor and (B)
Obligors in respect of Collateral Obligations shall be deemed not to be Affiliates if they have distinct corporate family ratings
and/or distinct issuer credit ratings.

 

“Agent
Members”: Members of, or participants in, DTC, Euroclear or Clearstream.

 

“Aggregate
Coupon”: As of any date of determination, the sum of the products obtained by multiplying, in the case of each
Fixed Rate Obligation, (a) the stated coupon on such Collateral Obligation (excluding the unfunded portion of any Delayed Drawdown
Collateral Obligation or Revolving Collateral Obligation and, in the case of any security that in accordance with its terms is
making payments due thereon “in kind” in lieu of Cash, any interest to the extent not paid in Cash) expressed as a
percentage; and (b) the Principal Balance (including for this purpose any capitalized interest) of such Collateral Obligation.

 

“Aggregate
Excess Funded Spread”: As of any date of determination, the amount obtained by multiplying: (a) the amount equal
to LIBOR applicable to the Notes during the Interest Accrual Period in which such date of determination occurs; by (b)
the amount (not less than zero) equal to (i) the Aggregate Principal Balance (including for this purpose any capitalized interest)
of the Collateral Obligations as of such date of determination minus (ii) the Reinvestment Target Par Balance; by (c) the
Aggregate Principal Balance of Floating Rate Obligations divided by the Aggregate Principal Balance of Collateral Obligations.

 

“Aggregate
Funded Spread”: As of any date of determination, the sum of:

 

		(a)	(i)
                                         in the case of each Floating Rate Obligation that bears interest at a spread over a London
                                         interbank offered rate based index, the stated interest rate spread (excluding the unfunded
                                         portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation
                                         and, in the case of any security that in accordance with its terms is making payments
                                         due thereon “in kind” in lieu of Cash, any interest to the extent not paid
                                         in Cash) on such Collateral Obligation above such index, multiplied by (ii) the
                                         Principal Balance (including for this purpose any capitalized interest but excluding
                                         the unfunded portion of any Delayed Drawdown Collateral Obligation or Revolving Collateral
                                         Obligation) of such Collateral Obligation; and

 

    6

     

    

 

		(b)	(i)
                                         in the case of each Floating Rate Obligation that bears interest at a spread over an
                                         index other than a London interbank offered rate based index, the excess of the sum of
                                         such spread and such index (excluding the unfunded portion of any Delayed Drawdown Collateral
                                         Obligation and Revolving Collateral Obligation and, in the case of any security that
                                         in accordance with its terms is making payments due thereon “in kind” in
                                         lieu of Cash, any interest to the extent not paid in Cash) over LIBOR as of the immediately
                                         preceding Interest Determination Date (which spread or excess may be expressed as a negative
                                         percentage), multiplied by (ii) the Principal Balance (including for this purpose
                                         any capitalized interest but excluding the unfunded portion of any Delayed Drawdown Collateral
                                         Obligation or Revolving Collateral Obligation) of each such Collateral Obligation;

 

provided,
that for purposes of this definition, the interest rate spread will be deemed to be, with respect to any Floating Rate Obligation
that has a LIBOR floor, the stated interest rate spread plus, if positive, (x) the LIBOR floor value minus (y) LIBOR as
in effect for the current Interest Accrual Period.

 

“Aggregate
Outstanding Amount”: With respect to any of the Notes as of any date, the aggregate unpaid principal amount of such
Notes Outstanding on such date.

 

“Aggregate
Principal Balance”: When used with respect to all or a portion of the Collateral Obligations or the Assets, the sum
of the Principal Balances of all or of such portion of the Collateral Obligations or Assets, respectively.

 

“Aggregate
Unfunded Spread”: As of any date of determination, the sum of the products obtained by multiplying (i) for each Delayed
Drawdown Collateral Obligation and Revolving Collateral Obligation (other than Defaulted Obligations), the related commitment
fee then in effect as of such date and (ii) the undrawn commitments of each such Delayed Drawdown Collateral Obligation and Revolving
Collateral Obligation as of such date.

 

“Alternative
Rate”: The meaning specified in Exhibit C hereto.

 

“Anti-Money
Laundering Laws”: The meaning specified in Section 2.5(h)(xvi).

 

“Applicable
Qualified Valuation”: The meaning specified in Section 12.3(a).

 

“Approved
Index List”: The nationally recognized indices specified in Schedule 6 hereto as amended from time to time by the Portfolio
Manager with prior notice of any amendment to S&P and Fitch in respect of such amendment and a copy of any such amended Approved
Index List to the Collateral Administrator.

 

    7

     

    

 

“Assets”:
The meaning assigned in the Granting Clauses hereof.

 

“Assumed
Reinvestment Rate”: LIBOR (as determined on the most recent Interest Determination Date relating to an Interest Accrual
Period beginning on a Payment Date or the Closing Date, as applicable) minus 0.20% per annum; provided that,
the Assumed Reinvestment Rate shall not be less than 0.00%.

 

“Authenticating
Agent”: With respect to the Notes or a Class of the Notes, the Person designated by the Trustee to authenticate such
Notes on behalf of the Trustee pursuant to Section 6.14.

 

“Authorized
Officer”: With respect to the Issuer, any Officer or any other Person who is authorized to act for the Issuer, as applicable,
in matters relating to, and binding upon, the Issuer and, for the avoidance of doubt, shall include any duly appointed attorney-in-fact
of the Issuer. With respect to the Portfolio Manager, any Officer, employee, member or agent of the Portfolio Manager who is authorized
to act for the Portfolio Manager in matters relating to, and binding upon, the Portfolio Manager with respect to the subject matter
of the request, certificate or order in question. With respect to the Collateral Administrator, any Officer, employee, partner
or agent of the Collateral Administrator who is authorized to act for the Collateral Administrator in matters relating to, and
binding upon, the Collateral Administrator with respect to the subject matter of the request, certificate or order in question.
With respect to the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Bank Officer.
With respect to any Authenticating Agent, any Officer of such Authenticating Agent who is authorized to authenticate the Notes.
Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority
of any person to act, and such certification may be considered as in full force and effect until receipt by such other party of
written notice to the contrary.

 

“Average
Life”: The meaning specified in the definition of “Weighted Average Life.”

 

“Balance”:
On any date, with respect to Cash or Eligible Investments in any Account, the aggregate of the (i) current balance of Cash, demand
deposits, time deposits, certificates of deposit and federal funds; (ii) principal amount of interest-bearing corporate and government
securities, money market accounts and repurchase obligations; and (iii) purchase price (but not greater than the face amount)
of non-interest-bearing government and corporate securities and commercial paper.

 

“Bank”:
U.S. Bank National Association, in its individual capacity and not as Trustee, or any successor thereto.

 

“Bank
Officer”: When used with respect to the Trustee, any Officer within the Corporate Trust Office (or any successor group
of the Trustee) including any Officer to whom any corporate trust matter is referred at the Corporate Trust Office because of
such person’s knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for
the administration of this transaction.

 

“Bankruptcy
Code”: The federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time.

 

    8

     

    

 

“Bankruptcy
Exchange”: The exchange of a Defaulted Obligation (without the payment of any additional funds other than reasonable
and customary transfer costs) for another debt obligation issued by another Obligor which, but for the fact that such debt obligation
is a Defaulted Obligation or a Credit Risk Obligation, would otherwise qualify as a Collateral Obligation and (i) in the Portfolio
Manager’s reasonable business judgment, at the time of the exchange, such debt obligation received in exchange has a better
likelihood of recovery than the Defaulted Obligation to be so exchanged, (ii) as determined by the Portfolio Manager, at the time
of the exchange, the debt obligation received in exchange is no less senior in right of payment vis-à-vis such Obligor’s
other outstanding indebtedness than the Defaulted Obligation to be exchanged vis-à-vis its Obligor’s other outstanding
indebtedness, (iii) as determined by the Portfolio Manager, if such debt obligation received in exchange is a Defaulted Obligation,
both prior to and after giving effect to such exchange, each of the Coverage Tests is satisfied or, if any of the Coverage Tests
was not satisfied prior to such exchange, such Coverage Test will be maintained or improved after giving effect to such exchange,
(iv) as determined by the Portfolio Manager, if such debt obligation received in exchange is a Credit Risk Obligation, both prior
to and after giving effect to such exchange, each of the Coverage Tests, the Collateral Quality Test and the Concentration Limitations
is satisfied or, if any of the Coverage Tests, the Collateral Quality Test or the Concentration Limitations was not satisfied
prior to such exchange, such Coverage Test, Collateral Quality Test or Concentration Limitation will be maintained or improved
after giving effect to such exchange, (v) as determined by the Portfolio Manager, both prior to and after giving effect to such
exchange, not more than 5.0% of the Collateral Principal Amount consists of obligations received in a Bankruptcy Exchange, (vi)
the period for which the Issuer held the Defaulted Obligation to be exchanged will be included for all purposes in this Indenture
when determining the period for which the Issuer holds the debt obligation received in exchange, (vii) as determined by the Portfolio
Manager, such exchanged Defaulted Obligation was not acquired in a Bankruptcy Exchange, (viii) the exchange does not take place
during the Restricted Trading Period, (ix) the Bankruptcy Exchange Test is satisfied and (x) not more than 15% of the Collateral
Principal Amount consists of obligations received in Bankruptcy Exchanges in the aggregate since the Closing Date.

 

“Bankruptcy
Exchange Test”: The test that will be satisfied if, in the Portfolio Manager’s reasonable business judgment, the
projected internal rate of return of the obligation obtained as a result of a Bankruptcy Exchange is greater than the projected
internal rate of return of the Defaulted Obligation exchanged in a Bankruptcy Exchange, calculated by the Portfolio Manager by
aggregating all Cash and the Market Value of any Collateral Obligation subject to a Bankruptcy Exchange at the time of each Bankruptcy
Exchange; provided that, the foregoing calculation will not be required for any Bankruptcy Exchange prior to and
including the occurrence of the third Bankruptcy Exchange.

 

“Bankruptcy
Filing”: The institution against, or joining any other Person in instituting against, the Issuer, any bankruptcy, reorganization,
arrangement, insolvency, winding up, moratorium or liquidation Proceedings, or other Proceedings under U.S. federal or state bankruptcy
or similar laws.

 

“Base
Management Fee”: The fee payable to the Portfolio Manager in arrears on each Payment Date pursuant to Section 8 of the
Portfolio Management Agreement and the Priority of Payments in an amount equal to the product of 0.20% per annum (calculated on
the basis of a 360-day year and the actual number of days elapsed during the related Interest Accrual Period) of the Fee Basis
Amount measured as of the first day of the Collection Period relating to each Payment Date.

 

    9

     

    

 

“Benefit
Plan Investor”: Any of the following: (a) any “employee benefit plan” (as defined in Section 3(3) of ERISA)
that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) any “plan” as defined in Section
4975(e)(1) of the Code to which Section 4975 of the Code applies or (c) any entity whose underlying assets are deemed to include
“plan assets” by reason of an employee benefit plan’s or a plan’s investment in the entity within the
meaning of the Plan Asset Regulation or otherwise.

 

“Bond”:
Any debt security not in the form of a loan or an interest therein.

 

“Bridge
Loan”: Any loan or other obligation or debt security that (x) is incurred or issued in connection with a merger, acquisition,
consolidation, or sale of all or substantially all of the assets of a Person or similar transaction and (y) by its terms, is required
to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (other than
any additional borrowing or refinancing if one or more financial institutions shall have provided the issuer of such obligation
or security with a binding written commitment to provide the same, so long as (i) such commitment is equal to the outstanding
principal amount of the Bridge Loan and (ii) such committed replacement facility has a maturity of at least one year and cannot
be extended beyond such maturity pursuant to the terms thereof).

 

“Business
Day”: Any day other than (i) a Saturday or a Sunday or (ii) a day on which commercial banks are authorized or required
by applicable law, regulation or executive order to close in New York, New York or in the city in which the Corporate Trust Office
of the Trustee is located or, for any final payment of principal, in the relevant place of presentation.

 

“Calculation
Agent”: The meaning specified in Section 7.16.

 

“Cash”:
Such money (as defined in Article 1 of the UCC) or funds denominated in currency of the United States of America as at the time
shall be legal tender for payment of all public and private debts, including funds standing to the credit of any Account.

 

“CCC
Collateral Obligation”: A CCC S&P Collateral Obligation or a CCC Fitch Collateral Obligation, as the context requires.

 

“CCC
Excess”: An amount equal to the greater of (i) the excess of the Principal Balance of all CCC S&P Collateral Obligations
over an amount equal to 17.5% of the Collateral Principal Amount as of such date of determination; and (ii) the excess of the
Principal Balance of all CCC Fitch Collateral Obligations over an amount equal to 17.5% of the Collateral Principal Amount as
of such date of determination; provided that, in determining which of the CCC Collateral Obligations will be included in
the CCC Excess, the CCC Collateral Obligations with the lowest Market Value (assuming that such Market Value is expressed as a
percentage of the Aggregate Principal Balance of such Collateral Obligations as of such date of determination) shall be deemed
to constitute such CCC Excess.

 

“CCC
Fitch Collateral Obligation”: A Collateral Obligation (other than a Defaulted Obligation or a Deferring Obligation)
with a Fitch Rating of “CCC+” or lower.

 

“CCC
S&P Collateral Obligation”: A Collateral Obligation (other than a Defaulted Obligation or a Deferring Obligation)
with an S&P Rating of “CCC+” or lower.

 

    10

     

    

 

“Certificate
of Authentication”: The meaning specified in Section 2.1.

 

“Certificated
Note”: Any Note issued in the form of a definitive, fully registered note without coupons registered in the name of
the owner or nominee thereof, duly executed by the Issuer and authenticated by the Trustee as herein provided.

 

“Certificated
Security”: The meaning specified in Article 8 of the UCC.

 

“Certifying
Person”: Any Person that certifies that it is the owner of a beneficial interest in a Global Note substantially in the
form of Exhibit D.

 

“CFR”:
The meaning specified on Schedule 4 hereto.

 

“Class”:
In the case of (x) the Notes, all of the Notes having the same Interest Rate (except for additional notes issued after the Closing
Date having the same designation but issued at a different Interest Rate), Stated Maturity and designation and (y) in the case
of the Interests, all of the Interests. For purposes of exercising any rights to consent, give direction or otherwise vote, any
Pari Passu Classes will be treated as a single Class in each case except as expressly provided herein.

 

“Class
A Notes”: The Class A-1 Notes and the Class A-2 Notes, collectively.

 

“Class
A-1 Notes”: The Class A-1 Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3(b).

 

“Class
A-2 Notes”: The Class A-2 Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3(b).

 

“Class
A Coverage Tests”: The Class A Overcollateralization Ratio Test and the Class A Interest Coverage Test.

 

“Class
A Interest Coverage Test”: The Interest Coverage Test as applied to the Class A Notes.

 

“Class
A Overcollateralization Ratio Test”: The Overcollateralization Ratio Test as applied to the Class A Notes.

 

“Class
B Coverage Tests”: The Class B Overcollateralization Ratio Test and the Class B Interest Coverage Test.

 

“Class
B Interest Coverage Test”: The Interest Coverage Test as applied to the Class B Notes.

 

“Class
B Notes”: The Class B Secured Deferrable Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3(b).

 

“Class
B Overcollateralization Ratio Test”: The Overcollateralization Ratio Test as applied to the Class B Notes.

 

    11

     

    

 

“Class
Default Differential”: With respect to the Highest Ranking S&P Class, at any time, the rate calculated by subtracting
the S&P CDO Monitor SDR at such time for such Class of Notes from the S&P CDO Monitor Adjusted BDR for such Class of Notes
at such time.

 

“Clean-Up
Call Redemption”: The meaning specified in Section 9.7(a).

 

“Clean-Up
Call Redemption Price”: The meaning specified in Section 9.7(b).

 

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

 

“Clearing
Corporation”: (i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity included within the meaning of “clearing
corporation” under Article 8 of the UCC.

 

“Clearing
Corporation Note”: Notes that are in the custody of or maintained on the books of a Clearing Corporation or a nominee
subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed
to or registered in the name of the Clearing Corporation or such nominee.

 

“Clearstream”:
Clearstream Banking, société anonyme, a corporation organized under the laws of the Duchy of Luxembourg.

 

“CLO
Information Service”: Initially, Intex, and thereafter any third-party vendor that compiles and provides access to information
regarding collateralized loan obligation transactions and is selected by the Portfolio Manager to receive copies of the Monthly
Report and Distribution Report.

 

“Closing
Date”: June 25, 2019.

 

“Closing
Date Participation Interests”: Any Participation Interest in an asset conveyed to the Issuer on the Closing Date pursuant
to the Loan Sale Agreement until elevated by assignment; provided that, for purposes of this Indenture, any such Participation
Interest shall be deemed to be a Closing Date Participation Interest until the 120th day following the Closing Date, unless such
Participation Interest has been elevated to an assignment on or before such day. If any such Closing Date Participation Interest
is not elevated to an assignment on or before the 120th day following the Closing Date, such Closing Date Participation Interest
shall be deemed to be a Participation Interest for all purposes hereunder until otherwise assigned. For the avoidance of doubt,
the failure to elevate any Closing Date Participation Interest shall not result or be deemed to result in a default or Event of
Default under this Indenture or any other Transaction Document.

 

“Code”:
The United States Internal Revenue Code of 1986, as amended.

 

“Collateral
Administration Agreement”: An agreement dated as of the Closing Date among the Issuer, the Portfolio Manager and the
Collateral Administrator, as amended from time to time in accordance with its terms.

 

“Collateral
Administrator”: The Bank, in its capacity as collateral administrator under the Collateral Administration Agreement,
and any successor thereto.

 

    12

     

    

 

“Collateral
Interest Amount”: As of any date of determination, without duplication, the aggregate amount of Interest Proceeds that
has been received or that is expected to be received (other than Interest Proceeds expected to be received from Defaulted Obligations
and Deferring Obligations, but including Interest Proceeds actually received from Defaulted Obligations and Deferring Obligations),
in each case during the Collection Period (and, if such Collection Period does not end on a Business Day, the next succeeding
Business Day) in which such date of determination occurs (or after such Collection Period but on or prior to the related Payment
Date if such Interest Proceeds would be treated as Interest Proceeds with respect to such Collection Period).

 

“Collateral
Obligation”: A Senior Secured Loan, Second Lien Loan or an Unsecured Loan (including, but not limited to, interests
in bank loans acquired by way of a purchase or assignment) or Participation Interest therein that, as of the date of acquisition
or commitment to acquire by the Issuer:

 

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

 

		(ii)	is
                                         not a Defaulted Obligation or a Credit Risk Obligation, unless in either case such obligation
                                         is a Purchased Defaulted Obligation or is being acquired in connection with a Bankruptcy
                                         Exchange;

 

		(iii)	is
                                         not a lease (including a finance lease);

 

		(iv)	is
                                         not an Interest Only Obligation;

 

		(v)	provides
                                         (in the case of a Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation,
                                         with respect to amounts drawn thereunder) for a fixed amount of principal payable in
                                         Cash on scheduled payment dates and/or at maturity and does not by its terms provide
                                         for earlier amortization or prepayment at a price of less than par;

 

		(vi)	does
                                         not constitute Margin Stock;

 

		(vii)	provides
                                         for payments that do not, at the time the obligation is acquired, subject the Issuer
                                         to withholding tax or other tax, other than withholding tax as to which the Obligor or
                                         issuer is required to make “gross-up” payments that ensure that the net amount
                                         actually received by the Issuer (after payment of all taxes, whether imposed on such
                                         Obligor or the Issuer) will equal the full amount that the Issuer would have received
                                         had no such taxes been imposed;

 

		(viii)	has
                                         an S&P Rating of “CCC-” or higher and a Fitch Rating of “CCC-”
                                         or higher (in each case, unless such obligation is a Purchased Defaulted Obligation or
                                         is being acquired in a Bankruptcy Exchange);

 

		(ix)	is
                                         not a debt obligation whose repayment is subject to substantial non-credit related risk
                                         as determined by the Portfolio Manager in its reasonable judgment;

 

    13

     

    

 

		(x)	except
                                         for Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations, is
                                         not an obligation pursuant to which any future advances or payments (other than Excepted
                                         Advances) to the borrower or the Obligor thereof may be required to be made by the Issuer;

 

		(xi)	is
                                         not a Zero Coupon Bond or a Structured Finance Obligation;

 

		(xii)	will
                                         not require the Issuer or the pool of Assets to be registered as an investment company
                                         under the Investment Company Act;

 

		(xiii)	if
                                         it is a Participation Interest (other than a Closing Date Participation Interest), the
                                         Third Party Credit Exposure Limits are satisfied with respect to the acquisition thereof;

 

		(xiv)	is
                                         not the subject of an Offer other than (A) a Permitted Offer or (B) an exchange offer
                                         in which an obligation that is not registered under the Securities Act is exchanged for
                                         an obligation that has substantially identical terms (except for transfer restrictions)
                                         but is registered under the Securities Act or an obligation that would otherwise qualify
                                         for purchase under the Investment Criteria;

 

		(xv)	if
                                         a Floating Rate Obligation, accrues interest at a floating rate determined by reference
                                         to (a) the Dollar prime rate, federal funds rate or LIBOR or (b) a similar interbank
                                         offered rate or commercial deposit rate or (c) any other then-customary index;

 

		(xvi)	is
                                         Registered;

 

		(xvii)	is
                                         not a Synthetic Obligation;

 

		(xviii)	does
                                         not pay interest less frequently than semi-annually;

 

 

		(xix)	is
                                         not a Senior Secured Bond, Senior Unsecured Bond, other Bond, Senior Secured Floating
                                         Rate Note or Letter of Credit Reimbursement Obligation;

 

		(xx)	does
                                         not include or support a letter of credit;

 

		(xxi)	is
                                         not an interest in a grantor trust;

 

		(xxii)	is
                                         not a Loan secured by real property;

 

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

 

		(xxiv)	is
                                         not issued by an Obligor with a most recently calculated EBITDA (calculated in accordance
                                         with the related Underlying Instruments) of less than $5,000,000;

 

    14

     

    

 

		(xxv)	is
                                         not, by its terms, convertible into or exchangeable for an Equity Security at any time
                                         over its life or attached with a warrant to purchase Equity Securities;

 

		(xxvi)	does
                                         not mature after the Stated Maturity of the Notes;

 

		(xxvii)	is
                                         issued by a Non-Emerging Market Obligor;

 

		(xxviii)	does
                                         not have an “f”, “p”, “pi”, “sf” or “t”
                                         subscript assigned by S&P or an “sf” subscript assigned by Moody’s;

 

		(xxix)	is
                                         purchased at a purchase price (expressed as a percentage of the par amount of such Collateral
                                         Obligation) not less than 60.0%;

 

		(xxx)	if
                                         (x) a Deferrable Obligation, is not, at the time of purchase (or commitment to purchase)
                                         deferring payment of any accrued and unpaid interest which would have otherwise been
                                         due and continues to remain unpaid, or (y) a Partial Deferring Obligation, is not, at
                                         the time of purchase (or commitment to purchase) in default with respect to the portion
                                         of the interest due thereon to be paid in Cash on each payment date with respect thereto
                                         (in each case, unless such obligation is a Purchased Defaulted Obligation or is being
                                         acquired in connection with a Bankruptcy Exchange); provided that, nothing in
                                         this clause (xxx) shall be construed to prohibit the acquisition of a Purchased Defaulted
                                         Obligation pursuant to Section 12.4;

 

		(xxxi)	is
                                         not a Step-Up Obligation or a Step-Down Obligation; and

 

		(xxxii)	is
                                         not an obligation of a Portfolio Company.

 

“Collateral
Principal Amount”: As of any date of determination, the sum of (a) the Aggregate Principal Balance of the Collateral
Obligations (other than Defaulted Obligations), including, without duplication, the funded and unfunded balance of any Revolving
Collateral Obligation or Delayed Drawdown Collateral Obligation plus (b) without duplication, the amounts on deposit in
the Collection Account and the Ramp-Up Account (including Eligible Investments therein) representing Principal Proceeds.

 

“Collateral
Quality Test”: A test satisfied on any date of determination on and after the Effective Date and during the Reinvestment
Period if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation,
proposed to be owned) by the Issuer satisfy each of the tests set forth below (or, after the Effective Date, if a test is not
satisfied on such date of determination, the degree of compliance with such test is maintained or improved after giving effect
to any purchase effected on such date of determination or any applicable Trading Plan), calculated in each case as required by
Section 1.2 herein:

 

		(i)	the
                                         Minimum Floating Spread Test;

 

		(ii)	the
                                         Minimum Weighted Average Coupon Test;

 

		(iii)	the
                                         S&P CDO Monitor Test;

 

    15

     

    

 

		(iv)	the
                                         Minimum Weighted Average Fitch Recovery Rate Test;

 

		(v)	the
                                         Maximum Fitch Rating Factor Test; and

 

		(vi)	the
                                         Weighted Average Life Test.

 

“Collection
Account”: The meaning specified in Section 10.2(a).

 

“Collection
Period”: (i) With respect to the first Payment Date, the period commencing on the Closing Date and ending at the close
of business on the last Business Day of the month prior to the first Payment Date; and (ii) with respect to any other Payment
Date, the period commencing on the day immediately following the prior Collection Period and ending (a) in the case of the final
Collection Period preceding the latest Stated Maturity of any Class of Notes, on the day preceding such Stated Maturity, (b) in
the case of the final Collection Period preceding an Optional Redemption (other than a Refinancing) or a Tax Redemption in whole
of the Notes or a Clean-Up Call Redemption of the Notes, on the day preceding the Redemption Date and (c) in any other case, at
the close of business on the last Business Day of each month prior to such Payment Date.

 

“Concentration
Limitations”: Limitations satisfied on any date of determination on or after the Effective Date and during the Reinvestment
Period if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation,
proposed to be owned) by the Issuer comply with all of the requirements set forth below (or in relation to a proposed purchase
after the Effective Date, except to the extent that compliance is otherwise expressly required, if not in compliance, the relevant
requirements must be maintained or improved after giving effect to the purchase), calculated in each case as required by Section
1.2 herein:

 

		(i)	not
                                         less than 92.5% of the Collateral Principal Amount may consist of Senior Secured Loans,
                                         Cash and Eligible Investments;

 

		(ii)	not
                                         more than 7.5% of the Collateral Principal Amount may consist, in the aggregate, of Second
                                         Lien Loans and Unsecured Loans;

 

		(iii)	not
                                         more than 2.5% of the Collateral Principal Amount may consist of Collateral Obligations
                                         issued by a single Obligor and its Affiliates, except that Collateral Obligations (other
                                         than DIP Collateral Obligations) issued by up to five Obligors and their respective Affiliates
                                         may each constitute up to 3.0% of the Collateral Principal Amount; provided that,
                                         not more than 1.5% of the Collateral Principal Amount may consist of Collateral Obligations
                                         that are not Senior Secured Loans issued by a single Obligor and its Affiliates;

 

		(iv)	not
                                         more than 17.5% of the Collateral Principal Amount may consist of CCC S&P Collateral
                                         Obligations;

 

		(v)	not
                                         more than 17.5% of the Collateral Principal Amount may consist of CCC Fitch Collateral
                                         Obligations;

 

		(vi)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations
                                         that pay interest less frequently than quarterly;

 

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		(vii)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of Fixed Rate Obligations;

 

		(viii)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of Current Pay Obligations;

 

		(ix)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of DIP Collateral Obligations;

 

		(x)	not
                                         more than 10.0% of the Collateral Principal Amount may consist, in the aggregate, of
                                         unfunded commitments under Delayed Drawdown Collateral Obligations and unfunded and funded
                                         commitments under Revolving Collateral Obligations;

 

		(xi)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of Deferrable Obligations
                                         and Partial Deferring Obligations;

 

		(xii)	not
                                         more than 10.0% of the Collateral Principal Amount may consist of Participation Interests
                                         and the Third Party Credit Exposure Limits may not be exceeded with respect thereto;
                                         provided that, Closing Date Participation Interests shall be excluded for purposes
                                         of this clause (xii) for the first 120 days following the Closing Date;

 

		(xiii)	[reserved];

 

		(xiv)	not
                                         more than 10.0% of the Collateral Principal Amount may consist of Collateral Obligations
                                         with an S&P Rating derived from a Moody’s Rating as set forth in clause (iii)(a)
                                         of the definition of the term “S&P Rating”;

 

		(xv)	no
                                         more than the percentage listed below of the Collateral Principal Amount may be issued
                                         by Obligors Domiciled in the country or countries set forth opposite such percentage:

 

	%
    Limit	Country
    or Countries
	10.0%	all
    countries (in the aggregate) other than the United States;
	10.0%	all
    countries (in the aggregate) other than the United States and Canada;
	10.0%	Canada;
	10.0%	all
    countries (in the aggregate) other than the United States, Canada and the United Kingdom;
	10.0%	any
    individual Group I Country other than Australia or New Zealand;
	7.5%	all
    Group II Countries in the aggregate;
	5.0%	any
    individual Group II Country;
	7.5%	all
    Group III Countries in the aggregate;
	10.0%	all
    Group II Countries and Group III Countries in the aggregate;
	5.0%	all
    Tax Jurisdictions in the aggregate;
	0.0%	Greece,
    Italy, Portugal and Spain in the aggregate; and
	3.0%	any
    individual country other than the United States, the United Kingdom, Canada, the Netherlands, any Group II Country or any
    Group III Country;

 

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		(xvi)	not
                                         more than 12.0% of the Collateral Principal Amount may consist of Collateral Obligations
                                         that are issued by Obligors that belong to any single S&P Industry Classification,
                                         except that (x) the largest S&P Industry Classification may represent up to 20.0%
                                         of the Collateral Principal Amount and (y) Collateral Obligations in up to two S&P
                                         Industry Classification groups may each represent up to 17.0% of the Collateral Principal
                                         Amount and (z) Collateral Obligations in one S&P Industry Classification group may
                                         represent up to 15.0% of the Collateral Principal Amount; and

 

		(xvii)	not
                                         more than 10.0% of the Collateral Principal Amount may consist of Cov-Lite Loans.

 

For
the avoidance of doubt, no portion of the Collateral Principal Amount may consist of Senior Secured Bonds, Senior Unsecured Bonds,
other Bonds, Senior Secured Floating Rate Notes or Letter of Credit Reimbursement Obligations.

 

“Confidential
Information”: The meaning specified in Section 14.15(b).

 

“Contribution”:
The meaning specified in Section 10.3(f).

 

“Contribution
Account”: The contribution account established pursuant to Section 10.3(f).

 

“Contribution
Notice”: The meaning specified in Section 10.3(f).

 

“Contributor”:
The meaning specified in Section 10.3(f).

 

“Controlling
Class”: The Class A-1 Notes so long as any Class A-1 Notes are Outstanding; then the Class A-2 Notes so long as any
Class A-2 Notes are Outstanding; and then the Class B Notes so long as any Class B Notes are Outstanding.

 

“Controlling
Person”: A Person (other than a Benefit Plan Investor) that has discretionary authority or control with respect to the
assets of the Issuer or any Person who provides investment advice for a fee (direct or indirect) with respect to such assets or
an affiliate of any such Person. For this purpose, an “affiliate” of a Person includes any Person, directly or indirectly,
through one or more intermediaries, controlling, controlled by, or under common control with the Person. “Control,”
with respect to a Person other than an individual, means the power to exercise a controlling influence over the management or
policies of such Person.

 

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“Co-Placement
Agents”: KKR Capital Markets, LLC and GreensLedge Capital Markets LLC, in their respective capacities as co-placement
agents with respect to the Notes.

 

“Corporate
Trust Office”: The designated corporate trust office of the Trustee, currently located at U.S. Bank National Association,
(i) for purposes of Note transfer issues: 111 Fillmore Avenue East, St. Paul, Minnesota 55107-1042, Attention: Bondholder Services
– EP – MN – WS2N— FS KKR MM CLO 1 LLC, (ii) for all other purposes: 8 Greenway Plaza, Suite 1100, Houston,
Texas 77046, Attention: Global Corporate Trust–FS KKR MM CLO 1 LLC, Email: kkr.team@usbank.com,
Facsimile No.: 713-212-3722, or such other address as the Trustee may designate from time to time by notice to the Holders,
the Portfolio Manager and the Issuer, or the principal corporate trust office of any successor Trustee.

 

“Cov-Lite
Loan”: A Collateral Obligation that is an interest in a loan, the Underlying Instruments for which do not (i) contain
any financial covenants or (ii) require the borrower thereunder to comply with any Maintenance Covenants (regardless of whether
compliance with one or more Incurrence Covenants is otherwise required by such Underlying Instruments); provided that,
except for purposes of determining the S&P Recovery Rate of the applicable loan, a loan which either contains a cross-default
or cross-acceleration provision to, or is pari passu with, another loan of the underlying Obligor that requires such underlying
Obligor to comply with both an Incurrence Covenant and a Maintenance Covenant will be deemed not to be a Cov-Lite Loan.

 

“Coverage
Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied each specified Class of
Notes.

 

“Credit
Amendment”: Any Maturity Amendment that is consummated (a) in connection with the workout or restructuring of a Collateral
Obligation as a result of the financial distress, or actual or imminent bankruptcy or insolvency, of the related Obligor or (b)
(i) to prevent the related Collateral Obligation from becoming a Defaulted Obligation, (ii) due to the materially adverse financial
condition of the Obligor, to minimize material losses on the related Collateral Obligation or (iii) because the related Collateral
Obligation will have a greater market value after giving effect to such Maturity Amendment.

 

“Credit
Improved Criteria”: The criteria that will be met with respect to any Collateral Obligation upon the occurrence of any
of the following:

 

		(i)	the
                                         Obligor of such Collateral Obligation has shown improved financial results since the
                                         published financial reports first produced after it was purchased by the Issuer;

 

		(ii)	the
                                         Obligor of such Collateral Obligation since the date on which such Collateral Obligation
                                         was purchased by the Issuer has raised significant equity capital or has raised other
                                         capital that has improved the liquidity or credit standing of such Obligor;

 

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		(iii)	such
                                         Collateral Obligation has a market price that is greater than the price that is warranted
                                         by its terms and credit characteristics, or improved in credit quality since its acquisition
                                         by the Issuer;

 

		(iv)	such
                                         Collateral Obligation has been upgraded or put on a watch list for possible upgrade by
                                         a Rating Agency since the date on which such Collateral Obligation was acquired by the
                                         Issuer;

 

		(v)	the
                                         proceeds received with respect to its disposition (excluding such proceeds that constitute
                                         Interest Proceeds) of such Collateral Obligation would be at least 101.00% of its purchase
                                         price;

 

		(vi)	the
                                         price of such Collateral Obligation has changed during the period from the date on which
                                         it was acquired by the Issuer to the proposed sale date by a percentage either at least
                                         0.25% more positive, or 0.25% less negative, as the case may be, than the percentage
                                         change in the average price of any index specified on the Approved Index List selected
                                         by the Portfolio Manager over the same period;

 

		(vii)	the
                                         spread over the applicable reference rate for such Collateral Obligation has been decreased
                                         in accordance with the underlying Collateral Obligation since the date of acquisition;

 

		(viii)	the
                                         spread over the applicable reference rate for such Collateral Obligation has been decreased
                                         in accordance with the underlying Collateral Obligation since the date of acquisition
                                         by (1) 0.25% or more (in the case of a loan with a spread (prior to such decrease) less
                                         than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with a spread (prior
                                         to such decrease) greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or
                                         more (in the case of a loan with a spread (prior to such decrease) greater than 4.00%)
                                         due, in each case, to an improvement in the related borrower’s financial ratios
                                         or financial results; or

 

		(ix)	with
                                         respect to Fixed Rate Obligations, there has been a decrease in the difference between
                                         its yield compared to the yield on the relevant United States Treasury security of more
                                         than 7.5% since the date of purchase, or it has a projected cash flow interest coverage
                                         ratio (earnings before interest and taxes divided by cash interest expense as estimated
                                         by the Portfolio Manager) of the underlying borrower or other Obligor of such Collateral
                                         Obligation that is expected to be more than 1.15 times the current year’s projected
                                         cash flow interest coverage ratio.

 

“Credit
Improved Obligation”: Any Collateral Obligation which, in the Portfolio Manager’s reasonable commercial judgment
(which judgment will not be called into question as a result of subsequent events), has significantly improved in credit quality
after it was acquired by the Issuer; provided that, during a Restricted Trading Period, a Collateral Obligation
will qualify as a Credit Improved Obligation only if (i) one or more of the Credit Improved Criteria referred to in clauses (iv)
through (ix) of the definition thereof are satisfied with respect to such Collateral Obligation or (ii) a Majority of the Controlling
Class votes to treat such Collateral Obligation as a Credit Improved Obligation.

 

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“Credit
Risk Criteria”: The criteria that will be met with respect to any Collateral Obligation upon the occurrence of any of
the following:

 

		(i)	such
                                         Collateral Obligation has been downgraded or put on a watch list for possible downgrade
                                         or on negative outlook by either of the Rating Agencies since the date on which such
                                         Collateral Obligation was acquired by the Issuer;

 

		(ii)	the
                                         price of such Collateral Obligation has changed during the period from the date on which
                                         it was acquired by the Issuer to the proposed sale date by a percentage either at least
                                         0.25% more negative, or at least 0.25% less positive, as the case may be, than the percentage
                                         change in the average price of any index specified on the Approved Index List selected
                                         by the Portfolio Manager over the same period;

 

		(iii)	the
                                         price of such Collateral Obligation has decreased or is at risk of decreasing by at least
                                         1.00% of the price paid by the Issuer for such Collateral Obligation;

 

		(iv)	the
                                         spread over the applicable reference rate for such Collateral Obligation has been increased
                                         in accordance with the underlying Collateral Obligation since the date of acquisition;

 

		(v)	such
                                         Collateral Obligation has a projected cash flow interest coverage ratio (earnings before
                                         interest and taxes divided by cash interest expense as estimated by the Portfolio Manager)
                                         of the underlying borrower or other Obligor of such Collateral Obligation of less than
                                         1.00 or that is expected to be less than 0.85 times the current year’s projected
                                         cash flow interest coverage ratio; or

 

		(vi)	with
                                         respect to Fixed Rate Obligations, an increase since the date of purchase of more than
                                         7.5% in the difference between the yield on such Collateral Obligation and the yield
                                         on the relevant United States Treasury security.

 

“Credit
Risk Obligation”: Any Collateral Obligation that, in the Portfolio Manager’s reasonable commercial judgment (which
judgment shall not be called into question as a result of subsequent events), has a significant risk of declining in credit quality
or price and with the lapse of time, becoming a Defaulted Obligation; provided, that during a Restricted Trading Period,
a Collateral Obligation will qualify as a Credit Risk Obligation for purposes of sales of Collateral Obligations only if, in addition
to the foregoing, (i) such Collateral Obligation has been downgraded by any Rating Agency at least one rating subcategory or has
been placed and remains on a credit watch with negative implication by Moody’s, Fitch or S&P since it was acquired by
the Issuer, (ii) the Credit Risk Criteria are satisfied with respect to such Collateral Obligation or (iii) a Majority of the
Controlling Class votes to treat such Collateral Obligation as a Credit Risk Obligation.

 

“Cure
Contribution”: A Contribution (or portion thereof), in an amount as directed and set forth in the associated notice
of such Contribution by the applicable Contributor, that shall be used as Principal Proceeds or Interest Proceeds (i) to cause
a failing Coverage Test to be satisfied and/or (ii) with respect to any Coverage Test that, as of the next Payment Date, is expected
to fail to be satisfied as reasonably determined by the applicable Contributor (or the Portfolio Manager, as applicable), to cause
such Coverage Test to continue to be satisfied.

 

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“Current
Pay Obligation”: Any Collateral Obligation (other than a DIP Collateral Obligation) that would otherwise be treated
as a Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Portfolio
Manager has certified to the Trustee (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable
business judgment, that the issuer or Obligor of such Collateral Obligation (a) will continue to make scheduled payments of interest
(and/or fees, as applicable, in the case of a Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation) thereon
and will pay the principal thereof by maturity or as otherwise contractually due, (b) if the issuer or Obligor is subject to a
bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that permits it to make the scheduled payments
on such Collateral Obligation and all payments authorized by the bankruptcy court have been paid in Cash when due and (c) either
(i) has a Market Value of at least 80% of its par value or (ii) if the Obligor of such Collateral Obligation has made a Distressed
Exchange Offer and such Collateral Obligation is already held by the Issuer and subject to the Distressed Exchange Offer and ranks
equal to or higher in priority than the obligation subject to the Distressed Exchange Offer.

 

“Current
Portfolio”: At any time, the portfolio of Collateral Obligations and Eligible Investments representing Principal Proceeds
(determined in accordance with Section 1.2 to the extent applicable), then held by the Issuer.

 

“Custodial
Account”: The custodial account established pursuant to Section 10.3(b).

 

“Custodian”:
The meaning specified in the first sentence of Section 3.3(a) with respect to items of collateral referred to therein,
and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities Intermediary.

 

“Cut-Off
Date”: The meaning specified in the Loan Sale Agreement.

 

“Default”:
Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

 

“Defaulted
Obligation”: Any Collateral Obligation included in the Assets as to which:

 

		(a)	a
                                         default as to the payment of principal and/or interest has occurred and is continuing
                                         with respect to such debt obligation (without regard to any grace period applicable thereto,
                                         or waiver or forbearance thereof), after the passage (in the case of a default that in
                                         the Portfolio Manager’s judgment, as certified to the Trustee in writing, is not
                                         due to credit-related causes) of five Business Days or seven calendar days, whichever
                                         is greater, but in no case beyond the passage of any grace period applicable thereto;

 

		(b)	a
                                         default known to a Responsible Officer of the Portfolio Manager as to the payment of
                                         principal and/or interest has occurred and is continuing on another debt obligation of
                                         the same issuer which is senior or pari passu in right of payment to such Collateral
                                         Obligation (without regard to any grace period applicable thereto, or waiver or forbearance
                                         thereof), after the passage (in the case of a default that in the Portfolio Manager’s
                                         judgment, is not due to credit-related causes) of five Business Days or seven calendar
                                         days, whichever is greater (but in no case beyond the passage of any grace period applicable
                                         thereto); provided that, both the debt obligation and such other debt obligation
                                         are full recourse obligations of the applicable issuer or secured by the same collateral;
                                         provided, further, that such debt obligation shall constitute a Defaulted Obligation
                                         under this clause (b) only until such acceleration has been rescinded;

 

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		(c)	the
                                         issuer or others have instituted proceedings to have the issuer of such debt obligation
                                         adjudicated as bankrupt or insolvent or placed into receivership and such proceedings
                                         have not been stayed or dismissed within 60 days of filing or such issuer has filed for
                                         protection under the Bankruptcy Code;

 

		(d)	(i)
                                         such Collateral Obligation has a Fitch Rating of “D” or “RD”
                                         or lower or had such rating prior to any downward adjustment pursuant to the definition
                                         of “Fitch Rating” or (ii) such Collateral Obligation has an S&P Rating
                                         of “CC” or below or “SD” or had such rating immediately before
                                         such rating was withdrawn, or is junior to an obligation of the same issuer that has
                                         an S&P Rating of “CC” or below or “SD” or had such rating
                                         immediately before such rating was withdrawn;

 

		(e)	such
                                         Collateral Obligation is pari passu in right of payment as to the payment of principal
                                         and/or interest to another debt obligation of the same Obligor which has (x) a Fitch
                                         Rating of “D” or “RD” or lower or had such rating prior to any
                                         downward adjustment pursuant to the definition of “Fitch Rating” or (y) an
                                         S&P Rating of “CC” or below or “SD” or had such rating immediately
                                         before such rating was withdrawn; provided that, both the debt obligation
                                         and such other debt obligation are full recourse obligations of the applicable issuer
                                         or secured by the same collateral;

 

		(f)	a
                                         default with respect to which a Responsible Officer of the Portfolio Manager has received
                                         written notice or has knowledge that a default has occurred under the Underlying Instruments
                                         and any applicable grace period has expired and the holders of such debt obligation have
                                         accelerated the repayment of the debt obligation (but only until such default is cured
                                         or waived or such acceleration has been rescinded) in the manner provided in the Underlying
                                         Instrument;

 

		(g)	the
                                         Portfolio Manager has in its reasonable commercial judgment otherwise declared such debt
                                         obligation to be a Defaulted Obligation;

 

		(h)	such
                                         Collateral Obligation is a Participation Interest with respect to which the Selling Institution
                                         has defaulted in any respect in the performance of any of its payment obligations under
                                         the Participation Interest (except to the extent such defaults were cured within the
                                         applicable grace period under the Underlying Instruments of the Obligor thereof); or

 

    23

     

    

 

		(i)	such
                                         Collateral Obligation is a Participation Interest in a loan that would, if such loan
                                         were a Collateral Obligation, constitute a Defaulted Obligation or with respect to which
                                         the Selling Institution has (x) a Fitch Rating of “D,” “RD” or
                                         lower or had such rating prior to any downward adjustment pursuant to the definition
                                         of “Fitch Rating” or (y) an S&P Rating of “CC” or below or
                                         “SD” or had such rating before such rating was withdrawn

 

provided
that, (x) a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to any of clauses (b) through
(e) and (i) above if such Collateral Obligation (or, in the case of a Participation Interest, the underlying Senior Secured Loan,
Second Lien Loan or Unsecured Loan) is a Current Pay Obligation (provided that, the Aggregate Principal Balance
of Current Pay Obligations exceeding 5.0% of the Collateral Principal Amount will be treated as Defaulted Obligations) and (y)
a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to any of clauses (b), (c), (d), (e) and (i) if such
Collateral Obligation (or, in the case of a Participation Interest, the underlying Senior Secured Loan, Second Lien Loan or Unsecured
Loan) is a DIP Collateral Obligation.

 

“Deferrable
Obligation”: A Collateral Obligation (not including any Partial Deferring Obligation) which by its terms permits the
deferral or capitalization of payment of accrued, unpaid interest.

 

“Deferred
Base Management Fee”: The meaning specified in the Portfolio Management Agreement.

 

“Deferred
Base Management Fee Cap”: The meaning specified in the Portfolio Management Agreement.

 

“Deferred
Interest”: With respect to any specified Class of Deferred Interest Notes, the meaning specified in Section 2.7(a)(i).

 

“Deferred
Interest Notes”: The Notes specified as “Deferred Interest Notes” in Section 2.3(b), which as of the Closing
Date shall include the Class B Notes.

 

“Deferred
Management Fees”: Collectively the Deferred Base Management Fee and the Deferred Subordinated Management Fee.

 

“Deferred
Subordinated Management Fee”: The meaning specified in the Portfolio Management Agreement.

 

“Deferring
Obligation”: A Deferrable Obligation that is deferring the payment of Cash interest due thereon such that (a) in the
case of any Floating Rate Obligation, the spread paid in Cash for a given accrual period is less than the spread in Cash payable
on such security when it was acquired by the Issuer and has been so deferring the payment of interest due thereon but does not
include the deferral of LIBOR or the applicable floating rate index or (b) in the case of any Fixed Rate Obligation, the total
coupon paid in Cash for a given accrual period is less than the total coupon payable in Cash on such security when it was acquired
by the Issuer and has been so deferring the payment of interest due thereon, in each case, (i) with respect to Collateral Obligations
that have an S&P Rating of at least “BBB-” for the shorter of two consecutive accrual periods or one year, and
(ii) with respect to Collateral Obligations that have an S&P Rating of at least “BB+” or below, for the shorter
of one accrual period or six consecutive months, which deferred capitalized interest has not, as of the date of determination,
been paid in Cash; provided that, such Deferring Obligation will cease to be a Deferring Obligation at such time as it
(a) ceases to defer or capitalize the payment of interest, (b) pays in Cash all accrued and unpaid interest and (c) commences
payment of all current interest in Cash.

 

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“Delayed
Drawdown Collateral Obligation”: A Collateral Obligation that (a) requires the Issuer to make one or more future advances
to the borrower under the Underlying Instruments relating thereto, (b) specifies a maximum amount that can be borrowed on one
or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder;
provided that, any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments
by the Issuer to make advances to the borrower expire or are terminated or are reduced to zero.

 

“Deliver”
or “Delivered” or “Delivery”: The taking of the following steps:

 

		(a)	in
                                         the case of each Certificated Security or Instrument (other than a Clearing Corporation
                                         Note or an Instrument evidencing debt underlying a Participation Interest), (i) causing
                                         the delivery of such Certificated Security or Instrument to the Custodian registered
                                         in the name of the Custodian or its affiliated nominee or endorsed to the Custodian or
                                         in blank, (ii) causing the Custodian to continuously identify on its books and records
                                         that such Certificated Security or Instrument is credited to the relevant Account and
                                         (iii) causing the Custodian to maintain continuous possession of such Certificated Security
                                         or Instrument;

 

		(b)	in
                                         the case of each Uncertificated Security (other than a Clearing Corporation Note), (i)
                                         causing such Uncertificated Security to be continuously registered on the books of the
                                         Obligor thereof to the Custodian and (ii) causing the Custodian to continuously identify
                                         on its books and records that such Uncertificated Security is credited to the relevant
                                         Account;

 

		(c)	in
                                         the case of each Clearing Corporation Note, causing (i) the relevant Clearing Corporation
                                         to continuously credit such Clearing Corporation Note to the securities account of the
                                         Custodian at such Clearing Corporation and (ii) the Custodian to continuously identify
                                         on its books and records that such Clearing Corporation Note is credited to the relevant
                                         Account;

 

		(d)	in
                                         the case of any Financial Asset that is maintained in book-entry form on the records
                                         of an FRB, causing (i) the continuous crediting of such Financial Asset to a securities
                                         account of the Custodian at any FRB and (ii) the Custodian to continuously identify on
                                         its books and records that such Financial Asset is credited to the relevant Account;

 

		(e)	in
                                         the case of Cash, (i) causing the delivery of such Cash to the Custodian, (ii) causing
                                         the Custodian to agree to treat such Cash as a Financial Asset and (iii) causing the
                                         Custodian to continuously credit such Cash to the relevant Account;

 

    25

     

    

 

		(f)	in
                                         the case of each Financial Asset not covered by the foregoing clauses (a) through (d),
                                         causing the transfer of such Financial Asset to the Custodian in accordance with applicable
                                         law and regulation and causing the Custodian to continuously credit such Financial Asset
                                         to the relevant Account;

 

		(g)	in
                                         the case of each general intangible (including any participation interest) that is not,
                                         or the debt underlying which is not, evidenced by an Instrument or a Certificated Security,
                                         notifying the Obligor thereunder of the Grant to the Trustee (unless no applicable law
                                         requires such notice);

 

		(h)	in
                                         the case of each participation interest in a loan as to which the underlying debt is
                                         represented by an Instrument or a Certificated Security, obtaining the acknowledgment
                                         of the Person in possession of such Instrument or Certificated Security (which may not
                                         be the Issuer) that it holds the Issuer’s interest in such Instrument or Certificated
                                         Security solely on behalf and for the benefit of the Trustee; and

 

		(i)	in
                                         all cases, the filing of an appropriate Financing Statement in the appropriate filing
                                         office in accordance with the Uniform Commercial Code as in effect in any relevant jurisdiction.

 

“Depository
Event”: An event that will occur if DTC (1) notifies the Issuer that it is unwilling or unable to continue as depositary
for Global Notes of any Class or Classes or (2) ceases to be a Clearing Agency registered under the Exchange Act and, in each
case, a successor depositary is not appointed by the Issuer within 90 days after such event.

 

“Designated
Principal Proceeds”: The meaning specified in Section 10.2(g).

 

“Designated
Unused Proceeds”: The meaning specified in Section 10.3(c).

 

“Determination
Date”: The last day of each Collection Period.

 

“DIP
Collateral Obligation”: A loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having
the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior liens.

 

“Discount
Obligation”: Any Loan or Participation Interest therein (other than a Defaulted Obligation) which, at the time of acquisition
or commitment to acquire by the Issuer, (a) in the case of a Senior Secured Loan, was acquired for less than (i) 85.0% of its
Principal Balance, if such Collateral Obligation has an S&P Rating lower than “B-” or (ii) 80.0% of its Principal
Balance, if such Collateral Obligation has an S&P Rating of “B-” or higher or (b) in the case of a Loan that is
not a Senior Secured Loan, was acquired for less than (i) 80.0% of its Principal Balance, if such Collateral Obligation has an
S&P Rating lower than “B-” or (ii) 75.0% of its Principal Balance, if such Collateral Obligation has an S&P
Rating of “B-” or higher; provided that, in the case clause (a) or (b) above:

 

		(x)	such
                                         Collateral Obligation shall cease to be a Discount Obligation at such time as (1) if
                                         such Collateral Obligation is a Senior Secured Loan, the Market Value (expressed as a
                                         percentage of the par amount of such Collateral Obligation) determined for such Collateral
                                         Obligation on each day during any period of 22 consecutive Business Days since the acquisition
                                         (or commitment to acquire) by the Issuer of such Collateral Obligation, equals or exceeds
                                         90.0% on each such day or (2) if such Collateral Obligation is not a Senior Secured Loan,
                                         the Market Value (expressed as a percentage of the par amount of such Collateral Obligation)
                                         determined for such Collateral Obligation on each day during any period of 22 consecutive
                                         Business Days since the acquisition (or commitment to acquire) by the Issuer of such
                                         Collateral Obligation, equals or exceeds 85.0% on each such day; and

 

    26

     

    

 

		(y)	any
                                         Collateral Obligation that would otherwise be considered a Discount Obligation, but that
                                         is purchased in accordance with the Investment Criteria with the proceeds of sale of
                                         a Collateral Obligation that was not a Discount Obligation at the time of its purchase
                                         so long as such purchased Collateral Obligation (A) is purchased or committed to be purchased
                                         within 10 Business Days of such sale, (B) is purchased at a purchase price (expressed
                                         as a percentage of the par amount of such Collateral Obligation) equal to or greater
                                         than the sale price (expressed as a percentage of the par amount) of the sold Collateral
                                         Obligation, (C) is purchased at a purchase price (expressed as a percentage of the par
                                         amount of such Collateral Obligation) not less than 65% and (D) has an S&P Rating
                                         equal to or greater than the S&P Rating of the sold Collateral Obligation, will not
                                         be considered to be a Discount Obligation; provided that, this paragraph
                                         shall not apply to any such Collateral Obligation or portion thereof at any time on or
                                         after the acquisition by the Issuer of such Collateral Obligation if, as determined at
                                         the time of such acquisition, such application would result in (i) more than 7.5% of
                                         the Collateral Principal Amount consisting of Collateral Obligations or portions thereof
                                         to which this paragraph applies or (ii) the Aggregate Principal Balance of all Collateral
                                         Obligations to which this paragraph has been applied since the Closing Date being more
                                         than 12.5% of the Target Initial Par Amount.

 

“Dissolution
Expenses”: The sum of (i) an amount not to exceed the greater of (a) 0.006% of the Target Initial Par Amount and (b)
the amount (if any) reasonably determined by the Portfolio Manager or the Issuer, including but not limited to fees and expenses
incurred by the Trustee and reported to the Portfolio Manager, as the sum of expenses reasonably likely to be incurred in connection
with the discharge of this Indenture, the liquidation of the Assets and the dissolution of the Issuer and (ii) any accrued and
unpaid Administrative Expenses.

 

“Distressed
Exchange”: In connection with any Collateral Obligation, a distressed exchange or other debt restructuring has occurred,
as reasonably determined by the Portfolio Manager, pursuant to which the issuer or Obligor of such Collateral Obligation has issued
to the holders of such Collateral Obligation a new security or obligation or package of securities or obligations that, in the
sole judgment of the Portfolio Manager, amounts to a diminished financial obligation or has the purpose of helping the issuer
of such Collateral Obligation avoid default; provided that, no Distressed Exchange shall be deemed to have occurred
if the securities or obligations received by the Issuer in connection with such exchange or restructuring satisfy the definition
of Collateral Obligation (provided that the Aggregate Principal Balance of all securities and obligations to which this
proviso applies or has applied, measured cumulatively from the Closing Date onward, may not exceed 25.0% of the Target Initial
Par Amount).

 

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“Distressed
Exchange Offer”: An offer by the issuer of a Collateral Obligation to exchange one or more of its outstanding debt obligations
for a different debt obligation or to repurchase one or more of its outstanding debt obligations for Cash, or any combination
thereof; provided that, an offer by such issuer to exchange unregistered debt obligations for registered debt obligations
shall not be considered a Distressed Exchange Offer.

 

“Distribution
Report”: The meaning specified in Section 10.7(b).

 

“Dodd-Frank
Act”: The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended.

 

“Dollar”
or “U.S.$”: A dollar or other equivalent unit in such coin or currency of the United States of America as at
the time shall be legal tender for all debts, public and private.

 

“Domicile”
or “Domiciled”: With respect to any issuer of, or Obligor with respect to, a Collateral Obligation:

 

		(a)	except
                                         as provided in clause (b) below, its country of organization;

 

		(b)	if
                                         it is organized in a Tax Jurisdiction, each of such jurisdiction and the country in which,
                                         in the Portfolio Manager’s good faith estimate, a substantial portion of its operations
                                         are located or from which a substantial portion of its revenue is derived, in each case
                                         directly or through subsidiaries (which shall be any jurisdiction and country known at
                                         the time of designation by the Portfolio Manager to be the source of the majority of
                                         revenues, if any, of such issuer or Obligor); or

 

		(c)	if
                                         its payment obligations of such Collateral Obligation are guaranteed by a Person that
                                         is organized in the United States or Canada, then the United States or Canada, as applicable.

 

“DTC”:
The Depository Trust Company, its nominee and their respective successors.

 

“Due
Date”: Each date on which any payment is due on an Asset in accordance with its terms.

 

“EBITDA”:
With respect to any date of determination and any Collateral Obligation, the meaning of “EBITDA”, “Adjusted
EBITDA” or any comparable definition set forth in the applicable Underlying Instrument for such Collateral Obligation (together
with all add-backs and exclusions as designated in such Underlying Instrument, which add-backs and exclusions have been reviewed
and determined on a commercially reasonable best efforts basis by the Portfolio Manager to be consistent with its customary practices
and in accordance with the Portfolio Manager Standard) and, in the event that “EBITDA”, “Adjusted EBITDA”
or such comparable definition is not defined in such Underlying Instrument, an amount, with respect to the Obligor on such Collateral
Obligation equal to earnings from continuing operations for such period plus interest expense, income taxes, unallocated depreciation
and amortization for such period (to the extent deducted in determining earnings from continuing operations for such period).

 

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“Effective
Date”: The earlier to occur of (a) September 15, 2019 and (b) the first date on which the Portfolio Manager certifies
to the Trustee and the Collateral Administrator that the Target Initial Par Condition has been satisfied.

 

“Effective
Date Accountants’ AUP Reports”: The meaning specified in Section 7.18(c).

 

“Effective
Date Accountants’ Comparison AUP Report”: The meaning specified in Section 7.18(c).

 

“Effective
Date Accountants’ Recalculation AUP Report”: The meaning specified in Section 7.18(c).

 

“Effective
Date Rating Failure”: The meaning specified in Section 7.18(d).

 

“Effective
Date Ratings Confirmation”: The Issuer has (x) provided, or caused the Collateral Administrator to provide, to each
Rating Agency the reports required to be delivered pursuant to Section 7.18 in connection with the Effective Date and (y) received
confirmation (deemed or otherwise) from S&P of its Initial Ratings of each Class of Notes.

 

“Effective
Date Report”: The meaning specified in Section 7.18(c).

 

“Eligible
Custodian”: A custodian that (i) is a state or national bank or trust company that has (A) capital and surplus of at
least U.S.$200,000,000 and (B)(x) is rated at least “A” and “A-1” by S&P (or at least “A+”
by S&P if such institution has no short-term rating) and (y) satisfies the Fitch Eligible Counterparty Ratings and (ii) is
a Securities Intermediary.

 

“Eligible
Investment Required Ratings”: (a) “A-1” or higher (or, in the absence of a short-term credit rating, “A+”
or higher) from S&P and (b) for securities with maturities up to 365 days, a long-term credit rating not less than “AA-”
from Fitch and a short-term rating not less than “F1+” from Fitch.

 

“Eligible
Investments”: (i) Cash or (ii) any Dollar investment that, at the time it is Delivered to the Trustee (directly or through
an intermediary or bailee), is one or more of the following obligations or securities:

 

		(a)	direct
                                         Registered obligations of, and Registered obligations the timely payment of principal
                                         and interest on which is fully and expressly guaranteed by, the United States of America
                                         or any agency or instrumentality of the United States of America the obligations of which
                                         are expressly backed by the full faith and credit of the United States of America and
                                         which satisfy the Eligible Investment Required Ratings;

 

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

 

    29

     

    

 

		(c)	commercial
                                         paper or other short-term obligations (excluding extendible commercial paper or asset
                                         backed commercial paper) which satisfy the Eligible Investment Required Ratings and that
                                         either bear interest or are sold at a discount from the face amount thereof and have
                                         a maturity of not more than 183 days from their date of issuance; and

 

		(d)	registered
                                         money market funds which funds have, at all times, credit ratings of (a) “AAAm”
                                         by S&P and (b) either the highest credit rating assigned by Fitch (“AAAmmf”)
                                         to the extent rated by Fitch or otherwise the highest credit rating assigned by another
                                         NRSRO (excluding S&P);

 

provided,
however, that (A) Eligible Investments purchased with funds in the Collection Account shall be held until maturity except
as otherwise specifically provided herein and shall include only such obligations or securities, other than those referred to
in clause (d) above, as mature (or are putable at par to the issuer or Obligor thereof) no later than the earlier of 60 days from
the date of purchase and the Business Day prior to the next Payment Date unless such Eligible Investments are issued by the Trustee
in its capacity as a banking institution, in which event such Eligible Investments may mature on such Payment Date, and (B) Eligible
Investments shall exclude any investments not treated as “cash equivalents” for purposes of Section 75.10(c)(8)(iii)(A)
of the regulations implementing the Volcker Rule in accordance with any applicable interpretive guidance thereunder (provided
that, any direction given by the Portfolio Manager to the Trustee to invest in an Eligible Investment shall be deemed
to be a confirmation from the Portfolio Manager to the Trustee that such Eligible Investment complies with the requirements of
this clause (B)); provided, further, that none of the foregoing obligations or securities shall constitute Eligible
Investments if (1) all, or substantially all, of the remaining amounts payable thereunder consist of interest and not principal
payments, (2) payments with respect to such obligations or securities or proceeds of disposition are subject to withholding taxes
by any jurisdiction unless the payor is required to make “gross-up” payments that cover the full amount of any such
withholding tax on an after-tax basis, (3) such obligation or security is secured by real property, (4) such obligation or security
is purchased at a price greater than 100% of the principal or face amount thereof, (5) such obligation or security is the subject
of a tender offer, voluntary redemption, exchange offer, conversion or other similar action, (6) in the Portfolio Manager’s
judgment, such obligation or security is subject to material non-credit related risks, (7) such obligation invests in or constitutes
a Structured Finance Obligation or (8) such obligation or security is represented by a certificate of interest in a grantor trust.
Eligible Investments may include, without limitation, those investments (x) issued by or made with the Bank or an Affiliate of
the Bank or for which the Bank or an Affiliate of the Bank acts as offeror or provides services and receives compensation or (y)
for which the Portfolio Manager or an Affiliate of the Portfolio Manager provides services and receives compensation.

 

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“Enforcement
Event”: The meaning specified in Section 5.4(a).

 

“Entitlement
Order”: The meaning specified in Article 8 of the UCC.

 

“Equity
Security”: Any security or debt obligation (other than any security received in connection with an insolvency, bankruptcy,
reorganization, debt restructuring or workout of the Obligor thereof (other than common stock)) which at the time of acquisition,
conversion or exchange, does not satisfy the requirements of a Collateral Obligation and is not an Eligible Investment; it being
understood that the Issuer may only acquire Equity Securities and securities received in connection with an insolvency, bankruptcy,
reorganization, debt restructuring or workout of the issuer or Obligor thereof that would be considered “received in lieu
of debts previously contracted with respect to the Collateral Obligation” under the Volcker Rule.

 

“ERISA”:
The United States Employee Retirement Income Security Act of 1974, as amended.

 

“EU
Retention Holder”: As of the Closing Date, FS KKR Capital Corp., in its capacity as an originator, and thereafter any
successor, assignee or transferee of the Retention Interest permitted under the EU Securitization Laws.

 

“EU
Retention Undertaking Letter”: The letter from the EU Retention Holder, dated as of the Closing Date, and addressed
to the Issuer, the Initial Purchaser, the Placement Agents and the Trustee pursuant to which the EU Retention Holder will make
certain undertakings and agreements in respect of the EU Securitization Laws.

 

“Euroclear”:
Euroclear Bank S.A./N.V.

 

“EU
Securitization Laws”: Regulation (EU) 2017/2402, together with any supplementary regulatory technical standards, implementing
technical standards and any official guidance published in relation thereto by the European supervisory authorities, and any implementing
laws or regulations in force on the Closing Date.

 

“Event
of Default”: The meaning specified in Section 5.1.

 

“Excel
Default Model Input File”: A Microsoft Excel file that provides all of the inputs required to determine whether the
S&P CDO Monitor Test has been satisfied and, if applicable, the Collateral Administrator shall provide a Microsoft Excel file
including, at a minimum, (i) the then-current balance of each Account and (ii) the following data with respect to each Collateral
Obligation: CUSIP number (if any), name of Obligor, coupon, spread (if applicable), legal final maturity date, average life, principal
balance, identification as a Cov-Lite Loan or otherwise, settlement date (or anticipated settlement date), with respect to any
Collateral Obligation the Issuer’s acquisition of which has not yet settled, the purchase price of such Collateral Obligation,
S&P Industry Classification, S&P Rating, S&P Recovery Rate, LoanX identification number (if applicable), in the case
of a Floating Rate Obligation with a LIBOR floor, the applicable specified “floor” rate per annum and an indication
as to whether each such Collateral Obligation is (1) a Senior Secured Loan, (2) a Second Lien Loan or (3) an Unsecured Loan.

 

“Excepted
Advances”: Customary advances made to protect or preserve rights against the borrower of or Obligor under a Collateral
Obligation or to indemnify an agent or representative for lenders (for which the Issuer may receive a participation interest or
other right of repayment) pursuant to the Underlying Instrument.

 

    31

     

    

 

“Excess
CCC Adjustment Amount”: As of any date of determination, an amount equal to the excess, if any, of (i) the Aggregate
Principal Balance of all Collateral Obligations included in the CCC Excess, over (ii) the sum of the Market Values of all Collateral
Obligations included in the CCC Excess.

 

“Excess
Par Amount”: An amount, as of any Determination Date, equal to the greater of (a) zero and (b)(i) the Collateral Principal
Amount less (ii) the Reinvestment Target Par Balance.

 

“Excess
Weighted Average Coupon”: A percentage equal as of any date of determination to a number obtained by multiplying (a)
the excess, if any, of the Weighted Average Coupon over the Minimum Weighted Average Coupon by (b) the number obtained, including
for this purpose any capitalized interest, by dividing the Aggregate Principal Balance of all Fixed Rate Obligations by the Aggregate
Principal Balance of all Floating Rate Obligations.

 

“Excess
Weighted Average Floating Spread”: A percentage equal as of any date of determination to a number obtained by multiplying
(a) the excess, if any, of the Weighted Average Floating Spread over the Minimum Floating Spread by (b) the number obtained, including
for this purpose any capitalized interest, by dividing the Aggregate Principal Balance of all Floating Rate Obligations by the
Aggregate Principal Balance of all Fixed Rate Obligations.

 

“Exchange
Act”: The United States Securities Exchange Act of 1934, as amended.

 

“Exchanged
Defaulted Obligation”: The meaning specified in Section 12.4(a).

 

“Exchange
Transaction”: The meaning specified in Section 12.4(a).

 

“Expense
Reserve Account”: The trust account established pursuant to Section 10.3(d).

 

“FATCA”:
Sections 1471 through 1474 of the Code and any related provisions of law, court decisions or administrative guidance, treaty or
intergovernmental agreement between the United States and another taxing jurisdiction, any implementing legislation, regulations,
guidance notes or rules in respect of any intergovernmental agreement, or any agreement entered into with a taxing authority under
or with respect to any of the foregoing, including the Issuer entering into and complying with an agreement with the IRS contemplated
by Section 1471(b).

 

“Fee
Basis Amount”: As of any date of determination, the sum of (a) the Aggregate Principal Balance of the Collateral Obligations,
(b) without duplication, the Aggregate Principal Balance of the Defaulted Obligations, (c) without duplication, the amounts on
deposit in the Collection Account and the Ramp-Up Account (including Eligible Investments therein) representing Principal Proceeds
and (d) the aggregate amount of all Principal Financed Accrued Interest.

 

“Fiduciary”:
The meaning specified in Section 2.5(o).

 

“Filing
Holder”: The meaning specified in Section 13.1(d).

 

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“Financial
Asset”: The meaning specified in Article 8 of the UCC.

 

“Financing
Statements”: The meaning specified in Article 9 of the UCC.

 

“First
Interest Determination End Date”: July 15, 2019.

 

“First
Lien Last Out Loan”: Any assignment of or Participation Interest in a Loan that: (a) may by its terms become subordinate
in right of payment to any other obligation of the Obligor of the Loan solely upon the occurrence of a default or event of default
by the Obligor of the Loan and (b) is secured by a valid perfected first priority security interest or lien in, to or on specified
collateral securing the Obligor’s obligations under the Loan.

 

“Fitch”:
Fitch Ratings, Inc. and any successor in interest.

 

“Fitch
Collateral Value”: With respect to any Defaulted Obligation, the lesser of (i) the Fitch Recovery Amount of such Defaulted
Obligation as of the relevant Measurement Date and (ii) the Market Value of such Defaulted Obligation as of the relevant Measurement
Date.

 

“Fitch
Eligible Counterparty Ratings”: With respect to an institution, investment or counterparty, a short-term credit rating
of at least “F1” or a long-term credit rating of at least “A” by Fitch.

 

“Fitch
Industry Classifications”: The industry classifications set forth in Schedule 8 hereto, as such industry classification
shall be updated at the option of the Portfolio Manager from time to time if Fitch publishes revised industry classifications.

 

“Fitch
Rating”: With respect to any Collateral Obligation, the rating determined pursuant to the methodology set forth under
the heading “Fitch Rating” on Schedule 5 hereto (or such other schedule provided by Fitch to the Issuer, the Trustee,
the Collateral Administrator and the Portfolio Manager).

 

“Fitch
Rating Factor”: In respect of any Collateral Obligation, the number set forth in the table below opposite the Fitch
Rating in respect of such Collateral Obligation:

 

	Fitch
                                         Rating
	Fitch
                                         Rating

 Factor

	AAA	0.19
	AA+	0.35
	AA	0.64
	AA-	0.86
	A+	1.17
	A	1.58
	A-	2.25
	BBB+	3.19
	BBB	4.54
	BBB-	7.13
	BB+	12.19
	BB	17.43

  

    33

     

    

 

	Fitch
Rating
	Fitch
Rating Factor

	BB-	22.80
	B+	27.80
	B	32.18
	B-	40.60
	CCC+	62.80
	CCC	62.80
	CCC-	62.80
	CC	100.00
	C	100.00
	D	100.00

 

“Fitch
Recovery Amount”: With respect to any Collateral Obligation, an amount equal to:

 

		(a)	the
                                         applicable Fitch Recovery Rate; multiplied by

 

		(b)	the
                                         Principal Balance of such Collateral Obligation.

 

“Fitch
Recovery Rate”: The meaning specified in Schedule 5 hereto.

 

“Fitch
Test Matrix”: The meaning specified in Schedule 5 hereto.

 

“Fitch
Weighted Average Rating Factor”: The number determined by (a) summing the products of (i) the Principal Balance
of each Collateral Obligation multiplied by (ii) its Fitch Rating Factor, (b) dividing such sum by the Aggregate
Principal Balance of all such Collateral Obligations and (c) rounding the result down to the nearest two decimal places.
For the purposes of determining the Principal Balance and Aggregate Principal Balance of Collateral Obligations in this definition,
the Principal Balance of each Defaulted Obligation shall be excluded.

 

“Fixed
Rate Obligation”: Any Collateral Obligation that bears a fixed rate of interest.

 

“Floating
Rate Obligation”: Any Collateral Obligation that bears a floating rate of interest.

 

“FRB”:
Any Federal Reserve Bank.

 

“GAAP”:
The meaning specified in Section 6.3(i).

 

“Global
Note”: Any Rule 144A Global Note, Temporary Global Note or Regulation S Global Note.

 

“Global
Rating Agency Condition”: With respect to any action taken or to be taken by or on behalf of the Issuer, satisfaction
of the S&P Rating Condition together with notice to Fitch of such action at least five Business Days (or, if Fitch agrees
to less than five Business Days’ notice, such lesser period) prior to taking such action; provided that, Fitch may
waive such applicable notice requirement and S&P may waive the requirement to satisfy the S&P Rating Condition and to
the extent Fitch or S&P waives its respective requirements, the Global Rating Agency Condition will be deemed satisfied with
respect to such Rating Agency.

 

    34 

    

    

 

“Governmental
Authority”: Whether U.S. or non-U.S., (i) any national, state, county, municipal or regional government or quasi-governmental
authority or political subdivision thereof; (ii) any agency, regulator, arbitrator, board, body, branch, bureau, commission, corporation,
department, master, mediator, panel, referee, system or instrumentality of any such government or quasi-government entity, or
political subdivision thereof; and (iii) any court.

 

“Grant”
or “Granted”: To grant, bargain, sell, alienate, convey, assign, transfer, mortgage, pledge, create and grant
a security interest in and right of set off against. A Grant of property shall include all rights, powers and options (but none
of the obligations) of the granting party thereunder, including without limitation the immediate and continuing right to claim
for, collect, receive and receipt for principal and interest payments in respect thereof, and all other amounts payable thereunder,
to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options,
to bring legal or other proceedings in the name of the granting party or otherwise, and generally to do and receive anything that
the granting party is or may be entitled to do or receive thereunder or with respect thereto.

 

“Group
I Country”: The Netherlands, Australia, New Zealand, Canada and the United Kingdom (or such other countries as may be
specified in publicly available published criteria from Moody’s from time to time and/or identified by Moody’s to
the Portfolio Manager from time to time).

 

“Group
II Country”: Germany, Ireland, Sweden and Switzerland (or such other countries as may be specified in publicly available
published criteria from Moody’s from time to time and/or identified by Moody’s to the Portfolio Manager from time
to time).

 

“Group
III Country”: Austria, Belgium, Denmark, Finland, France, Hong Kong, Iceland, Liechtenstein, Luxembourg, Singapore and
Norway (or such other countries as may be specified in publicly available published criteria from Moody’s from time to time
and/or identified by Moody’s to the Portfolio Manager from time to time).

 

“hedge
agreement”: The meaning specified in Section 8.2(f).

 

“Highest
Ranking S&P Class”: As of any date of determination, the Outstanding Class of Notes that is rated by S&P on
such date and ranks higher in right of payment than each other Class of Notes in the Note Payment Sequence.

 

“Holder”:
With respect to any Note, the Person(s) whose name(s) appear on the Register as the registered holder(s) of such Note or the holder
of a beneficial interest in (i.e., a beneficial owner of) such Note except as otherwise provided herein or, with respect to any
Interest, the Person whose name appears on the books and records of the Issuer as the owner of such Interest.

 

“IAI/QP”:
Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes is both an Institutional
Accredited Investor and a Qualified Purchaser.

 

“Illiquid
Asset”: (a) A Defaulted Obligation, an Equity Security, an obligation received in connection with an Offer or other
exchange or any other security or debt obligation that is part of the Assets, in respect of which (i) the Issuer has not received
a payment in Cash during the preceding twelve calendar months and (ii) the Portfolio Manager certifies that it is not aware, after
reasonable inquiry, that the issuer or Obligor of such asset has publicly announced or informed the holders of such asset that
it intends to make a payment in Cash in respect of such asset within the next twelve calendar months or (b) any asset, claim or
other property identified in a certificate of the Portfolio Manager as having a Market Value of less than U.S.$1,000.

 

    35 

    

    

 

“Incurrence
Covenant”: A covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain
actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture, unless,
as of any date of determination, such action was taken or such event has occurred, in each case the effect of which causes such
covenant to meet the criteria of a Maintenance Covenant.

 

“Indenture”:
This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended.

 

“Independent”:
As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any
member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material
direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected
with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar
functions. When used with respect to any accountant, “Independent” may include an accountant who audits the books
of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person
within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants.

 

Whenever
any Independent Person’s opinion or certificate is to be furnished to the Trustee, such opinion or certificate shall state
that the signer has read this definition and that the signer is Independent within the meaning hereof.

 

Any
pricing service, certified public accountant or legal counsel that is required to be Independent of another Person under this
Indenture must satisfy the criteria above with respect to the Issuer, the Portfolio Manager and their respective Affiliates; provided,
however, that Dechert LLP shall be deemed for all purposes of this Indenture to be “Independent” with respect
to the Issuer and the Portfolio Manager.

 

“Independent
Manager”: A natural person who, (A) for the five-year period prior to his or her appointment as Independent Manager,
has not been, and during the continuation of his or her service as Independent Manager is not: (i) an employee, director, member,
manager, or officer or direct or indirect legal or beneficial owner (or a person who controls, whether directly, indirectly, or
otherwise any of the foregoing) of the Issuer or any of its Affiliates (other than his or her service as an independent special
member or an independent manager of the Issuer or other Affiliates that are structured to be “bankruptcy remote”);
(ii) a substantial customer, consultant, creditor, contractor or supplier (or a person who controls, whether directly, indirectly,
or otherwise any of the foregoing) of the Issuer, the member of the Issuer or any of their respective Affiliates (other than an
Independent Manager provided by a nationally recognized company that provides independent special members, independent managers
and other corporate services in the ordinary course of its business); or (iii) any member of the immediate family of a person
described in (i) or (ii) (other than with respect to clause (i), or (ii) relating to his or her service as (y) an Independent
Manager of the Issuer or (z) an independent special member or independent manager of any Affiliate of the Issuer which is a bankruptcy
remote limited purpose entity), and (B) has, (i) prior experience as an independent special member, independent director or independent
manager for a trust, corporation or limited liability company whose charter documents required the unanimous consent of all independent
special members, independent directors or independent managers thereof before such trust, corporation or limited liability company
could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under
any applicable federal or state law relating to bankruptcy and (ii) at least three years of employment experience with one or
more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services
to issuers of securitization or structured finance instruments, agreements or securities.

 

    36 

    

    

 

“Index
Maturity”: With respect to any Class of Notes (other than any Class that bears interest at a fixed rate), three months;
provided, that for the portion of the first Interest Accrual Period preceding the First Interest Determination End Date,
LIBOR will be determined by interpolating linearly (and rounding to five decimal places) between the rate appearing on the Reuters
Screen for deposits with a term of the next shorter period of time (relative to the length of such portion of the first Interest
Accrual Period) for which rates are available and the rate appearing on the Reuters Screen for deposits with a term of the next
longer period of time (relative to the length of such portion of the first Interest Accrual Period) for which rates are available;
provided further that for the portion of the first Interest Accrual Period following the First Interest Determination End
Date, the Index Maturity will be three months; provided further that for the first Interest Accrual Period with respect
to any additional notes issued after the Closing Date in connection with a Refinancing, LIBOR will be determined by interpolating
linearly (and rounding to five decimal places) between the rate appearing on the Reuters Screen for deposits with a term of the
next shorter period of time (relative to the length of such Interest Accrual Period) for which rates are available and the rate
appearing on the Reuters Screen for deposits with a term of the next longer period of time (relative to the length of such Interest
Accrual Period) for which rates are available.

 

“Information”
means S&P’s “Credit Estimate Information Requirements” dated April 2011 and any other available information
S&P reasonably requests in order to produce a credit estimate for a particular asset.

 

“Information
Agent”: The meaning specified in Section 7.20(b).

 

“Initial
Principal Amount”: With respect to any Class of Notes, the Dollar amount specified with respect to such Class in Section
2.3(b).

 

“Initial
Purchaser”: Citigroup Global Markets Inc., in its capacity as initial purchaser of the Notes.

 

“Initial
Rating”: With respect to the Notes, the rating or ratings, if any, indicated in Section 2.3(b).

 

    37 

    

    

 

“Institutional
Accredited Investor”: The meaning set forth in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
Act.

 

“Instrument”:
The meaning specified in Article 9 of the UCC.

 

“Interest
Accrual Period”: (i) With respect to the initial Payment Date, the period from and including the Closing Date to but
excluding such Payment Date; and (ii) with respect to each succeeding Payment Date, the period from and including the immediately
preceding Payment Date to but excluding the following Payment Date until the principal of the Notes is paid or made available
for payment; provided that, any interest-bearing notes issued after the Closing Date in accordance with the terms
of this Indenture shall accrue interest during the Interest Accrual Period in which such additional notes are issued from and
including the applicable date of issuance of such additional notes to but excluding the last day of such Interest Accrual Period
at the applicable Interest Rate.

 

“Interest
Collection Account”: The meaning specified in Section 10.2(a).

 

“Interest
Coverage Ratio”: For any designated Class or Classes of Notes, as of any date of determination on or after the Determination
Date immediately preceding the second Payment Date, the percentage derived from the following equation: (A – B) / C, where:

 

A
= The Collateral Interest Amount as of such date of determination;

 

B
= Amounts payable (or expected as of the date of determination to be payable) on the following Payment Date as set forth in clauses
(A) and (B) in Section 11.1(a)(i); and

 

C
= Interest due and payable on the Notes of such Class or Classes and each Class of Notes that ranks senior to or pari passu
with such Class or Classes (excluding Deferred Interest, but including any interest on Deferred Interest with respect to the
Deferred Interest Notes) on such Payment Date.

 

For
the avoidance of doubt, any Base Management Fees that would otherwise be payable on the following Payment Date, but that as of
such date of determination have been designated by the Portfolio Manager as Waived Management Fees in accordance with Section
11.1(e) shall be excluded from the calculation set forth in item (B) above.

 

“Interest
Coverage Test”: A test that is satisfied with respect to any Class or Classes of Notes as of any date of determination
on, or subsequent to, the Determination Date occurring immediately prior to the second Payment Date, if (i) the Interest Coverage
Ratio for such Class or Classes on such date is at least equal to the Required Interest Coverage Ratio for such Class or Classes
or (ii) such Class or Classes of Notes is/are no longer Outstanding.

 

“Interest
Determination Date”: With respect to (a) the first Interest Accrual Period, (x) for the period from the Closing Date
to but excluding the First Interest Determination End Date, the second London Banking Day preceding the Closing Date and (y) for
the remainder of the first Interest Accrual Period, the second London Banking Day preceding the First Interest Determination End
Date and (b) each Interest Accrual Period thereafter, the second London Banking Day preceding the first day of such Interest Accrual
Period; provided that, for the first Interest Accrual Period with respect to any additional notes issued after the Closing
Date in connection with a Refinancing, the Interest Determination Date shall be the second London Banking Day preceding the date
of such Refinancing.

 

    38 

    

    

 

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

 

“Interest
Proceeds”: With respect to any Collection Period or Determination Date, without duplication, the sum of:

 

		(i)	all
                                         payments of interest and delayed compensation (representing compensation for delayed
                                         settlement) received in Cash by the Issuer during the related Collection Period on the
                                         Collateral Obligations and Eligible Investments, including the accrued interest received
                                         in connection with a sale thereof during the related Collection Period, less any such
                                         amount that represents Principal Financed Accrued Interest;

 

		(ii)	all
                                         principal and interest payments received by the Issuer during the related Collection
                                         Period on Eligible Investments purchased with Interest Proceeds;

 

		(iii)	commitment
                                         fees and other similar fees received by the Issuer during such Collection Period in respect
                                         of Revolving Collateral Obligations and Delayed Drawdown Collateral Obligations;

 

		(iv)	any
                                         amounts deposited in the Collection Account from the Expense Reserve Account, the Contribution
                                         Account and/or the Interest Reserve Account that are designated as Interest Proceeds
                                         pursuant to this Indenture in respect of the related Determination Date;

 

		(v)	any
                                         Designated Principal Proceeds and any Designated Unused Proceeds;

 

		(vi)	all
                                         amendment and waiver fees (other than those in connection with a Maturity Amendment),
                                         all late payment fees, prepayment fees, call premiums, commitment fees and all other
                                         fees and commissions (other than (x) fees and commissions received in connection with
                                         the purchase, sale, restructuring or default of Collateral Obligations and (y) except
                                         with respect to call premiums or prepayment fees, the reduction of the par amount of
                                         the related Collateral Obligation, in each case, as determined by the Portfolio Manager
                                         with notice to the Trustee and the Collateral Administrator) received during such Collection
                                         Period in connection with the Collateral Obligations (unless otherwise designated as
                                         Principal Proceeds by the Portfolio Manager in writing to the Trustee);

 

		(vii)	any
                                         Principal Proceeds designated by the Portfolio Manager as Interest Proceeds in connection
                                         with a Refinancing pursuant to which all Notes are being refinanced, up to the Excess
                                         Par Amount for payment on the Redemption Date of a Refinancing; and

 

    39 

    

    

 

		(viii)	any
                                         payments received as repayment for Excepted Advances;

 

provided
that, (1) any amounts received in respect of any Defaulted Obligation will constitute Principal Proceeds (and not Interest
Proceeds) until the aggregate of all collections in respect of such Defaulted Obligation since it became a Defaulted Obligation
equals the Principal Balance of such Collateral Obligation at the time it became a Defaulted Obligation and (2) any amounts received
in respect of any Defaulted Obligation that was exchanged for an Equity Security will constitute Principal Proceeds (and not Interest
Proceeds) until the aggregate of all collections (including proceeds received upon the disposition of the Equity Security received
in the exchange) in respect of such Defaulted Obligation since the time it became a Defaulted Obligation equals the Principal
Balance of the Collateral Obligation at the time it became a Defaulted Obligation and any amounts received in excess thereof (such
amounts, “Exchanged Equity Security Excess Proceeds”) shall be calculated by the Issuer and will be deposited
in the Collection Account and distributed as Interest Proceeds on the following Payment Date; provided that, if
any additional amounts are received after the initial distribution of Exchanged Equity Security Excess Proceeds such additional
amounts will be distributed as Interest Proceeds on the next succeeding Payment Date following the Payment Date relating to the
period in which such additional amounts were received.

 

“Interest
Rate”: With respect to any Class of Notes, (i) unless a Re-Pricing has occurred with respect to such Class of Notes,
the per annum stated interest rate payable on such Class with respect to each Interest Accrual Period as specified in Section
2.3(b) and (ii) upon the occurrence of a Re-Pricing with respect to such Class of Notes, a per annum stated interest rate
equal to (x) the applicable Re-Pricing Rate plus (h) in the case of a floating rate of interest, LIBOR.

 

“Interest
Reserve Account”: The meaning specified in Section 10.3(e).

 

“Interest
Reserve Amount”: The meaning specified in Section 3.1(a)(xii).

 

“Interests”:
The Interests issued by the Issuer on or prior to the Closing Date and any additional Interests issued pursuant to the Issuer
LLCA subject to compliance with the terms of this Indenture.

 

“Intex”:
Intex Solutions, Inc.

 

“Investment
Company Act”: The United States Investment Company Act of 1940, as amended.

 

“Investment
Criteria”: The criteria specified in Section 12.2(a).

 

“Investment
Criteria Adjusted Balance”: With respect to each Collateral Obligation (other than a Defaulted Obligation), the Principal
Balance of such Collateral Obligation; provided that, the Investment Criteria Adjusted Balance of any:

 

		(a)	Deferring
                                         Obligation will be the S&P Collateral Value of such Deferring Obligation;

 

    40 

    

    

 

		(b)	Discount
                                         Obligation will be the product of the (i) purchase price (expressed as a percentage of
                                         par and, for the avoidance of doubt, without averaging) and (ii) Principal Balance of
                                         such Discount Obligation;

 

		(c)	Collateral
                                         Obligation included in the CCC Excess will be the Market Value of such Collateral Obligation;
                                         and

 

		(d)	Closing
                                         Date Participation Interest will be its S&P Recovery Amount if such date of determination
                                         is on or after the Effective Date;

 

provided
further that the Investment Criteria Adjusted Balance for any Collateral Obligation that satisfies more than one of the definitions
of Deferring Obligation, Discount Obligation or Closing Date Participation Interest, or is included in the CCC Excess, as applicable,
will be the lowest amount determined pursuant to any of clauses (a), (b) and (c) above that are applicable for such Collateral
Obligation.

 

“Issuer”:
As defined in the first sentence of this Indenture, until a successor Person shall have become the Issuer pursuant to the applicable
provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person.

 

“Issuer
LLCA”: The Amended and Restated Limited Liability Company Agreement of the Issuer, dated as of the Closing Date.

 

“Issuer
Order” and “Issuer Request”: A written order or request (which may be a standing order or request)
dated and signed in the name of the Issuer by an Authorized Officer of the Issuer, or by the Portfolio Manager by an Authorized
Officer thereof, on behalf of the Issuer. An order or request provided in an email or other electronic communication by an Authorized
Officer of the Issuer or by an Authorized Officer of the Portfolio Manager on behalf of the Issuer shall constitute an Issuer
Order, except in each case to the extent the Trustee requests otherwise in writing.

 

“Junior
Class”: With respect to a particular Class of Notes, each Class of Notes that is subordinated to such Class, as indicated
in Section 2.3(b).

 

“Junior
Mezzanine Notes”: The meaning specified in Section 2.13(a).

 

“Lead
Placement Agent”: Citigroup Global Markets Inc., in its capacity as lead placement agent with respect to the Notes.

 

“Letter
of Credit Reimbursement Obligation”: A facility whereby (i) a fronting bank (the “LOC Agent Bank”)
issues or will issue a letter of credit for or on behalf of a borrower pursuant to an Underlying Instrument, (ii) in the event
that the letter of credit is drawn upon, and the borrower does not reimburse the LOC Agent Bank, the lender/participant is obligated
to fund its portion of the facility and (iii) the LOC Agent Bank passes on (in whole or in part) the fees and any other amounts
it receives for providing the letter of credit to the lender/participant.

 

“LIBOR”:
The meaning set forth in Exhibit C hereto.

 

    41 

    

    

 

“Loan”:
Any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan agreement
or other similar credit agreement.

 

“Loan
Sale Agreement”: The master loan sale agreement, dated as of the Closing Date, by and between the Transferor and the
Issuer, as amended from time to time in accordance with its terms.

 

“LOC
Agent Bank”: The meaning specified in the definition of the term Letter of Credit Reimbursement Obligation.

 

“London
Banking Day”: A day on which commercial banks are open for business (including dealings in foreign exchange and foreign
currency deposits) in London, England.

 

“Maintenance
Covenant”: A covenant by a borrower that requires such borrower to comply with one or more financial covenants during
the periods or as of a specified day in each reporting period, as the case may be, as specified in the underlying loan agreement,
regardless of any action taken by such borrower; provided that, a covenant that otherwise satisfies this definition and
only applies to a related loan when specified amounts are outstanding under such loan shall be a Maintenance Covenant.

 

“Majority”:
With respect to any Class or Classes of Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Notes of
such Class or Classes. With respect to any Interests, the Majority Members (as defined in the Issuer LLCA) of the Issuer.

 

“Management
Fees”: The Base Management Fee and the Subordinated Management Fee.

 

“Manager
Notes”: As of any date of determination, all Notes held on such date by (i) the Portfolio Manager, (ii) any Affiliate
of the Portfolio Manager, or (iii) any account, fund, client or portfolio managed or advised on a discretionary basis by the Portfolio
Manager or any of its Affiliates; provided that, no such Notes shall constitute Manager Notes hereunder for any
period of time during which the right to control the voting of such Notes has been assigned to (i) another Person not controlled
by the Portfolio Manager or any Affiliate of the Portfolio Manager or (ii) an advisory board or other independent committee of
the governing body of the Portfolio Manager or such Affiliate.

 

“Margin
Stock”: “Margin Stock” as defined under Regulation U issued by the Board of Governors of the Federal Reserve
System, including any debt security which is by its terms convertible into Margin Stock.

 

“Market
Value”: With respect to any Loans or other Assets, the amount (determined by the Portfolio Manager) equal to the product
of the principal amount thereof and the price determined in the following manner:

 

		(i)	the
                                         bid price determined by the Loan Pricing Corporation, Markit Group Limited, LoanX Mark-It
                                         Partners, FT Interactive, Bridge Information Systems, KDP, IDC, Bank of America High
                                         Yield Index, Interactive Data Pricing and Reference Data, Inc., Pricing Direct Inc.,
                                         S&P Security Evaluations Service, Thompson Reuters Pricing Service, TradeWeb Markets
                                         LLC or any other nationally recognized loan pricing service selected by the Portfolio
                                         Manager (with notice to the Rating Agencies); or

 

    42 

    

    

 

		(ii)	if
                                         a price described in clause (i) is not available or the Portfolio Manager determines
                                         in accordance with the Portfolio Manager Standard that such price does not reflect the
                                         value of such asset,

 

	 	(A)	the
    average of the bid prices determined by three broker-dealers active in the trading of such asset that are Independent from
    each other and the Issuer and the Portfolio Manager;
	 	 
	 	(B)	if
    only two such bids can be obtained, the lower of the bid prices of such two bids; or
	 	 
	 	(C) 	if
    only one such bid can be obtained, such bid; provided that this subclause (C) shall not apply at any time at which
    neither the Portfolio Manager nor FS/KKR Advisor, LLC is a registered investment adviser (or relying adviser) under the Advisers
    Act; or

 

		(iii)	if
                                         a price described in clause (i) or (ii) cannot be determined by the Portfolio Manager
                                         exercising reasonable efforts, then the value determined as the bid side market value
                                         of such asset as reasonably determined by the Portfolio Manager consistent with the Portfolio
                                         Manager Standard, as certified by the Portfolio Manager to the Trustee; provided,
                                         however, that if neither the Portfolio Manager nor FS/KKR Advisor, LLC is a registered
                                         investment adviser (or relying adviser) under the Advisers Act, the Market Value of any
                                         such asset may not be determined in accordance with this clause (iii) for more than 30
                                         days; or

 

		(iv)	if
                                         the Market Value of an asset is not determined in accordance with clause (i), (ii) or
                                         (iii) above, then such Market Value shall be deemed to be zero until such determination
                                         is made in accordance with clause (i), (ii) or (iii) above.

 

“Master
Participation Agreement”: Each master participation and assignment agreement, dated as of the Closing Date, between
the Transferor, as parent, and the applicable wholly-owned financing subsidiary of the Transferor.

 

“Material
Covenant Default”: A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods
contained in the related Underlying Instruments, that gives rise to the right of the lender(s) thereunder to accelerate the principal
of such Collateral Obligation.

 

“Maturity”:
With respect to any Note, the date on which the unpaid principal of such Note becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Maturity
Amendment”: With respect to any Collateral Obligation, any waiver, modification, amendment or variance (other than in
connection with an insolvency, bankruptcy, reorganization, debt restructuring or workout of the Obligor thereof if the Portfolio
Manager determines (i) in the case of a Collateral Obligation that in the Portfolio Manager’s determination is likely to
become a Defaulted Obligation, that such amendment in connection therewith would reduce the likelihood that such Collateral Obligation
will become a Defaulted Obligation or (ii) if such Collateral Obligation is already a Defaulted Obligation, would in the Portfolio
Manager’s determination be advisable to increase recovery) that would extend the stated maturity date of such Collateral
Obligation. For the avoidance of doubt, a waiver, modification, amendment or variance that would extend the stated maturity date
of any tranche of the credit facility of which a Collateral Obligation is part, but would not extend the stated maturity date
of the Collateral Obligation held by the Issuer, does not constitute a Maturity Amendment.

 

    43 

    

    

 

“Maximum
Fitch Rating Factor Test”: A test that will be satisfied on any date of determination on or after the Effective Date
if the Fitch Weighted Average Rating Factor as of such date is less than or equal to the applicable level in the Fitch Test Matrix.

 

“Measurement
Date”: (i) Any day on which the Issuer purchases, or enters into a commitment to purchase, a Collateral Obligation,
(ii) any Determination Date, (iii) the date as of which the information in any Monthly Report is calculated, (iv) with five Business
Days’ prior written notice to the Issuer and the Trustee (with a copy to the Portfolio Manager), any Business Day requested
by any Rating Agency and (v) the Effective Date.

 

“Merging
Entity”: The meaning specified in Section 7.10.

 

“Minimum
Denominations”: With respect to the Notes, U.S.$250,000 and integral multiples of U.S.$1.00 in excess thereof, or such
other authorized minimum denominations as may be permitted from time to time pursuant to a supplemental indenture entered into
in accordance with Article VIII.

 

“Minimum
Floating Spread”: As of any date of determination, the weighted average spread (expressed as a percentage) applicable
to the current Fitch Test Matrix selected by the Portfolio Manager.

 

“Minimum
Floating Spread Test”: A test that will be satisfied on any date of determination if the Weighted Average Floating Spread
plus the Excess Weighted Average Coupon equals or exceeds the Minimum Floating Spread.

 

“Minimum
Weighted Average Coupon”: 7.50%.

 

“Minimum
Weighted Average Coupon Test”: The test that will be satisfied on any date of determination if the Weighted Average
Coupon plus the Excess Weighted Average Floating Spread equals or exceeds the Minimum Weighted Average Coupon.

 

“Minimum
Weighted Average Fitch Recovery Rate Test”: A test that will be satisfied on any date of determination if the Weighted
Average Fitch Recovery Rate is greater than or equal to the applicable level in the Fitch Test Matrix.

 

“Money”:
The meaning specified in Article 1 of the UCC.

 

“Monthly
Report”: The meaning specified in Section 10.7(a).

 

    44 

    

    

 

“Monthly
Report Determination Date”: The meaning specified in Section 10.7(a).

 

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

 

“Moody’s
Default Probability Rating”: With respect to any Collateral Obligation, the rating determined pursuant to Schedule 4
hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral Administrator and the Portfolio
Manager).

 

“Moody’s
Derived Rating”: With respect to any Collateral Obligation whose Moody’s Rating or Moody’s Default Probability
Rating cannot otherwise be determined pursuant to the definitions thereof, the rating determined for such Collateral Obligation
as set forth in Schedule 4 hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral
Administrator and the Portfolio Manager).

 

“Moody’s
Rating”: With respect to any Collateral Obligation, the rating determined pursuant to the methodology set forth under
the heading “Moody’s Rating” on Schedule 4 hereto (or such other schedule provided by Moody’s to the Issuer,
the Trustee, the Collateral Administrator and the Portfolio Manager).

 

“Net
Exposure Amount”: As of the applicable Cut-Off Date, with respect to any Collateral Obligation which is a Revolving
Collateral Obligation or Delayed Drawdown Collateral Obligation, the lesser of (i) the aggregate amount of the then unfunded funding
obligations thereunder and (ii) the amount necessary to cause, on the applicable Cut-Off Date with respect to such Collateral
Obligation, the amount of funds on deposit in the Revolver Funding Account to be at least equal to the sum of the unfunded funding
obligations under all Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets.

 

“Net
Purchased Loan Balance”: As of any date of determination, an amount equal to the sum of (i) the Aggregate Principal
Balance of all Collateral Obligations conveyed, directly or indirectly, by the Portfolio Manager to the Issuer under the Loan
Sale Agreement prior to such date, calculated as of the respective Cut-Off Dates of such Collateral Obligations, and (ii) the
Aggregate Principal Balance of all Collateral Obligations acquired by the Issuer other than directly or indirectly from the Portfolio
Manager prior to such date.

 

“Non-Call
Period”: The period from the Closing Date to but excluding the Quarterly Payment Date in July 2020.

 

“Non-Consenting
Holder”: The meaning specified in Section 9.8(b).

 

“Non-Emerging
Market Obligor”: An Obligor that is Domiciled in (i) the United States, (ii) any country that has a country ceiling
for foreign currency bonds of at least “Aa3” by Moody’s, (ii) any country that has a foreign currency issuer
credit rating of at least “AA-” by S&P or (iii) a Tax Jurisdiction; provided that, an Obligor that is Domiciled
in any country that has (x) a foreign currency issuer credit rating of at least “AA-” by S&P and (y) to the extent
such country is rated by Fitch, a sovereign rating of at least “AA-” by Fitch shall be deemed a Non-Emerging Market
Obligor on the date of acquisition of the related Collateral Obligation by the Issuer so long as the Aggregate Principal Balance
of all Collateral Obligations falling under this proviso does not exceed 10.0% of the Collateral Principal Amount on such date.

 

    45 

    

    

 

“Non-Permitted
ERISA Holder”: Any Person is or becomes the beneficial owner of an interest in any Note who has made or is deemed to
have made a prohibited transaction representation or a Benefit Plan Investor, Controlling Person or Similar Laws representation,
as applicable, required by this Indenture that is subsequently shown to be false or misleading, or whose beneficial ownership
otherwise causes a violation of the 25% limitation set out in the Plan Asset Regulation, as applicable.

 

“Non-Permitted
Holder”: The meaning specified in Section 2.11(b).

 

“Note
Interest Amount”: With respect to any Class of Notes and any Payment Date, the amount of interest for the related Interest
Accrual Period payable in respect of each U.S.$100,000 Aggregate Outstanding Amount of such Class of Notes.

 

“Note
Payment Sequence”: The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds,
as applicable, in the following order:

 

		(i)	to
                                         the payment of accrued and unpaid interest on the Class A-1 Notes, until such amount
                                         has been paid in full;

 

		(ii)	to
                                         the payment of principal of the Class A-1 Notes, until the Class A-1 Notes have been
                                         paid in full;

 

		(iii)	to
                                         the payment of accrued and unpaid interest on the Class A-2 Notes, until such amount
                                         has been paid in full;

 

		(iv)	to
                                         the payment of principal of the Class A-2 Notes, until the Class A-2 Notes have been
                                         paid in full;

 

		(v)	to
                                         the payment of, first, accrued and unpaid interest (including interest on Deferred
                                         Interest) and then, any Deferred Interest on the Class B Notes, until such amounts
                                         have been paid in full; and

 

		(vi)	to
                                         the payment of principal of the Class B Notes, until the Class B Notes have been paid
                                         in full.

 

“Note
Purchase Offer”: The meaning specified in Section 2.14(b).

 

“Notes”:
The Class A-1 Notes, the Class A-2 Notes and the Class B Notes.

 

“NRSRO”:
The meaning specified in Section 7.20(f).

 

“Notice
of Substitution”: The meaning specified in Section 12.5(a)(ii).

 

“Obligor”:
The Obligor or guarantor under a loan, as the case may be.

 

“OFAC”:
The U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

“Offer”:
The meaning specified in Section 10.8(c).

 

    46 

    

    

 

“Offering”:
The offering of the Notes pursuant to the Offering Circular.

 

“Offering
Circular”: The final offering circular, dated June 21, 2019, relating to the offer and sale of the Notes, and any supplements
thereto.

 

“Officer”:
(a) With respect to the Issuer and any limited liability company, any managing member or manager thereof or any Person to whom
the rights and powers of management thereof are delegated in accordance with the limited liability company agreement of such limited
liability company; (b) with respect to any corporation, any director, the chairman of the board of directors, the president, any
vice president, the secretary, an assistant secretary, the treasurer or an assistant treasurer of such entity or any Person authorized
by such entity; and (c) with respect to the Trustee and any bank or trust company acting as trustee of an express trust or as
custodian or agent, any vice president or assistant vice president of such entity or any officer customarily performing functions
similar to those performed by a vice president or assistant vice president of such entity.

 

“offshore
transaction”: The meaning specified in Regulation S.

 

“Opinion
of Counsel”: A written opinion addressed to the Trustee (or upon which the Trustee is permitted to rely) and, if required
by the terms hereof, a Rating Agency, in form and substance reasonably satisfactory to the Trustee of a nationally or internationally
recognized and reputable law firm one or more of the partners of which are admitted to practice before the highest court of any
State of the United States or the District of Columbia, which law firm may, except as otherwise expressly provided in this Indenture,
be counsel for the Issuer or the Portfolio Manager, as the case may be, but must be Independent of the Portfolio Manager. Whenever
an Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted
and so satisfactory, which opinions of other counsel shall accompany such Opinion of Counsel, and certificates and opinions of
accountants, investment banks, and any other Person as to relevant factual matters, all of which such certificates and opinions
shall either be addressed to the same addressees or state that the addressees of the Opinion of Counsel shall be entitled to rely
thereon.

 

“Optional
Redemption”: The meaning specified in Section 9.2(a).

 

“Other
Accounts”: An investment vehicle managed by the Portfolio Manager or an Affiliate.

 

“Outstanding”:
With respect to the Notes or the Notes of any specified Class, as of any date of determination, all of the Notes or all of the
Notes of such Class, as the case may be, theretofore authenticated and delivered under this Indenture, except:

 

		(i)	Notes
                                         theretofore canceled by the Registrar or delivered to the Registrar for cancellation
                                         in accordance with the terms of Section 2.9 or registered in the Register on the date
                                         the Trustee provides notice to Holders that this Indenture has been discharged in accordance
                                         with Article IV;

 

		(ii)	Notes
                                         or portions thereof for whose payment or redemption funds in the necessary amount have
                                         been theretofore irrevocably deposited with the Trustee or any Paying Agent in trust
                                         for the Holders of such Notes pursuant to Section 4.1(a)(x)(ii); provided that, if such
                                         Notes or portions thereof are to be redeemed, notice of such redemption has been duly
                                         given pursuant to this Indenture or provision therefor satisfactory to the Trustee has
                                         been made;

 

    47 

    

    

 

		(iii)	Notes
                                         in exchange for or in lieu of which other Notes have been authenticated and delivered
                                         pursuant to this Indenture, unless proof satisfactory to the Trustee is presented that
                                         any such Notes are held by a Protected Purchaser; and

 

		(iv)	Notes
                                         alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes
                                         have been issued as provided in Section 2.6;

 

provided
that, in determining whether the Holders of the requisite Aggregate Outstanding Amount have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the following Notes shall be disregarded and deemed not to be Outstanding:

 

		(i)	Notes
                                         owned by the Issuer or any other obligor upon the Notes; and

 

		(ii)	only
                                         in the case of a vote to (i) terminate the Portfolio Management Agreement, (ii) remove
                                         the Portfolio Manager or (iii) waive an event constituting “cause” under
                                         the Portfolio Management Agreement as a basis for termination of the Portfolio Management
                                         Agreement or removal of the Portfolio Manager, any Manager Notes;

 

except
that (1) in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Bank Officer of the Trustee actually knows to be so owned or to be Manager Notes
shall be so disregarded; and (2) Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee
is not one of the Persons specified above.

 

“Overcollateralization
Ratio”: With respect to any specified Class or Classes of Notes as of any date of determination, the percentage derived
from: (i) the Adjusted Collateral Principal Amount on such date; divided by (ii) the Aggregate Outstanding Amount on such date
of the Notes of such Class or Classes (including, in the case of Deferred Interest Notes, any accrued Deferred Interest that remains
unpaid), each Priority Class of Notes and each Pari Passu Class or Classes of Notes; provided that, for the
purposes of this definition, the Class A-1 Notes and the Class A-2 Notes shall be treated as a single Class.

 

“Overcollateralization
Ratio Test”: A test that is satisfied with respect to any Class or Classes of Notes as of any date of determination
on which such test is applicable if (i) the Overcollateralization Ratio for such Class or Classes on such date is at least equal
to the Required Overcollateralization Ratio for such Class or Classes or (ii) such Class or Classes of Notes is no longer Outstanding.

 

    48 

    

    

 

“Pari
Passu Class”: With respect to any specified Class of Notes, each Class of Notes that ranks pari passu to such
Class, as indicated in Section 2.3(b).

 

“Partial
Deferring Obligations”: A Collateral Obligation on which the interest, in accordance with its related underlying instrument,
is currently being (i) partly paid in Cash (with a minimum Cash payment of LIBOR plus 1.00% required under its Underlying Instruments)
and (ii) partly deferred, or paid by the issuance of additional debt securities identical to such debt security or through additions
to the principal amount thereof.

 

“Partial
Redemption Date”: Any Redemption Date on which one or more but not every Class of Notes is being refinanced with Refinancing
Proceeds.

 

“Partial
Redemption Interest Proceeds”: In connection with a redemption of the Notes in part by Class, Interest Proceeds in an
amount equal to the sum of (a) the lesser of (i) the amount of accrued interest on the Classes being refinanced (after giving
effect to payments pursuant to Section 11.1(a)(i) if the Partial Redemption Date would have been a Quarterly Payment Date without
regard to the redemption of the Notes in part by Class) and (ii) if the Partial Redemption Date is not a Quarterly Payment Date,
the amount the Portfolio Manager reasonably determines would have been available for distribution under the Priority of Payments
for the payment of accrued interest on the Classes being refinanced on the next subsequent Quarterly Payment Date if such Notes
had not been refinanced plus (b) if the Partial Redemption Date is not a Quarterly Payment Date, the amount (i) the Portfolio
Manager reasonably determines would have been available for distribution under the Priority of Payments for the payment of Administrative
Expenses on the next subsequent Payment Date and (ii) any reserve established by the Issuer with respect to such redemption of
the Notes in part by Class.

 

“Participation
Interest”: A participation interest in a loan originated by a bank or financial institution that, at the time of acquisition,
or the Issuer’s commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute
a Collateral Obligation were it acquired directly, (ii) the Selling Institution is a lender on the loan, (iii) the aggregate participation
in the loan granted by such Selling Institution to any one or more participants does not exceed the principal amount or commitment
with respect to which the Selling Institution is a lender under such loan, (iv) such participation does not grant, in the aggregate,
to the participant in such participation a greater interest than the Selling Institution holds in the loan or commitment that
is the subject of the participation, (v) the entire purchase price for such participation is paid in full (without the benefit
of financing from the Selling Institution or its affiliates) at the time of the Issuer’s acquisition (or, to the extent
of a participation in the unfunded commitment under a Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation,
at the time of the funding of such loan), (vi) the participation provides the participant all of the economic benefit and risk
of the whole or part of the loan or commitment that is the subject of the loan participation and (vii) such participation is documented
under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for loan participation
transactions among institutional market participants. For the avoidance of doubt, a Participation Interest shall not include a
sub-participation interest in any loan.

 

“Paying
Agent”: Any Person authorized by the Issuer to pay the principal of or interest on any Notes on behalf of the Issuer
as specified in Section 7.2.

 

    49 

    

    

 

“Payment
Account”: The payment account of the Trustee established pursuant to Section 10.3(a).

 

“Payment
Date”: Each Quarterly Payment Date and any other date or dates on which payments are made in accordance with the Special
Priority of Payments.

 

“PBGC”:
The United States Pension Benefit Guaranty Corporation.

 

“Pending
Transfer Deposit Amount Collection Account”: The meaning specified in Section 10.2(a).

 

“Percentage
Interests”: The meaning specified in the Issuer LLCA.

 

“Permitted
Liens”: (i) Security interests, liens and other encumbrances created pursuant to the Transaction Documents, (ii) with
respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral
agent or the paying agent on behalf of all holders of indebtedness of such Obligor under the related facility, (iii) solely with
respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security to secure
indebtedness of the related Obligor and/or any security interests, liens and other rights or encumbrances granted under any governing
documents or other agreement between or among or binding upon the Issuer as the holder of equity in such Obligor and (iv) security
interests, liens and other encumbrances, if any, which have priority over first priority perfected security interests in the Collateral
Obligations or any portion thereof under the UCC or any other applicable law.

 

“Permitted
Offer”: An Offer (i) pursuant to the terms of which the offeror offers to acquire a debt obligation (including a Collateral
Obligation) in exchange for consideration consisting of (x) cash in an amount equal to or greater than the full face amount of
the debt obligation being exchanged plus any accrued and unpaid interest or (y) other debt obligations that rank pari passu
or senior to the debt obligation being exchanged which have a face amount equal to or greater than the full face amount of
the debt obligation being exchanged and are eligible to be Collateral Obligations plus any accrued and unpaid interest
in cash and (ii) as to which the Portfolio Manager has determined in its reasonable commercial judgment that the offeror has sufficient
access to financing to consummate the Offer.

 

“Permitted
Use”: With respect to any Contribution received into the Contribution Account or any proceeds received from the issuance
of Junior Mezzanine Notes in accordance with Section 2.13, any of the following uses: (i) the transfer of the applicable portion
of such amount to the Collection Account for application as Interest Proceeds; (ii) the transfer of the applicable portion of
such amount to the Collection Account for application as Principal Proceeds; (iii) the repurchase of Notes by the Issuer; (iv)
for application to pay fees and expenses in connection with a Refinancing, Re-Pricing or an issuance of additional notes (including,
as applicable, any supplemental indenture or other modification to the indenture to be effected in connection therewith), in each
case as determined by the Portfolio Manager; (v) subject to the limitations in this Indenture, to make a payment in connection
with (x) the exercise of a warrant, option, right of conversion, pre-emptive right, rights offering, credit bid or similar right
or (y) a workout or restructuring of a Collateral Obligation or an equity security or interest received in connection with the
workout or restructuring of a Collateral Obligation; it being understood that clauses (v)(x) and (y) can only be applied if the
related exercise or acquisition of an equity security or interest received in connection with the workout or restructuring of
a Collateral Obligation would be considered “received in lieu of debts previously contracted with respect to the Collateral
Obligation” under the Volcker Rule; and (vi) any other use not otherwise prohibited by this Indenture.

 

    50 

    

    

 

“Person”:
An individual, corporation (including a business trust), partnership, limited liability company, joint venture, association, joint
stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political
subdivision thereof.

 

“Placement
Agents”: The Lead Placement Agent and the Co-Placement Agents.

 

“Plan
Asset Regulation”: U.S. Department of Labor regulation 29 C.F.R. Section 2510.3-101 (as modified by Section 3(42) of
ERISA).

 

“Portfolio
Company”: Any company that is controlled by the Portfolio Manager, an Affiliate thereof, or any account, fund, client
or portfolio established and controlled by the Portfolio Manager or an Affiliate thereof.

 

“Portfolio
Management Agreement”: The agreement dated as of the Closing Date entered into between the Issuer and the Portfolio
Manager relating to the management of the Collateral Obligations and the other Assets by the Portfolio Manager on behalf of the
Issuer, as amended from time to time in accordance with the terms hereof and thereof.

 

“Portfolio
Manager”: FS KKR Capital Corp., a Maryland corporation with its principal offices in Philadelphia, Pennsylvania, until
a successor Person shall have become the Portfolio Manager pursuant to the provisions of the Portfolio Management Agreement, and
thereafter Portfolio Manager shall mean such successor Person.

 

“Portfolio
Manager Standard”: The meaning specified in the Portfolio Management Agreement.

 

“Post-Reinvestment
Period Settlement Obligation”: The meaning specified in Section 12.2(a)(y).

 

“Prepaid
Obligation”: A Collateral Obligation as to which Unscheduled Principal Payments are received after the Reinvestment
Period.

 

“Principal
Balance”: Subject to Section 1.2, with respect to (a) any Asset other than a Revolving Collateral Obligation or Delayed
Drawdown Collateral Obligation, as of any date of determination, the outstanding principal amount of such Asset (excluding any
capitalized interest) and (b) any Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, as of any date of
determination, the outstanding principal amount of such Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation
(excluding any capitalized interest), plus (except as expressly set forth in this Indenture) any undrawn commitments that
have not been irrevocably reduced or withdrawn with respect to such Revolving Collateral Obligation or Delayed Drawdown Collateral
Obligation; provided that, for all purposes the Principal Balance of (1) any Equity Security or interest only strip shall
be deemed to be zero and (2) any Defaulted Obligation that is not sold or terminated within three years after becoming a Defaulted
Obligation shall be deemed to be zero.

 

    51 

    

    

 

“Principal
Collection Account”: The meaning specified in Section 10.2(a).

 

“Principal
Financed Accrued Interest”: With respect to: (i) any Collateral Obligation owned or purchased by the Issuer on the Closing
Date, an amount equal to the unpaid interest on such Collateral Obligation that accrued prior to the Closing Date that is owing
to the Issuer and remains unpaid as of the Closing Date and (ii) any Collateral Obligation purchased after the Closing Date, the
amount of Principal Proceeds, if any, applied towards the purchase of accrued interest on such Collateral Obligation; provided,
however, in the case of this clause (ii), Principal Financed Accrued Interest shall not include any accrued interest purchased
with Interest Proceeds deemed to be Principal Proceeds as set forth in the definition of “Interest Proceeds”.

 

“Principal
Proceeds”: With respect to any Collection Period or Determination Date, all amounts received by the Issuer during the
related Collection Period that do not constitute Interest Proceeds, other than Refinancing Proceeds (other than Refinancing Proceeds
received in a redemption in part by Class which are not applied to redeem the Notes being refinanced or to pay expenses in connection
with such Refinancing, which will be Principal Proceeds) and any amounts that have been designated as Principal Proceeds pursuant
to the terms of this Indenture.

 

“Priority
Class”: With respect to any specified Class of Notes, each Class of Notes that ranks senior to such Class, as indicated
in Section 2.3(b).

 

“Priority
of Payments”: The meaning specified in Section 11.1(a).

 

“Proceedings”:
The meaning specified in Section 14.11.

 

“Proposed
Portfolio”: The portfolio of Collateral Obligations and Eligible Investments resulting from the proposed purchase, sale,
maturity or other disposition of a Collateral Obligation or a proposed reinvestment in an additional Collateral Obligation, as
the case may be.

 

“Protected
Purchaser”: The meaning specified in Article 8 of the UCC.

 

“Purchase
Agreement”: The purchase and placement agreement dated as of the Closing Date by and among the Issuer, the Initial Purchaser
and the Placement Agents, as amended from time to time.

 

“Purchased
Defaulted Obligation”: The meaning specified in Section 12.4.

 

“QIB/IAI/non-U.S.
person”: The meaning specified in Section 10.7(e).

 

“QIB/QP”:
Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes is both a Qualified Institutional
Buyer and a Qualified Purchaser.

 

“Qualified
Institutional Buyer”: Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition
of Notes, is a qualified institutional buyer within the meaning of Rule 144A.

 

“Qualified
Purchaser”: Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes,
is a qualified purchaser within the meaning of Section 2(a)(51) of the Investment Company Act and Rule 2a51-1, 2a51-2 or 2a51-3
under the Investment Company Act, or any corporation, partnership, limited liability company or other entity (other than a trust)
each shareholder, partner, member or other equity owner of which is a Qualified Purchaser.

 

    52 

    

    

 

“Quarterly
Payment Date” The 15th day of January, April, July and October of each year (or, if such day is not a Business Day,
the next succeeding Business Day), commencing in October 2019.

 

“Ramp-Up
Account”: The account established pursuant to Section 10.3(c).

 

“Rating
Agency”: Each of S&P and Fitch, in each case for so long as it assigns a rating at the request of the Issuer to
the Class or Classes to which it assigned a rating on the Closing Date.

 

“Record
Date”: With respect to the Global Notes, the date one day prior to the applicable Payment Date and, with respect to
any Certificated Notes, the date 15 days prior to the applicable Payment Date.

 

“Redemption
Date”: Any Business Day specified for a redemption of Notes pursuant to Article IX.

 

“Redemption
Price”: For each Class of Notes to be redeemed (x) 100% of the Aggregate Outstanding Amount of such Class, plus (y)
accrued and unpaid interest thereon (including interest on any accrued and unpaid Deferred Interest, in the case of the Deferred
Interest Notes) to the Redemption Date; provided that, the Holders of 100% of the Aggregate Outstanding Amount of
a Class of Notes may in their sole discretion, by written notice to the Issuer, the Trustee, the Paying Agent and the Portfolio
Manager, elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class
of Notes in any Optional Redemption (including a Refinancing), Tax Redemption or Clean-Up Call Redemption, which lesser amount
shall be deemed to be the “Redemption Price” of such Class of Note.

 

“Refinancing”:
A loan or an issuance of replacement notes, whose terms in each case will be negotiated by the Portfolio Manager on behalf of
the Issuer, from one or more financial institutions or purchasers to refinance the Notes in connection with an Optional Redemption,
it being understood that any rating of such loans or replacement notes by a Rating Agency will be based on a credit analysis specific
to such loans or replacement notes and independent of the rating of the Notes being refinanced.

 

“Refinancing
Proceeds”: The Cash proceeds from the Refinancing.

 

“Register”
and “Registrar”: The respective meanings specified in Section 2.5(a)(i).

 

“Registered”:
In registered form for U.S. federal income tax purposes.

 

“Regulation
S”: Regulation S under the Securities Act.

 

“Regulation
S Global Note”: Any Note sold outside the United States to non-”U.S. persons” in reliance on Regulation
S and issued in the form of a permanent global note as specified in Section 2.2(c) in definitive, fully registered form without
interest coupons or a Temporary Global Note, in each case, substantially in the form set forth in the applicable Exhibit A hereto.

 

    53 

    

    

 

“Reinvestment
Period”: The period from and including the Closing Date to and including the earliest of (i) the Quarterly Payment Date
in July 2021, (ii) any date on which the Maturity of any Class of Notes is accelerated following an Event of Default pursuant
to this Indenture and (iii) any date on which the Portfolio Manager reasonably determines that it can no longer reinvest in additional
Collateral Obligations in accordance with this Indenture or the Portfolio Management Agreement; provided, in the case of
this clause (iii), the Portfolio Manager notifies the Issuer, the Trustee (who shall notify the Holders), the Rating Agencies
and the Collateral Administrator thereof at least five Business Days prior to the applicable Special Redemption Date.

 

“Reinvestment
Target Par Balance”: As of any date of determination, the Target Initial Par Amount minus (i) the amount of any
reduction in the Aggregate Outstanding Amount (excluding, for purposes of this calculation, any reduction of Deferred Interest)
of the Notes through the payment of Principal Proceeds or Interest Proceeds plus (ii) the aggregate amount of Principal
Proceeds that result from the issuance of any additional notes pursuant to Sections 2.13 (after giving effect to such issuance
of any additional notes).

 

“Re-Priced
Class”: The meaning specified in Section 9.8(a).

 

“Re-Pricing”:
The meaning specified in Section 9.8(a).

 

“Re-Pricing
Amendment”: The meaning specified in Section 8.6.

 

“Re-Pricing
Date”: The meaning specified in Section 9.8(b).

 

“Re-Pricing
Eligible Notes”: With respect to any Class of Notes, the Notes specified as such in Section 2.3.

 

“Re-Pricing
Intermediary”: The meaning specified in Section 9.8(a).

 

“Re-Pricing
Rate”: The meaning specified in Section 9.8(b).

 

“Re-Pricing
Replacement Notes”: Notes issued in connection with a Re-Pricing that have terms identical to the Re-Priced Class (after
giving effect to the Re-Pricing) and are issued in an aggregate principal amount such that the Re-Priced Class will have the same
aggregate principal amount after giving effect to the Re-Pricing as it did before the Re-Pricing.

 

“Repurchase
and Substitution Limit”: The meaning specified in Section 12.5(c).

 

“Required
Interest Coverage Ratio”: (a) For the Class A Notes, 120.0% and (b) for the Class B Notes, 115.0%.

 

“Required
Overcollateralization Ratio”: (a) For the Class A Notes, 135.5% and (b) for the Class B Notes, 127.1%.

 

“Required
Redemption Amount”: The meaning specified in Section 9.2(b).

 

“Resolution”:
The minutes of a meeting of the board of directors of the designated manager of the Issuer.

 

    54 

    

    

 

“Responsible
Officer”: Any officer, authorized person or employee of the Portfolio Manager or the Advisor set forth on the list provided
by the Portfolio Manager to the Issuer and the Trustee, which list shall include any portfolio manager having day-to-day responsibility
for the performance of the Portfolio Manager under the Portfolio Management Agreement, as such list may be amended from time to
time.

 

“Restricted
Trading Period”: The period (i) while any Class A-1 Notes are Outstanding during which either the S&P rating or
the Fitch rating of the Class A-1 Notes is one or more subcategories below its Initial Rating on the Closing Date or has been
withdrawn and not reinstated and (ii) while any Class A-2 Notes or Class B Notes are Outstanding, as applicable during which the
S&P rating of the Class A-2 Notes or the Class B Notes, as applicable, is two or more subcategories below its respective Initial
Rating on the Closing Date or has been withdrawn and not reinstated; provided that, (1) such period will not be
a Restricted Trading Period if (A) after giving effect to any sale of the relevant Collateral Obligations, the Aggregate Principal
Balance of the Collateral Obligations (excluding the Collateral Obligations being sold) and Eligible Investments constituting
Principal Proceeds (including, without duplication, the anticipated net proceeds of such sale) will be at least equal to the Reinvestment
Target Par Balance, (B) each test specified in the definition of Collateral Quality Test is satisfied and (C) each Overcollateralization
Ratio Test is satisfied; (2) such period will not be a Restricted Trading Period (so long as such S&P rating or Fitch rating
has not been further downgraded, withdrawn or put on watch for potential downgrade) upon the direction of the Majority of the
Controlling Class, which direction shall remain in effect until the earlier of (i) a further downgrade or withdrawal of such S&P
rating or Fitch rating that, disregarding such direction, would cause the conditions set forth above to be true and (ii) a subsequent
direction to the Issuer (with a copy to the Trustee and the Collateral Administrator) by a Majority of the Controlling Class declaring
the beginning of a Restricted Trading Period and (3) no Restricted Trading Period will restrict any sale of a Collateral Obligation
entered into by the Issuer at a time when a Restricted Trading Period was not in effect, regardless of whether such sale has settled.

 

“Retention
Deficiency”: A failure by the EU Retention Holder to hold the Retention Interest as required by the EU Retention Undertaking
Letter.

 

“Retention
Holder”: As of the Closing Date, FS KKR Capital Corp., in its respective capacities as EU Retention Holder and U.S.
Retention Holder, as applicable, together with its successors and assigns.

 

“Retention
Interest”: With respect to the Issuer, an interest in the first loss tranche within the meaning of the EU Securitization
Laws, by way of holding, subject to the provisions of the EU Retention Undertaking Letter, at least the minimum amount of Interests
currently required by the applicable the EU Securitization Laws, being an amount equal to 5% (or such lower amount, including
0%, if such lower amount is required or allowed under the then-applicable the EU Securitization Laws as a result of amendment,
repeal or otherwise and in no event an amount in excess of 5%) of the nominal value of the Collateral Obligations and Eligible
Investments representing Principal Proceeds.

 

“Reuters
Screen”: The meaning set forth in Exhibit C hereto.

 

    55 

    

    

 

“Revolver
Funding Account”: The account established pursuant to Section 10.4.

 

“Revolving
Collateral Obligation”: Any Collateral Obligation (other than a Delayed Drawdown Collateral Obligation) that is a loan
(including, without limitation, revolving loans, including funded and unfunded portions of revolving credit lines, unfunded commitments
under specific facilities and other similar loans and investments) that by its terms may require one or more future advances to
be made to the borrower by the Issuer; provided that, any such Collateral Obligation will be a Revolving Collateral
Obligation only until all commitments to make advances to the borrower expire or are terminated or irrevocably reduced to zero.

 

“Risk
Retention Issuance”: An additional issuance of Notes solely for the purpose of enabling the Portfolio Manager or the
U.S. Retention Holder to comply with the U.S. Risk Retention Rules or otherwise to cure any Retention Deficiency.

 

“Rule
144A”: Rule 144A, as amended, under the Securities Act.

 

“Rule
144A Global Note”: Any Note sold in reliance on Rule 144A and issued in the form of a permanent global security as specified
in Section 2.2(d) in definitive, fully registered form without interest coupons substantially in the form set forth in the applicable
Exhibit A hereto.

 

“Rule
144A Information”: The meaning specified in Section 7.15.

 

“Rule
17g-5”: Rule 17g-5 under the Exchange Act.

 

“S&P”:
S&P Global Ratings, an S&P Global business, and any successor or successors thereto.

 

“S&P
Asset Specific Recovery Rating”: With respect to any Collateral Obligation, the corporate recovery rating assigned by
S&P (i.e., the S&P Recovery Rate) to such Collateral Obligation.

 

“S&P
CDO Monitor Test”: A test that will be satisfied on any date of determination on or after the Effective Date and during
the Reinvestment Period if, after giving effect to the purchase of a Collateral Obligation, the S&P CDO Monitor Adjusted BDR
is equal to or greater than the S&P CDO Monitor SDR. On any date of determination, the S&P CDO Monitor Test will be considered
to be improved if the Class Default Differential of the Proposed Portfolio is greater than the Class Default Differential of the
Current Portfolio. The S&P CDO Monitor Test shall be calculated in accordance with the definitions set forth in Schedule 3
hereto and, in connection with the Effective Date, the S&P Effective Date Adjustments set forth in Schedule 3 hereto will
apply.

 

“S&P
Collateral Value”: With respect to any Defaulted Obligation, the lesser of (i) the S&P Recovery Amount of such Defaulted
Obligation as of the relevant Measurement Date and (ii) the Market Value of such Defaulted Obligation as of the relevant Measurement
Date.

 

“S&P
Effective Date Condition”: The meaning specified in Section 7.18(c).

 

“S&P
Industry Classification”: The S&P Industry Classifications set forth in Schedule 2 hereto, and such industry classifications
shall be updated at the option of the Portfolio Manager if S&P publishes revised industry classifications.

 

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“S&P
Rating”: With respect to any Collateral Obligation (excluding Current Pay Obligations whose issuer has made a Distressed
Exchange Offer), as of any date of determination, the rating determined in accordance with the following methodology:

 

		(i)	(a)
                                         if there is an issuer credit rating of the issuer of such Collateral Obligation by S&P
                                         as published by S&P, or the guarantor which unconditionally and irrevocably guarantees
                                         such Collateral Obligation pursuant to a form of guaranty that complies with the then-current
                                         S&P criteria, then the S&P Rating shall be such rating (regardless of whether
                                         there is a published rating by S&P on the Collateral Obligations of such issuer held
                                         by the Issuer; provided that, private ratings (that is, ratings provided
                                         at the request of the Obligor) may be used for purposes of this definition if the related
                                         Obligor has consented to the disclosure thereof and a copy of such consent has been provided
                                         to S&P) or (b) if there is no issuer credit rating of the issuer by S&P but (1)
                                         there is a senior secured rating on any obligation or security of the issuer, then the
                                         S&P Rating of such Collateral Obligation shall be one subcategory below such rating;
                                         (2) if clause (1) above does not apply, but there is a senior unsecured rating on any
                                         obligation or security of the issuer, the S&P Rating of such Collateral Obligation
                                         shall equal such rating; and (3) if neither clause (1) nor clause (2) above applies,
                                         but there is a subordinated rating on any obligation or security of the issuer, then
                                         the S&P Rating of such Collateral Obligation shall be one subcategory above such
                                         rating;

 

		(ii)	with
                                         respect to any Collateral Obligation that is a DIP Collateral Obligation, (a) the S&P
                                         Rating thereof shall be the credit rating assigned to such issue by S&P, or if such
                                         DIP Collateral Obligation was assigned a point-in-time rating by S&P that was withdrawn,
                                         such withdrawn rating may be used for 12 months after the assignment of such rating,
                                         and (b) the Portfolio Manager (on behalf of the Issuer) will notify S&P if the Portfolio
                                         Manager has actual knowledge of the occurrence of any material amendment or event with
                                         respect to such Collateral Obligation that would, in the reasonable business judgment
                                         of the Portfolio Manager, have a material adverse impact on the credit quality of such
                                         Collateral Obligation, including any amortization modifications, extensions of maturity,
                                         reductions of principal amount owed, or non-payment of timely interest or principal due;
                                         or

 

		(iii)	if
                                         there is not a rating by S&P on the issuer or on an obligation of the issuer, then
                                         the S&P Rating may be determined pursuant to clauses (a) through (c) below:

 

		(a)	if
                                         an obligation of the issuer is publicly rated by Moody’s, then the S&P Rating
                                         will be determined in accordance with the methodologies for establishing the Moody’s
                                         Rating set forth above except that the S&P Rating of such obligation will be (1)
                                         one sub-category below the S&P equivalent of the Moody’s Rating if such Moody’s
                                         Rating is “Baa3” or higher and (2) two sub-categories below the S&P equivalent
                                         of the Moody’s Rating if such Moody’s Rating is “Ba1” or lower;

 

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		(b)	the
                                         S&P Rating may be based on a credit estimate provided by S&P, and in connection
                                         therewith, the Issuer, the Portfolio Manager (on behalf of the Issuer) or the issuer
                                         or Obligor of such Collateral Obligation shall, prior to or within 30 days after the
                                         acquisition of such Collateral Obligation, apply (and concurrently submit all available
                                         Information in respect of such application) to S&P for a credit estimate which shall
                                         be its S&P Rating; provided that, until the receipt from S&P of such estimate,
                                         such Collateral Obligation shall have an S&P Rating as determined by the Portfolio
                                         Manager in its sole discretion if the Portfolio Manager certifies to the Trustee that
                                         it believes that such S&P Rating determined by the Portfolio Manager is commercially
                                         reasonable and will be at least equal to such rating; provided further, that if
                                         such Information is not submitted within such 30-day period, then, pending receipt from
                                         S&P of such estimate, the Collateral Obligation shall have (1) the S&P Rating
                                         as determined by the Portfolio Manager for a period of up to 90 days after the acquisition
                                         of such Collateral Obligation and (2) an S&P Rating of “CCC-” following
                                         such 90-day period; unless, during such 90-day period, the Portfolio Manager has requested
                                         the extension of such period and S&P, in its sole discretion, has granted such request;
                                         provided further, that if the Collateral Obligation has had a public rating by
                                         S&P that S&P has withdrawn or suspended within six months prior to the date of
                                         such application for a credit estimate in respect of such Collateral Obligation, the
                                         S&P Rating in respect thereof shall be “CCC-” pending receipt from S&P
                                         of such estimate, and S&P may elect not to provide such estimate until a period of
                                         six months (or such other period as provided in S&P’s then-current criteria)
                                         have elapsed after the withdrawal or suspension of the public rating; provided further
                                         that with respect to any Collateral Obligation for which S&P has provided a credit
                                         estimate, the Portfolio Manager (on behalf of the Issuer) will request that S&P confirm
                                         or update such estimate annually (and pending receipt of such confirmation or new estimate,
                                         the Collateral Obligation will have the prior estimate); provided further that
                                         such credit estimate shall expire 12 months after the acquisition of such Collateral
                                         Obligation, following which such Collateral Obligation shall have an S&P Rating of
                                         “CCC-” unless, during such 12-month period, the Issuer applies for renewal
                                         thereof in accordance with Section 7.14(b) (and concurrently submits all available Information
                                         in respect of such renewal), in which case such credit estimate shall continue to be
                                         the S&P Rating of such Collateral Obligation until S&P has confirmed or revised
                                         such credit estimate, upon which such confirmed or revised credit estimate shall be the
                                         S&P Rating of such Collateral Obligation; provided further that such confirmed
                                         or revised credit estimate shall expire on the next succeeding 12-month anniversary of
                                         the date of the acquisition of such Collateral Obligation and (when renewed annually
                                         in accordance with Section 7.14(b)) on each 12-month anniversary thereafter; provided
                                         further that the Issuer will submit all available Information in respect of such
                                         Collateral Obligation to S&P notwithstanding that the Issuer is not applying to S&P
                                         for a confirmed or updated credit estimate; provided further that the Issuer will
                                         promptly notify S&P of any material events affecting any such Collateral Obligation
                                         if the Portfolio Manager reasonably determines that such notice is required in accordance
                                         with S&P’s publication on credit estimates titled “What Are Credit Estimates
                                         And How Do They Differ From Ratings?” dated April 2011 (as the same may be amended
                                         or updated from time to time); or

 

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		(c)	with
                                         respect to a Collateral Obligation that is not a Defaulted Obligation, the S&P Rating
                                         of such Collateral Obligation will at the election of the Issuer (at the direction of
                                         the Portfolio Manager) be “CCC-”; provided that, (i) neither
                                         the issuer of such Collateral Obligation nor any of its Affiliates are subject to any
                                         bankruptcy or reorganization proceedings and (ii) the issuer has not defaulted on any
                                         payment obligation in respect of any debt security or other obligation of the issuer
                                         at any time within the two year period ending on such date of determination, all such
                                         debt securities and other obligations of the issuer that are pari passu with or
                                         senior to the Collateral Obligation are current and the Portfolio Manager reasonably
                                         expects them to remain current; provided that, the Issuer will submit all
                                         available Information in respect of such Collateral Obligation to S&P as if the Issuer
                                         were applying to S&P for a credit estimate; provided further that the Issuer
                                         will promptly notify S&P of any material events affecting any such Collateral Obligation
                                         if the Portfolio Manager reasonably determines that such notice is required in accordance
                                         with S&P’s publication on credit estimates titled “What Are Credit
                                         Estimates And How Do They Differ From Ratings?” dated April 2011 (as the same
                                         may be amended or updated from time to time); or

 

		(iv)	with
                                         respect to a DIP Collateral Obligation that has no issue rating by S&P or a Current
                                         Pay Obligation that is rated “D” or “SD” by S&P, the S&P
                                         Rating of such DIP Collateral Obligation or Current Pay Obligation, as applicable, will
                                         be, at the election of the Issuer (at the direction of the Portfolio Manager), “CCC-”
                                         or the S&P Rating determined pursuant to clause (iii)(b) above; provided that,
                                         the Portfolio Manager may not determine such S&P Rating pursuant to clause (iii)(b)(1)
                                         above; provided, further, that the Portfolio Manager will provide Information
                                         with respect to such DIP Collateral Obligation to S&P, if available;

 

    59 

    

    

 

provided
that, for purposes of the determination of the S&P Rating, (x) if the applicable rating assigned by S&P to an Obligor
or its obligations is on “credit watch positive” by S&P, such rating will be treated as being one sub-category
above such assigned rating and (y) if the applicable rating assigned by S&P to an Obligor or its obligations is on “credit
watch negative” by S&P, such rating will be treated as being one sub-category below such assigned rating; provided
further that, for purposes of the determination of the S&P Rating, if (x) the issuer or Obligor of any Collateral Obligation
was a debtor under the Bankruptcy Code, during which time such issuer, Obligor or Selling Institution, as applicable, or any of
its obligations (including any Collateral Obligation) either had an S&P rating of “SD” or “CC” or
lower from S&P or had an S&P rating that was withdrawn by S&P and (y) such issuer, Obligor or Selling Institution,
as applicable, is no longer a debtor under the Bankruptcy Code, then, notwithstanding the fact that such issuer, Obligor or Selling
Institution, as applicable, or any of its obligations (including any Collateral Obligation) continues to have an S&P rating
of “SD” or “CC” or lower from S&P (or, in the case of any withdrawal, continues to have no S&P
rating), the S&P Rating for any such obligation (including any Collateral Obligation), issuer, Obligor or Selling Institution,
as applicable, shall be deemed to be “CCC-”, so long as S&P has not taken any rating action with respect thereto
since the date on which the issuer, Obligor or Selling Institution, as applicable, ceased to be a debtor under the Bankruptcy
Code; provided, hower, that, (i) if any issuer, Obligor or Selling Institution, as applicable, has not exited the applicable
bankruptcy proceeding and (ii) the applicable rating assigned by S&P to such issuer, Obligor or Selling Institution, as applicable,
or any of its obligations (including any Collateral Obligation) has been withdrawn, then the S&P Rating for such issuer, Obligor
or Selling Institution, as applicable, or any of its obligations (including any Collateral Obligation) shall be deemed to be such
withdrawn S&P rating, so long as S&P has not taken any rating action with respect thereto since the date on which such
S&P rating was withdrawn.

 

The
S&P Rating of any Collateral Obligation that is a Current Pay Obligation whose issuer has made a Distressed Exchange Offer
will be determined as follows:

 

		(a)	subject
                                         to clause (d) below, if applicable, if the Collateral Obligation is and will remain senior
                                         to the debt obligations on which the related Distressed Exchange Offer has been made
                                         and the issuer is not subject to a bankruptcy proceeding, the issuer credit rating of
                                         the issuer published by S&P of the Collateral Obligation is below “CCC-”
                                         as a result of the Distressed Exchange Offer and S&P has not published revised ratings
                                         following the completion or withdrawal of the Distressed Exchange Offer and:

 

		(i)	there
                                         is an issue credit rating published by S&P for the Collateral Obligation; and

 

		(A)	the
                                         Collateral Obligation has an S&P Asset Specific Recovery Rating of 1+, then the S&P
                                         Rating of such Collateral Obligation shall be the higher of (x) three subcategories below
                                         such issue credit rating and (y) “CCC-”;

 

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		(B)	the
                                         Collateral Obligation has an S&P Asset Specific Recovery

                                         Rating of 1, then the S&P Rating of such Collateral Obligation shall be the higher
                                         of (x) two subcategories below such issue credit rating and (y) “CCC-”;

 

		(C)	the
                                         Collateral Obligation has an S&P Asset Specific Recovery Rating of 2, then the S&P
                                         Rating of such Collateral Obligation shall be the higher of (x) one subcategory below
                                         such issue credit rating and (y) “CCC-”;

 

		(D)	the
                                         Collateral Obligation has an S&P Asset Specific Recovery Rating of 3 or 4, then the
                                         S&P Rating of such Collateral Obligation shall be the higher of (x) such issue credit
                                         rating and (y) “CCC-”;

 

		(E)	the
                                         Collateral Obligation has an S&P Asset Specific Recovery Rating of 5, then the S&P
                                         Rating of such Collateral Obligation shall be the higher of (x) one subcategory above
                                         such issue credit rating and (y) “CCC-”; or

 

		(F)	the
                                         Collateral Obligation has an S&P Asset Specific Recovery Rating of 6, then the S&P
                                         Rating of such Collateral Obligation shall be the higher of (x) two subcategories above
                                         such issue credit rating and (y) “CCC-”; or

 

		(ii)	there
                                         is either no issue credit rating or no S&P Asset Specific Recovery Rating for the
                                         Collateral Obligation, then the S&P Rating of such Collateral Obligations shall be
                                         “CCC-”.

 

		(b)	Subject
                                         to clause (d) below, if applicable, if the Collateral Obligation is the debt obligation
                                         on which the related Distressed Exchange Offer has been made, until S&P publishes
                                         revised ratings following the completion or withdrawal of the offer, the S&P Rating
                                         of such Collateral Obligation shall be “CCC-”.

 

		(c)	Subject
                                         to clause (d) below, if the Collateral Obligation is subordinate to the debt obligation
                                         on which the related Distressed Exchange Offer has been made, until S&P publishes
                                         revised ratings following the completion or withdrawal of the offer the S&P Rating
                                         of such Collateral Obligation shall be “CCC-”.

 

		(d)	If
                                         multiple Collateral Obligations have the same issuer and such issuer made a Distressed
                                         Exchange Offer, the S&P Rating for each such Collateral Obligation shall be determined
                                         as follows:

 

		(i)	first,
                                         an S&P Rating for each such Collateral Obligation shall be determined in accordance
                                         with clause (a), (b) and (c) immediately above in this definition;

 

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		(ii)	second,
                                         the S&P Rating for each such Collateral Obligation determined in accordance with
                                         sub-clause (d)(i) above shall be converted into “Rating Points” equivalent
                                         pursuant to the table set forth below:

 

	S&P
Rating
	“Rating
Points”
	“Weighted
Average 

Rating Points”

	AAA 	1	1
	AA+ 	2	2
	AA 	3	3
	AA- 	4	4
	A+ 	5	5
	A 	6	6
	A- 	7	7
	BBB+ 	8	8
	BBB 	9	9
	BBB- 	10	10
	BB+ 	11	11
	BB 	12	12
	BB- 	13	13
	B+ 	14	14
	B 	15	15
	B- 	16	16
	CCC+ 	17	17
	CCC 	18	18
	CCC- 	19	19

 

		(iii)	third,
                                         “Weighted Average Rating Points” for each such Collateral Obligation will
                                         be calculated by dividing “X” by “Y” where:

 

		(A)	“X” shall
                                         equal the sum of each of the products obtained by multiplying the Rating Points of each
                                         such Collateral Obligation by the Collateral Principal Amount of such Collateral Obligation,
                                         and

 

		(B)	“Y” shall
                                         equal the Aggregate Principal Balance of all the Collateral Obligations subject to the
                                         same Distressed Exchange Offer; and

 

		(iv)	fourth,
                                         the “Weighted Average Rating Points” determined in accordance with sub-clause
                                         (d)(iii) above shall be rounded to the nearest whole number and converted into
                                         an S&P Rating by matching the “Weighted Average Rating Points” of such
                                         Collateral Obligation with the S&P Rating set forth in the table in sub-clause (d)(ii)
                                         above. The S&P Rating that matches the “Weighted Average Rating Points”
                                         for such Collateral Obligations will be the S&P Rating for each Collateral Obligation
                                         for which an S&P Rating is required to be determined pursuant to this clause (iv).

 

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“S&P
Rating Condition”: With respect to any action taken or to be taken by or on behalf of the Issuer, a condition that is
satisfied if S&P has, upon request of the Portfolio Manager or the Issuer, confirmed in writing (including by means of electronic
message, facsimile transmission, press release, posting to its internet website, or any other means implemented by S&P), or
has waived the review of such action by such means, to the Issuer, the Trustee, the Collateral Administrator and the Portfolio
Manager that no immediate withdrawal or reduction with respect to S&P’s then-current rating of any Class of Notes will
occur as a result of such action; provided that, the S&P Rating Condition will (i) be satisfied if any Class
of Notes that receives a solicited rating from S&P are not Outstanding or rated by S&P or (ii) not be required if (a)
S&P makes a public statement to the effect that it will no longer review events or circumstances of the type requiring satisfaction
of the S&P Rating Condition in this Indenture for purposes of evaluating whether to confirm the then-current ratings (or Initial
Ratings) of obligations rated by it; (b) S&P communicates to the Issuer, the Portfolio Manager or the Trustee (or their respective
counsel) that it will not review such event or circumstance for purposes of evaluating whether to confirm the then-current ratings
(or Initial Ratings) of the Notes; or (c) with respect to amendments requiring unanimous consent of all Holders of Notes, such
Holders have been advised prior to consenting that the current ratings of the Notes may be reduced or withdrawn as a result of
such amendment.

 

“S&P
Recovery Amount”: With respect to any Collateral Obligation, an amount equal to:

 

		(a)	the
                                         applicable S&P Recovery Rate; multiplied by

 

		(b)	the
                                         Principal Balance of such Collateral Obligation.

 

“S&P
Recovery Rate”: With respect to a Collateral Obligation, the recovery rate set forth in Schedule 7 using the Initial
Rating of the Highest Ranking Class at the time of determination.

 

“S&P
Recovery Rating”: With respect to a Collateral Obligation for which an S&P Recovery Rate is being determined, the
“Recovery Rating” assigned by S&P to such Collateral Obligation based upon the tables set forth in Schedule 7.

 

“S&P
Weighted Average Recovery Rate”: As of any date of determination, the number, expressed as a percentage and determined
separately for each Class of Notes, obtained by summing the product of the S&P Recovery Rate on such date of determination
of each Collateral Obligation (excluding any Defaulted Obligation) and the Principal Balance of such Collateral Obligation, dividing
such sum by the Aggregate Principal Balance of all such Collateral Obligations and rounding to the nearest tenth of
a percent.

 

“Sale”:
The meaning specified in Section 5.17(a).

 

“Sale
Proceeds”: All proceeds (excluding accrued interest, if any) received with respect to Assets as a result of sales or
other dispositions of such Assets in accordance with Article XII (or Section 4.4 or Article V, as applicable) less any reasonable
expenses incurred by the Portfolio Manager, the Collateral Administrator or the Trustee (other than amounts payable as Administrative
Expenses) in connection with such sales or other dispositions.

 

“Schedule
of Collateral Obligations”: The schedule of Collateral Obligations attached as Schedule 1 hereto, which schedule shall
include the Obligor and Principal Balance of each Collateral Obligation included therein, as amended from time to time (without
the consent of or any action on the part of any Person) to reflect the release of Collateral Obligations pursuant to Article X
hereof and the inclusion of additional Collateral Obligations as provided in Section 12.2 hereof.

 

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“Scheduled
Distribution”: With respect to any Asset, for each Due Date, the scheduled payment of principal and/or interest due
on such Due Date with respect to such Asset, determined in accordance with the assumptions specified in Section 1.2 or, in the
case of Collateral Obligations acquired after the Closing Date, the related Cut-Off Date, as adjusted pursuant to the terms of
the Underlying Instruments.

 

“Second
Lien Loan”: Any assignment of or Participation Interest in a (1) First Lien Last Out Loan or (2) a Loan that: (a) is
not (and cannot by its terms become) subordinate in right of payment to any other obligation of the Obligor of the Loan (other
than with respect to trade claims, capitalized leases or similar obligations) but which is subordinated (with respect to liquidation
preferences with respect to pledged collateral) to a Senior Secured Loan of the Obligor; (b) is secured by a valid second-priority
perfected security interest or lien in, to or on specified collateral securing the Obligor’s obligations under the Second
Lien Loan the value of which is adequate (in the commercially reasonable judgment of the Portfolio Manager) to repay the Loan
in accordance with its terms and to repay all other Loans of equal or higher seniority secured by a lien or security interest
in the same collateral and (c) is not secured solely or primarily by common stock or other equity interests; provided that,
the limitation set forth in this clause (c) shall not apply with respect to a Loan made to a parent entity that is secured
solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any
such subsidiary of a lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation
secured is such Loan or any other similar type of indebtedness owing to third parties).

 

“Secured
Obligations”: The meaning specified in the Granting Clauses.

 

“Secured
Parties”: The meaning specified in the Granting Clauses.

 

“Securities
Act”: The United States Securities Act of 1933, as amended.

 

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

 

“Selling
Institution”: The entity obligated to make payments to the Issuer under the terms of a Participation Interest (other
than a Closing Date Participation Interest).

 

“Selling
Institution Collateral”: The meaning specified in Section 10.4.

 

“Senior
Net Leverage Ratio”: With respect any Senior Secured Loan, as of the date of acquisition (or commitment to acquire)
by the Issuer, (x) the “Senior Net Leverage Ratio” or comparable term set forth in the Underlying Instruments for
such Senior Secured Loan, or (y) in the case of any Senior Secured Loan with respect to which the related Underlying Instruments
do not include a definition of “Senior Net Leverage Ratio” or comparable term, the ratio obtained by dividing (1)
the funded first lien senior secured indebtedness which is senior to, or pari passu with, such Loan (less cash and cash
equivalents) over (2) the EBITDA of the related Obligor on such Senior Secured Loan as calculated by the Portfolio Manager
in accordance with the Portfolio Manager Standard using information from and calculations consistent with the relevant compliance
statements and financial reporting packages provided by the related Obligor as per the requirements of the Underlying Instruments.

 

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“Senior
Secured Bond”: Any obligation that: (a) constitutes borrowed money, (b) is in the form of, or represented by, a bond,
note, certificated debt security or other debt security (other than any of the foregoing that evidences a Loan, a Senior Secured
Floating Rate Note or a Participation Interest), (c) is not secured solely by common stock or other equity interests, (d) if it
is subordinated by its terms, is subordinated only to indebtedness for borrowed money, trade claims, capitalized leases or other
similar obligations and (e) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral
securing the Obligor’s obligations under such obligation.

 

“Senior
Secured Floating Rate Note”: Any obligation that: (a) constitutes borrowed money, (b) is in the form of, or represented
by, a bond, note (other than any note evidencing a Loan), certificated debt security or other debt security, (c) is expressly
stated to bear interest based upon a London interbank offered rate for Dollar deposits in Europe or a relevant reference bank’s
published base rate or prime rate for Dollar-denominated obligations in the United States or the United Kingdom, (d) does not
constitute, and is not secured by, Margin Stock, (e) if it is subordinated by its terms, is subordinated only to indebtedness
for borrowed money, trade claims, capitalized leases or other similar obligations and (f) is secured by a valid first priority
perfected security interest or lien in, to or on specified collateral securing the Obligor’s obligations under such obligation.

 

“Senior
Secured Loan”: Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms become)
subordinate in right of payment to any other obligation of the Obligor of the Loan (other than with respect to liquidation, trade
claims, capitalized leases or similar obligations); (b) is secured by a valid first-priority perfected security interest or lien
in, to or on specified collateral securing the Obligor’s obligations under the Loan; and (c) the value of the collateral
securing the Loan at the time of purchase together with other attributes of the Obligor (including, without limitation, its general
financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate
(in the commercially reasonable judgment of the Portfolio Manager) to repay the Loan in accordance with its terms and to repay
all other Loans of equal seniority secured by a first lien or security interest in the same collateral.

 

“Senior
Unsecured Bond”: Any unsecured obligation that: (a) constitutes borrowed money, (b) is in the form of, or represented
by, a bond, note, certificated debt security or other debt security (other than any of the foregoing that evidences a Loan or
Participation Interest) and (c) if it is subordinated by its terms, is subordinated only to indebtedness for borrowed money, trade
claims, capitalized leases or other similar obligations.

 

“Similar
Laws”: Local, state, federal, non-U.S. laws or other applicable laws that are substantially similar to the prohibited
transaction provisions of ERISA or Section 4975 of the Code.

 

“Special
Priority of Payments”: The meaning specified in Section 11.1(a)(iii).

 

“Special
Redemption”: The meaning specified in Section 9.6.

 

“Special
Redemption Date”: The meaning specified in Section 9.6.

 

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“Specified
Amendment”: With respect to any Collateral Obligation, any amendment, waiver or modification which would:

 

		(i)	modify
                                         the amortization schedule with respect to such Collateral Obligation in a manner that
                                         (A) reduces the dollar amount of any Scheduled Distribution by more than the greater
                                         of (x) 25% and (y) U.S.$250,000, (B) postpones any Scheduled Distribution by more than
                                         two payment periods or (C) causes the Weighted Average Life of the applicable Collateral
                                         Obligation to increase by more than 25%;

 

		(ii)	reduce
                                         or increase the cash interest rate payable by the Obligor thereunder by more than 100
                                         basis points (excluding any increase in an interest rate arising by operation of a default
                                         or penalty interest clause under a Collateral Obligation or as a result of an increase
                                         in the interest rate index for any reason other than such amendment, waiver or modification);

 

		(iii)	extend
                                         the stated maturity date of such Collateral Obligation by more than 24 months or beyond
                                         the Stated Maturity;

 

		(iv)	contractually
                                         or structurally subordinate such Collateral Obligation by operation of a priority of
                                         payments, turnover provisions, the transfer of assets in order to limit recourse to the
                                         related Obligor or the granting of Liens (other than Permitted Liens) on any of the underlying
                                         collateral securing such Collateral Obligation;

 

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

 

		(vi)	reduce
                                         the principal amount of the applicable Collateral Obligation.

 

“Specified
Test Items”: The meaning specified in Section 7.18(c).

 

“Standby
Direct Investment”: U.S. Bank Money Market Deposit Account (which for the avoidance of doubt is an Eligible Investment)
or such other Eligible Investment designated by the Issuer, or the Portfolio Manager on behalf of the Issuer, by written notice
to the Trustee.

 

“Stated
Maturity”: With respect to the Notes of any Class, the date specified as such in Section 2.3(b).

 

“Step-Down
Obligation”: An obligation or security which by the terms of the related Underlying Instruments provides for a decrease
in the per annum interest rate on such obligation or security (other than by reason of any change in the applicable index or benchmark
rate used to determine such interest rate) or in the spread over the applicable index or benchmark rate, solely as a function
of the passage of time; provided that, an obligation or security providing for payment of a constant rate of interest
at all times after the date of acquisition by the Issuer shall not constitute a Step-Down Obligation.

 

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“Step-Up
Obligation”: An obligation or security which by the terms of the related Underlying Instruments provides for an increase
in the per annum interest rate on such obligation or security, or in the spread over the applicable index or benchmark rate, solely
as a function of the passage of time; provided that, an obligation or security providing for payment of a constant
rate of interest at all times after the date of acquisition by the Issuer shall not constitute a Step-Up Obligation.

 

“Structured
Finance Obligation”: Any debt obligation which is secured directly, or represents the ownership of, a pool of consumer
receivables, auto loans, auto leases, equipment leases, home or commercial mortgages, corporate debt or sovereign debt obligations
or similar assets, including, without limitation, collateralized bond obligations, collateralized loan obligations or any similar
asset backed security.

 

“Subordinated
Management Fee”: The fee payable to the Portfolio Manager in arrears on each Payment Date, pursuant to Section 8 of
the Portfolio Management Agreement and the Priority of Payments, equal to 0.0% per annum (calculated on the basis of a 360-day
year and the actual number of days elapsed during the related Interest Accrual Period) of the Fee Basis Amount measured as of
the first day of the Collection Period relating to each Payment Date.

 

“Substitute
Collateral Obligations”: Collateral Obligations conveyed by the Transferor to the Issuer as substitute Collateral Obligations
pursuant to Section 12.5(a).

 

“Substitute
Collateral Obligations Qualification Conditions”: The following conditions:

 

		(i)	each
                                         Coverage Test, Collateral Quality Test and Concentration Limitation remains satisfied
                                         or, if not in compliance at the time of substitution, any such Coverage Test, Collateral
                                         Quality Test or Concentration Limitation is maintained or improved;

 

		(ii)	the
                                         Principal Balance of such Substitute Collateral Obligation (or, if more than one Substitute
                                         Collateral Obligation will be added in replacement of a Collateral Obligation or Collateral
                                         Obligations, the Aggregate Principal Balance of such Substitute Collateral Obligations)
                                         equals or exceeds the Principal Balance of the Collateral Obligation being substituted
                                         for and the Net Exposure Amount, if any, with respect thereto shall have been deposited
                                         in the Revolver Funding Account;

 

		(iii)	the
                                         Market Value of such Substitute Collateral Obligation (or, if more than one Substitute
                                         Collateral Obligation will be added in replacement of a Collateral Obligation or Collateral
                                         Obligations, the aggregate Market Value of such Substitute Collateral Obligations) equals
                                         or exceeds the Market Value of the Collateral Obligation being substituted;

 

		(iv)	(a)
                                         if any of the Collateral Obligations being substituted for are Second Lien Loans, the
                                         Aggregate Principal Balance of all Substitute Collateral Obligations that are Second
                                         Lien Loans equals or is less than the Principal Balance of the Collateral Obligations
                                         being substituted that are Second Lien Loans and (b) if none of the Collateral Obligations
                                         being substituted are Second Lien Loans, no Substitute Collateral Obligation is a Second
                                         Lien Loan;

 

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		(v)	(a)
                                         the Fitch Rating of each Substitute Collateral Obligation is equal to or higher than
                                         the Fitch Rating of the Collateral Obligation being substituted for and (b) the S&P
                                         Rating of each Substitute Collateral Obligation is equal to or higher than the S&P
                                         Rating of the Collateral Obligation being substituted for; and

 

		(vi)	solely
                                         after the Reinvestment Period, the stated maturity date of each Substitute Collateral
                                         Obligation is the same or earlier than the stated maturity date of the Collateral Obligation
                                         being substituted for.

 

“Substitution
Event”: An event which shall have occurred with respect to any Collateral Obligation that:

 

		(i)	becomes
                                         a Defaulted Obligation;

 

		(ii)	has
                                         a Material Covenant Default;

 

		(iii)	becomes
                                         subject to a proposed Specified Amendment; or

 

		(iv)	becomes
                                         a Credit Risk Obligation.

 

“Substitution
Period”: The meaning specified in Section 12.5(a)(ii).

 

“Successor
Entity”: The meaning specified in Section 7.10(a).

 

“Supermajority”:
With respect to any (x) Class of Notes, the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Notes of such
Class and (y) Interests, the members of the Issuer having Percentage Interests aggregating at least 66-2/3% Percentage Interests
in the Issuer.

 

“Synthetic
Obligation”: A security or swap transaction, other than a Participation Interest, that has payments associated with
either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation.

 

“Target
Initial Par Amount”: U.S.$511,700,000.

 

“Target
Initial Par Balance”: As of any date of determination, an amount equal to the Aggregate Principal Balance of Collateral
Obligations that are held by the Issuer and that the Issuer has committed to purchase on such date, together with any Principal
Financed Accrued Interests and the amount of any Principal Proceeds (on a trade date basis and without duplication on the settlement
date) received in respect of Collateral Obligations purchased by the Issuer prior to such date (other than any such proceeds that
have been reinvested in Collateral Obligations held by the Issuer on such date).

 

“Target
Initial Par Condition”: A condition satisfied as of the Effective Date if the Target Initial Par Balance exceeds the
Target Initial Par Amount.

 

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“Tax”:
Any tax, levy, impost, duty, charge or assessment of any nature (including interest, penalties and additions thereto) imposed
by any governmental taxing authority.

 

“Tax
Advice”: Written advice from Dechert LLP, or an opinion from tax counsel of nationally recognized standing in the United
States experienced in transactions of the type being addressed that (i) is based on knowledge by the Person giving the advice
of all relevant facts and circumstances of the Issuer and proposed action (which are described in the advice or in a written description
referred to in the advice which may be provided by the Issuer or Portfolio Manager) and (ii) is intended by the Person rendering
the advice to be relied upon by the Issuer in determining whether to take such action.

 

“Tax
Event”: An event that occurs if (i) any Obligor under any Collateral Obligation is required to deduct or withhold from
any payment under such Collateral Obligation to the Issuer for or on account of any Tax for whatever reason and such Obligor is
not required to pay to the Issuer such additional amount as is necessary to ensure that the net amount actually received by the
Issuer (free and clear of Taxes, whether assessed against such Obligor or the Issuer) will equal the full amount that the Issuer
would have received had no such deduction or withholding occurred or (ii) any jurisdiction imposes net income, profits or similar
Tax on the Issuer.

 

“Tax
Jurisdiction”: A sovereign jurisdiction that is commonly used as the place of organization of special purpose vehicles
(including, without limitation, the Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, Curaçao,
St. Maarten).

 

“Tax
Redemption”: The meaning specified in Section 9.3(a).

 

“Temporary
Global Note”: Any Note sold outside the United States to Qualified Purchasers that are non-”U.S. persons”
in reliance on Regulation S and issued in the form of a temporary global note as specified in Section 2.2(c) in definitive, fully
registered form without interest coupons.

 

“Third
Party Credit Exposure”: As of any date of determination, the Principal Balance of each Collateral Obligation that consists
of a Participation Interest.

 

“Third
Party Credit Exposure Limits”: Limits that shall be satisfied if the Third Party Credit Exposure with counterparties
having the ratings below from S&P do not exceed the percentage of the Collateral Principal Amount specified below:

 

	S&P’s
    credit 

    rating of Selling 

    Institution	Aggregate
    

    Percentage 

    Limit	Individual
    

    Percentage 

    Limit
	AAA	20%	20%
	AA+	10%	10%
	AA	10%	10%
	AA-	10%	10%
	A+	5%	5%
	A	5%	5%
	A-
    and below	0%	0%

 

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provided
that, a Selling Institution having an S&P credit rating of “A” must also have a short-term S&P
rating of “A-1” otherwise its “Aggregate Percentage Limit” and “Individual Percentage Limit”
shall be 0%.

 

“Trading
Plan”: The meaning specified in Section 1.2(i).

 

“Trading
Plan Period”: The meaning specified in Section 1.2(i).

 

“Transaction
Documents”: This Indenture, the Portfolio Management Agreement, the Collateral Administration Agreement, the Purchase
Agreement, the Account Agreement, the Loan Sale Agreement, the EU Retention Undertaking Letter and the Master Participation Agreements.

 

“Transaction
Parties”: The Issuer, the Portfolio Manager, the Initial Purchaser, the Placement Agents, the Retention Holder, the
Transferor, the Trustee and the Collateral Administrator.

 

“Transfer
Agent”: The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer
of Notes.

 

“Transfer
Certificate”: A duly executed certificate substantially in the form of the applicable Exhibit B.

 

“Transfer
Deposit Amount”: On any date of determination with respect to any Collateral Obligation, an amount equal to the sum
of the outstanding principal balance of such Collateral Obligation, together with accrued interest thereon through such date of
determination, and in connection with any Collateral Obligation which is a Revolving Collateral Obligation or a Delayed Drawdown
Collateral Obligation, an amount equal to the Net Exposure Amount thereof as of the applicable Cut-Off Date.

 

“Transferor”:
FS KKR Capital Corp., in its capacity as transferor under the Loan Sale Agreement.

 

“Treasury
Regulation”: The regulations promulgated under the Code.

 

“Trustee”:
As defined in the first sentence of this Indenture.

 

“Trustee’s
Website”: The Trustee’s internet website, which shall initially be located at https://pivot.usbank.com,
or such other address as the Trustee may provide to the Issuer, the Portfolio Manager and the Rating Agencies.

 

“U.S.
person”: The meaning specified in Regulation S.

 

“U.S.
Retention Holder”: On the Closing Date, FS KKR Capital Corp., and thereafter any successor, assignee or transferee thereof
permitted under the U.S. Risk Retention Rules.

 

“U.S.
Risk Retention Rules”: (i) The federal interagency credit risk retention rules, codified at 17 C.F.R. Part 246 and (ii)
any other future law, rules or regulations relating to credit risk retention that may apply to the issuance of Notes pursuant
to this Indenture.

 

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“U.S.
Tax Person”: A “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“UCC”:
The Uniform Commercial Code, as in effect from time to time in the State of New York.

 

“Uncertificated
Security”: The meaning specified in Article 8 of the UCC.

 

“Underlying
Instrument”: The indenture or other agreement pursuant to which an Asset has been issued or created and each other agreement
that governs the terms of or secures the obligations represented by such Asset or of which the holders of such Asset are the beneficiaries.

 

“Unregistered
Securities”: The meaning specified in Section 5.17(c).

 

“Unscheduled
Principal Payments”: All Principal Proceeds received in respect of Collateral Obligations from optional or nonscheduled
mandatory redemptions or amortizations, exchange offers, tender offers or other payments made at the option of the issuer thereof
or that are otherwise not scheduled to be made.

 

“Unsecured
Loan”: A senior unsecured Loan which is not (and by its terms is not permitted to become) subordinate in right of payment
to any other debt for borrowed money incurred by the Obligor under such Loan.

 

“Unused
Proceeds”: The meaning specified in Section 10.3(c).

 

“Valuation”:
With respect to any Collateral Obligation, a recent (as determined by the Portfolio Manager in accordance with the Portfolio Manager
Standard) valuation of the fair market value of such Collateral Obligation established by (a) reference to the “bid side”
price listed on a third-party pricing service such as LoanX or LPC or other service selected by the Portfolio Manager in accordance
with the Portfolio Manager Standard; provided that, if a fair market value is available from more than one pricing
service, the highest such “bid side” value so obtained shall be used, or (b) if data for such Collateral Obligation
is not available from such a pricing service, an analysis performed by a nationally recognized valuation firm to establish a fair
market value of such Collateral Obligation which reflects the “bid side” price that would be paid by a willing buyer
to a willing seller of such Collateral Obligation in an expedited sale on an arm’s-length basis.

 

“Volcker
Rule”: Section 13 of the Bank Holding Company Act of 1956, as amended, and the rules and regulations promulgated thereunder.

 

“Waived
Management Fee”: The meaning specified in Section 11.1(e).

 

“Weighted
Average Coupon”: As of any date of determination, the number obtained by dividing:

 

		(a)	the
                                         amount equal to the Aggregate Coupon; by

 

		(b)	an
                                         amount equal to the Aggregate Principal Balance of all Fixed Rate Obligations as of such
                                         date of determination (excluding (1) any Deferrable Obligation or Partial Deferring Obligation
                                         to the extent of any non-cash interest and (2) the unfunded portion of any Delayed Drawdown
                                         Collateral Obligation or Revolving Collateral Obligation that are Fixed Rate Obligations).

 

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“Weighted
Average Fitch Recovery Rate”: As of any date of determination, the rate (expressed as a percentage) determined by summing
the products obtained by multiplying the Principal Balance of each Collateral Obligation by the Fitch Recovery Rate
in relation thereto and dividing such sum by the Aggregate Principal Balance of all Collateral Obligations and rounding
up to the nearest 0.1 percent. For the purposes of determining the Principal Balance and Aggregate Principal Balance of Collateral
Obligations in this definition, the Principal Balance of each Defaulted Obligation shall be excluded.

 

“Weighted
Average Floating Spread”: As of any date of determination, the number obtained by dividing: (a) the amount equal to
(i) the Aggregate Funded Spread plus (ii) the Aggregate Unfunded Spread plus (iii) the Aggregate Excess Funded Spread;
by (b) an amount equal to the Aggregate Principal Balance (including for this purpose any capitalized interest) of all Floating
Rate Obligations as of such date of determination; provided that, solely for purposes of the S&P CDO Monitor Test,
the Weighted Average Floating Spread shall be determined using an Aggregate Excess Funded Spread deemed to equal zero.

 

“Weighted
Average Leverage Ratio”: As of any date of determination, the number obtained by (i) summing the products obtained
by multiplying, with respect to each Senior Secured Loan included in the Assets (but, for the avoidance of doubt, excluding
any Second Lien Loan), (x) the Senior Net Leverage Ratio of the related Obligor on such Senior Secured Loan, by (y) the
Principal Balance of such Senior Secured Loan and (ii) dividing such sum by the Aggregate Principal Balance of all Senior
Secured Loans owned by the Issuer as of such date of determination.

 

“Weighted
Average Leverage Ratio Test”: A test that will be satisfied as of any date of determination if the Weighted Average
Leverage Ratio is less than or equal to 4.25.

 

“Weighted
Average Life”: As of any date of determination with respect to all Collateral Obligations other than Defaulted Obligations,
the number of years following such date obtained by:

 

(I)
summing the products obtained by multiplying:

 

		(a)	the
                                         Average Life at such time of each such Collateral Obligation, by

 

		(b)	the
                                         Principal Balance of such Collateral Obligation,

 

and

 

(II)
dividing such sum by: the Aggregate Principal Balance at such time of all Collateral Obligations other than Defaulted Obligations.

 

For
the purposes of the foregoing, the “Average Life” is, on any date of determination with respect to any Collateral
Obligation, the quotient obtained by dividing (i) the sum of the products of (a) the number of years (rounded to
the nearest one hundredth thereof) from such date of determination to the respective dates of each successive Scheduled Distribution
of principal of such Collateral Obligation and (b) the respective amounts of principal of such Scheduled Distributions by
(ii) the sum of all successive Scheduled Distributions of principal on such Collateral Obligation.

 

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“Weighted
Average Life Test”: A test satisfied on any date of determination if the Weighted Average Life of all Collateral Obligations
as of such date is less than or equal to (a) 6.0 minus (b) the product of (i) 0.25 and (ii) the number of Quarterly Payment Dates
that have then occurred since the Closing Date (and such difference between clause (a) and (b) shall have a floor of zero).

 

“Zero
Coupon Bond”: Any debt security that by its terms (a) does not bear interest for all or part of the remaining period
that it is outstanding, (b) provides for periodic payments of interest in Cash less frequently than semi-annually or (c) pays
interest only at its stated maturity.

 

		Section
                              1.2.	Assumptions
                                         as to Assets

 

In
connection with all calculations required to be made pursuant to this Indenture with respect to Scheduled Distributions on any
Asset, or any payments on any other assets included in the Assets, with respect to the sale of and reinvestment in Collateral
Obligations, and with respect to the income that can be earned on Scheduled Distributions on such Assets and on any other amounts
that may be received for deposit in the Collection Account, the provisions set forth in this Section 1.2 shall be applied. The
provisions of this Section 1.2 shall be applicable to any determination or calculation that is covered by this Section 1.2, whether
or not reference is specifically made to this Section 1.2, unless some other method of calculation or determination is expressly
specified in the particular provision.

 

		(a)	All
                                         calculations with respect to Scheduled Distributions on the Assets shall be made on the
                                         basis of information as to the terms of each such Asset and upon reports of payments,
                                         if any, received on such Asset that are furnished by or on behalf of the issuer of such
                                         Asset and, to the extent they are not manifestly in error, such information or reports
                                         may be conclusively relied upon in making such calculations.

 

		(b)	For
                                         purposes of calculating the Coverage Tests, except as otherwise specified in such tests,
                                         such calculations will not include scheduled interest and principal payments on Defaulted
                                         Obligations, unless such payments have actually been received in Cash.

 

		(c)	For
                                         each Collection Period and as of any date of determination, the Scheduled Distribution
                                         on any Asset (other than a Defaulted Obligation, which, except as otherwise provided
                                         herein, shall be assumed to have a Scheduled Distribution of zero) shall be the sum of
                                         (i) the total amount of payments and collections to be received during such Collection
                                         Period in respect of such Asset (including the proceeds of the sale of such Asset received
                                         and, in the case of sales which have not yet settled, to be received during the Collection
                                         Period and not reinvested in additional Collateral Obligations or Eligible Investments
                                         or retained in the Collection Account for subsequent reinvestment pursuant to Section
                                         12.2) that, if received as scheduled, will be available in the Collection Account at
                                         the end of the Collection Period and (ii) any such amounts received in prior Collection
                                         Periods that were not disbursed on or prior to such date of determination.

 

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		(d)	Each
                                         Scheduled Distribution receivable with respect to an Asset shall be assumed to be received
                                         on the applicable Due Date, and each such Scheduled Distribution shall be assumed to
                                         be immediately deposited in the Collection Account to earn interest at the Assumed Reinvestment
                                         Rate. All such funds shall be assumed to continue to earn interest until the date on
                                         which they are required to be available in the Collection Account for application, in
                                         accordance with the terms hereof, to payments on the Notes or other amounts payable pursuant
                                         to this Indenture. For purposes of the applicable determinations required by Section
                                         10.7(b)(iv), Article XII and the definition of Interest Coverage Ratio, the expected
                                         interest on the Notes and Floating Rate Obligations will be calculated using the then
                                         current interest rates applicable thereto.

 

		(e)	References
                                         in Section 11.1(a) to calculations made on a “pro forma basis” shall
                                         mean such calculations after giving effect to all payments, in accordance with the Priority
                                         of Payments described herein, that precede (in priority of payment) or include the clause
                                         in which such calculation is made.

 

		(f)	For
                                         purposes of calculating all Concentration Limitations, in both the numerator and the
                                         denominator of any component of the Concentration Limitations, Defaulted Obligations
                                         will be treated as having a Principal Balance equal to zero.

 

		(g)	If
                                         a Collateral Obligation included in the Assets would be deemed a Current Pay Obligation
                                         but for the applicable percentage limitation in the proviso to clause (x) of the proviso
                                         to the definition of Defaulted Obligation, then the Current Pay Obligations with the
                                         lowest Market Value (assuming that such Market Value is expressed as a percentage of
                                         the Principal Balance of such Current Pay Obligations as of the date of determination)
                                         shall be deemed Defaulted Obligations. Each such Defaulted Obligation will be treated
                                         as a Defaulted Obligation for all purposes until such time as the Aggregate Principal
                                         Balance of Current Pay Obligations would not exceed, on a pro forma basis including
                                         such Defaulted Obligation, the applicable percentage of the Collateral Principal Amount.

 

		(h)	Except
                                         where expressly referenced herein for inclusion in such calculations, Defaulted Obligations
                                         will not be included in the calculation of the Collateral Quality Test.

 

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		(i)	For
                                         purposes of calculating compliance with the Investment Criteria, at the election of the
                                         Portfolio Manager in its sole discretion, any proposed investment (whether a single Collateral
                                         Obligation or a group of Collateral Obligations) identified by the Portfolio Manager
                                         as such at the time when compliance with the Investment Criteria is required to be calculated
                                         (a “Trading Plan”) may be evaluated after giving effect to all sales
                                         and reinvestments proposed to be entered into within a specified period of no longer
                                         than 10 Business Days (which period does not extend over a Determination Date) following
                                         the date of determination of such compliance (such period, the “Trading Plan
                                         Period”); provided that, (i) with respect to Discount Obligations,
                                         no calculation or evaluation may be made using the weighted average price of any Collateral
                                         Obligation or any group of Collateral Obligations, (ii) the Portfolio Manager, on behalf
                                         of the Issuer, notifies the Trustee and the Rating Agencies promptly upon the commencement
                                         of a Trading Plan, (iii) no Trading Plan may result in the purchase of Collateral Obligations
                                         having an Aggregate Principal Balance that exceeds 7.5% of the Collateral Principal Amount
                                         as of the first day of the Trading Plan Period, (iv) no Trading Plan Period may include
                                         a Payment Date, (v) no more than one Trading Plan may be in effect at any time during
                                         a Trading Plan Period and (vi) if the Investment Criteria are not satisfied with respect
                                         to any such identified reinvestment, notice will be provided to the Trustee, the Collateral
                                         Administrator and each Rating Agency; provided, further, that in connection with
                                         calculating compliance with the Investment Criteria in connection with any Trading Plan,
                                         the Portfolio Manager, at its discretion, may exclude from such calculations any Credit
                                         Risk Obligations sold during the applicable Trading Plan Period; provided, however,
                                         that, (x) subject to the restrictions set forth above, the Portfolio Manager may modify
                                         any Trading Plan during the related Trading Plan Period, and such modification will not
                                         be deemed to constitute a failure of such Trading Plan and (y) so long as the Investment
                                         Criteria are satisfied upon the expiry of the applicable Trading Plan Period (as it may
                                         be amended), the failure to satisfy any of the terms and assumptions specified in such
                                         Trading Plan will not be deemed to constitute a failure of such Trading Plan.

  

		(j)	For
                                         purposes of calculating compliance with the Collateral Quality Test, the Concentration
                                         Limitations and other Investment Criteria, upon the direction of the Portfolio Manager
                                         by notice to the Trustee and the Collateral Administrator, any Eligible Investment representing
                                         Principal Proceeds received as part of a scheduled distribution or an unscheduled distribution
                                         with respect to a Collateral Obligation or received upon the sale or other disposition
                                         of a Collateral Obligation may be deemed to have the characteristics of such Collateral
                                         Obligation until reinvested in an additional Collateral Obligation. Such calculations
                                         shall be based upon the principal amount of such Collateral Obligation, except in the
                                         case of Defaulted Obligations and Credit Risk Obligations, in which case the calculations
                                         will be based upon the Principal Proceeds received on the sale or other disposition of
                                         such Defaulted Obligation or Credit Risk Obligation.

 

		(k)	For
                                         purposes of calculating the Sale Proceeds of a Collateral Obligation in sale transactions,
                                         Sale Proceeds will include any Principal Financed Accrued Interest received in respect
                                         of such sale.

 

		(l)	For
                                         purposes of calculating clause (i) of the Concentration Limitations, the amounts on deposit
                                         in the Collection Account and the Ramp-Up Account (including Eligible Investments therein)
                                         representing Principal Proceeds shall each be deemed to be a Floating Rate Obligation
                                         that is a Senior Secured Loan.

 

		(m)	For
                                         purposes of calculating compliance with each of the Concentration Limitations, all calculations
                                         will be rounded to the nearest 0.1%. All other calculations, unless otherwise set forth
                                         herein or the context otherwise requires, shall be rounded to the nearest ten-thousandth
                                         if expressed as a percentage, and to the nearest one-hundredth if expressed otherwise.

 

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		(n)	Notwithstanding
                                         any other provision of this Indenture to the contrary, all monetary calculations under
                                         this Indenture shall be in Dollars.

 

		(o)	[Reserved].

 

		(p)	Any
                                         reference in this Indenture to an amount of the Trustee’s or the Collateral Administrator’s
                                         fees calculated with respect to a period at a per annum rate shall be computed on the
                                         basis of a 360-day year and the actual number of days elapsed during the related Interest
                                         Accrual Period and shall be based on the Fee Basis Amount.

 

		(q)	To
                                         the extent there is, in the reasonable determination of the Collateral Administrator
                                         or the Trustee, any ambiguity in the interpretation of any definition or term contained
                                         in this Indenture or to the extent the Collateral Administrator or the Trustee reasonably
                                         determines that more than one methodology can be used to make any of the determinations
                                         or calculations set forth herein, the Collateral Administrator and/or the Trustee, as
                                         the case may be, shall be entitled to request direction from the Portfolio Manager as
                                         to the interpretation and/or methodology to be used, and the Collateral Administrator
                                         and the Trustee, as applicable, shall be entitled to follow such direction and conclusively
                                         rely thereon without any responsibility or liability therefor.

 

		(r)	For
                                         purposes of calculating compliance with any tests hereunder (including the Target Initial
                                         Par Condition, Collateral Quality Test and Concentration Limitations), the trade date
                                         with respect to any acquisition or disposition of a Collateral Obligation or Eligible
                                         Investment shall be used to determine whether and when such acquisition or disposition
                                         has occurred.

 

		(s)	For
                                         purposes of the definition of Collateral Obligation, the reference to the “purchase”
                                         of a Collateral Obligation shall include the purchase of an obligation with cash, the
                                         receipt of an obligation by the Issuer in connection with a Contribution and the receipt
                                         of a new obligation in connection with the redemption and re-issuance of an obligation
                                         in a cashless roll where the redemption proceeds with respect to the Collateral Obligation
                                         being redeemed are “rolled” into the new obligation.

 

		(t)	For
                                         all purposes (including calculation of the Coverage Tests) except in connection with
                                         calculations for the Weighted Average Floating Spread, the Principal Balance of a Revolving
                                         Collateral Obligation or a Delayed Drawdown Collateral Obligation will include all unfunded
                                         commitments that have not been irrevocably reduced or withdrawn.

 

		(u)	All
                                         calculations related to Maturity Amendments, sales of Collateral Obligations, the Investment
                                         Criteria (and definitions related to sales of Collateral Obligations and the Investment
                                         Criteria), and other tests that would be calculated cumulatively beginning on the Closing
                                         Date will be reset at zero on the date of any Optional Redemption or Refinancing of the
                                         Notes other than on any Partial Redemption Date unless the S&P Rating Condition has
                                         been satisfied with respect to the Notes that are not subject to the refinancing on such
                                         Partial Redemption Date.

 

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		(v)	Measurement
                                         of the degree of compliance with the Coverage Tests shall be required as of each date
                                         of determination occurring (i) in the case of each Overcollateralization Ratio Test,
                                         on or after the Effective Date and (ii) in the case of the Interest Coverage Test, on
                                         or after the Determination Date immediately preceding the second Payment Date.

 

		(w)	Any
                                         direction or Issuer Order required hereunder relating to the purchase, acquisition, sale,
                                         disposition or other transfer of a Collateral Obligation may be in the form of a trade
                                         ticket, confirmation of trade, instruction to post or to commit to the trade or similar
                                         instrument or document or other written instruction (including by e-mail or other electronic
                                         communication or file transfer protocol) from an Authorized Officer of the Portfolio
                                         Manager on which the Trustee may rely.

 

		(x)	If
                                         any Collateral Obligation included in a Closing Date Participation Interest is not elevated
                                         by an assignment agreement prior to the Effective Date, for purposes of determining the
                                         Adjusted Collateral Principal Amount, such Collateral Obligation will be deemed to have
                                         a principal balance equal to its S&P Recovery Amount until the date on which such
                                         Collateral Obligation is assigned to the Issuer.

 

		(y)	For
                                         purposes of calculating the Collateral Quality Test, DIP Collateral Obligations will
                                         be treated as having an S&P Recovery Rate (as applicable) equal to the S&P Recovery
                                         Rate for Senior Secured Loans.

 

ARTICLE
II

THE NOTES

 

		Section
                              2.1.	Forms
                                         Generally

 

The
Notes and the Trustee’s or Authenticating Agent’s certificate of authentication thereon (the “Certificate
of Authentication”) shall be in substantially the forms required by this Article II, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by
an Authorized Officer of the Issuer executing such Notes as evidenced by their execution of such Notes. Any portion of the text
of any such Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note.

 

		Section
                              2.2.	Forms
                                         of Notes

 

		(a)	The
                                         forms of the Notes will be as set forth in the applicable Exhibit A hereto.

 

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		(b)	Notes
                                         of each Class will be duly executed by the Issuer and authenticated by the Trustee or
                                         the Authenticating Agent as hereinafter provided.

 

		(c)	Except
                                         for Notes issued in the form of Certificated Notes, the Notes of each Class offered to
                                         Qualified Purchasers that are non-”U.S. persons” in offshore transactions
                                         in reliance on Regulation S will be issued initially in the form of Temporary Global
                                         Notes and with the applicable legend set forth in the applicable Exhibit A added thereto,
                                         which will be deposited on behalf of the subscribers for such Notes represented thereby
                                         with the Trustee as custodian for DTC and registered in the name of a nominee of DTC
                                         for the respective accounts of Euroclear and Clearstream. On or after the 40th day following
                                         the later of the Closing Date and the commencement of the offering of the Notes (the
                                         “Restricted Period”), beneficial interests in a Temporary Global Note
                                         of any Class of Notes may be exchanged for interests in a Regulation S Global Note of
                                         the same Class upon certification that the beneficial owner(s) of such Temporary Global
                                         Note are Qualified Purchasers that are not “U.S. persons” (as defined under
                                         Regulation S). Upon the exchange of a Temporary Global Note for a Regulation S Global
                                         Note after the Restricted Trading Period, the Regulation S Global Note will be deposited
                                         with the Trustee as custodian for DTC and registered in the name of a nominee of DTC
                                         for the account of Euroclear and Clearstream. During the Restricted Period, interests
                                         in a Temporary Global Note will not be transferable to a person that takes delivery in
                                         the form of any interest in a Rule 144A Global Note or a Certificated Note.

 

		(d)	Except
                                         for Notes issued in the form of Certificated Notes, the Notes of each Class sold to Persons
                                         that are QIB/QPs will be issued initially in the form of one Rule 144A Global Note per
                                         Class and will be deposited on behalf of the subscribers for such Notes represented thereby
                                         with the Trustee as custodian for DTC and registered in the name of a nominee of DTC.
                                         Notes issued to an Other Account on the Closing Date that is both an Institutional Accredited
                                         Investor and a Qualified Purchaser will be issued in the form of Certificated Notes.

 

		(e)	All
                                         of the Notes issued on the Closing Date, other than Certificated Notes issued to an Other
                                         Account, will be issued in the form of Global Notes and will be deposited, in the case
                                         of the Rule 144A Global Notes, with the Trustee as custodian for DTC and registered in
                                         the name of a nominee of DTC, and, in the case of Regulation S Global Notes, registered
                                         in the name of a nominee of DTC for the account of Euroclear and Clearstream. After the
                                         Closing Date, all of the Notes shall be in the form of Global Notes except (x) Certificated
                                         Notes held by an Other Account and (y) Certificated Notes issued following a Depository
                                         Event or upon the request of a Holder during the continuance of an Event of Default.
                                         Certificated Notes held by an Other Account may not be exchanged at any time except in
                                         connection with a transfer of such Certificated Notes in accordance with Section 2.5(f)
                                         of this Indenture.

 

		(f)	Book
                                         Entry Provisions. This Section 2.2(f) shall apply only to Global Notes deposited
                                         with or on behalf of DTC.

 

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		(i)	The
                                         Aggregate Outstanding Amount of Global Notes may from time to time be increased or decreased
                                         by adjustments made on the records of the Trustee or DTC or its nominee, as the case
                                         may be, as hereinafter provided.

 

		(ii)	The
                                         provisions of the “Operating Procedures of the Euroclear System” of Euroclear
                                         and the “Terms and Conditions Governing Use of Participants” of Clearstream,
                                         respectively, will be applicable to the Global Notes insofar as interests in such Global
                                         Notes are held by the Agent Members of Euroclear or Clearstream, as the case may be.

 

		(iii)	Agent
                                         Members and owners of beneficial interests in Global Notes shall have no rights under
                                         this Indenture with respect to any Global Notes held on their behalf by the Trustee,
                                         as custodian for DTC and DTC may be treated by the Issuer, the Trustee, and any agent
                                         of the Issuer or the Trustee as the absolute owner of such Note for purposes of this
                                         Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the
                                         Trustee, or any agent of the Issuer or the Trustee, from giving effect to any written
                                         certification, proxy or other authorization furnished by DTC or impair, as between DTC
                                         and its Agent Members, the operation of customary practices governing the exercise of
                                         the rights of a Holder of any Note.

 

		Section 2.3.	Authorized
                                         Amount; Stated Maturity; Denominations

 

		(a)	The
                                         aggregate principal amount of Notes that may be authenticated and delivered under this
                                         Indenture is limited to U.S.$378,700,000 aggregate principal amount of Notes (except
                                         for (i) Deferred Interest with respect to the Deferred Interest Notes, (ii) Notes authenticated
                                         and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
                                         Notes pursuant to Section 2.5, Section 2.6 or Section 8.5 or (iii) additional notes issued
                                         in accordance with Sections 2.13 and 3.2).

 

		(b)	Such
                                         Notes shall be divided into the Classes, having the designations, original principal
                                         amounts and other characteristics as follows:

 

	Designation	Class
    A-1

    Notes	Class
    A-2 

    Notes	Class
    B Notes
	Type	Senior
    Secured Floating Rate	Senior
    Secured Floating Rate	Secured
                                         Deferrable

        

        Floating
        Rate 

	Initial
    

    Principal 

    Amount 

    (U.S.$)	$299,400,000	$52,300,000	$27,000,000
	Expected
    S&P Initial Rating	“AAA
    (sf)”	“AA
    (sf)”	“A
    (sf)”
	Expected
    Fitch Initial Rating	“AAAsf”	N/A	N/A
	Index
    

    Maturity	3
    month	3
    month	3
    month
	Interest
    Rate1	LIBOR
                                         +

        

        1.70%
	LIBOR
                                         +

        

        2.50%
	LIBOR
                                         +

        

        4.10%

        

	Deferred
    Interest Notes	No	No	Yes
	Re-Pricing
    Eligible2	No	Yes	Yes
	Stated

                                         Maturity

        

        (Quarterly
        Payment Date in)

        
	July
    2030	July
    2030	July
    2030
	Minimum
    Denominations (U.S.$) (Integral Multiples)	$250,000

    ($1)	$250,000

    ($1)	$250,000
    

    ($1)
	Priority
    Class(es)	None	A-1	A-1,
    A-2
	Pari
    Passu Class(es)	None	None	None
	Junior
    Class(es)	A-2,
    B, Interests	B,
    Interests	Interests

 

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                                                    1
	LIBOR
                                         shall be calculated in accordance with the definition set forth in Exhibit C hereto;
                                         provided, that LIBOR for the first Interest Accrual Period will be set on two
                                         different Interest Determination Dates and, therefore, two different rates may apply
                                         during that period. 

 

		2	The
                                         spread over LIBOR applicable to any Class of Re-Pricing Eligible Notes may be reduced
                                         in connection with a Re-Pricing of such Class of Re-Pricing Eligible Notes, subject to
                                         the conditions set forth in Section 9.8.

 

		(c)	The
                                         Notes will be issued in Minimum Denominations. Notes shall only be transferred or resold
                                         in compliance with the terms of this Indenture.

 

		Section 2.4.	Execution,
                                         Authentication, Delivery and Dating

 

The
Notes shall be executed on behalf of the Issuer by one of its Authorized Officers. The signature of such Authorized Officer on
the Notes may be manual or facsimile.

 

Notes
bearing the manual, electronic or facsimile signatures of individuals who were at the time of execution Authorized Officers of
the Issuer, shall bind the Issuer, notwithstanding the fact that such individuals or any of them have ceased to hold such offices
prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes.

 

At
any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the
Issuer to the Trustee or the Authenticating Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer
Order (which Issuer Order shall be deemed to be provided upon delivery of such executed Notes), shall authenticate and deliver
such Notes as provided in this Indenture and not otherwise.

 

Each
Note authenticated and delivered by the Trustee or the Authenticating Agent upon Issuer Order on the Closing Date shall be dated
as of the Closing Date. All other Notes that are authenticated and delivered after the Closing Date for any other purpose under
this Indenture shall be dated the date of their authentication.

 

Notes
issued upon transfer, exchange or replacement of other Notes shall be issued in Minimum Denominations reflecting the original
Aggregate Outstanding Amount of the Notes so transferred, exchanged or replaced, but shall represent only the Aggregate Outstanding
Amount of the Notes so transferred, exchanged or replaced. In the event that any Note is divided into more than one Note in accordance
with this Article II, the original principal amount of such Note shall be proportionately divided among the Notes delivered in
exchange therefor and shall be deemed to be the original aggregate principal amount of such subsequently issued Notes.

 

No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on
such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Trustee or by the Authenticating
Agent by the manual signature of one of its Authorized Officers, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered hereunder.

  

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		Section
                              2.5.	Registration,
                                         Registration of Transfer and Exchange

 

		(a)	(i)
                                         	The
                                         Issuer shall cause the Notes to be registered and shall cause to be kept a register (the
                                         “Register”) at the Corporate Trust Office in which, subject to such
                                         reasonable regulations as it may prescribe, the Issuer shall provide for the registration
                                         of Notes and the registration of transfers of Notes. The Trustee is hereby initially
                                         appointed “registrar” (the “Registrar”) for the purpose
                                         of maintain the Register and registering Notes and transfers of such Notes in the Register.
                                         Upon any resignation or removal of the Registrar, the Issuer shall promptly appoint a
                                         successor or, in the absence of such appointment or until such appointment is effective,
                                         assume the duties of Registrar.

 

		(ii)	If
                                         a Person other than the Trustee is appointed by the Issuer as Registrar, the Issuer will
                                         give the Trustee prompt written notice (with a copy to the Portfolio Manager) of the
                                         appointment of a Registrar and of the location, and any change in the location, of the
                                         Register, and the Trustee shall have the right to inspect the Register at all reasonable
                                         times and to obtain copies thereof and the Trustee shall have the right to rely upon
                                         a certificate executed on behalf of the Registrar by an Officer thereof as to the names
                                         and addresses of the Holders and the principal amounts and numbers of such Notes. Upon
                                         written request at any time, the Registrar shall provide to the Issuer, the Portfolio
                                         Manager or any Holder a current list of Holders as reflected in the Register. At the
                                         expense of the Issuer and at the direction of the Issuer or the Portfolio Manager, the
                                         Trustee shall request a list of participants from the book-entry depositories and provide
                                         such list to the Issuer or the Portfolio Manager, as applicable.

 

		(iii)	Subject
                                         to this Section 2.5, upon surrender for registration of transfer of any Notes at the
                                         office or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer
                                         shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
                                         transferee or transferees, one or more new Notes of any Minimum Denomination and of a
                                         like aggregate principal or face amount.

 

		(iv)	At
                                         the option of the Holder, Notes may be exchanged for Notes of like terms, in any Minimum
                                         Denominations and of like aggregate principal amount, upon surrender of the Notes to
                                         be exchanged at such office or agency. Whenever any Note is surrendered for exchange,
                                         the Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes that
                                         the Holder making the exchange is entitled to receive.

 

		(v)	All
                                         Notes authenticated and delivered upon any registration of transfer or exchange of Notes
                                         shall be the valid obligations of the Issuer, evidencing the same debt (to the extent
                                         they evidence debt), and entitled to the same benefits under this Indenture as the Notes
                                         surrendered upon such registration of transfer or exchange.

 

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		(vi)	Every
                                         Note presented or surrendered for registration of transfer or exchange shall be duly
                                         endorsed, or be accompanied by a written instrument of transfer in form reasonably satisfactory
                                         to the Registrar duly executed by the Holder thereof or such Holder’s attorney
                                         duly authorized in writing, with such signature guaranteed by an “eligible guarantor
                                         institution” meeting the requirements of the Registrar, which requirements include
                                         membership or participation in Securities Transfer Agents Medallion Program (“STAMP”)
                                         or such other “signature guarantee program” as may be determined by the Registrar
                                         in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.

 

		(vii)	No
                                         service charge shall be made to a Holder for any registration of transfer or exchange
                                         of Notes, but the Issuer, the Registrar or the Trustee may require payment of a sum sufficient
                                         to cover any tax or other governmental charge payable in connection therewith. The Registrar
                                         or the Trustee shall be permitted to request such evidence reasonably satisfactory to
                                         it documenting the identities and/or signatures of the transferor and transferee.

 

		(b)	(i)
                                         	No
                                         Note may be sold or transferred (including, without limitation, by pledge or hypothecation)
                                         unless such sale or transfer is exempt from the registration requirements of the Securities
                                         Act, is exempt from the registration requirements under applicable state securities laws
                                         and will not cause either of the Issuer or the pool of collateral to become subject to
                                         the requirement that it register as an investment company under the Investment Company
                                         Act.

 

		(ii)	No
                                         Note may be offered, sold, delivered or transferred (including, without limitation, by
                                         pledge or hypothecation) except (i) to (A) a Qualified Purchaser that is not a “U.S.
                                         person” (as defined under Regulation S) in accordance with the requirements of
                                         Regulation S, (B) a QIB/QP or (C) solely in the case of Certificated Notes, an IAI/QP
                                         and (ii) in accordance with any applicable law.

 

		(iii)	[Reserved].

 

		(iv)	No
                                         Note may be offered, sold or delivered (i) as part of the distribution by the Initial
                                         Purchaser and the Placement Agents at any time or (ii) otherwise until after the Restricted
                                         Period within the United States or to, or for the benefit of, “U.S. persons”
                                         (as defined under Regulation S) except in accordance with Rule 144A or an exemption from
                                         the registration requirements of the Securities Act, to Qualified Purchasers that are
                                         (x) purchasing for their own account or for the accounts of one or more Qualified Institutional
                                         Buyers for which the purchaser is acting as a fiduciary or agent or (y) solely in the
                                         case of Certificated Notes issued to an Other Account, an Institutional Accredited Investor.
                                         The Notes may be sold or resold, as the case may be, in offshore transactions to Qualified
                                         Purchasers that are non-”U.S. persons” (as defined under Regulation S) in
                                         reliance on Regulation S. No Rule 144A Global Note may at any time be held by or on behalf
                                         of any Person that is not a QIB/QP, and no Temporary Global Note or Regulation S Global
                                         Note may be held at any time by or on behalf of any Person that is either (A) not a Qualified
                                         Purchaser or (B) a U.S. person. None of the Issuer, the Trustee or any other Person may
                                         register the Notes under the Securities Act or any state or other securities laws or
                                         the applicable laws of any other jurisdiction.

 

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		(c)	No
                                         transfer of a beneficial interest in a Note will be effective if the transferee’s
                                         acquisition, holding or disposition of such interest would constitute or result in a
                                         prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or in
                                         a violation of any Similar Law or other applicable law), unless an exemption is available
                                         and all conditions have been satisfied.

 

		(d)	Notwithstanding
                                         anything contained herein to the contrary, the Trustee will not be responsible for ascertaining
                                         whether any transfer complies with, or for otherwise monitoring or determining compliance
                                         with, the registration provisions of or any exemptions from the Securities Act, applicable
                                         state securities laws or the applicable laws of any other jurisdiction, ERISA, the Code
                                         or the Investment Company Act; provided that, if a Transfer Certificate
                                         is specifically required by the terms of this Section 2.5 to be provided to the Trustee,
                                         the Trustee shall be under a duty to receive and examine the same to determine whether
                                         or not the certificate substantially conforms on its face to the applicable requirements
                                         of this Indenture and shall promptly notify the party delivering the same if such certificate
                                         does not comply with such terms; provided further, the Trustee shall not be required
                                         to obtain any certificate specifically required by the terms of this Section 2.5 if the
                                         Trustee is not notified of or in a position to know of any transfer requiring such a
                                         certificate to be presented by the proposed transferor or transferee.

 

		(e)	Transfers
                                         of Global Notes shall only be made in accordance with this Section 2.5(e).

 

		(i)	Rule
                                         144A Global Note to Regulation S Global Note. If a holder of a beneficial interest
                                         in a Rule 144A Global Note deposited with DTC wishes at any time to exchange its interest
                                         in such Rule 144A Global Note for an interest in the corresponding Regulation S Global
                                         Note, or to transfer its interest in such Rule 144A Global Note to a Person who wishes
                                         to take delivery thereof in the form of an interest in the corresponding Regulation S
                                         Global Note, such holder (provided that, such holder or, in the case of
                                         a transfer, the transferee, is a Qualified Purchaser that is not a U.S. person and is
                                         acquiring such interest in an offshore transaction in accordance with Regulation S) may,
                                         subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange
                                         or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial
                                         interest in the corresponding Regulation S Global Note. Upon receipt by the Trustee or
                                         the Registrar of (A) instructions given in accordance with DTC’s procedures from
                                         an Agent Member directing the Trustee or the Registrar to credit or cause to be credited
                                         a beneficial interest in the corresponding Regulation S Global Note, but not less than
                                         the Minimum Denomination applicable to such holder’s Notes, in an amount equal
                                         to the beneficial interest in the Rule 144A Global Note to be exchanged or transferred,
                                         (B) a written order given in accordance with DTC’s procedures containing information
                                         regarding the participant account of DTC and the Euroclear or Clearstream account to
                                         be credited with such increase and (C) a Transfer Certificate from the transferor and
                                         the transferee in the form of Exhibit B-2, then the Trustee or the Registrar shall approve
                                         the instructions at DTC to reduce the principal amount of the Rule 144A Global Note and
                                         to increase the principal amount of the Regulation S Global Note by the aggregate principal
                                         amount of the beneficial interest in the Rule 144A Global Note to be exchanged or transferred,
                                         and to credit or cause to be credited to the securities account of the Person specified
                                         in such instructions a beneficial interest in the corresponding Regulation S Global Note
                                         equal to the reduction in the principal amount of the Rule 144A Global Note.

 

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		(ii)	Regulation
                                         S Global Note to Rule 144A Global Note. If a holder of a beneficial interest in a
                                         Regulation S Global Note deposited with DTC wishes at any time to exchange its interest
                                         in such Regulation S Global Note for an interest in the corresponding Rule 144A Global
                                         Note or to transfer its interest in such Regulation S Global Note to a Person who wishes
                                         to take delivery thereof in the form of an interest in the corresponding Rule 144A Global
                                         Note, such holder may, subject to the immediately succeeding sentence and the rules and
                                         procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer,
                                         or cause the exchange or transfer of, such interest for an equivalent beneficial interest
                                         in the corresponding Rule 144A Global Note. Upon receipt by the Trustee or the Registrar
                                         of (A) instructions from Euroclear, Clearstream and/or DTC, as the case may be, directing
                                         the Registrar to cause to be credited a beneficial interest in the corresponding Rule
                                         144A Global Note in an amount equal to the beneficial interest in such Regulation S Global
                                         Note, but not less than the Minimum Denomination applicable to such holder’s Notes
                                         to be exchanged or transferred, such instructions to contain information regarding the
                                         participant account with DTC to be credited with such increase and (B) a Transfer Certificate
                                         from the transferor and the transferee in the form of Exhibit B-1, then the Registrar
                                         will approve the instructions at DTC to reduce, or cause to be reduced, such Regulation
                                         S Global Note by the aggregate principal amount of the beneficial interest in such Regulation
                                         S Global Note to be transferred or exchanged and the Registrar shall instruct DTC, concurrently
                                         with such reduction, to credit or cause to be credited to the securities account of the
                                         Person specified in such instructions a beneficial interest in the corresponding Rule
                                         144A Global Note equal to the reduction in the principal amount of such Regulation S
                                         Global Note.

 

		(f)	Transfers
                                         and exchanges of or for Certificated Notes will only be made in accordance with this
                                         Section 2.5(f) and Section 2.10.

 

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		(i)	If
                                         a Depository Event has occurred or an Event of Default has occurred and is continuing
                                         and a holder of a Certificated Note wishes at such time to exchange its interest in such
                                         Certificated Note for one or more Certificated Notes or to transfer such Certificated
                                         Note to a Person who wishes to take delivery thereof in the form of a Certificated Note,
                                         such holder may exchange or transfer its interest upon delivery of the documents set
                                         forth in the following sentence. Upon receipt by the Registrar of (A) a Holder’s
                                         Certificated Note properly endorsed for assignment to the transferee, and (B) a Transfer
                                         Certificate from the transferor and the transferee in the form of Exhibit B-3, the Registrar
                                         shall cancel such Certificated Note in accordance with Section 2.9, record the transfer
                                         in the Register in accordance with Section 2.5(a) and upon execution by the Issuer and
                                         authentication and delivery by the Trustee, deliver one or more Certificated Notes bearing
                                         the same designation as the Certificated Note endorsed for transfer, registered in the
                                         names specified in the assignment described in clause (A) above, in principal amounts
                                         designated by the transferee (the aggregate of such principal amounts being equal to
                                         the aggregate principal amount of the Certificated Note surrendered by the transferor),
                                         and in Minimum Denominations.

 

		(ii)	If
                                         an Other Account holding a Certificated Note wishes at any time to transfer such Certificated
                                         Note to a Person who wishes to take delivery thereof in the form of an interest in a
                                         Rule 144A Global Note, such Other Account may, subject to the immediately succeeding
                                         sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case
                                         may be, transfer, or cause the transfer of, such Certificated Note to such Person in
                                         the form of a beneficial interest in a Rule 144A Global Note. Upon receipt by the Registrar
                                         of (A) such Other Account’s Certificated Note properly endorsed for assignment
                                         to the transferee, (B) instructions given in accordance with DTC’s procedures from
                                         an Agent Member directing the Registrar to credit or cause to be credited a beneficial
                                         interest in a Rule 144A Global Note in an amount equal to the Certificated Note to be
                                         transferred, but not less than the Minimum Denomination applicable to such Other Account’s
                                         Certificated Notes, such instructions to contain information regarding the participant
                                         account with DTC to be credited with such increase and (C) a Transfer Certificate from
                                         the transferor and the transferee in the form of Exhibit B-1, then the Registrar shall
                                         cancel such Certificated Note in accordance with Section 2.9, record the transfer in
                                         the Register in accordance with Section 2.5(a) and the Registrar shall instruct DTC,
                                         concurrently with such cancellation, to credit or cause to be credited to the securities
                                         account of the Person specified in such instructions a beneficial interest in a Rule
                                         144A Global Note equal to the principal amount of the Certificated Note transferred.

 

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		(iii)	If
                                         an Other Account holding a Certificated Note wishes at any time to transfer such Certificated
                                         Note to a Person who wishes to take delivery thereof in the form of an interest in a
                                         Regulation S Global Note, such Other Account (provided that, the transferee
                                         is a Qualified Purchaser that is not a U.S. person and is acquiring such interest in
                                         an offshore transaction) may, subject to the immediately succeeding sentence and the
                                         rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, transfer,
                                         or cause the transfer of, such Certificated Note to such Person in the form of a beneficial
                                         interest in a Regulation S Global Note. Upon receipt by the Registrar of (A) such Other
                                         Account’s Certificated Note properly endorsed for assignment to the transferee,
                                         (B) instructions given in accordance with Euroclear, Clearstream or DTC’s procedures,
                                         as the case may be, from an Agent Member directing the Registrar to credit or cause to
                                         be credited a beneficial interest in a Regulation S Global Note in an amount equal to
                                         the Certificated Note to be transferred, but not less than the Minimum Denomination applicable
                                         to such Other Account’s Certificated Notes, such instructions to contain information
                                         regarding the participant account with DTC and the Euroclear or Clearstream account to
                                         be credited with such increase and (C) a Transfer Certificate from the transferor and
                                         the transferee in the form of Exhibit B-2, then the Registrar shall cancel such Certificated
                                         Note in accordance with Section 2.9, record the transfer in the Register in accordance
                                         with Section 2.5(a) and the Registrar shall instruct DTC, concurrently with such cancellation,
                                         to credit or cause to be credited to the securities account of the Person specified in
                                         such instructions a beneficial interest in a Regulation S Global Note equal to the principal
                                         amount of the Certificated Note transferred.

  

		(g)	If
                                         Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable
                                         legends set forth in the applicable Exhibit A hereto, and if a request is made to remove
                                         such applicable legend on such Notes, the Notes so issued shall bear such applicable
                                         legend, or such applicable legend shall not be removed, as the case may be, unless there
                                         is delivered to the Trustee and the Issuer such satisfactory evidence, which may include
                                         an Opinion of Counsel acceptable to them, as may be reasonably required by the Issuer
                                         (and which shall by its terms permit reliance by the Trustee), to the effect that neither
                                         such applicable legend nor the restrictions on transfer set forth therein are required
                                         to ensure that transfers thereof comply with the provisions of the Securities Act, the
                                         Investment Company Act, ERISA or the Code. Upon provision of such satisfactory evidence,
                                         the Trustee or its Authenticating Agent, at the written direction of the Issuer shall,
                                         after due execution by the Issuer authenticate and deliver Notes that do not bear such
                                         applicable legend.

 

		(h)	Each
                                         Person who becomes a beneficial owner of an interest in a Global Note will be deemed
                                         to have represented and agreed as follows:

 

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		(i)	In
                                         connection with the purchase of such Notes: (A) none of the Issuer, the Portfolio Manager,
                                         the Transferor, the Retention Holder, the Initial Purchaser, the Placement Agents, the
                                         Trustee, the Collateral Administrator or any of their respective Affiliates is acting
                                         as a fiduciary or financial or investment adviser for such beneficial owner; (B) such
                                         beneficial owner is not relying (for purposes of making any investment decision or otherwise)
                                         upon any advice, counsel or representations (whether written or oral) of the Issuer,
                                         the Portfolio Manager, the Transferor, the Retention Holder, the Trustee, the Collateral
                                         Administrator, the Initial Purchaser, either Placement Agent or any of their respective
                                         Affiliates other than any statements in the Offering Circular, and such beneficial owner
                                         has read and understands the Offering Circular; (C) such beneficial owner has consulted
                                         with its own legal, regulatory, tax, business, investment, financial and accounting advisors
                                         to the extent it has deemed necessary and has made its own independent investment decisions
                                         (including decisions regarding the suitability of any transaction pursuant to this Indenture)
                                         based upon its own judgment and upon any advice from such advisors as it has deemed necessary
                                         and not upon any view expressed by the Issuer, the Portfolio Manager, the Trustee, the
                                         Collateral Administrator, the Initial Purchaser, either Placement Agent or any of their
                                         respective Affiliates; (D) such beneficial owner is either (1) (in the case of a Rule
                                         144A Global Note) both (a) a “qualified institutional buyer” (as defined
                                         under Rule 144A under the Securities Act) that is not a broker-dealer which owns and
                                         invests on a discretionary basis less than U.S.$25,000,000 in securities of issuers that
                                         are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(i)(D)
                                         or (a)(1)(i)(E) of Rule 144A under the Securities Act or a trust fund referred to in
                                         paragraph (a)(1)(i)(F) of Rule 144A under the Securities Act that holds the assets of
                                         such a plan, if investment decisions with respect to the plan are made by beneficiaries
                                         of the plan and (b) a Qualified Purchaser for purposes of Section 3(c)(7) of the Investment
                                         Company Act (or a corporation, partnership, limited liability company or other entity
                                         (other than a trust), each shareholder, partner, member or other equity owner of which
                                         is a Qualified Purchaser) or (2) (in the case of a beneficial owner of an interest in
                                         a Regulation S Global Note) a Qualified Purchaser that is not a “U.S. person”
                                         and is acquiring the Notes in an offshore transaction (as defined in Regulation S) in
                                         reliance on the exemption from registration provided by Regulation S; (E) such beneficial
                                         owner is acquiring its interest in such Notes for its own account; (F) such beneficial
                                         owner was not formed for the purpose of investing in such Notes; (G) such beneficial
                                         owner understands that the Issuer or the Portfolio Manager may receive a list of participants
                                         holding interests in the Notes from one or more book-entry depositories; (H) such beneficial
                                         owner will hold and transfer at least the Minimum Denomination of such Notes; (I) such
                                         beneficial owner is a sophisticated investor and is purchasing the Notes with a full
                                         understanding of all of the terms, conditions and risks thereof, and is capable of and
                                         willing to assume those risks; (J) such beneficial owner will provide notice of the relevant
                                         transfer restrictions to subsequent transferees; (K) it will not hold the Notes for the
                                         benefit of any other Person and will be the sole beneficial owner thereof for all purposes;
                                         (L) in accordance with the provisions therefor in this Indenture, it will not sell participation
                                         interests in such Notes or enter into any other arrangement pursuant to which any other
                                         Person will be entitled to a beneficial interest in the distributions on such Notes;
                                         (M) all Notes purchased directly or indirectly by it will constitute an investment of
                                         no more than 40% of its assets; and (N) such beneficial owner is not purchasing such
                                         Notes with a view to the resale, distribution or other disposition thereof in violation
                                         of the Securities Act; provided that, none of the representations set forth in
                                         clauses (A) through (C) above is made by the Portfolio Manager, any affiliate thereof,
                                         or any account or fund managed by the Portfolio Manager or any of its affiliates.

 

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		(ii)	Such
                                         beneficial owner’s acquisition, holding and disposition of the Notes will not constitute
                                         or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
                                         Code (or in a non-exempt violation of any Similar Laws or other applicable law) unless
                                         an exemption is available and all conditions have been satisfied. If the purchaser or
                                         transferee of any Note or beneficial interest therein is a Benefit Plan Investor, it
                                         will be required or deemed to represent, warrant and agree that (i) none of the Transaction
                                         Parties, nor any of their affiliates, has provided any investment advice within the meaning
                                         of Section 3(21)(A)(ii) of ERISA, and regulations thereunder, to the Benefit Plan Investor
                                         or to the Fiduciary (as defined below), in connection with its acquisition of Notes,
                                         and (ii) the Fiduciary is exercising its own independent judgment in evaluating the transaction.
                                         Such beneficial owner understands that the representations made in this clause will be
                                         deemed made on each day from the date of its acquisition of an interest in such Notes
                                         through and including the date on which it disposes of such interest. If any such representation
                                         becomes untrue, or if there is a change in its status as a Benefit Plan Investor or a
                                         Controlling Person, it will immediately notify the Trustee. It agrees to indemnify and
                                         hold harmless the Issuer, the Trustee, the Initial Purchaser, the Placement Agents and
                                         the Portfolio Manager and their respective Affiliates from any cost, damage, or loss
                                         incurred by them as a result of any such representation being untrue.

 

		(iii)	Such
                                         beneficial owner understands that such Notes are being offered only in a transaction
                                         not involving any public offering in the United States within the meaning of the Securities
                                         Act, such Notes have not been and will not be registered under the Securities Act, and,
                                         if in the future such beneficial owner decides to offer, resell, pledge or otherwise
                                         transfer such Notes, such Notes may be offered, resold, pledged or otherwise transferred
                                         only in accordance with the provisions of this Indenture and the legend on such Notes.
                                         Such beneficial owner acknowledges that no representation has been made as to the availability
                                         of any exemption under the Securities Act or any state or other securities laws for resale
                                         of such Notes. Such beneficial owner understands that neither the Issuer nor the pool
                                         of collateral has been registered under the Investment Company Act, and acknowledges
                                         that the Issuer is exempt from registration as such by virtue of Section 3(c)(7) of the
                                         Investment Company Act.

 

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		(iv)	Such
                                         beneficial owner is aware that, except as otherwise provided in this Indenture, any Notes
                                         being sold to it in reliance on Regulation S will be represented by one or more Temporary
                                         Global Notes or Regulation S Global Notes, as applicable, and that beneficial interests
                                         therein may be held only through DTC for the respective accounts of Euroclear or Clearstream.

 

		(v)	Such
                                         beneficial owner will provide notice to each person to whom it proposes to transfer any
                                         interest in the Notes of the transfer restrictions and representations set forth in this
                                         Section 2.5, including the Exhibits referenced herein.

 

		(vi)	It
                                         acknowledges and agrees that the failure to provide the Issuer and the Trustee (and any
                                         of their agents) with the properly completed and signed tax certifications (generally,
                                         in the case of U.S. federal income tax, an IRS Form W-9 (or applicable successor form)
                                         in the case of a person that is a U.S. Tax Person or the appropriate IRS Form W-8 (or
                                         applicable successor form) in the case of a person that is not a U.S. Tax Person) may
                                         result in withholding from payments in respect of the Note, including U.S. federal withholding
                                         or back-up withholding.

 

		(vii)	Such
                                         beneficial owner agrees that it will not, prior to the date which is one year (or, if
                                         longer, the applicable preference period then in effect) plus one day after the payment
                                         in full of all Notes, cause a Bankruptcy Filing against the Issuer. Such beneficial owner
                                         further acknowledges and agrees that if it causes any such Bankruptcy Filing against
                                         the Issuer prior to the expiration of the period specified in the previous sentence,
                                         (A) any claim that it has against the Issuer (including under all Notes of any Class
                                         held by such Filing Holder(s)) or with respect to any Assets (including any proceeds
                                         thereof) will, notwithstanding anything to the contrary in the Priority of Payments and
                                         notwithstanding any objection to, or rescission of, such filing, be fully subordinate
                                         in right of payment to the claims of each Holder of any Note (and each other secured
                                         creditor of the Issuer) that is not a Filing Holder, with such subordination being effective
                                         until each Note held by each Holder of any Note (and each claim of each other secured
                                         creditor of the Issuer) that is not a Filing Holder is paid in full in accordance with
                                         the Priority of Payments (after giving effect to such subordination), (B) it will promptly
                                         return or cause all amounts received by it following such Bankruptcy Filing to be returned
                                         to the Issuer and (C) it will take all necessary action to give effect to this agreement.
                                         This agreement will constitute a “subordination agreement” within the meaning
                                         of Section 510(a) of the Bankruptcy Code.

 

		(viii)	Such
                                         beneficial owner understands and agrees that the Notes are limited recourse obligations
                                         of the Issuer, payable solely from proceeds of the Assets in accordance with the Priority
                                         of Payments and following realization of the Assets, and application of the proceeds
                                         thereof in accordance with this Indenture, all obligations of and any claims against
                                         the Issuer hereunder or in connection therewith after such realization shall be extinguished
                                         and shall not thereafter revive.

 

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		(ix)	If
                                         it is not a U.S. Tax Person, it represents and agrees that it is not and will not become
                                         a member of an “expanded group” (within the meaning of the regulations issued
                                         under Section 385 of the Code) that includes a domestic corporation (as determined for
                                         U.S. federal income tax purposes) if either (i) the Issuer is an entity disregarded as
                                         separate from such domestic corporation for U.S. federal income tax purposes or (ii)
                                         the Issuer is a “controlled partnership” (within the meaning of the regulations)
                                         with respect to such expanded group or an entity disregarded as separate from such controlled
                                         partnership for U.S. federal income tax purposes.

 

		(x)	It
                                         will treat the Notes as indebtedness for U.S. federal, state and local income and franchise
                                         tax purposes, except as otherwise required by law.

 

		(xi)	It
                                         acknowledges and agrees that (A) the Trustee will provide to the Issuer and the Portfolio
                                         Manager upon reasonable request all information reasonably available to the Trustee in
                                         connection with regulatory matters, including any information that is necessary or advisable
                                         in order for the Issuer or the Portfolio Manager (or its parent or Affiliates) to comply
                                         with regulatory requirements, (B) with respect to each Certifying Person, unless such
                                         Certifying Person instructs the Trustee otherwise, the Trustee will upon request of the
                                         Issuer or the Portfolio Manager share with the Issuer and the Portfolio Manager the identity
                                         of such Certifying Person, as identified to the Trustee by written certification from
                                         such Certifying Person, (C) the Trustee will obtain and provide to the Issuer and the
                                         Portfolio Manager upon request a list of participants in DTC, Euroclear or Clearstream
                                         holding positions in the Notes, (D) upon written request, the registrar shall provide
                                         to the Issuer, the Portfolio Manager, the Initial Purchaser, either Placement Agent or
                                         any Holder a current list of Holders as reflected in the Register, and by accepting such
                                         information, each Holder will be deemed to have agreed that such information will be
                                         used for no purpose other than the exercise of its rights under this Indenture and (E)
                                         the Trustee will have no liability for any such disclosure under (A) through (D) or,
                                         subject to the duties and responsibilities of the Trustee set forth in this Indenture,
                                         the accuracy thereof.

 

		(xii)	It
                                         agrees to provide to the Issuer and the Portfolio Manager all information reasonably
                                         available to it that is reasonably requested by the Issuer or the Portfolio Manager in
                                         connection with regulatory matters, including any information that is necessary or advisable
                                         in order for the Issuer or the Portfolio Manager (or its Affiliates) to comply with regulatory
                                         requirements applicable to the Issuer or the Portfolio Manager from time to time.

 

		(xiii)	It
                                         agrees to provide the Issuer and any relevant intermediary with any information or documentation
                                         that is required under FATCA or that the Issuer or relevant intermediary deems appropriate
                                         to enable the Issuer or relevant intermediary to determine their duties and liabilities
                                         with respect to any taxes they may be required to withhold pursuant to FATCA in respect
                                         of such Note or the holder of such Note or beneficial interest therein. In addition,
                                         each purchaser and subsequent transferee of such Notes (or any interest therein) will
                                         be deemed to understand and acknowledge that the Issuer has the right under this Indenture
                                         to withhold on any holder or any beneficial owner of an interest in a Note that fails
                                         to comply with FATCA.

 

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		(xiv)	If
                                         it is not a U.S. Tax Person, it represents that either (a) it is not (i) a bank (or an
                                         entity affiliated with a bank) extending credit pursuant to a loan agreement entered
                                         into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A)
                                         of the Code), (ii) a “10-percent shareholder” with respect to the Issuer
                                         within the meaning of Section 871(h)(3) or Section 881(c)(3)(D) of the Code, and (iii)
                                         a “controlled foreign corporation” that is related to the Issuer within the
                                         meaning of Section 881(c)(3)(C) of the Code; (b) it is a person that is eligible for
                                         benefits under an income tax treaty with the United States that eliminates U.S. federal
                                         income taxation of U.S. source interest not attributable to a permanent establishment
                                         in the United States; or (c) it has provided an IRS Form W-8ECI representing that all
                                         payments received or to be received by it on the Notes are effectively connected with
                                         the conduct of a trade or business in the United States.

 

		(xv)	Such
                                         beneficial owner acknowledges and agrees that the Issuer has the right to compel (A)
                                         any Non-Permitted Holder or Non-Permitted ERISA Holder to sell its interest in the Notes
                                         or may sell such interest in the Notes on behalf of such Non-Permitted Holder or Non-Permitted
                                         ERISA Holder and (B) in the case of Re-Pricing Eligible Notes, any Non-Consenting Holder
                                         to sell its interest in such Notes, to sell such interest on behalf of such Non-Consenting
                                         Holder or to redeem such Notes.

 

		(xvi)	Such
                                         beneficial owner covenants that it will not transfer all or any part of the Notes (or
                                         purport to do so) if such transfer will cause (A) the Issuer to be in violation of the
                                         United States Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, and the United
                                         States Money Laundering Control Act of 1986 (i.e., 18 U.S.C. §§ 1956 and 1957),
                                         as amended, or any similar U.S. federal or state or non-U.S. laws or regulations (collectively
                                         “Anti-Money Laundering Laws”); or (B) the Notes to be held by an entity
                                         that a U.S. person is prohibited from dealing with under the laws, regulations, and Executive
                                         Orders administered by OFAC.

 

		(xvii)	Such
                                         beneficial owner represents and warrants that no officer, director, employee or agent
                                         of the beneficial owner has, in connection with its acquisition of the Notes, been offered
                                         or received any payment of money or any other thing of value, from the Issuer or any
                                         other person or entity, on behalf of the Issuer, for the purpose of influencing or inducing
                                         any act or decision related to such investment, or providing any improper advantage in
                                         connection with such investment, in violation of applicable anti-bribery laws and regulations,
                                         including but not limited to, the United States Foreign Corrupt Practices Act of 1977,
                                         as amended.

 

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		(xviii)	Such
                                         beneficial owner does not know or have any reason to suspect that (i) the monies used
                                         or to be used to acquire the Notes are, were or will be derived from or related to any
                                         illegal activities, including but not limited to, any activities that may contravene
                                         U.S. federal or state or non-U.S. laws and regulations, including Anti-Money Laundering
                                         Laws, or (ii) the proceeds from the beneficial owner’s acquisition of the Notes
                                         will be used to finance any activities that may contravene U.S. federal or state or non-U.S.
                                         laws and regulations, including Anti-Money Laundering Laws.

 

		(xix)	If
                                         such beneficial owner is a fund-of-funds or other entity investing on behalf of third
                                         parties, such beneficial owner represents and warrants that (A) such beneficial owner
                                         is in compliance in all material respects with all applicable Anti-Money Laundering Laws
                                         and, if applicable, with regulations administered by OFAC, (B) such beneficial owner
                                         has anti-money laundering policies and procedures in place reasonably designed to verify
                                         the identity of its beneficial owners and/or underlying investors and their sources of
                                         funds and to confirm that no beneficial owner and/or underlying investor is a party with
                                         whom a U.S. person is prohibited from dealing under regulations administered by OFAC
                                         and (C) to the best of its knowledge, such beneficial owner and its beneficial owners
                                         and/or underlying investors will not subject the Issuer to criminal or civil violations
                                         of Anti-Money Laundering Laws or of regulations administered by OFAC.

 

		(xx)	It
                                         will indemnify the Issuer, the Trustee and their respective agents from any and all damages,
                                         cost and expenses (including any amount of taxes, fees, interest, additions to tax, or
                                         penalties) resulting from the failure by it to comply with its obligations under the
                                         Notes. The indemnification will continue with respect to any period during which such
                                         Holder held a Note, notwithstanding it ceasing to be a Holder of the Notes.

 

		(xxi)	It
                                         understands that the foregoing representations and agreements will be relied upon by
                                         the Transaction Parties and their respective counsel, and by its purchase of the Notes
                                         it consents to such reliance.

 

		(i)	Each
                                         Person who becomes a Holder of a Certificated Note shall be required to make the representations
                                         and agreements set forth in the applicable Transfer Certificate or, in the case of a
                                         purchase on the Closing Date, an investor representation letter.

 

		(j)	Any
                                         purported transfer of a Note not in accordance with this Section 2.5 shall be null and
                                         void and shall not be given effect for any purpose whatsoever.

 

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		(k)	The
                                         Registrar, the Trustee and the Issuer shall be entitled to conclusively rely on any transferor
                                         and transferee certificate delivered pursuant to this Section 2.5 (or any certificate
                                         of ownership delivered pursuant to Section 2.10(d)) and shall be able to presume conclusively
                                         the continuing accuracy thereof, in each case without further inquiry or investigation.

 

		(l)	Neither
                                         the Trustee nor the Registrar shall be liable for any delay in the delivery of directions
                                         from DTC and may conclusively rely on, and shall be fully protected in relying on, such
                                         direction as to the names of the beneficial owners in whose names such Certificated Notes
                                         shall be registered or as to delivery instructions for such Certificated Notes.

 

		(m)	Each
                                         purchaser, beneficial owner and subsequent transferee of Notes or interest therein, by
                                         acceptance of such Notes or such an interest in such Notes, agrees or is deemed to agree
                                         that (A) the Transaction Documents contain limitations on the rights of the holders to
                                         institute legal or other proceedings against the Issuer, the Issuer, the Initial Purchaser,
                                         the Placement Agents, the Collateral Administrator, the Trustee and the Portfolio Manager,
                                         (B) it will comply with the express terms of the applicable Transaction Documents if
                                         it seeks to institute any such proceeding and (C) the Transaction Documents do not impose
                                         any duty or obligation on the Issuer or its officers, shareholders, members or managers
                                         to institute on behalf of any holder, or join any holder or any other Person in instituting,
                                         any such proceeding.

 

		(n)	Each
                                         purchaser or subsequent transferee of Certificated Notes after the Closing Date (including
                                         by way of a transfer of an interest in a Global Note) will be required to provide, and
                                         no such purchase or transfer will be recorded or otherwise recognized unless such purchaser
                                         has provided, the Issuer and the Trustee with a Transfer Certificate in the form required
                                         hereunder.

 

		(o)	If
                                         the purchaser or transferee of any Notes or beneficial interest therein is a Benefit
                                         Plan Investor, it will be deemed to represent, warrant and agree that (i) none of the
                                         Issuer, the Initial Purchaser, the Placement Agents, the Trustee, the Portfolio Manager,
                                         the Transferor, the Retention Holder, the Collateral Administrator or any of their respective
                                         affiliates, has provided any investment advice within the meaning of Section 3(21)(A)(ii)
                                         of ERISA to the Benefit Plan Investor, or to any fiduciary or other person investing
                                         the assets of the Benefit Plan Investor (“Fiduciary”), in connection
                                         with its acquisition of Notes, and (ii) the Fiduciary is exercising its own independent
                                         judgment in evaluating the investment in the Notes.

 

		(p)	To
                                         the extent required by the Issuer, as determined by the Issuer or the Portfolio Manager
                                         on behalf of the Issuer, the Issuer may, upon written notice to the Trustee, impose additional
                                         transfer restrictions on the Notes to comply with the Anti-Money Laundering Laws, including,
                                         without limitation, requiring each transferee of a Note to make representations to the
                                         Issuer in connection with such compliance.

 

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		Section 2.6.	Mutilated,
                                         Defaced, Destroyed, Lost or Stolen Note

  

If
(a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee
and the relevant Transfer Agent evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b)
there is delivered to the Issuer, the Trustee and such Transfer Agent, and any agent of the Issuer, the Trustee and/or such Transfer
Agent, such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to
the Issuer, the Trustee or such Transfer Agent that such Note has been acquired by a Protected Purchaser, the Issuer shall execute
and, upon Issuer Order (which Issuer Order shall be deemed to be provided upon delivery of such executed Notes), the Trustee shall
authenticate and deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of
like tenor (including the same date of issuance) and equal principal or face amount, registered in the same manner, dated the
date of its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed,
lost or stolen Note and bearing a number not contemporaneously outstanding.

 

If,
after delivery of such new Note, a Protected Purchaser of the predecessor Note presents for payment, transfer or exchange such
predecessor Note, the Issuer, the Transfer Agent and the Trustee shall be entitled to recover such new Note from the Person to
whom it was delivered or any Person taking therefrom, and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Trustee and the Transfer Agent in connection
therewith.

 

In
case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer in its discretion may,
instead of issuing a new Note pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall
be surrendered.

 

Upon
the issuance of any new Note under this Section 2.6, the Issuer, the Trustee or the applicable Transfer Agent may require the
payment by the Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every
new Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Issuer and such new Note shall be entitled, subject to the second paragraph
of this Section 2.6, to all the benefits of this Indenture equally and proportionately with any and all other Notes of the same
Class duly issued hereunder.

 

The
provisions of this Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes.

 

		Section 2.7.	Payment
                                         of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved

 

		(a)	Payments
                                         of interest on the Notes.

 

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		(i)	Notes
                                         of each Class shall accrue interest during each Interest Accrual Period at the applicable
                                         Interest Rate and such interest will be payable in arrears on each Payment Date on the
                                         Aggregate Outstanding Amount thereof on the first day of the related Interest Accrual
                                         Period (after giving effect to payments of principal thereof on such date), except as
                                         otherwise set forth below. Payment of interest on each Class of Notes (and payments of
                                         available Interest Proceeds to the Issuer) will be subordinated to the payment of interest
                                         on each related Priority Class. Any payment of interest due on a Class of Deferred Interest
                                         Notes on any Payment Date to the extent sufficient funds are not available to make such
                                         payment in accordance with the Priority of Payments on such Payment Date, but only if
                                         one or more Priority Classes are Outstanding with respect to such Class of Deferred Interest
                                         Notes, shall constitute “Deferred Interest” with respect to such Class
                                         and shall not be considered “due and payable” for the purposes of Section
                                         5.1(a) (and the failure to pay such interest shall not be an Event of Default) until
                                         the earliest of (i) the Payment Date on which funds are available to pay such Deferred
                                         Interest in accordance with the Priority of Payments, (ii) the Redemption Date with respect
                                         to such Class of Deferred Interest Notes and (iii) the Stated Maturity (or the earlier
                                         date of Maturity) of such Class of Deferred Interest Notes. Deferred Interest shall be
                                         payable on the first Payment Date on which funds are available to be used for such purpose
                                         in accordance with the Priority of Payments, but in any event no later than the earlier
                                         of the Business Day (A) which is the Redemption Date with respect to such Class of Deferred
                                         Interest Notes and (B) which is the Stated Maturity (or the earlier date of Maturity)
                                         of such Class of Deferred Interest Notes. Regardless of whether any Priority Class is
                                         Outstanding with respect to any Class of Deferred Interest Notes, to the extent that
                                         funds are not available on any Payment Date to pay previously accrued Deferred Interest,
                                         such previously accrued Deferred Interest will not be due and payable on such Payment
                                         Date and any failure to pay such previously accrued Deferred Interest on such Payment
                                         Date will not be an Event of Default. Interest will cease to accrue on each Note, or
                                         in the case of a partial repayment, on such repaid part, from the date of repayment or
                                         the respective Stated Maturity. To the extent lawful and enforceable, interest on any
                                         interest that is not paid when due on any Class A-1 Notes or Class A-2 Notes or, if
                                         no Class A-1 Notes or Class A-2 Notes are Outstanding, any Class B Notes, shall accrue
                                         at the Interest Rate for such Class until paid as provided herein.

 

		(b)	The
                                         principal of each Note of each Class matures at par and is due and payable on the date
                                         of the Stated Maturity for such Class, unless such principal has been previously repaid
                                         or unless the unpaid principal of such Note becomes due and payable at an earlier date
                                         by declaration of acceleration, call for redemption or otherwise. Payments of principal
                                         on any Class of Notes which are not paid, in accordance with the Priority of Payments,
                                         on any Quarterly Payment Date (other than the Quarterly Payment Date which is the Stated
                                         Maturity (or the earlier date of Maturity) of such Class of Notes or any Redemption Date),
                                         because of insufficient funds therefor shall not be considered “due and payable”
                                         for purposes of Section 5.1(a) until the Quarterly Payment Date on which such principal
                                         may be paid in accordance with the Priority of Payments or all Priority Classes with
                                         respect to such Class have been paid in full.

 

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		(c)	Principal
                                         payments on the Notes will be made in accordance with the Priority of Payments and Section
                                         9.5.

 

		(d)	The
                                         Paying Agent shall require the previous delivery of properly completed and signed applicable
                                         tax certifications (generally, in the case of U.S. federal income tax, an IRS Form W-9
                                         (or applicable successor form) in the case of a U.S. Tax Person or the applicable IRS
                                         Form W-8 (or applicable successor form) in the case of a Person that is not a U.S. Tax
                                         Person), or any other certification acceptable to it to enable the Issuer, the Trustee
                                         and any Paying Agent (including, in each case, as any such other party may instruct)
                                         to determine their duties and liabilities with respect to any taxes or other charges
                                         that they may be required to pay, deduct or withhold from payments in respect of such
                                         Note or the Holder or beneficial owner of such Note under any present or future law or
                                         regulation of the United States, any other jurisdiction or any political subdivision
                                         thereof or taxing authority therein or pursuant to the Issuer’s agreement with
                                         any governmental authority or to comply with any reporting or other requirements under
                                         any such law or regulation (including any cost basis reporting obligations) and the delivery
                                         of any information required under FATCA. The Issuer shall not be obligated to pay any
                                         additional amounts to the Holders or beneficial owners of the Notes as a result of deduction
                                         or withholding for or on account of any present or future taxes, duties, assessments
                                         or governmental charges with respect to the Notes. Nothing herein shall be construed
                                         to impose upon the Paying Agent a duty to determine the duties, liabilities or responsibilities
                                         of any other party described herein under any applicable law or regulation.

 

		(e)	Payments
                                         in respect of interest on and principal of any Note and any payment with respect to any
                                         Interest will be made by the Trustee or by a Paying Agent, in Dollars to DTC or its nominee
                                         with respect to a Global Note, and to the Holder or its nominee with respect to a Certificated
                                         Note, by wire transfer, as directed by the Holder, in immediately available funds to
                                         a Dollar account maintained by DTC or its nominee with respect to a Global Note, and
                                         to the Holder or its nominee with respect to a Certificated Note; provided that,
                                         (1) in the case of a Certificated Note, the Holder thereof shall have provided written
                                         wiring instructions to the Trustee or the applicable Paying Agent on or before the related
                                         Record Date and (2) if appropriate instructions for any such wire transfer are not received
                                         by the related Record Date, then such payment shall be made by check drawn on a U.S.
                                         bank mailed to the address of the Holder specified in the Register. Upon final payment
                                         due on the Stated Maturity of a Certificated Note, the Holder thereof shall present and
                                         surrender such Note at the Corporate Trust Office of the Trustee upon final payment;
                                         provided that, in the absence of notice to the Issuer or the Trustee that
                                         the applicable Note has been acquired by a Protected Purchaser, such final payment shall
                                         be made without presentation or surrender, if the Trustee and the Issuer shall have been
                                         furnished such security or indemnity as may be required by them to save them harmless
                                         and an undertaking thereafter to surrender such certificate. None of the Issuer, the
                                         Trustee, the Portfolio Manager or any Paying Agent will have any responsibility or liability
                                         for any aspects of the records maintained by DTC, Euroclear, Clearstream or any of the
                                         Agent Members relating to or for payments made thereby on account of beneficial interests
                                         in a Global Note. In the case where any final payment of principal and interest is to
                                         be made on any Note (other than on the Stated Maturity thereof), the Trustee, in the
                                         name and at the expense of the Issuer shall, not more than 30 nor less than three days
                                         prior to the date on which such payment is to be made, provide to the applicable Holders
                                         a notice which shall specify the date on which such payment will be made, the amount
                                         of such payment per U.S.$1,000 original principal amount of Notes, and the place where
                                         Certificated Notes may be presented and surrendered for such payment.

 

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		(f)	Payments
                                         of principal to Holders of each Class on each Payment Date shall be made ratably among
                                         the Holders of such Class in the proportion that the Aggregate Outstanding Amount of
                                         the Notes of such Class registered in the name of each such Holder on the applicable
                                         Record Date bears to the Aggregate Outstanding Amount of all Notes of such Class on such
                                         Record Date.

 

		(g)	Interest
                                         accrued with respect to the Notes shall be calculated on the basis of the actual number
                                         of days elapsed in the applicable Interest Accrual Period divided by 360.

 

		(h)	All
                                         reductions in the principal amount of a Note (or one or more predecessor Notes) effected
                                         by payments of installments of principal made on any Payment Date or Redemption Date
                                         shall be binding upon all future Holders of such Note and of any Note issued upon the
                                         registration of transfer thereof or in exchange therefor or in lieu thereof, whether
                                         or not such payment is noted on such Note.

 

		(i)	Notwithstanding
                                         any other provision of this Indenture, the obligations of the Issuer under the Notes
                                         and this Indenture are limited recourse obligations of the Issuer, payable solely from
                                         proceeds of the Assets at such time and following realization of the Assets, and application
                                         of the proceeds thereof in accordance with this Indenture, all obligations of and any
                                         remaining claims against the Issuer hereunder or in connection herewith after such realization
                                         shall be extinguished and shall not thereafter revive. No recourse shall be had against
                                         any Officer, director, employee, shareholder, manager, member or incorporator of the
                                         Issuer, the Portfolio Manager or their respective Affiliates, successors or assigns for
                                         any amounts payable under the Notes or this Indenture. It is understood that, except
                                         as expressly provided in this Indenture, the foregoing provisions of this paragraph (i)
                                         shall not (A) prevent recourse to the Assets for the sums due or to become due under
                                         any security, instrument or agreement which is part of the Assets or (B) constitute a
                                         waiver, release or discharge of any indebtedness or obligation evidenced by the Notes
                                         or secured by this Indenture until such Assets have been realized. It is further understood
                                         that the foregoing provisions of this paragraph (i) shall not limit the right of any
                                         Person to name the Issuer as a party defendant in any Proceeding or in the exercise of
                                         any other remedy under the Notes or this Indenture, so long as no judgment in the nature
                                         of a deficiency judgment or seeking personal liability shall be asked for or (if obtained)
                                         enforced against any such Person or entity.

 

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		(j)	Subject
                                         to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture
                                         and upon registration of transfer of or in exchange for or in lieu of any other Note
                                         shall carry the rights to unpaid interest and principal (or other applicable amount)
                                         that were carried by such other Note.

  

		Section 2.8.	Persons
                                         Deemed Owners

 

The
Issuer, the Trustee and any agent of the Issuer or the Trustee shall treat as the owner of each Note the Person in whose name
such Note is registered on the Register on the applicable Record Date for the purpose of receiving payments on such Note and on
any other date for all other purposes whatsoever (whether or not such Note is overdue), and none of the Issuer, the Trustee or
any agent of the Issuer or the Trustee shall be affected by notice to the contrary.

 

		Section 2.9.	Cancellation

 

All
Notes acquired by the Issuer, surrendered for payment, registration of transfer, exchange or redemption, or mutilated, defaced
or deemed lost or stolen shall be promptly cancelled by the Trustee and may not be reissued or resold. No Note may be surrendered
(including in connection with any abandonment, donation, gift, contribution or other event or circumstance) except (a) for payment
as provided herein, (b) for registration of transfer, exchange or redemption, (c) purchase in accordance with Section 2.14 or
(d) for replacement in connection with any Note that is mutilated, defaced or deemed lost or stolen. The Issuer may not acquire
any of the Notes except as described under Section 2.14. The preceding sentence shall not limit an Optional Redemption, Special
Redemption, Clean-Up Call Redemption or any other redemption effected pursuant to the terms of this Indenture.

 

		Section 2.10.	DTC
                                         Ceases to be Depository

 

		(a)	A
                                         Global Note deposited with DTC pursuant to Section 2.2 shall be transferred in the form
                                         of a corresponding Certificated Note to the beneficial owners thereof (as instructed
                                         by DTC) only if (A) such transfer complies with Section 2.5 and (B) either (x) a Depository
                                         Event has occurred or (y) an Event of Default or Enforcement Event has occurred and is
                                         continuing and such transfer is requested by the Holder of such Global Note.

 

		(b)	Any
                                         Global Note that is transferable in the form of a corresponding Certificated Note to
                                         the beneficial owner thereof pursuant to this Section 2.10 shall be surrendered by DTC
                                         to the Trustee’s office located in the Borough of Manhattan, the City of New York
                                         to be so transferred, in whole or from time to time in part, without charge, and the
                                         Issuer shall execute and the Trustee shall authenticate and deliver, upon such transfer
                                         of each portion of such Global Note, an equal aggregate principal amount of Certificated
                                         Notes (pursuant to the instructions of DTC) in Minimum Denominations. Any Certificated
                                         Note delivered in exchange for an interest in a Global Note shall be in registered form
                                         and, except as otherwise provided by Section 2.5, bear the legends set forth in the applicable
                                         Exhibit A and shall be subject to the transfer restrictions referred to in such legends.

 

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		(c)	Subject
                                         to the provisions of paragraph (b) of this Section 2.10, the Holder of a Global Note
                                         may grant proxies and otherwise authorize any Person, including Agent Members and Persons
                                         that may hold interests through Agent Members, to take any action which such Holder is
                                         entitled to take under this Indenture or the Notes.

 

		(d)	In
                                         the event of the occurrence of either of the events specified in subsection (a) of this
                                         Section 2.10, the Issuer will promptly make available to the Trustee a reasonable supply
                                         of Certificated Notes.

 

In
the event that Certificated Notes are not so issued by the Issuer to such beneficial owners of interests in Global Notes as required
by subsection (a) of this Section 2.10, the Issuer expressly acknowledges that the beneficial owners shall be entitled to pursue
any remedy that the Holders of a Global Note would be entitled to pursue in accordance with Article V (but only to the extent
of such beneficial owner’s interest in the Global Note) as if corresponding Certificated Notes had been issued; provided
that, the Trustee shall be entitled to receive and rely upon any certificate of ownership provided by such beneficial
owners (including a certificate in the form of Exhibit D) and/or other forms of reasonable evidence of such ownership as it may
require.

 

		Section 2.11.	Notes
                                         Beneficially Owned by Persons Not QIB/QPs or IAI/QPs or in Violation of ERISA Representations
                                         or Holder Reporting Obligations

 

		(a)	Notwithstanding
                                         anything to the contrary elsewhere in this Indenture, any transfer of a beneficial interest
                                         in any (i) Rule 144A Global Note to a U.S. person that is not a QIB/QP, (ii) Certificated
                                         Note to a U.S. person that is not an IAI/QP, a QIB/QP or a non-U.S. person that is not
                                         a Qualified Purchaser, (iii) Regulation S Global Note to a (x) U.S. person or (y) non-U.S.
                                         person that is not a Qualified Purchaser or (iv) Note to a Non-Permitted ERISA Holder
                                         and, in each case, that is not made pursuant to an applicable exemption under the Securities
                                         Act and the Investment Company Act shall be null and void and any such purported transfer
                                         of which the Issuer or the Trustee shall have notice may be disregarded by the Issuer
                                         and the Trustee for all purposes.

  

		(b)	If
                                         any Person shall become the Holder or beneficial owner of a Note (i) in the case of a
                                         Rule 144A Global Note, that is not a QIB/QP, (ii) in the case of Certificated Notes only,
                                         that is not a QIB/QP or an IAI/QP, or that is not both a non-U.S. person and a Qualified
                                         Purchaser, (iii) in the case of a Regulation S Global Note, that is (A) a U.S. person
                                         or (B) a non-U.S. person that is a not a Qualified Purchaser, (iv) whose ownership of
                                         such Note would prevent the Issuer from having an exemption available under the Securities
                                         Act or would cause the Issuer to lose the benefit of an exemption from registration as
                                         an “investment company” under the Investment Company Act or (v) any Non-Permitted
                                         ERISA Holder (any such Person, a “Non-Permitted Holder”), the Issuer
                                         shall, promptly after discovery that such Person is a Non-Permitted Holder by the Issuer
                                         or the Trustee (or upon notice to the Issuer from the Trustee if a Bank Officer of the
                                         Trustee obtains actual knowledge or if it makes the discovery (who agrees to notify the
                                         Issuer, with a copy to the Portfolio Manager, of such discovery, if any)), send notice
                                         to such Non-Permitted Holder, with a copy to the Portfolio Manager, demanding that such
                                         Non-Permitted Holder transfer its Notes or interest therein to a Person that is not a
                                         Non-Permitted Holder within 30 days (or, in the case of a Non-Permitted ERISA Holder,
                                         seven days) after the date of such notice. If such Non-Permitted Holder fails to so transfer
                                         its Notes or interest therein, the Issuer or the Portfolio Manager acting on behalf of
                                         the Issuer shall have the right, without further notice to the Non-Permitted Holder,
                                         to sell such Notes or interest therein to a purchaser selected by the Issuer that is
                                         not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or the
                                         Portfolio Manager (on its own or acting through an investment bank or other financial
                                         intermediary selected by the Portfolio Manager at the Issuer’s expense), acting
                                         on behalf of the Issuer, may select the purchaser by soliciting one or more bids from
                                         one or more brokers or other market professionals that regularly deal in securities similar
                                         to the Notes, and selling such Notes to the highest such bidder; provided that
                                         the Portfolio Manager, its Affiliates and Other Accounts shall be entitled to bid in
                                         any such sale. However, the Issuer (or the Portfolio Manager on behalf of the Issuer)
                                         may select a purchaser by any other means determined by it in its sole discretion. The
                                         Holder of each Note, the Non-Permitted Holder and each other Person in the chain of title
                                         from the Holder to the Non-Permitted Holder, by its acceptance of an interest in the
                                         Notes agrees to cooperate with the Issuer, the Portfolio Manager and the Trustee to effect
                                         such transfers. The proceeds of such sale, net of any commissions, expenses and taxes
                                         due in connection with such sale shall be remitted to the Non-Permitted Holder. The terms
                                         and conditions of any sale under this sub-section shall be determined in the sole discretion
                                         of the Issuer, and none of the Issuer, the Trustee or the Portfolio Manager shall be
                                         liable to any Person having an interest in the Notes sold as a result of any such sale
                                         or the exercise of such discretion.

 

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		Section 2.12.	Deduction
                                         or Withholding from Payments on Notes; No Gross Up.

 

If
the Issuer is required to deduct or withhold tax from, or with respect to, payments to any Holder of the Notes for any Tax, then
the Trustee or other Paying Agent, as applicable, shall deduct, or withhold, the amount required to be deducted or withheld and
remit to the relevant taxing authority such amount. Without limiting the generality of the foregoing, the Trustee, the Paying
Agent or the Issuer may withhold any amount that it determines is required to be withheld from any amounts otherwise distributable
to any Holder of a Note. The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of
the Notes as a result of any withholding or deduction for, or on account of, any Tax imposed on payments in respect of the Notes.
The amount of any withholding tax or deduction with respect to any Holder shall be treated as cash distributed to such Holder
at the time it is withheld or deducted by the Trustee or Paying Agent and remitted to the appropriate taxing authority.

   

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		Section 2.13.	Additional
                                         Issuance

 

		(a)	At
                                         any time during the Reinvestment Period or, solely in the case of a Risk Retention Issuance,
                                         during and after the Reinvestment Period, the Issuer may issue and sell additional notes
                                         of any one or more new classes of notes that are fully subordinated to the existing Notes
                                         (or to the most junior class of notes of the Issuer issued pursuant to this Indenture,
                                         if any class of Notes issued pursuant to this Indenture other than the Notes is then
                                         Outstanding (such additional notes, “Junior Mezzanine Notes”)) and/or
                                         additional notes of any one or more existing Classes and use the net proceeds to purchase
                                         additional Collateral Obligations or as otherwise permitted under this Indenture, subject
                                         to satisfaction by the Issuer of the conditions set forth in Section 3.2 and provided
                                         that, the following conditions are met:

 

		(i)	the
                                         Portfolio Manager, the Retention Holder and a Supermajority of the Interests each consent
                                         in writing prior to such issuance; provided that, only the consent of the
                                         Portfolio Manager and the Retention Holder shall be required if additional notes are
                                         being issued in order to comply with the U.S. Risk Retention Rules;

 

		(ii)	solely
                                         in the case of an additional issuance of any Class A-1 Notes (other than any such additional
                                         issuance that is a Risk Retention Issuance or that is being made contemporaneously with
                                         a Refinancing or an Optional Redemption of the Class A-1 Notes), a Majority of the Class
                                         A-1 Notes consents to such issuance;

 

		(iii)	in
                                         the case of additional notes of any one or more existing Classes (other than a Risk Retention
                                         Issuance), the aggregate principal amount of Notes of such Class issued in all additional
                                         issuances may not exceed 100% of the respective original aggregate principal amount of
                                         the Notes of such Class, except that a larger proportion of Junior Mezzanine Notes may
                                         be issued;

 

		(iv)	in
                                         the case of additional notes of any one or more existing Classes, the terms of the notes
                                         issued must be identical to the respective terms of previously issued Notes of the applicable
                                         Class (except that the interest due on additional notes will accrue from the issue date
                                         of such additional notes and, the interest rate and price of such notes do not have to
                                         be identical to those of the initial Notes of that Class but, in the case of the Notes,
                                         the interest rate spread over LIBOR may not exceed the interest rate spread over LIBOR
                                         applicable to the initial Notes of that Class;

 

		(v)	in
                                         the case of additional notes of an existing Class of Notes, such additional notes must
                                         be issued at a Cash sales price equal to or greater than the principal amount thereof;

 

		(vi)	in
                                         the case of additional notes of any one or more existing Classes, unless only Junior
                                         Mezzanine Notes are being issued or in the case of a Risk Retention Issuance, additional
                                         notes of all Classes must be issued and such issuance of additional notes must be proportional
                                         across all Classes;

 

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		(vii)	the
                                         Issuer notifies each Rating Agency of such issuance prior to the issuance date;

 

		(viii)	the
                                         proceeds of any additional notes (net of fees and expenses incurred in connection with
                                         such issuance) shall be treated as Principal Proceeds and used to purchase additional
                                         Collateral Obligations, to invest in Eligible Investments or be applied pursuant to the
                                         Priority of Payments or, solely with the proceeds of an issuance of Junior Mezzanine
                                         Notes, applied as otherwise permitted under this Indenture (including any Permitted Use);

 

		(ix)	unless
                                         only Junior Mezzanine Notes are being issued or in the case of a Risk Retention Issuance,
                                         immediately after giving effect to such issuance, each Coverage Test is satisfied or,
                                         with respect to any Coverage Test that was not satisfied immediately prior to giving
                                         effect to such issuance and will continue not to be satisfied immediately after giving
                                         effect to such issuance, the degree of compliance with respect to each Coverage Test
                                         is maintained or improved immediately after giving effect to such issuance and the application
                                         of the proceeds thereof;

 

		(x)	Tax
                                         Advice shall be delivered to the Issuer to the effect that (A) such additional issuance
                                         shall not result in the Issuer becoming subject to U.S. federal income taxation with
                                         respect to its net income or to any withholding tax liability under Section 1446 of the
                                         Code and (B) any additional Class A-1 Notes, Class A-2 Notes or Class B Notes will be
                                         treated as debt for U.S. federal income tax purposes; provided, however, that
                                         the Tax Advice described in clause (x)(B) will not be required with respect to any additional
                                         Notes that bear a different CUSIP number (or equivalent identifier) from the Notes of
                                         the same Class that are Outstanding at the time of the additional issuance;

 

		(xi)	the
                                         Issuer shall comply with the requirements of Section 2.5, 7.9 and 8.1, as applicable;

  

		(xii)	in
                                         the case of any issuance of Junior Mezzanine Notes, either (A) Tax Advice is delivered
                                         to the Trustee to the effect that such Junior Mezzanine Notes will be treated as debt
                                         for U.S. federal income tax purposes, or (B) (1) unless otherwise specified in a signed
                                         investor representation letter in connection with the date such Junior Mezzanine Notes
                                         are issued, each purchaser or transferee of any such note or any beneficial interest
                                         therein shall be deemed to represent that it is not a Benefit Plan Investor or a Controlling
                                         Person, that for so long as it holds such notes, it will not be a Benefit Plan Investor
                                         or a Controlling Person and, if it is subject to Similar Law, its acquisition and holding
                                         of such notes will not cause the Issuer to be subject to any Similar Law, (2) any such
                                         Junior Mezzanine Notes sold to Persons that have represented (or are deemed to have represented)
                                         that they are Benefit Plan Investors or Controlling Persons shall be issued in the form
                                         of Certificated Notes and (3) no transfer of an interest in any such Junior Mezzanine
                                         Note to a proposed transferee that has represented that it is a Benefit Plan Investor
                                         or Controlling Person will be effective, and the Trustee, the Registrar and the Issuer
                                         will not recognize any such transfer, if to their knowledge, based on representations
                                         made or deemed to have been made by holders of such Junior Mezzanine Notes, such transfer
                                         would result in Benefit Plan Investors owning 25% or more of the Aggregate Outstanding
                                         Amount of such class of Junior Mezzanine Notes as determined in accordance with the Plan
                                         Asset Regulation and the Indenture; provided that, for purposes of the foregoing
                                         calculation, (x) the investment by a Benefit Plan Investor shall be treated as plan assets
                                         for purposes of calculating the 25% threshold under the significant participation test
                                         in accordance with the Plan Asset Regulation only the extent of the percentage of the
                                         equity interests in such entity held by Benefit Plan Investors and (y) any such Junior
                                         Mezzanine Note held by any Controlling Person shall be excluded and treated as not Outstanding;
                                         provided, further, that, for the avoidance of doubt, if clause (xii)(A) above
                                         is not satisfied with respect to any Junior Mezzanine Notes issued after the Closing
                                         Date, the Registrar shall not recognize any acquisition or transfer of Junior Mezzanine
                                         Notes if it knows, based on representations made or deemed to have been made by the owners
                                         of such notes or any interest therein that such transfer would result in 25% or more
                                         (or such lesser percentage determined by the Portfolio Manager and notified to the Trustee)
                                         of the Aggregate Outstanding Amount of the class of Junior Mezzanine Notes to be transferred
                                         being held by Benefit Plan Investors, as calculated pursuant to the Plan Asset Regulation
                                         and this Indenture, and (x) an Officer’s certificate of the Issuer shall be delivered
                                         to the Trustee stating that the applicable conditions of this Section 2.13(a) have been
                                         satisfied; and

 

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		(xiii)	the
                                         Trustee has received an Officer’s certificate from the Issuer (or the Portfolio
                                         Manager on behalf of the Issuer) certifying that the conditions to such additional issuance
                                         are satisfied.

 

		(b)	Any
                                         such additional issuance will be effected in a manner that will allow the Issuer to accurately
                                         provide the information described in Treasury Regulations section 1.1275-3(b)(1)(i).

 

		(c)	Such
                                         additional notes of an existing Class may be offered at prices that differ from the applicable
                                         initial offering price.

 

		(d)	Any
                                         additional notes of an existing Class issued as described above will, to the extent reasonably
                                         practicable (and other than in the case of a Risk Retention Issuance), be offered first
                                         to Holders of such Class in such amounts as are necessary to preserve their pro rata
                                         holdings of Notes of such Class. Notwithstanding the foregoing, the Portfolio Manager
                                         and its Affiliates shall be afforded priority to purchase additional notes to the extent
                                         required, as determined by the Portfolio Manager in its sole discretion, to comply with
                                         the U.S. Risk Retention Rules.

 

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		(e)	Notwithstanding
                                         the foregoing, the Issuer may, with the written consent of the Portfolio Manager and
                                         the Issuer, at any time issue Junior Mezzanine Notes to any Person for any reason and
                                         the proceeds of such issuance shall be treated as Principal Proceeds or Interest Proceeds,
                                         as designated by the Portfolio Manager in its sole discretion.

 

		Section 2.14.	Issuer
                                         Purchases of Notes

 

		(a)	The
                                         Portfolio Manager, on behalf of the Issuer, may, during the Reinvestment Period only:

 

(i)
use Principal Proceeds (other than any such Principal Proceeds described in clause (a)(ii) below) to purchase the Notes (or beneficial
interests therein), in whole or in part, pursuant to a Note Purchase Offer (as defined below) and in accordance with, and subject
to, the terms described in this Section 2.14; and

 

(ii)
use proceeds from Contributions accepted and received into the Contribution Account (at the direction of the related Contributor
or, if no such direction, in the reasonable discretion of the Portfolio Manager) to purchase the Notes (or beneficial interests
therein), in whole or in part, through a tender offer, in the open market or in privately negotiated transactions (in each case,
subject to applicable law), and in accordance with, and subject to, clauses (c), (d) and (e) below.

 

The
Trustee shall cancel as described under Section 2.9 any such purchased Notes surrendered to it for cancellation, or, in the case
of any Global Notes, the Trustee shall decrease the Aggregate Outstanding Amount of such Global Notes in its records by the full
par amount of the purchased Notes, and instruct DTC or its nominee, as the case may be, to conform its records.

 

		(b)	To
                                         effect a purchase of Notes with Principal Proceeds pursuant to clause (a)(i) above, the
                                         Portfolio Manager on behalf of the Issuer shall, by notice to the Holders of the Notes
                                         of such Class and Fitch, offer to purchase all or a portion of the Notes (the “Note
                                         Purchase Offer”). The Note Purchase Offer shall specify (i) the purchase price
                                         (as a percentage of par), which must be at a discount from par, (ii) the maximum amount
                                         of Principal Proceeds that will be used to effect such purchase and (iii) the length
                                         of the period during which such offer will be open for acceptance. In connection with
                                         any such purchase by the Issuer, the Issuer shall also pay accrued interest through the
                                         date of such purchase from Interest Proceeds. Pursuant to the terms of the offer each
                                         such Holder shall have the right, but not the obligation, to accept such offer in accordance
                                         with its terms. If the Aggregate Outstanding Amount of Notes of the relevant Class held
                                         by Holders who accept such offer exceeds the amount of Principal Proceeds specified in
                                         such offer, a portion of the Notes of each accepting Holder shall be purchased pro
                                         rata based on the respective principal amount held by each such Holder, subject to
                                         the Minimum Denomination applicable to such Holder’s Notes.

 

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		(c)	An
                                         Issuer purchase of the Notes may not occur unless each of the following conditions is
                                         satisfied:

 

		(i)	(A)
                                         such purchases of Notes shall occur in the following sequential order of priority: first,
                                         the Class A-1 Notes, until the Class A-1 Notes are retired in full; second, the
                                         Class A-2 Notes, until the Class A-2 Notes are retired in full; and third, the
                                         Class B Notes until the Class B Notes are retired in full;

 

		(B)	each
                                         such purchase shall be effected only at prices discounted from par;

 

		(C)	each
                                         Coverage Test is satisfied immediately prior to each such purchase and will be satisfied,
                                         maintained or improved after giving effect to such purchase;

 

		(D)	to
                                         the extent that Sale Proceeds are used to consummate any such purchase, either (I) each
                                         requirement or test, as the case may be, of the Concentration Limitations and the Collateral
                                         Quality Test (other than the S&P CDO Monitor Test) will be satisfied after giving
                                         effect to such purchase or (II) if any such requirement or test was not satisfied immediately
                                         prior to such purchase, such requirement or test will be maintained or improved after
                                         giving effect to such purchase;

 

		(E)	no
                                         Event of Default shall have occurred and be continuing; and

 

		(F)	each
                                         such purchase shall otherwise be conducted in accordance with applicable law;

 

		(ii)	the
                                         Trustee has received an Officer’s certificate of the Portfolio Manager to the effect
                                         that the Note Purchase Offer has been provided to the holders of the Class of Notes subject
                                         to the purchase offer, and the conditions in Section 2.14(c)(i) have been satisfied as
                                         determined in good faith by the Portfolio Manager; and

 

		(iii)	prior
                                         notice of such purchase shall have been provided to each Rating Agency.

 

		(d)	Any
                                         Notes purchased by the Issuer shall be surrendered to the Trustee for cancellation in
                                         accordance with Section 2.9; provided that, any Notes purchased by the
                                         Issuer on a date that is later than a Record Date but prior to the related Payment Date
                                         will not be cancelled until the day following the Payment Date; provided, further,
                                         that for purposes of calculation of the Overcollateralization Ratio, any Notes purchased
                                         by the Issuer pursuant to this Section 2.14 shall be deemed to remain Outstanding until
                                         all Notes of the applicable Class and each Priority Class in the Note Payment Sequence
                                         have been retired or redeemed in full, having an Aggregate Outstanding Amount equal to
                                         the Aggregate Outstanding Amount as of the date of surrender, reduced proportionately
                                         with, and to the extent of, any payments of principal on Notes of the same Class thereafter.

 

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		(e)	In
                                         connection with any purchase of Notes pursuant to this Section 2.14, the Issuer, or the
                                         Portfolio Manager on its behalf, may by Issuer Order provide direction to the Trustee
                                         to take actions the Issuer, or the Portfolio Manager on its behalf, deems necessary to
                                         give effect to the other provisions of this Indenture that may be affected by such purchase
                                         of the Notes; provided that, no such direction may conflict with any express
                                         provision of this Indenture, including a requirement to obtain the consent of the Holders
                                         prior to taking any such action.

 

ARTICLE
III

CONDITIONS PRECEDENT

 

		Section 3.1.	Conditions
                                         to Issuance of Notes on Closing Date

 

		(a)	The
                                         Notes to be issued on the Closing Date shall be registered in the names of the respective
                                         Holders thereof and executed by the Issuer and delivered to the Trustee for authentication
                                         and thereupon the same shall be authenticated and delivered by the Trustee upon Issuer
                                         Order and upon receipt by the Trustee of the following:

 

		(i)	Officer’s
                                         Certificate of the Issuer Regarding Corporate Matters. An Officer’s certificate
                                         of the Issuer (A) evidencing the authorization by Resolution of the execution and delivery
                                         of this Indenture, the Portfolio Management Agreement, the Collateral Administration
                                         Agreement, the Loan Sale Agreement, the Account Agreement and the Purchase Agreement,
                                         the execution, authentication and delivery of the Notes and specifying the Stated Maturity,
                                         principal amount and Interest Rate of each Class of Notes to be authenticated and delivered
                                         and (B) certifying that (1) the copy of the Resolution attached thereto is a true and
                                         complete copy thereof, (2) such Resolution has not been rescinded and is in full force
                                         and effect on and as of the Closing Date and (3) the Officers authorized to execute and
                                         deliver such documents hold the offices and have the signatures indicated thereon.

 

		(ii)	Governmental
                                         Approvals. From the Issuer either (A) a certificate of the Issuer or other official
                                         document evidencing the due authorization, approval or consent of any governmental body
                                         or bodies, at the time having jurisdiction in the premises, together with an Opinion
                                         of Counsel of the Issuer that no other authorization, approval or consent of any governmental
                                         body is required for the performance by the Issuer of its obligations under this Indenture,
                                         the Portfolio Management Agreement and the Collateral Administration Agreement or (B)
                                         an Opinion of Counsel of the Issuer that no such authorization, approval or consent of
                                         any governmental body is required for the performance by the Issuer of its obligations
                                         under this Indenture, the Portfolio Management Agreement, the Purchase Agreement and
                                         the Collateral Administration Agreement except as has been given (provided that, the
                                         opinions delivered pursuant to Section 3.1(a)(iii) below may satisfy this requirement).

 

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		(iii)	U.S.
                                         Counsel Opinions. Opinions of Dechert LLP, special U.S. counsel to the Issuer and
                                         the Portfolio Manager, Miles & Stockbridge P.C., special Maryland counsel to the
                                         Portfolio Manager, Richards, Layton & Finger, P.A., special Delaware counsel to the
                                         Issuer, and Alston & Bird LLP, counsel to the Trustee and the Collateral Administrator,
                                         each dated the Closing Date.

 

		(iv)	[Reserved].

 

		(v)	Officer’s
                                         Certificate of Issuer Regarding Indenture. An Officer’s certificate of the
                                         Issuer stating that, to the best of the signing Officer’s knowledge, the Issuer
                                         is not in default under this Indenture and that the issuance of the Notes will not result
                                         in a default or a breach of any of the terms, conditions or provisions of, or constitute
                                         a default under, its organizational documents, any indenture or other agreement or instrument
                                         to which it is a party or by which it is bound, or any order of any court or administrative
                                         agency entered in any Proceeding to which it is a party or by which it may be bound or
                                         to which it may be subject; that all conditions precedent provided in this Indenture
                                         relating to the authentication and delivery of the Notes have been complied with; that
                                         all expenses due or accrued with respect to the Offering of such Notes or relating to
                                         actions taken on or in connection with the Closing Date have been paid or reserves therefor
                                         have been made; and that all of its representations and warranties contained in this
                                         Indenture are true and correct as of the Closing Date.

 

		(vi)	Portfolio
                                         Management Agreement, Collateral Administration Agreement and Account Agreement.
                                         An executed counterpart of the Portfolio Management Agreement, the Collateral Administration
                                         Agreement and the Account Agreement.

 

		(vii)	Certificate
                                         of the Portfolio Manager. An Officer’s certificate of the Portfolio Manager,
                                         dated as of the Closing Date, to the effect that with respect to each Collateral Obligation
                                         to be Delivered by the Issuer on the Closing Date, and immediately before the Delivery
                                         of such Collateral Obligation on the Closing Date, to the best of the Portfolio Manager’s
                                         knowledge:

 

		(A)	each
                                         Collateral Obligation in the Schedule of Collateral Obligations satisfies the requirements
                                         of the definition of “Collateral Obligation”;

 

		(B)	the
                                         information with respect to each Collateral Obligation in the Schedule of Collateral
                                         Obligations is true and correct and such schedule is complete with respect to each such
                                         Collateral Obligation;

 

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		(C)	the
                                         Issuer purchased or entered into each Collateral Obligation in the Schedule of Collateral
                                         Obligations in compliance with Section 12.2; and

 

		(D)	the
                                         Aggregate Principal Balance of the Collateral Obligations which the Issuer has purchased,
                                         acquired or entered into binding commitments to purchase on or prior to the Closing Date
                                         for settlement on or after the Closing Date is approximately U.S.$511,700,000.

 

		(viii)	Grant
                                         of Collateral Obligations. Contemporaneous with the issuance and sale of the Notes
                                         on the Closing Date, the Grant pursuant to the Granting Clauses of this Indenture of
                                         all of the Issuer’s right, title and interest in and to the Collateral Obligations
                                         pledged to the Trustee for inclusion in the Assets on the Closing Date shall be effective,
                                         and Delivery of such Collateral Obligations (including each promissory note and all other
                                         Underlying Instruments related thereto to the extent received by the Issuer) as contemplated
                                         by Section 3.3 shall have been effected.

 

		(ix)	Certificate
                                         of the Issuer Regarding Assets. An Officer’s certificate of an Authorized Officer
                                         of the Issuer, dated as of the Closing Date, to the effect that, with respect to each
                                         Collateral Obligation pledged to the Trustee for inclusion in the Assets, on the Closing
                                         Date and immediately prior to Delivery thereof:

 

		(A)	the
                                         Issuer is the owner of such Collateral Obligation free and clear of any liens, claims
                                         or encumbrances of any nature whatsoever except for (i) those which are being released
                                         on the Closing Date (ii) those Granted pursuant to or permitted by this Indenture, (iii)
                                         encumbrances arising from due bills, if any, with respect to interest, or a portion thereof,
                                         accrued on such Collateral Obligation prior to the first Payment Date and owed by the
                                         Issuer to the seller of such Collateral Obligation and (iv) any other Permitted Liens;

 

		(B)	the
                                         Issuer has acquired its ownership in such Collateral Obligation in good faith without
                                         notice of any adverse claim, except as described in clause (A) above;

 

		(C)	the
                                         Issuer has not assigned, pledged or otherwise encumbered any interest in such Collateral
                                         Obligation (or, if any such interest has been assigned, pledged or otherwise encumbered,
                                         it has been released) other than interests Granted pursuant to this Indenture and the
                                         Account Agreement;

 

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		(D)	the
                                         Issuer has full right to Grant a security interest in and assign and pledge all of its
                                         right, title and interest in such Collateral Obligation to the Trustee;

 

		(E)	based
                                         on the certificate of the Portfolio Manager delivered pursuant to Section 3.1(a)(vii),
                                         the information set forth with respect to such Collateral Obligation in the Schedule
                                         of Collateral Obligations is true and correct;

 

		(F)	upon
                                         Grant by the Issuer, the Trustee has a first priority perfected security interest in
                                         such Collateral Obligation (assuming that any Clearing Corporation, intermediary or other
                                         entity not within the control of the Issuer involved in the Delivery of such Collateral
                                         Obligation takes the actions required of it for perfection of that interest), except
                                         as permitted by this Indenture; and

 

		(G)	based
                                         on the certificate of the Portfolio Manager delivered pursuant to Section 3.1(a)(vii),
                                         the Aggregate Principal Balance of the Collateral Obligations which the Issuer has purchased,
                                         acquired or has entered into binding commitments to purchase prior to the Closing Date
                                         for settlement on or after the Closing Date is approximately U.S.$ 511,700,000.

 

		(x)	Rating
                                         Letters. An Officer’s certificate of the Issuer to the effect that attached
                                         thereto is a true and correct copy of a letter from each Rating Agency, as applicable,
                                         and confirming that each Class of Notes has been assigned the applicable Initial Rating
                                         and that such ratings are in effect on the Closing Date.

 

		(xi)	Accounts.
                                         Evidence of the establishment of each of the Accounts.

 

		(xii)	Issuer
                                         Order for Deposit of Funds into Accounts. The Issuer has delivered to the Trustee
                                         and the Trustee has deposited from the proceeds of the issuance of the Notes (A) U.S.$0
                                         into the Ramp-Up Account as Principal Proceeds for use pursuant to Section 10.3(c), (B)
                                         U.S.$3,731,350 into the Expense Reserve Account for use pursuant to Section 10.3(d);
                                         (C) U.S.$0 (the “Interest Reserve Amount”) into the Interest Reserve
                                         Account for use pursuant to Section 10.3(e); and (D) U.S.$0 into the Revolver Funding
                                         Account for use pursuant to Section 10.4.

 

		(xiii)	[Reserved].

 

		(xiv)	Other
                                         Documents. Such other documents as the Trustee may reasonably require; provided
                                         that, nothing in this clause (xiv) shall imply or impose a duty on the part
                                         of the Trustee to require any other documents.

  

 

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		Section 3.2.	Conditions
                                         to Additional Issuance

 

		(a)	Any
                                         additional notes to be issued in accordance with Section 2.13 may be executed by the
                                         Issuer and delivered to the Trustee, in the case of additional notes, for authentication
                                         and thereupon the same shall be authenticated and delivered by the Trustee upon Issuer
                                         Order and upon receipt by the Trustee of the following:

 

		(i)	Officer’s
                                         Certificate of the Issuer Regarding Corporate Matters. An Officer’s certificate
                                         of the Issuer (A) evidencing the authorization by Resolution of the execution, authentication
                                         and delivery of the notes applied for by it and specifying the Stated Maturity, principal
                                         amount and Interest Rate (if applicable) of the notes applied for by it and (B) certifying
                                         that (1) the attached copy of the Resolution is a true and complete copy thereof, (2)
                                         such Resolution has not been rescinded and is in full force and effect on and as of the
                                         date of issuance and (3) the Officers authorized to execute and deliver such documents
                                         hold the offices and have the signatures indicated thereon.

 

		(ii)	Governmental
                                         Approvals. From the Issuer either (A) a certificate of the Issuer or other official
                                         document evidencing the due authorization, approval or consent of any governmental body
                                         or bodies, at the time having jurisdiction in the premises, together with an Opinion
                                         of Counsel of such Issuer that no other authorization, approval or consent of any governmental
                                         body is required for the valid issuance of the additional notes or (B) an Opinion of
                                         Counsel of the Issuer that no such authorization, approval or consent of any governmental
                                         body is required for the valid issuance of such additional notes except as has been given.

 

		(iii)	Officer’s
                                         Certificate of Issuer Regarding Indenture. An Officer’s certificate of the
                                         Issuer stating that, to the best of the signing Officer’s knowledge, the Issuer
                                         is not in default under this Indenture and that the issuance of the additional notes
                                         applied for by it will not result in a default or a breach of any of the terms, conditions
                                         or provisions of, or constitute a default under, its organizational documents, any indenture
                                         or other agreement or instrument to which it is a party or by which it is bound, or any
                                         order of any court or administrative agency entered in any Proceeding to which it is
                                         a party or by which it may be bound or to which it may be subject; that the provisions
                                         of Section 2.13 and all conditions precedent provided in this Indenture relating to the
                                         authentication and delivery of the additional notes applied for by it have been complied
                                         with; that all expenses due or accrued with respect to the offering of such notes or
                                         relating to actions taken on or in connection with the additional issuance have been
                                         paid or reserves therefor have been made; and that all of its representations and warranties
                                         contained herein are true and correct as of the date of additional issuance.

 

		(iv)	Supplemental
                                         Indenture. A fully executed counterpart of any supplemental indenture making such
                                         changes to this Indenture if necessary to permit such additional issuance.

 

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		(v)	[Reserved].

 

		(vi)	Issuer
                                         Order for Deposit of Funds into Accounts. An Issuer Order signed in the name of the
                                         Issuer by an Authorized Officer of the Issuer, dated as of the date of the additional
                                         issuance, authorizing the deposit of the net proceeds of the issuance into the Collection
                                         Account for use pursuant to Section 10.2.

 

		(vii)	Evidence
                                         of Required Consents. A certificate of the Portfolio Manager consenting to such additional
                                         issuance and satisfactory evidence of the consent of the holder of the Interests to such
                                         issuance (which may be in the form of an Officer’s certificate of the Issuer).

 

		(viii)	Issuer
                                         Order for Deposit of Funds into Expense Reserve Account. An Issuer Order signed in
                                         the name of the Issuer by an Authorized Officer of the Issuer, dated as of the date of
                                         the additional issuance, authorizing the deposit of the requisite portion of the proceeds
                                         (if any), as directed by the Issuer (or the Portfolio Manager on behalf of the Issuer)
                                         to the Trustee, of such additional issuance into the Expense Reserve Account for use
                                         pursuant to Section 10.3(d).

 

		(ix)	Evidence
                                         of Required Consents. Satisfactory evidence of the consent to such issuance by the
                                         Portfolio Manager.

 

		(x)	Other
                                         Documents. Such other documents as the Trustee may reasonably require; provided
                                         that, nothing in this clause (x) shall imply or impose a duty on the part
                                         of the Trustee to require any other documents.

 

		Section 3.3.	Delivery
                                         of Collateral Obligations and Eligible Investments

 

		(a)	The
                                         Portfolio Manager, on behalf of the Issuer, shall Deliver or cause to be Delivered, on
                                         or prior to the Closing Date (with respect to the initial Collateral Obligations) and
                                         within two (2) Business Days after the related Cut-Off Date (with respect to any additional
                                         Collateral Obligations) to a custodian appointed by the Issuer, which shall be a Securities
                                         Intermediary (the “Custodian”) or the Bank, as applicable, all Assets
                                         in accordance with the definition of “Deliver.”

 

		(b)	The
                                         Custodian appointed hereby shall act as custodian for the Issuer and as custodian, agent
                                         and bailee for the Trustee on behalf of the Secured Parties for purposes of perfecting
                                         the Trustee’s security interest in those Assets in which a security interest is
                                         perfected by Delivery of the related Assets to the Custodian. Initially, the Custodian
                                         shall be the Bank. Any successor custodian shall be an Eligible Custodian. Subject to
                                         the limited right to relocate Assets as provided in Section 7.5(b), the Trustee or the
                                         Custodian, as applicable, shall hold (i) all Collateral Obligations, Eligible Investments,
                                         Cash and other investments purchased in accordance with this Indenture and (ii) any other
                                         property of the Issuer otherwise Delivered to the Trustee or the Custodian, as applicable,
                                         by or on behalf of the Issuer, in the relevant Account established and maintained pursuant
                                         to Article X; as to which in each case the Trustee shall have entered into the Account
                                         Agreement with the Custodian providing, inter alia, that the establishment and
                                         maintenance of such Account will be governed by a law of a jurisdiction satisfactory
                                         to the Issuer and the Trustee.

 

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		(c)	Each
                                         time that the Portfolio Manager on behalf of the Issuer directs or causes the acquisition
                                         of any Collateral Obligation, Eligible Investment or other investment, the Portfolio
                                         Manager (on behalf of the Issuer) shall, if the Collateral Obligation, Eligible Investment
                                         or other investment is required to be, but has not already been, transferred to the relevant
                                         Account, cause the Collateral Obligation, Eligible Investment or other investment to
                                         be Delivered to the Custodian to be held in the Custodial Account (or in the case of
                                         any such investment that is not a Collateral Obligation, in the Account in which the
                                         funds used to purchase the investment are held in accordance with Article X) for the
                                         benefit of the Trustee in accordance with this Indenture. The security interest of the
                                         Trustee in the funds or other property used in connection with the acquisition shall,
                                         immediately and without further action on the part of the Trustee, be released. The security
                                         interest of the Trustee shall nevertheless come into existence and continue in the Collateral
                                         Obligation, Eligible Investment or other investment so acquired, including all interests
                                         of the Issuer in any contracts related to and proceeds of such Collateral Obligation,
                                         Eligible Investment or other investment.

 

ARTICLE
IV

SATISFACTION AND DISCHARGE; ILLIQUID ASSETS; LIMITATION ON

ADMINISTRATIVE EXPENSES

 

		Section 4.1.	Satisfaction
                                         and Discharge of Indenture

 

This
Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Holders to receive payments
of principal thereof and interest that accrued prior to Maturity (and to the extent lawful and enforceable, interest on due and
unpaid accrued interest) thereon, (iv) the rights, obligations and immunities of the Portfolio Manager hereunder and under the
Portfolio Management Agreement and of the Collateral Administrator under the Collateral Administration Agreement, (v) the rights
of Holders as beneficiaries hereof with respect to the property deposited with the Trustee and payable to all or any of them (subject
to Section 2.7(i)) and (vi) the rights and immunities of the Trustee hereunder, and the obligations of the Trustee hereunder in
connection with the foregoing clauses (i) through (v) and otherwise under this Article IV (and the Trustee, on demand of and at
the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture) when:

 

		(a)	(x)
                                         either:

 

		(i)	all
                                         Notes theretofore authenticated and delivered to Holders (other than (A) Notes which
                                         have been mutilated, defaced, destroyed, lost or stolen and which have been replaced
                                         or paid as provided in Section 2.6 or, (B) Notes for whose payment Money has theretofore
                                         irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged
                                         from such trust, as provided in Section 7.3) have been delivered to the Trustee for cancellation;
                                         or

 

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		(ii)	all
                                         Notes not theretofore delivered to the Trustee for cancellation (A) have become due and
                                         payable, or (B) will become due and payable at their Stated Maturity within one year,
                                         or (C) are to be called for redemption pursuant to Article IX under an arrangement satisfactory
                                         to the Trustee for the giving of notice of redemption by the Issuer pursuant to Sections
                                         9.4 or 9.7 and the Issuer has irrevocably deposited or caused to be deposited with the
                                         Trustee, in trust for such purpose, Cash or non-callable direct obligations of the United
                                         States of America (provided that, the obligations are entitled to the full
                                         faith and credit of the United States of America or are debt obligations which are rated
                                         “AAA” by S&P and “AAA” by Fitch, in an amount sufficient,
                                         as recalculated in writing by a firm of Independent certified public accountants which
                                         are nationally recognized) sufficient to pay and discharge the entire indebtedness on
                                         such Notes, for principal and interest payable thereon under this Indenture to the date
                                         of such deposit (in the case of Notes which have become due and payable), or to their
                                         Stated Maturity or Redemption Date, as the case may be, and shall have Granted to the
                                         Trustee a valid perfected security interest in such cash or obligations that is of first
                                         priority or free of any adverse claim, as applicable, and shall have furnished an Opinion
                                         of Counsel with respect to the creation and perfection of such security interest; provided
                                         that, this subsection (ii) shall not apply if an election to act in accordance
                                         with the provisions of Section 5.5(a) shall have been made and not rescinded; and

 

(y)       the
Issuer has paid or caused to be paid all other sums payable by the Issuer hereunder and under the Collateral Administration Agreement
and the Portfolio Management Agreement; or

 

		(b)	all
                                         Assets of the Issuer that are subject to the lien of this Indenture have been realized
                                         and the proceeds thereof have been distributed, in each case in accordance with this
                                         Indenture, and the Accounts have been closed;

 

provided
that, in each case, the Issuer has delivered to the Trustee an Officer’s certificate (which may rely on information
provided by the Trustee or the Collateral Administrator as to the Cash, Collateral Obligations, Equity Securities and Eligible
Investments included in the Assets), stating that all conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Portfolio Manager
and, if applicable, the Holders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.1. 6.3, 6.6, 6.7, 7.1, 7.3,
13.1 and 14.15 shall survive.

  

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		Section 4.2.	Application
                                         of Trust Money

 

All
Cash and obligations deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it in accordance
with the provisions of the Notes and this Indenture, including, without limitation, the Priority of Payments, to the payment of
principal and interest (or other amounts with respect to the Interests), either directly or through any Paying Agent, as the Trustee
may determine; and such Cash and obligations shall be held in a segregated account identified as being held in trust for the benefit
of the Secured Parties.

 

		Section 4.3.	Repayment
                                         of Monies Held by Paying Agent

 

In
connection with the satisfaction and discharge of this Indenture with respect to the Notes, all Monies then held by any Paying
Agent other than the Trustee under the provisions of this Indenture shall, upon demand of the Issuer, be paid to the Trustee to
be held and applied pursuant to Section 7.3 and in accordance with the Priority of Payments and thereupon such Paying Agent shall
be released from all further liability with respect to such Monies.

 

		Section 4.4.	Disposition
                                         of Illiquid Assets

 

		(a)	If
                                         the Assets consist exclusively of Illiquid Assets, Eligible Investments and/or Cash,
                                         the Portfolio Manager may request bids with respect to each such Illiquid Asset as described
                                         below after providing notice to the Holders and requesting that any Holder that wishes
                                         to bid on any such Illiquid Asset notify the Trustee (with a copy to the Portfolio Manager)
                                         of such intention within 15 Business Days after the date of such notice. The Trustee
                                         shall, after the end of such 15 Business Day period, offer the Illiquid Assets for sale
                                         as determined and directed by the Portfolio Manager (in a manner and according to terms
                                         determined by the Portfolio Manager (including from Persons identified to the Trustee
                                         by the Portfolio Manager) and pursuant to sale documentation provided by the Portfolio
                                         Manager) and, if any Holder so notifies the Trustee that it wishes to bid, such Holder
                                         shall be included in the distribution of sale offering or bid solicitation material in
                                         connection therewith and thereby given an opportunity to participate with other bidders,
                                         if any. The Trustee shall request bids for the sale of each such Illiquid Asset, in accordance
                                         with the procedures established by the Portfolio Manager, from (i) at least three Persons
                                         identified to the Trustee by the Portfolio Manager that make a market in or specialize
                                         in obligations of the nature of such Illiquid Asset, (ii) the Portfolio Manager, (iii)
                                         each Holder that so notified the Trustee that it wishes to bid and (iv) in the case of
                                         a public sale, any other participating bidders, and the Trustee shall have no responsibility
                                         for the sufficiency or acceptability of such procedures for any purpose or for any results
                                         obtained. The Trustee shall notify the Portfolio Manager promptly of the results of such
                                         bids. Subject to the requirements of applicable law, (x) if the aggregate amount of the
                                         highest bids received (if any) is greater than or equal to U.S.$100,000, the Issuer shall
                                         sell each Illiquid Asset to the highest bidder (which may include the Portfolio Manager
                                         and its Affiliates) and (y) if the aggregate amount of the highest bids received is less
                                         than U.S.$100,000 or no bids are received, the Trustee shall dispose of the Illiquid
                                         Assets as directed by the Portfolio Manager in its reasonable business judgment, which
                                         may include (with respect to each Illiquid Asset) (I) selling it, at no cost to the Trustee,
                                         to the highest bidder (which may include the Portfolio Manager and its Affiliates) if
                                         a bid was received; (II) donating it, at no cost to the Trustee, to a charitable organization
                                         designated by the Portfolio Manager; (III) returning it to its issuer or Obligor for
                                         cancellation or (IV) abandonment.

 

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		(b)	Notwithstanding
                                         the foregoing, the Trustee shall not be under any obligation to dispose of or offer for
                                         sale any Illiquid Assets pursuant to clause (a) above if the Trustee is not reasonably
                                         satisfied that payment of all expenses, costs and liabilities to be incurred by the Trustee
                                         in connection with such disposition or offer, as the case may be, are indemnified or
                                         provided for in a manner acceptable to the Trustee. In addition, the Trustee shall not
                                         dispose of Illiquid Assets in accordance with Section 4.4(a) if directed not to do so,
                                         at any time following notice of such disposal and prior to release, or acceptance of
                                         an offer for sale, of such Illiquid Asset, by a Majority of the Interests; provided
                                         that, arrangements satisfactory to the Trustee have been made to pay for any
                                         accrued and unpaid Administrative Expenses and any additional Administrative Expenses
                                         (including any dissolution and discharge expenses) reasonably expected to be incurred
                                         (after giving effect to Section 4.5). If the Trustee is so directed and no satisfactory
                                         arrangements for payment have been made, then the Trustee shall be entitled to disregard
                                         such direction and shall have no liability for taking or omitting to take any action
                                         in respect of such direction. In any event, the Trustee shall have no liability for the
                                         results of any such sale or disposition of Illiquid Assets, including, without limitation,
                                         if the proceeds received, if any, are insufficient to pay all outstanding Administrative
                                         Expenses in full.

 

		Section 4.5.	Limitation
                                         on Obligation to Incur Administrative Expenses

 

If
at any time the sum of (i) the amount of the Eligible Investments, (ii) Cash and (iii) amounts reasonably expected to be received
by the Issuer in Cash during the current Collection Period (as determined by the Portfolio Manager in its reasonable judgment)
is less than the Dissolution Expenses, then notwithstanding any other provision of this Indenture, the Issuer shall no longer
be required to incur Administrative Expenses as otherwise required by this Indenture to any Person or entity other than the Trustee,
the Collateral Administrator (or any other capacity in which the Bank is acting pursuant to the Transaction Documents) and their
respective Affiliates, including for Opinions of Counsel in connection with supplemental indentures pursuant to Article VIII,
annual opinions under Section 7.6, services of legal advisors and accountants under Sections 7.17 and 10.9 and fees of the Rating
Agencies under Section 7.14, and failure to pay such amounts or provide or obtain such opinions, reports or services shall not
constitute a Default hereunder, and the Trustee shall have no liability for any failure to obtain or receive any of the foregoing
opinions, reports or services. The foregoing shall not, however, limit, supersede or alter any right afforded to the Trustee under
this Indenture (or the Bank in any other capacity) to refrain from taking action in the absence of its receipt of any such opinion,
report or service which it reasonably determines is necessary for its own protection.

  

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ARTICLE
V

REMEDIES

 

		Section 5.1.	Events
                                         of Default

 

“Event
of Default”, wherever used herein, means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order
of any court or any order, rule or regulation of any administrative or governmental body):

 

		(a)	a
                                         default in the payment, when due and payable, of (i) any interest on any Class A-1 Note
                                         or Class A-2 Note or, if there are no Class A-1 Notes or Class A-2 Notes Outstanding,
                                         any Class B Note, and, in each case, the continuation of any such default for five Business
                                         Days, or (ii) any principal of, or interest or Deferred Interest on, or any Redemption
                                         Price in respect of, any Note at its Stated Maturity or on any Redemption Date (other
                                         than a Special Redemption Date); provided, that (x) in the case of a default under
                                         clause (i) or (ii) (other than such a default with respect to the payment of interest
                                         on or principal of the Class A-1 Notes only) where (A) such default is due solely to
                                         a delayed or failed settlement of any Asset sale by the Issuer (or the Portfolio Manager
                                         on the Issuer’s behalf), (B) the Issuer (or the Portfolio Manager on the Issuer’s
                                         behalf) had entered into a binding agreement for the sale of such Asset prior to the
                                         applicable date on which such payment is due and payable, (C) such delayed or failed
                                         settlement is due solely to circumstances beyond the control of the Issuer and the Portfolio
                                         Manager and (D) the Issuer (or the Portfolio Manager on the Issuer’s behalf) has
                                         used commercially reasonable efforts to cause such settlement to occur prior to such
                                         date and without such delay or failure, then such default will not be an Event of Default
                                         unless such failure continues for 60 calendar days, (y) in the case of a default resulting
                                         from a failure to disburse due to an administrative error or omission by the Portfolio
                                         Manager, the Trustee, the Collateral Administrator, the Registrar or any Paying Agent,
                                         such default will not be an Event of Default unless such failure continues for 10 Business
                                         Days after a Bank Officer of the Trustee receives written notice or has actual knowledge
                                         of such administrative error or omission (irrespective of whether the cause of such administrative
                                         error or omission has been determined) and (z) in the case of any default on any Redemption
                                         Date (other than a Special Redemption Date) with respect to which the notice of redemption
                                         has not been withdrawn in accordance with this Indenture, such default will not be an
                                         Event of Default unless such default continues for a period of seven or more Business
                                         Days;

 

		(b)	the
                                         failure on any Payment Date to disburse amounts in excess of $100,000 that are available
                                         in the Payment Account with respect to any amount payable in connection with the Notes,
                                         in each case, in accordance with the Priority of Payments and continuation of such failure
                                         for a period of 10 Business Days; provided, that in the case of a default resulting
                                         from a failure to disburse due to an administrative error or omission by the Portfolio
                                         Manager, the Trustee, the Collateral Administrator, the Registrar or any Paying Agent
                                         or is due to another non-credit related reason, such default will not be an Event of
                                         Default unless such failure continues for 10 Business Days after a Bank Officer of the
                                         Trustee receives written notice or has actual knowledge of such administrative error
                                         or omission, irrespective of whether the cause of such administrative error or omission
                                         has been determined;

 

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		(c)	either
                                         of the Issuer or the Assets becomes an investment company required to be registered under
                                         the Investment Company Act (and such requirement has not been eliminated after a period
                                         of 45 days);

 

		(d)	except
                                         as otherwise provided in this Section 5.1, a default in any material respect in the performance,
                                         or breach in any material respect, of any other covenant or other agreement of the Issuer
                                         in this Indenture (it being understood, without limiting the generality of the foregoing,
                                         that any failure to meet any Concentration Limitation, Collateral Quality Test or Coverage
                                         Test is not an Event of Default and any failure to satisfy the requirements of Section
                                         7.18 is not an Event of Default, except in either case to the extent provided in clause
                                         (g) below), or the failure of any material representation or warranty of the Issuer made
                                         in this Indenture or in any certificate or other writing delivered pursuant hereto or
                                         in connection herewith to be correct in all material respects when the same shall have
                                         been made, which default, breach or failure has a material adverse effect on the Holders,
                                         and the continuation of such default, breach or failure for a period of 45 days after
                                         notice by the Trustee at the direction of the Holders of a Majority of the Controlling
                                         Class to the Issuer and the Portfolio Manager specifying such default, breach or failure
                                         and requiring it to be remedied and stating that such notice is a “Notice of
                                         Default” hereunder; provided that, if the Issuer (as notified to the
                                         Trustee by the Portfolio Manager in writing), has commenced curing such default, breach
                                         or failure during such 45-day period specified above, such default, breach or failure
                                         shall not constitute an Event of Default under this clause (d) unless it continues for
                                         a period of 60 days (in lieu of, but not in addition to, such 45-day period specified
                                         above); provided, further, that the failure to effect a Refinancing, Optional
                                         Redemption or Re-Pricing Amendment will not be an Event of Default;

 

		(e)	the
                                         entry of a decree or order by a court having competent jurisdiction adjudging the Issuer
                                         as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
                                         arrangement, adjustment or composition of or in respect of the Issuer under the Bankruptcy
                                         Code or any other applicable law, or appointing a receiver, liquidator, assignee, or
                                         sequestrator (or other similar official) of the Issuer or of any substantial part of
                                         its property, respectively, or ordering the winding-up or liquidation of its affairs,
                                         respectively, and the continuance of any such decree or order unstayed and in effect
                                         for a period of 60 consecutive days;

 

		(f)	the
                                         institution by the Issuer of Proceedings to have the Issuer adjudicated as bankrupt or
                                         insolvent, or the consent of the Issuer to the institution of bankruptcy or insolvency
                                         Proceedings against the Issuer or the filing by the Issuer of a petition or answer or
                                         consent seeking reorganization or relief under the Bankruptcy Code or any other similar
                                         applicable law, or the consent by the Issuer to the filing of any such petition or to
                                         the appointment in a Proceeding of a receiver, liquidator, assignee, trustee or sequestrator
                                         (or other similar official) of the Issuer or of any substantial part of its property,
                                         respectively, or the making by the Issuer of an assignment for the benefit of creditors,
                                         or the admission by the Issuer in writing of its inability to pay its debts generally
                                         as they become due, or the taking of any action by the Issuer in furtherance of any such
                                         action or the members of the Issuer passing a resolution (in accordance with the Issuer
                                         LLCA) to have the Issuer wound up on a voluntary basis; or

 

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		(g)	on
                                         any Measurement Date on which any Class A-1 Notes are Outstanding, failure of the percentage
                                         equivalent of a fraction, (i) the numerator of which is equal to (1) the sum of (x) the
                                         Aggregate Principal Balance of the Collateral Obligations, excluding Defaulted Obligations
                                         and (y) without duplication, the amounts on deposit in the Collection Account and the
                                         Ramp-Up Account (including Eligible Investments therein) representing Principal Proceeds
                                         plus (2) the aggregate Market Value of all Defaulted Obligations on such date
                                         and (ii) the denominator of which is equal to the Aggregate Outstanding Amount of the
                                         Class A-1 Notes, to equal or exceed 102.5%.

 

Promptly
upon obtaining knowledge of the occurrence of an Event of Default, (i) the Issuer, (ii) the Trustee and (iii) the Portfolio Manager
shall notify each other. Upon the occurrence of an Event of Default known to a Bank Officer of the Trustee, the Trustee shall,
not later than three Business Days thereafter, notify the Holders, each Paying Agent, DTC and each of the Rating Agencies of such
Event of Default in writing (unless such Event of Default has been waived as provided in Section 5.14).

 

		Section 5.2.	Acceleration
                                         of Maturity; Rescission and Annulment

 

		(a)	If
                                         an Event of Default occurs and is continuing (other than an Event of Default specified
                                         in Section 5.1(e) or (f)), the Trustee may (with the written consent of a Supermajority
                                         of the Controlling Class), and shall (upon the written direction of a Supermajority of
                                         the Controlling Class), by notice to the Issuer, the Trustee, the Portfolio Manager and
                                         each Rating Agency, declare the principal of the Notes to be immediately due and payable,
                                         and upon any such declaration the principal of the Notes, together with all accrued and
                                         unpaid interest thereon (including, in the case of Deferred Interest Notes, any Deferred
                                         Interest) through the date of acceleration and other amounts payable hereunder, shall
                                         become immediately due and payable. If an Event of Default specified in Section 5.1(e)
                                         or (f) occurs, all unpaid principal, together with all accrued and unpaid interest thereon,
                                         of all the Notes, and other amounts payable thereunder and hereunder, shall automatically
                                         become due and payable without any declaration or other act on the part of the Trustee
                                         or any Holder.

 

		(b)	At
                                         any time after such a declaration of acceleration of Maturity has been made and before
                                         a judgment or decree for payment of the Money due has been obtained by the Trustee as
                                         hereinafter provided in this Article V, a Majority of the Controlling Class by written
                                         notice to the Issuer, the Trustee, each Rating Agency and the Portfolio Manager, may
                                         rescind and annul such declaration and its consequences if:

 

		(i)	The
                                         Issuer has paid or deposited with the Trustee a sum sufficient to pay:

 

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		(A)	all
                                         unpaid installments of interest and principal then due and payable on the Notes (other
                                         than the non-payment of amounts that have become due solely due to acceleration);

 

		(B)	to
                                         the extent that the payment of such interest is lawful, interest upon any Deferred Interest
                                         at the applicable Interest Rate; and

 

		(C)	all
                                         unpaid taxes and Administrative Expenses (subject to the Administrative Expense Cap)
                                         of the Issuer and other sums paid or advanced by the Trustee hereunder or by the Collateral
                                         Administrator under the Collateral Administration Agreement or hereunder, accrued and
                                         unpaid Base Management Fee and any other amounts then payable by the Issuer hereunder
                                         prior to such Administrative Expenses and such Base Management Fees; and

 

		(ii)	it
                                         has been determined that all Events of Default, other than the nonpayment of the interest
                                         on or principal of the Notes that has become due solely by such acceleration, have (A)
                                         been cured, and a Majority of the Controlling Class by written notice to the Trustee,
                                         with a copy to the Portfolio Manager, has agreed with such determination (which agreement
                                         shall not be unreasonably withheld), or (B) been waived as provided in Section 5.14.

 

No
such rescission shall affect any subsequent Event of Default or impair any right consequent thereon. Any hedge agreement in effect
upon such declaration of an acceleration must remain in effect until liquidation of the Assets has begun and such declaration
is no longer capable of being rescinded or annulled; provided that, the Issuer shall nevertheless be entitled to designate
an early termination date under and in accordance with the terms of such hedge agreement.

 

		Section 5.3.	Collection
                                         of Indebtedness and Suits for Enforcement by Trustee

 

The
Issuer covenants that if a default shall occur in respect of the payment of any principal of or interest when due and payable
on any Note, it will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holder of such Note, the whole amount,
if any, then due and payable on such Note for principal and interest with interest upon the overdue principal and, to the extent
that payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest
Rate, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel.

 

If
the Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
may, and shall upon the written direction of a Supermajority of the Controlling Class, institute a Proceeding for the collection
of the sums so due and unpaid, may prosecute such Proceeding to judgment or final decree, and may enforce the same against the
Issuer or any other Obligor upon the Notes and collect the Monies adjudged or decreed to be payable in the manner provided by
law out of the Assets.

 

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If
an Event of Default or Enforcement Event occurs and is continuing, the Trustee may in its discretion, and shall (subject to its
rights hereunder, including pursuant to Section 6.3(d)) upon written direction of the Supermajority of the Controlling Class,
proceed to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee
shall deem most effectual (if no such direction is received by the Trustee) or as the Trustee may be directed by the Supermajority
of the Controlling Class, to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Trustee by this Indenture or by law.

 

In
case there shall be pending Proceedings relative to the Issuer or any other Obligor upon the Notes under the Bankruptcy Code or
any other applicable bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or
its property or such other Obligor or its property, or in case of any other comparable Proceedings relative to the Issuer or other
Obligor upon the Notes, or the creditors or property of the Issuer or such other Obligor, the Trustee, regardless of whether the
principal of any Note shall then be due and payable as therein expressed or by declaration or otherwise and regardless of whether
the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention
in such Proceedings or otherwise:

 

		(a)	to
                                         file and prove a claim or claims for the whole amount of principal and interest owing
                                         and unpaid in respect of the Notes upon direction by a Majority of the Controlling Class
                                         and to file such other papers or documents as may be necessary or advisable in order
                                         to have the claims of the Trustee (including any claim for reasonable compensation to
                                         the Trustee and each predecessor Trustee, and their respective agents, attorneys and
                                         counsel, and for reimbursement of all reasonable expenses and liabilities incurred, and
                                         all advances made, by the Trustee and each predecessor Trustee, except as a result of
                                         negligence or bad faith) and of the Holders of the Notes allowed in any Proceedings relative
                                         to the Issuer or other Obligor upon the Notes or to the creditors or property of the
                                         Issuer or such other Obligor;

 

		(b)	unless
                                         prohibited by applicable law and regulations, to vote on behalf of the Holders of the
                                         Notes upon the written direction of a Majority of the Controlling Class, in any election
                                         of a trustee or a standby trustee in arrangement, reorganization, liquidation or other
                                         bankruptcy or insolvency Proceedings or person performing similar functions in comparable
                                         Proceedings; and

 

		(c)	to
                                         collect and receive any Monies or other property payable to or deliverable on any such
                                         claims, and to distribute all amounts received with respect to the claims of the Holders
                                         and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian
                                         or other similar official is hereby authorized by each of the Holders of the Notes to
                                         make payments to the Trustee, and, in the event that the Trustee shall consent to the
                                         making of payments directly to the Holders of the Notes to pay to the Trustee such amounts
                                         as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor
                                         Trustee and their respective agents, attorneys and counsel, and all other reasonable
                                         expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
                                         Trustee except as a result of negligence or bad faith.

 

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Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Holders of the Notes, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any Holders of the Notes, as applicable, in any such Proceeding
except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person.

 

In
any Proceedings brought by the Trustee on behalf of the Holders of the Notes (and any such Proceedings involving the interpretation
of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders
of the Notes.

 

Notwithstanding
anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Assets or institute Proceedings in furtherance
thereof pursuant to this Section 5.3 except according to the provisions specified in Section 5.5(a).

 

		Section 5.4.	Remedies

 

		(a)	If
                                         the Maturity of the Notes has been accelerated as provided in Section 5.2(a) and such
                                         acceleration and its consequences have not been rescinded and annulled as provided in
                                         Section 5.2(b) (an “Enforcement Event”), the Issuer agrees that the
                                         Trustee may, and shall, upon written direction (with a copy to the Portfolio Manager)
                                         of a Supermajority of the Controlling Class (subject to the Trustee’s rights hereunder,
                                         including pursuant to Section 6.3(d)), to the extent permitted by applicable law, exercise
                                         one or more of the following rights, privileges and remedies:

 

		(i)	institute
                                         Proceedings for the collection of all amounts then payable on the Notes or otherwise
                                         payable under this Indenture, whether by declaration or otherwise, enforce any judgment
                                         obtained, and collect from the Assets any Monies adjudged due;

 

		(ii)	sell
                                         or cause the sale of all or a portion of the Assets or rights or interests therein, at
                                         one or more public or private sales called and conducted in any manner permitted by law
                                         and in accordance with this Section 5.4 and Section 5.17;

 

		(iii)	institute
                                         Proceedings from time to time for the complete or partial foreclosure of this Indenture
                                         with respect to the Assets;

 

		(iv)	exercise
                                         any remedies of a secured party under the UCC and take any other appropriate action to
                                         protect and enforce the rights and remedies of the Trustee and the Holders of the Notes
                                         hereunder (including exercising all rights of the Trustee under the Account Agreement);
                                         and

 

		(v)	exercise
                                         any other rights and remedies that may be available at law or in equity;

 

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provided
that, the Trustee may not sell or liquidate the Assets or institute Proceedings in furtherance thereof pursuant to this Section
5.4 except according to the provisions of Section 5.5(a).

 

The
Trustee may, but need not, obtain and rely upon an opinion or advice of an Independent investment banking firm of national reputation
(the cost of which shall be payable as an Administrative Expense) experienced in structuring and distributing securities similar
to the Notes, which may be the Initial Purchaser, a Placement Agent or other appropriate advisors, as to the feasibility of any
action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency of the proceeds and other amounts receivable
with respect to the Assets to make the required payments of principal of and interest on the Notes, which opinion or advice shall
be conclusive evidence as to such feasibility or sufficiency and the cost of which shall be commercially reasonable.

 

		(b)	If
                                         an Event of Default as described in Section 5.1(d) has occurred and is continuing the
                                         Trustee may, and at the written direction of the Holders of a Majority of the Controlling
                                         Class in accordance with Section 5.8(b) shall (subject to the Trustee’s rights
                                         hereunder, including pursuant to Section 6.3(d)), institute a Proceeding solely to compel
                                         performance of the covenant or agreement or to cure the representation or warranty, the
                                         breach of which gave rise to the Event of Default under such Section 5.1(d), and enforce
                                         any equitable decree or order arising from such Proceeding.

 

		(c)	Upon
                                         any sale, whether made under the power of sale hereby given or by virtue of judicial
                                         Proceedings, any Secured Party and any Affiliate of the Issuer may bid for and purchase
                                         the Assets or any part thereof and, upon compliance with the terms of sale, may hold,
                                         retain, possess or dispose of such property in its or their own absolute right without
                                         accountability.

 

Upon
any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, the receipt of the Trustee,
or of the Officer making a sale under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at
any sale for its or their purchase Money, and such purchaser or purchasers shall not be obliged to see to the application thereof.

 

Any
such sale, whether under any power of sale hereby given or by virtue of judicial Proceedings, shall bind the Issuer, the Trustee
and the Holders of the Notes, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of
each of them in and to the property sold, and shall be a perpetual bar, both at law and in equity, against each of them and their
successors and assigns, and against any and all Persons claiming through or under them.

 

		(d)	Notwithstanding
                                         any other provision of this Indenture, none of the Trustee, the Secured Parties or the
                                         beneficial owners or Holders of any Notes may (and the beneficial owners and Holders
                                         of each Class of Notes agree, for the benefit of all beneficial owners and Holders of
                                         each Class of Notes, that they shall not), prior to the date which is one year (or if
                                         longer, any applicable preference period then in effect) plus one day after the
                                         payment in full of all Notes, institute against, or join any other Person in instituting
                                         against, the Issuer, any bankruptcy, winding-up, reorganization, arrangement, insolvency,
                                         winding-up, moratorium or liquidation Proceedings, or other Proceedings under U.S. federal
                                         or state bankruptcy or similar laws. Nothing in this Section 5.4 shall preclude, or be
                                         deemed to estop, the Trustee, any Secured Party or any Holder (i) from taking any action
                                         prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily
                                         filed or commenced by the Issuer or (B) any involuntary insolvency Proceeding filed or
                                         commenced by a Person other than the Trustee, such Secured Party or such Holder, respectively,
                                         or (ii) from commencing against the Issuer or any of its properties any legal action
                                         which is not a bankruptcy, reorganization, arrangement, insolvency, winding-up, moratorium
                                         or liquidation Proceeding.

 

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		(e)	Notwithstanding
                                         anything to the contrary set forth herein, prior to the public sale of any Collateral
                                         Obligation made under the power of sale hereby given in connection with an acceleration
                                         or other exercise of remedies, the Trustee shall offer the Portfolio Manager or an Affiliate
                                         thereof a right of first refusal to purchase such Collateral Obligation (exercisable
                                         within two Business Days after the related bid is provided by the Portfolio Manager to
                                         the Trustee) at a price equal to the highest bid price determined by two of the nationally
                                         recognized loan pricing services identified in clause (i) of the definition of Market
                                         Value received by the Portfolio Manager (and provided to the Trustee) in accordance with
                                         this Indenture (or if only one bid price is available, such bid price). The Trustee shall
                                         have no responsibility or liability for (i) selling a Collateral Obligation to the Portfolio
                                         Manager or an Affiliate thereof as described above, or the inability of any such party
                                         to provide a firm bid or (ii) any delay, failure or loss of value in liquidating a Collateral
                                         Obligation as a result of the requirements above.

 

		Section 5.5.	Optional
                                         Preservation of Assets

 

		(a)	If
                                         an Event of Default has occurred and is continuing (other than an Event of Default specified
                                         in Section 5.1(e) or (f)) or an Enforcement Event has occurred (unless the Trustee has
                                         commenced remedies pursuant to Section 5.4), then the Portfolio Manager may continue
                                         to direct sales and other dispositions, and purchases, of Collateral Obligations in accordance
                                         with and to the extent permitted pursuant to Article XII and Section 4.4. If an Event
                                         of Default has occurred and is continuing or an Enforcement Event has occurred, the Trustee
                                         shall retain the Assets securing the Notes intact (subject to the rights of the Portfolio
                                         Manager pursuant to the preceding sentence), collect and cause the collection of the
                                         proceeds thereof and make and apply all payments and deposits and maintain all accounts
                                         in respect of the Assets and the Notes in accordance with the Priority of Payments and
                                         the provisions of Article X, Article XII and Article XIII, unless:

 

		(i)	the
                                         Trustee, pursuant to Section 5.5(c) and in consultation with the Portfolio Manager, determines
                                         that the anticipated proceeds of a sale or liquidation of all or any portion of the Assets
                                         (after deducting the anticipated reasonable expenses of any such sale or liquidation)
                                         would be sufficient to discharge in full the amounts then due (or, in the case of interest,
                                         accrued) and unpaid on the Notes for principal and interest (including accrued and unpaid
                                         Deferred Interest) and all other amounts that, pursuant to the Priority of Payments,
                                         are required to be paid prior to such payments on such Notes (including any amounts due
                                         and owing, and any amounts anticipated to be due and owing), as Administrative Expenses
                                         (without regard to the Administrative Expense Cap), and the Portfolio Manager and a Majority
                                         of the Controlling Class agrees with such determination; or

 

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		(ii)	in
                                         the case of an Event of Default pursuant to Sections 5.1(a), (e), (f) or (g) (without
                                         regard to the occurrence of any other Event of Default prior or subsequent to the occurrence
                                         of such Event of Default), (x) for so long as any Class A-1 Notes remain Outstanding,
                                         a Supermajority of the Class A-1 Notes directs the sale and liquidation of the Assets
                                         and (y) at any time when no Class A-1 Notes are Outstanding, a Supermajority of each
                                         Class of Notes (voting separately by Class) directs the sale and liquidation of the Assets;
                                         or

 

		(iii)	in
                                         the case of an Event of Default pursuant to Sections 5.1(b), (c) or (d), a Supermajority
                                         of each Class of the Notes (voting separately by Class) directs the sale and liquidation
                                         of the Assets.

 

Directions
by Holders under clauses (ii) and (iii) above will be effective when delivered to the Issuer, the Trustee and the Portfolio Manager.
For the avoidance of doubt, for the purposes of this Section 5.5, the Class A-1 Notes will constitute and vote together as a single
Class and the Class A-2 Notes will constitute and vote together as a single Class.

 

		(b)	Nothing
                                         contained in Section 5.5(a) shall be construed to require the Trustee to sell the Assets
                                         securing the Notes if the conditions set forth in clause (i), (ii) or (iii) of Section
                                         5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require
                                         the Trustee to preserve the Assets securing the Notes if prohibited by applicable law.

 

		(c)	In
                                         determining whether the condition specified in Section 5.5(a)(i) exists, the Trustee
                                         shall obtain, with the cooperation and assistance of the Portfolio Manager, bid prices
                                         with respect to each security contained in the Assets from two nationally recognized
                                         dealers (as specified (if possible) by the Portfolio Manager in writing) at the time
                                         making a market in such securities and shall compute the anticipated proceeds of sale
                                         or liquidation on the basis of the lower of such bid prices for each such security. In
                                         the event that the Trustee is only able to obtain bid prices with respect to each Asset
                                         from one nationally recognized dealer at the time making a market in such Assets, the
                                         Trustee shall compute the anticipated proceeds of the sale or liquidation on the basis
                                         of such one bid price for each such Asset. If the Trustee is unable to obtain any bids,
                                         the condition specified in Section 5.5(a)(i) shall be deemed to not be satisfied.
                                         In addition, for the purposes of determining issues relating to the execution of a sale
                                         or liquidation of the Assets and the execution of a sale or other liquidation thereof
                                         in connection with a determination whether the condition specified in Section 5.5(a)(i)
                                         exists, the Trustee may retain and rely on an opinion or advice of an Independent investment
                                         banking firm of national reputation or other appropriate advisors (the cost of which
                                         shall be commercially reasonable and payable as an Administrative Expense).

 

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The
Trustee shall deliver to the Holders and the Portfolio Manager a report stating the results of any determination required pursuant
to Section 5.5(a)(i) no later than 10 days after such determination is made. The Trustee shall make the determinations required
by Section 5.5(a)(i) at the written request of a Supermajority of the Controlling Class at any time during which the second sentence
of Section 5.5(a) applies; provided that, any such request made more frequently than once in any 90-day period shall be
at the expense of such requesting party or parties.

 

		(d)	The
                                         Trustee shall promptly give written notice to each Rating Agency then rating any Notes
                                         that remain Outstanding of any such liquidation of the Assets (or subsequent rescission
                                         thereof) pursuant to this Section 5.5.

 

		Section 5.6.	Trustee
                                         May Enforce Claims Without Possession of Notes

 

All
rights of action and claims under this Indenture or under any of the Notes may be prosecuted and enforced by the Trustee without
the possession of any of the Notes or the production thereof in any trial or other Proceeding relating thereto, and any such action
or Proceeding instituted by the Trustee shall be brought in its own name as trustee and any recovery of judgment shall be applied
as set forth in Section 5.7.

 

		Section 5.7.	Application
                                         of Money Collected

 

Following
the commencement of exercise of remedies by the Trustee pursuant to Section 5.4, any Money collected by the Trustee with respect
to the Notes pursuant to this Article V and any Money that may then be held or thereafter received by the Trustee with respect
to the Notes hereunder shall be applied, subject to Section 13.1 and in accordance with the Special Priority of Payments, at the
date or dates fixed by the Trustee. Upon the final distribution of all proceeds of any liquidation effected hereunder, the provisions
of Section 4.1(b) shall be deemed satisfied for the purposes of discharging this Indenture pursuant to Article IV.

 

		Section 5.8.	Limitation
                                         on Suits

 

No
Holder of any Note shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture, any
other Transaction Document, any of the Notes or any other matter related thereto, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:

 

		(a)	such
                                         Holder previously has given to the Trustee (with a copy to the Portfolio Manager) written
                                         notice of an Event of Default;

 

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		(b)	the
                                         Holders of a Majority of the Controlling Class shall have made a written request upon
                                         the Trustee to institute Proceedings in respect of such Event of Default in its own name
                                         as Trustee hereunder and such Holder or Holders have provided the Trustee indemnity or
                                         security reasonably satisfactory to the Trustee against the costs, expenses (including
                                         reasonable attorneys’ fees and expenses) and liabilities to be incurred in compliance
                                         with such request;

 

		(c)	the
                                         Trustee, for 30 days after its receipt of such notice, request and provision of such
                                         indemnity to the Trustee, has failed to institute any such Proceeding; and

 

		(d)	no
                                         direction inconsistent with such written request has been given to the Trustee during
                                         such 30-day period by a Supermajority of the Controlling Class; it being understood and
                                         intended that no one or more Holders shall have any right in any manner whatever by virtue
                                         of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice
                                         the rights of any other Holders of Notes of the same Class or to obtain or to seek to
                                         obtain priority or preference over any other Holders of the Notes of the same Class or
                                         to enforce any right under this Indenture, except in the manner herein provided and for
                                         the equal and ratable benefit of all the Holders of Notes of the same Class subject to
                                         and in accordance with Section 13.1 and the Priority of Payments.

 

In
the event the Trustee shall receive conflicting or inconsistent requests and indemnity pursuant to this Section 5.8 from two or
more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee
shall act in accordance with the request specified by the group of Holders with the greatest percentage of the Aggregate Outstanding
Amount of the Controlling Class, notwithstanding any other provisions of this Indenture. If all such groups represent the same
percentage, the Trustee, in its sole discretion, may determine what action, if any, shall be taken.

 

		Section 5.9.	Unconditional
                                         Rights of Holders to Receive Principal and Interest

 

Subject
to Section 2.7(i), but notwithstanding any other provision of this Indenture, the Holder of any Note shall have the right, which
is absolute and unconditional, to receive payment of the principal of and interest on such Note (including, in the case of Deferred
Interest Notes, any Deferred Interest), as such principal, interest and other amounts become due and payable in accordance with
the Priority of Payments and Section 13.1, as the case may be, and, subject to the provisions of Section 5.4 and Section 5.8,
to institute proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of
such Holder. Holders of Notes ranking junior to Notes still Outstanding shall have no right to institute Proceedings for the enforcement
of any such payment until such time as no Note ranking senior to such Note remains Outstanding, which right shall be subject to
the provisions of Section 5.4(d) and Section 5.8, and shall not be impaired without the consent of any such Holder.

  

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		Section 5.10.	Restoration
                                         of Rights and Remedies

 

If
the Trustee or any Holder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case the Issuer, the Trustee and the Holder shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the
Holder shall continue as though no such Proceeding had been instituted.

 

		Section 5.11.	Rights
                                         and Remedies Cumulative

 

No
right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy.

 

		Section 5.12.	Delay
                                         or Omission Not Waiver

 

No
delay or omission of the Trustee or any Holder of Notes to exercise any right or remedy accruing upon any Event of Default or
Enforcement Event shall impair any such right or remedy or constitute a waiver of any such Event of Default or Enforcement Event
or an acquiescence therein or of a subsequent Event of Default or Enforcement Event. Every right and remedy given by this Article
V or by law to the Trustee or to the Holders of the Notes may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders of the Notes.

 

		Section 5.13.	Control
                                         by Supermajority of Controlling Class

 

Notwithstanding
any other provision of this Indenture, a Supermajority of the Controlling Class shall have the right following the occurrence,
and during the continuance of, an Event of Default or Enforcement Event to cause the institution of and direct the time, method
and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power conferred upon
the Trustee under this Indenture; provided, that:

 

		(a)	such
                                         direction shall not conflict with any rule of law or with any express provision of this
                                         Indenture;

 

		(b)	the
                                         Trustee may take any other action deemed proper by the Trustee that is not inconsistent
                                         with such direction; provided, that subject to Section 6.1, the Trustee need not
                                         take any action that it determines might involve it in liability (unless the Trustee
                                         has received the indemnity as set forth in clause (c) below);

 

		(c)	the
                                         Trustee shall have been provided with security or indemnity reasonably satisfactory to
                                         it; and

 

		(d)	notwithstanding
                                         the foregoing, any direction to the Trustee to undertake a Sale and liquidation of the
                                         Assets must satisfy the requirements of Section 5.5.

 

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		Section 5.14.	Waiver
                                         of Past Defaults

 

Prior
to the time a judgment or decree for payment of the Money due has been obtained by the Trustee, as provided in this Article V,
a Majority of the Controlling Class may on behalf of the Holders of all the Notes waive (i) any past Event of Default, (ii) any
occurrence that is, or with notice or the lapse of time or both would become, an Event of Default and (iii) any future occurrence
that would give rise to an Event of Default of a type previously waived and its consequences, except any such Event of Default
or occurrence:

 

		(a)	in
                                         the payment of the principal of or interest on any Note (which may be waived only with
                                         the consent of the Holder of such Note);

 

		(b)	in
                                         respect of a covenant or provision hereof that under Section 8.2 cannot be modified or
                                         amended without the waiver or consent of the Holder of each Outstanding Note materially
                                         and adversely affected thereby (which may be waived only with the consent of each such
                                         Holder); or

 

		(c)	in
                                         respect of a representation contained in Section 7.19 (which may be waived by a Majority
                                         of the Controlling Class if the Global Rating Agency Condition is satisfied).

 

In
the case of any such waiver, the Issuer, the Trustee and the Holders shall be restored to their former positions and rights hereunder,
respectively, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto.
The Trustee shall promptly give written notice of any such waiver to each Rating Agency, the Portfolio Manager and each Holder.

 

Upon
any such waiver (other than a waiver of a future event), such Event of Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture. Any waiver of any future occurrence
must be revocable by a Majority of the Controlling Class, and may also be specifically limited to a designated period of time.

 

		Section 5.15.	Undertaking
                                         for Costs

 

All
parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken, or omitted by it as the Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in
Aggregate Outstanding Amount of the Controlling Class, or to any suit instituted by any Holder for the enforcement of the payment
of the principal of or interest on any Note on or after the applicable Stated Maturity (or, in the case of redemption, on or after
the applicable Redemption Date).

  

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		Section 5.16.	Waiver
                                         of Stay or Extension Laws

 

The
Issuer covenants (to the extent that they may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law or any valuation, appraisement, redemption or
marshalling law or rights, in each case wherever enacted, now or at any time hereafter in force, which may affect the covenants,
the performance of or any remedies under this Indenture; and the Issuer (to the extent permitted by law) hereby expressly waives
all benefit or advantage of any such law or rights, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been
enacted or rights created.

 

		Section 5.17.	Sale
                                         of Assets

 

		(a)	The
                                         power to effect any sale (a “Sale”) of any portion of the Assets pursuant
                                         to Sections 5.4 and 5.5 shall not be exhausted by any one or more Sales as to any portion
                                         of such Assets remaining unsold, but shall continue unimpaired until the entire Assets
                                         shall have been sold or all amounts secured by the Assets shall have been paid. The Trustee
                                         may upon notice to the Holders (with a copy to the Portfolio Manager), and shall, upon
                                         direction of a Majority of the Controlling Class, from time to time postpone any Sale
                                         by public announcement made at the time and place of such Sale. The Trustee hereby expressly
                                         waives its rights to any amount fixed by law as compensation for any Sale; provided
                                         that, the Trustee and the Portfolio Manager shall be authorized to deduct the reasonable
                                         costs, charges and expenses incurred by it in connection with such Sale from the proceeds
                                         thereof notwithstanding the provisions of Section 6.7; provided, further, that
                                         this Section 5.17 shall be qualified in its entirety by reference to Section 5.4(e).

 

		(b)	Subject
                                         to Section 5.4(e), the Trustee may bid for and acquire any portion of the Assets in connection
                                         with a public Sale thereof, and may pay all or part of the purchase price by crediting
                                         against amounts owing on the Notes or other amounts secured by the Assets, all or part
                                         of the net proceeds of such Sale after deducting the reasonable costs, charges and expenses
                                         incurred by the Trustee in connection with such Sale notwithstanding the provisions of
                                         Section 6.7. The Notes need not be produced in order to complete any such Sale, or in
                                         order for the net proceeds of such Sale to be credited against amounts owing on the Notes.
                                         The Trustee may hold, lease, operate, manage or otherwise deal with any property so acquired
                                         in any manner permitted by law in accordance with this Indenture.

 

		(c)	If
                                         any portion of the Assets consists of securities issued without registration under the
                                         Securities Act (“Unregistered Securities”), the Trustee may seek an
                                         Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with the consent
                                         of a Majority of the Controlling Class, seek a no action position from the Securities
                                         and Exchange Commission or any other relevant federal or state regulatory authorities,
                                         regarding the legality of a public or private Sale of such Unregistered Securities.

 

		(d)	The
                                         Trustee shall execute and deliver an appropriate instrument of conveyance transferring
                                         its interest in any portion of the Assets in connection with a Sale thereof, without
                                         recourse, representation or warranty. In addition, the Trustee is hereby irrevocably
                                         appointed the agent and attorney in fact of the Issuer to transfer and convey its interest
                                         in any portion of the Assets in connection with a Sale thereof, and to take all action
                                         necessary to effect such Sale. No purchaser or transferee at such a sale shall be bound
                                         to ascertain the Trustee’s authority, to inquire into the satisfaction of any conditions
                                         precedent or see to the application of any Monies.

 

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		(e)	Without
                                         limiting any rights of any party under Section 5.4(e), and notwithstanding any prior
                                         notice delivered thereunder, the Trustee shall provide notice as soon as reasonably practicable
                                         of any public Sale to the Holders of the Interests, and the Holders of the Interests
                                         and the Portfolio Manager shall be permitted to participate in any such public Sale to
                                         the extent permitted by applicable law and to the extent such Holders or the Portfolio
                                         Manager, as applicable, meet any applicable eligibility requirements with respect to
                                         such Sale.

 

		Section 5.18.	Action
                                         on the Notes

 

The
Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking or
obtaining of or application for any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor
any rights or remedies of the Trustee or the Holders shall be impaired by the recovery of any judgment by the Trustee against
the Issuer or by the levy of any execution under such judgment upon any portion of the Assets or upon any of the assets of the
Issuer.

 

ARTICLE
VI

THE TRUSTEE

 

		Section 6.1.	Certain
                                         Duties and Responsibilities

 

		(a)	Except
                                         during the occurrence and continuation of an Event of Default known to the Trustee:

 

		(i)	the
                                         Trustee undertakes to perform such duties and only such duties as are specifically set
                                         forth in this Indenture, and no implied covenants or obligations shall be read into this
                                         Indenture against the Trustee; and

 

		(ii)	in
                                         the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth
                                         of the statements and the correctness of the opinions expressed therein, upon certificates
                                         or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
                                         provided that, in the case of any such certificates or opinions which by any provision
                                         hereof are specifically required to be furnished to the Trustee, the Trustee shall be
                                         under a duty to examine the same to determine whether or not they substantially conform
                                         to the requirements of this Indenture and shall promptly, but in any event within three
                                         Business Days in the case of an Officer’s certificate furnished by the Portfolio
                                         Manager, notify the party delivering the same if such certificate or opinion does not
                                         conform. If a corrected form shall not have been delivered to the Trustee within 15 days
                                         after such notice from the Trustee, the Trustee shall so notify the Holders (with a copy
                                         to the Portfolio Manager).

 

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		(b)	If
                                         an Event of Default known to the Trustee has occurred and is continuing, the Trustee
                                         shall, prior to the receipt of directions, if any, from a Majority (or Supermajority,
                                         as applicable) of the Controlling Class, or such other percentage as permitted by this
                                         Indenture, exercise such of the rights and powers vested in it by this Indenture, including
                                         providing direction to the Trustee on behalf of the Holders and use the same degree of
                                         care and skill in its exercise, as a prudent person would exercise or use under the circumstances
                                         in the conduct of such person’s own affairs.

 

		(c)	No
                                         provision of this Indenture shall be construed to relieve the Trustee from liability
                                         for its own negligent action, its own negligent failure to act, or its own willful misconduct,
                                         except that:

 

		(i)	this
                                         subsection shall not be construed to limit the effect of subsection (a) of this Section
                                         6.1;

 

		(ii)	the
                                         Trustee shall not be liable for any error of judgment made in good faith by a Bank Officer,
                                         unless it shall be proven that the Trustee was negligent in ascertaining the pertinent
                                         facts;

 

		(iii)	the
                                         Trustee shall not be liable with respect to any action taken or omitted to be taken by
                                         it in good faith in accordance with the direction of the Issuer or the Portfolio Manager
                                         in accordance with this Indenture and/or a Majority (or such other percentage as may
                                         be required by the terms hereof) of the Controlling Class (or other Class if required
                                         or permitted by the terms hereof), relating to the time, method and place of conducting
                                         any Proceeding for any remedy available to the Trustee, or exercising any trust or power
                                         conferred upon the Trustee, under this Indenture;

 

		(iv)	no
                                         provision of this Indenture shall require the Trustee to expend or risk its own funds
                                         or otherwise incur any financial liability in the performance of any of its duties hereunder,
                                         or in the exercise of any of its rights or powers contemplated hereunder, if it shall
                                         have reasonable grounds for believing that repayment of such funds or adequate indemnity
                                         satisfactory to it against such risk or liability is not reasonably assured to it unless
                                         such risk or liability relates to the performance of its ordinary services, including
                                         providing notices under Article V, under this Indenture; and

 

		(v)	in
                                         no event shall the Trustee be liable for special, indirect, punitive or consequential
                                         loss or damage (including lost profits) even if the Trustee has been advised of the likelihood
                                         of such damages and regardless of such action.

 

		(d)	For
                                         all purposes under this Indenture, the Trustee shall not be deemed to have notice or
                                         knowledge of any Event of Default described in Sections 5.1(c), (d), (e), (f) or (g)
                                         unless a Bank Officer assigned to and working in the Corporate Trust Office has actual
                                         knowledge thereof or unless written notice of any event which is in fact such an Event
                                         of Default or Default is received by the Trustee at the Corporate Trust Office, and such
                                         notice references the Notes generally, the Issuer, the Assets or this Indenture. For
                                         purposes of determining the Trustee’s responsibility and liability hereunder, whenever
                                         reference is made in this Indenture to such an Event of Default or a Default, such reference
                                         shall be construed to refer only to such an Event of Default or Default of which the
                                         Trustee is deemed to have notice as described in this Section 6.1.

 

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		(e)	The
                                         Trustee will deliver all notices to the Holders forwarded to the Trustee by the Issuer
                                         or the Portfolio Manager for such purpose. Upon the Trustee receiving written notice
                                         from the Portfolio Manager that an event constituting “cause” as defined
                                         in the Portfolio Management Agreement has occurred, the Trustee shall, not later than
                                         three Business Days thereafter, notify the Holders.

 

		(f)	Whether
                                         or not therein expressly so provided, every provision of this Indenture relating to the
                                         conduct or affecting the liability of or affording protection to the Trustee shall be
                                         subject to the provisions of this Section 6.1.

 

		(g)	The
                                         Trustee shall, upon reasonable (but no less than three Business Days’) prior written
                                         notice to the Trustee, permit any representative of a Holder of a Note, during the Trustee’s
                                         normal business hours, to examine all books of account, records, reports and other papers
                                         of the Trustee (other than items protected by attorney-client privilege) relating to
                                         the Notes, to make copies and extracts therefrom (the reasonable out of pocket expenses
                                         incurred in making any such copies or extracts to be reimbursed to the Trustee by such
                                         Holder) and to discuss the Trustee’s actions, as such actions relate to the Trustee’s
                                         duties with respect to the Notes, with the Trustee’s Officers and employees responsible
                                         for carrying out the Trustee’s duties with respect to the Notes; provided that,
                                         no reports prepared by the Issuer’s Independent certified public accountants will
                                         be available for examination in violation of any confidentiality provisions contained
                                         therein.

 

		(h)	If
                                         within 80 calendar days of delivery of financial information or disbursements (which
                                         delivery may be via posting to the Trustee’s Website) the Bank receives written
                                         notice of an error or omission related thereto and, within five calendar days following
                                         the Bank’s providing a copy of such notice to the Portfolio Manager and the Issuer,
                                         the Portfolio Manager or the Issuer confirms such error or omission, the Bank shall use
                                         reasonable efforts to correct such error or omission and such use of reasonable efforts
                                         shall be the only obligation of the Bank in connection therewith. Beyond such period
                                         the Bank shall not be required to take any action and shall have no responsibility for
                                         the same. In no event shall the Bank be obligated to take any action at any time at the
                                         request or direction of any Person unless such Person shall have offered to the Bank
                                         indemnity or security reasonably satisfactory to it.

 

		(i)	The
                                         Trustee shall not have any obligation to (i) confirm the compliance by the Issuer, the
                                         Retention Holder or any other Person with EU Securitization Laws, U.S. Risk Retention
                                         Rules or the retention requirements of any other jurisdiction or (ii) determine or monitor
                                         whether a Retention Deficiency occurs.

 

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		(j)	The
                                         Trustee is authorized, at the request of the Portfolio Manager, to accept directions
                                         or otherwise enter into agreements regarding the remittance of fees owing to the Portfolio
                                         Manager.

 

		(k)	The
                                         Trustee shall have no obligation to determine or verify the owners of the Interests in
                                         the Issuer. In connection with the provision of notices to such owners or the acceptance
                                         of an approval, consent or instruction therefrom, the Trustee shall be entitled to (i)
                                         provide any such notice to the Issuer as described in Section 14.4 hereof and (ii) conclusively
                                         rely upon any notice from the Issuer (or the Portfolio Manager on its behalf) as to any
                                         notice, consent, approval or instruction from the owners of the Interests, and shall
                                         have no liability for any failure or delay in acting hereunder as a result of a failure
                                         or delay on the part of the Issuer or the owners of such Interests to provide such notice,
                                         consent, approval or instruction.

 

		(l)	The
                                         Trustee shall have no obligation to determine or verify (i) if a Substitution Event has
                                         occurred, (ii) whether a Substitution Period has expired or if the Substitute Collateral
                                         Obligations Qualification Conditions in connection with any substitution have been satisfied,
                                         or (iii) the satisfaction of the Repurchase and Substitution Limit in connection with
                                         any repurchase or substitution or the calculation of the Transfer Deposit Amount in connection
                                         therewith.

 

		(m)	The
                                         Trustee shall have no liability or responsibility for (i) the determination or selection
                                         of an Alternative Rate (including, without limitation, whether the conditions for the
                                         designation of such rate have been satisfied or whether any such rate constitutes a Designated
                                         Alternative Rate), (ii) the compliance with the Bankruptcy Exchange Test or the requirements
                                         for an Exchange Transaction, (iii) the determination of Exchanged Equity Security Excess
                                         Proceeds or (iv) the purchase of any Closing Date Participation Interests, and makes
                                         no representation or warranty in respect of the sufficiency or validity of the Loan Sale
                                         Agreement or the terms thereof.

 

		Section 6.2.	Notice
                                         of Default

 

Promptly
(and in no event later than three Business Days) after the occurrence of any Default actually known to a Bank Officer of the Trustee
or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall
notify the Portfolio Manager, each Rating Agency and all Holders of all Defaults hereunder known to the Trustee, unless such Default
shall have been cured or waived.

 

		Section 6.3.	Certain
                                         Rights of Trustee

 

Except
as otherwise provided in Section 6.1:

 

		(a)	the
                                         Trustee may conclusively rely and shall be fully protected in acting or refraining from
                                         acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
                                         request, direction, consent, order, note or other paper or document believed by it to
                                         be genuine and to have been signed or presented by the proper party or parties;

 

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		(b)	any
                                         request or direction of the Issuer mentioned herein shall be sufficiently evidenced by
                                         an Issuer Request or Issuer Order, as the case may be;

 

		(c)	as
                                         a condition to the taking or omitting of any action by it hereunder, the Trustee may
                                         consult with counsel and the advice of such counsel or any Opinion of Counsel shall be
                                         full and complete authorization and protection in respect of any action taken or omitted
                                         by it hereunder in good faith and in reliance thereon;

 

		(d)	the
                                         Trustee shall be under no obligation to exercise or to honor any of the rights or powers
                                         vested in it by this Indenture at the request or direction of any of the Holders pursuant
                                         to this Indenture, unless such Holders shall have provided to the Trustee security or
                                         indemnity reasonably satisfactory to it against the costs, expenses (including reasonable
                                         attorneys’ fees and expenses) and liabilities which might reasonably be incurred
                                         by it in compliance with such request or direction;

 

		(e)	the
                                         Trustee shall not be bound to make any investigation into the facts or matters stated
                                         in any resolution, certificate, statement, instrument, opinion, report, notice, request,
                                         direction, consent, order, note or other paper or document, but the Trustee, in its discretion,
                                         may, and upon the written direction of a Majority of the Controlling Class shall (subject
                                         to the right of the Trustee hereunder to be satisfactorily indemnified), make such further
                                         inquiry or investigation into such facts or matters as it may see fit or as it shall
                                         be directed, and the Trustee shall be entitled, on reasonable prior notice (but in any
                                         case, not less than five Business Days) to the Issuer and the Portfolio Manager, to examine
                                         the books and records relating to the Notes and the Assets, personally or by agent or
                                         attorney, during the Issuer’s or the Portfolio Manager’s normal business
                                         hours; provided that, the Trustee shall, and shall cause its agents to, hold in
                                         confidence all such information, except (i) to the extent disclosure may be required
                                         by law or any Governmental Authority and (ii) to the extent that the Trustee, in its
                                         sole discretion, may determine that such disclosure is consistent with its obligations
                                         hereunder; provided, further, that the Trustee may disclose on a confidential
                                         basis any such information to its agents, attorneys and auditors in connection with the
                                         performance of its responsibilities hereunder so long as the Trustee causes such agents,
                                         attorneys and auditors to hold in confidence all such information;

 

		(f)	the
                                         Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
                                         either directly or by or through agents or attorneys; provided that, the Trustee
                                         shall not be responsible for any misconduct or negligence on the part of any agent appointed,
                                         or attorney appointed, with due care by it hereunder;

 

		(g)	the
                                         Trustee shall not be liable for any action it takes or omits to take in good faith that
                                         it reasonably believes to be authorized or within its rights or powers hereunder;

 

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		(h)	nothing
                                         herein shall be construed to impose an obligation on the part of the Trustee to recalculate,
                                         monitor, evaluate or verify or independently determine the accuracy of any report, certificate
                                         or information received from the Issuer or Portfolio Manager (unless and except to the
                                         extent otherwise expressly set forth herein);

 

		(i)	to
                                         the extent any defined term hereunder, or any calculation required to be made or determined
                                         by the Trustee hereunder, is dependent upon or defined by reference to generally accepted
                                         accounting principles (as in effect in the United States) (“GAAP”),
                                         the Trustee shall be entitled to request and receive (and rely upon) instruction from
                                         the Issuer, from a firm of nationally recognized accountants (which may or may not be
                                         the Independent accountants appointed by the Issuer pursuant to Section 10.9(a)) or the
                                         accountants identified in the Accountants’ Report (and in the absence of its receipt
                                         of timely instruction therefrom, shall be entitled to obtain from an Independent accountant
                                         at the expense of the Issuer) as to the application of GAAP in such connection, in any
                                         instance;

 

		(j)	the
                                         Trustee shall not be liable for the actions or omissions of, or any inaccuracies in the
                                         records of, the Portfolio Manager, the Issuer, the Transferor, the EU Retention Holder,
                                         DTC, Euroclear, Clearstream or any other clearing agency or depository or any Paying
                                         Agent (other than the Trustee), and without limiting the foregoing, the Trustee shall
                                         not be under any obligation to monitor, evaluate or verify compliance by the Portfolio
                                         Manager with the terms hereof or of the Portfolio Management Agreement, or by the Transferor
                                         with the terms of the Loan Sale Agreement or by the EU Retention Holder under the EU
                                         Retention Undertaking Letter, or to verify or independently determine the accuracy of
                                         information received by the Trustee from the Portfolio Manager (or from any selling institution,
                                         agent bank, trustee or similar source) with respect to the Assets;

 

		(k)	notwithstanding
                                         any term hereof (or any term of the UCC that might otherwise be construed to be applicable
                                         to a Securities Intermediary) to the contrary, neither the Trustee nor the Custodian
                                         shall be under a duty or obligation in connection with the acquisition or Grant by the
                                         Issuer to the Trustee of any item constituting the Assets, or to evaluate the sufficiency
                                         of the documents or instruments delivered to it by or on behalf of the Issuer in connection
                                         with its Grant or otherwise, or in that regard to examine any Underlying Instrument,
                                         in each case, in order to determine compliance with applicable requirements of and restrictions
                                         on transfer in respect of such Assets;

 

		(l)	in
                                         the event the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer
                                         Agent, Calculation Agent or Custodian, the rights, protections, benefits, immunities
                                         and indemnities afforded to the Trustee pursuant to this Article VI shall also be afforded
                                         to the Bank acting in such capacities; provided that, such rights, protections,
                                         benefits, immunities and indemnities shall be in addition to any rights, immunities and
                                         indemnities provided in the Account Agreement or any other documents to which the Bank
                                         in such capacity is a party;

 

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		(m)	any
                                         permissive right of the Trustee to take or refrain from taking actions enumerated in
                                         this Indenture shall not be construed as a duty;

 

		(n)	to
                                         the extent permitted by applicable law, the Trustee shall not be required to give any
                                         bond or surety in respect of the execution of this Indenture or otherwise;

 

		(o)	the
                                         Trustee shall not be deemed to have notice or knowledge of any matter unless a Bank Officer
                                         has actual knowledge thereof or unless written notice thereof is received by the Trustee
                                         at the Corporate Trust Office and such notice references the Notes generally, the Issuer
                                         or this Indenture;

 

		(p)	the
                                         Trustee shall not be responsible for delays or failures in performance resulting from
                                         circumstances beyond its control (such circumstances include but are not limited to acts
                                         of God, strikes, lockouts, riots, acts of war, loss or malfunctions of utilities, computer
                                         (hardware or software) or communications services);

 

		(q)	to
                                         the extent not inconsistent herewith, the rights, protections, indemnities and immunities
                                         afforded to the Trustee pursuant to this Indenture also shall be afforded to the Collateral
                                         Administrator; provided that, such rights, protections, immunities and
                                         indemnities shall be in addition to any rights, protections, immunities and indemnities
                                         provided in the Collateral Administration Agreement;

 

		(r)	in
                                         making or disposing of any investment permitted by this Indenture, the Trustee is authorized
                                         to deal with itself (in its individual capacity) or with any one or more of its Affiliates,
                                         in each case on an arm’s-length basis, whether it or such Affiliate is acting as
                                         a subagent of the Trustee or for any third person or dealing as principal for its own
                                         account. If otherwise qualified, obligations of the Bank or any of its Affiliates shall
                                         qualify as Eligible Investments hereunder;

 

		(s)	the
                                         Trustee or its Affiliates are permitted to receive additional compensation that could
                                         be deemed to be in the Trustee’s economic self-interest for (i) serving as investment
                                         adviser, administrator, shareholder, servicing agent, custodian or subcustodian with
                                         respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions
                                         in certain Eligible Investments and (iii) effecting transactions in certain Eligible
                                         Investments. Such compensation is not payable or reimbursable under Section 6.7;

 

		(t)	the
                                         Trustee shall have no duty (i) to see to any recording, filing, or depositing of this
                                         Indenture or any supplemental indenture or any financing statement or continuation statement
                                         evidencing a security interest, or to see to the maintenance of any such recording, filing
                                         or depositing or to any rerecording, refiling or redepositing of any thereof or (ii)
                                         to maintain any insurance;

 

		(u)	whenever
                                         in the administration of this Indenture the Trustee shall (i) deem it desirable that
                                         a matter be proved or established prior to taking, suffering or omitting any action hereunder,
                                         the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
                                         of bad faith on its part, rely upon an Officer’s certificate or Issuer Order, or
                                         (ii) be required to determine the value of any Assets or funds hereunder or the cash
                                         flows projected to be received therefrom, the Trustee may, in the absence of bad faith
                                         on its part, rely on reports of nationally recognized accountants (which may or may not
                                         be the Independent accountants appointed by the Issuer), investment bankers or other
                                         Persons qualified to provide the information required to make such determination, including
                                         nationally recognized dealers in securities of the type being valued and securities quotation
                                         services; and

 

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		(v)	the
                                         Trustee will be under no obligation to (i) confirm or verify whether the conditions to
                                         the Delivery of the Assets have been satisfied or (ii) determine whether or not a Collateral
                                         Obligation is eligible for purchase or exchange hereunder or meets the criteria in the
                                         definition thereof.

 

Section
6.4.     Not Responsible for Recitals or Issuance of Notes

 

The
recitals contained herein and in the Notes, other than the Certificate of Authentication with respect to the Notes thereon, shall
be taken as the statements of the Issuer; and the Trustee assumes no responsibility for their correctness. The Trustee makes no
representation as to the validity or sufficiency of this Indenture (except as may be made with respect to the validity of the
Trustee’s obligations hereunder), the Assets or the Notes. The Trustee shall not be accountable for the use or application
by the Issuer of the Notes or the proceeds thereof or any Money paid to the Issuer pursuant to the provisions hereof.

 

Section
6.5.     May Hold Notes

 

The
Trustee, any Paying Agent, Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with the Issuer or any of its Affiliates with the same rights it would have if
it were not Trustee, Paying Agent, Registrar or such other agent.

 

Section
6.6.     Money Held in Trust

 

Money
held by the Trustee hereunder shall be held in trust to the extent required herein. The Trustee shall be under no liability for
interest on any Money received by it hereunder except to the extent of income or other gain on investments which are deposits
in or certificates of deposit of the Bank in its commercial capacity and income or other gain actually received by the Trustee
on Eligible Investments.

 

Section
6.7.     Compensation and Reimbursement

 

		(a)	The
                                         Issuer agrees:

 

		(i)	to
                                         pay the Trustee on each Payment Date reasonable compensation, as set forth in a separate
                                         fee schedule, for all services rendered by it hereunder (which compensation shall not
                                         be limited by any provision of law in regard to the compensation of a trustee of an express
                                         trust);

 

		(ii)	except
                                         as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon
                                         its request for all reasonable expenses, disbursements and advances incurred or made
                                         by the Trustee in accordance with any provision of this Indenture or other Transaction
                                         Document (including, without limitation, securities transaction charges and the reasonable
                                         compensation and expenses and disbursements of its agents and legal counsel and of any
                                         accounting firm or investment banking firm employed by the Trustee pursuant to Section
                                         5.4, 5.5 or 10.7, except any such expense, disbursement or advance as may be attributable
                                         to its negligence, willful misconduct or bad faith) but with respect to securities transaction
                                         charges, only to the extent any such charges have not been waived during a Collection
                                         Period due to the Trustee’s receipt of a payment from a financial institution with
                                         respect to certain Eligible Investments, as specified by the Portfolio Manager;

 

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		(iii)	to
                                         indemnify the Trustee and its Officers, directors, employees and agents for, and to hold
                                         them harmless against, any loss, liability or expense (including reasonable attorney’s
                                         fees and costs) incurred without negligence, willful misconduct or bad faith on their
                                         part, arising out of or in connection with the acceptance or administration of this trust
                                         or the performance of duties hereunder or under any of the other Transaction Documents,
                                         including the costs and expenses of defending themselves against any claim or liability
                                         in connection with the exercise or performance of any of their powers or duties hereunder
                                         and under any other agreement or instrument related hereto; and

 

		(iv)	to
                                         pay the Trustee reasonable additional compensation together with its expenses (including
                                         reasonable counsel fees) for any collection or enforcement action taken pursuant to Article
                                         V.

 

		(b)	The
                                         Trustee shall receive amounts pursuant to this Section 6.7 and any other amounts payable
                                         to it under this Indenture only as provided in Sections 11.1(a)(i), (ii) and (iii) (or
                                         in such other manner in which Administrative Expenses are permitted to be paid under
                                         this Indenture) and only to the extent that funds are available for the payment thereof.
                                         Subject to Section 6.9, the Trustee shall continue to serve as Trustee under this Indenture
                                         notwithstanding the fact that the Trustee shall not have received amounts due it hereunder;
                                         provided that, nothing herein shall impair or affect the Trustee’s
                                         rights under Section 6.9. No direction by the Holders shall affect the right of the Trustee
                                         to collect amounts owed to it under this Indenture. If on any date when a fee or expense
                                         shall be payable to the Trustee pursuant to this Indenture insufficient funds are available
                                         for the payment thereof, any portion of a fee or expense not so paid shall be deferred
                                         and payable on such later date on which a fee or expense shall be payable and sufficient
                                         funds are available therefor.

 

		(c)	The
                                         Trustee hereby agrees not to cause any Bankruptcy Filing with respect to the Issuer until
                                         at least one year (or if longer the applicable preference period then in effect) plus
                                         one day, after the payment in full of all Notes issued under this Indenture.

 

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		(d)	The
                                         Issuer’s payment obligations to the Trustee under this Section 6.7 shall be secured
                                         by the lien of this Indenture, and shall survive the discharge of this Indenture and
                                         the resignation or removal of the Trustee. When the Trustee incurs expenses after the
                                         occurrence of a Default or an Event of Default under Section 5.1(e) or (f), the expenses
                                         are intended to constitute expenses of administration under Bankruptcy Code or any other
                                         applicable federal or state bankruptcy, insolvency or similar law.

 

Section
6.8.     Corporate Trustee Required; Eligibility

 

		(a)	There
                                         shall at all times be a Trustee hereunder which shall be an Independent organization
                                         or entity organized and doing business under the laws of the United States of America
                                         or of any state thereof, authorized under such laws to exercise corporate trust powers,
                                         having a combined capital and surplus of at least U.S.$200,000,000, subject to supervision
                                         or examination by federal or state authority, having a rating of at least “BBB+”
                                         by S&P (or such other rating for which the S&P Rating Condition is satisfied)
                                         and at least a long-term credit rating of “A” and short-term credit rating
                                         of “F1” by Fitch and having an office within the United States; provided,
                                         that if the Trustee is downgraded by the applicable Rating Agency below such Rating Agency’s
                                         minimum rating or counterparty risk assessment as set forth in this sentence, the Trustee
                                         (x) shall promptly notify the Issuer and the Portfolio Manager of such downgrade in writing
                                         and (y) may, with the consent of the Portfolio Manager and the Issuer to the following
                                         procedure, retain its eligibility if it obtains or has obtained (at its own expense)
                                         or, to the extent the Issuer or the Portfolio Manager requests that the Trustee retain
                                         its eligibility (at the Issuer’s expense), prior to appointment of a successor
                                         trustee, (i) a confirmation from the applicable Rating Agency that downgraded the Trustee
                                         or counterparty risk assessment that such Rating Agency’s then-current rating of
                                         the Notes will not be downgraded or withdrawn by reason of such downgrade of the Trustee’s
                                         rating or (ii) a written waiver or other written acknowledgement (which may be evidenced
                                         by an exchange of electronic messages or facsimiles) from such Rating Agency that it
                                         will not review such Rating Agency’s then-current rating of the Notes in such circumstances.
                                         If such organization or entity publishes reports of condition at least annually, pursuant
                                         to law or to the requirements of the aforesaid supervising or examining authority, then
                                         for the purposes of this Section 6.8, the combined capital and surplus of such organization
                                         or entity shall be deemed to be its combined capital and surplus as set forth in its
                                         most recent published report of condition. The Trustee shall inform the Issuer and the
                                         Portfolio Manager upon satisfaction of the foregoing requirements. If at any time the
                                         Trustee shall cease to be eligible and fails to obtain such confirmation, waiver or acknowledgement
                                         in accordance with the provisions of this Section 6.8, it shall resign immediately in
                                         the manner and with the effect hereinafter specified in this Article VI.

 

		(b)	The
                                         Trustee shall be a “bank” (as defined under the Investment Company Act) and
                                         shall not be “affiliated” (as defined in Rule 405 under the Securities Act)
                                         with the Issuer or any person involved in the organization or operation of the Issuer
                                         and shall not offer or provide credit or credit enhancement to the Issuer.

 

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		(c)	If
                                         such organization or entity publishes reports of condition at least annually, pursuant
                                         to law or to the requirements of the aforesaid supervising or examining authority, then
                                         for the purposes of this Section 6.8, the combined capital and surplus of such organization
                                         or entity shall be deemed to be its combined capital and surplus as set forth in its
                                         most recent published report of condition.

 

		(d)	If
                                         at any time the Trustee shall cease to be eligible in accordance with the provisions
                                         of this Section 6.8, it shall resign immediately in the manner and with the effect hereinafter
                                         specified in this Article VI.

 

Section
6.9.     Resignation and Removal; Appointment of Successor

 

		(a)	No
                                         resignation or removal of the Trustee and no appointment of a successor Trustee pursuant
                                         to this Article VI shall become effective until the acceptance of appointment by the
                                         successor Trustee under Section 6.10.

 

		(b)	The
                                         Trustee may resign at any time by giving not less than 60 days’ written notice
                                         thereof to the Issuer, the Portfolio Manager, the Holders and each Rating Agency. Upon
                                         receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee
                                         or trustees satisfying the requirements of Section 6.8 by written instrument, in duplicate,
                                         executed by an Authorized Officer of the Issuer, one copy of which shall be delivered
                                         to the Trustee so resigning and one copy to the successor Trustee or Trustees, together
                                         with a copy to each Holder and the Portfolio Manager; provided that, such
                                         successor Trustee shall be appointed only upon the written consent of a Majority of each
                                         Class of the Notes or, at any time when an Event of Default has occurred and is continuing
                                         or an Enforcement Event has occurred or when a successor Trustee has been appointed pursuant
                                         to Section 6.9(e), by an Act of a Majority of the Controlling Class. If no successor
                                         Trustee shall have been appointed and an instrument of acceptance by a successor Trustee
                                         shall not have been delivered to the Trustee within 30 days after the giving of such
                                         notice of resignation, the resigning Trustee or any Holder, on behalf of itself and all
                                         others similarly situated, may petition any court of competent jurisdiction for the appointment
                                         of a successor Trustee satisfying the requirements of Section 6.8.

 

		(c)	The
                                         Trustee may be removed at any time with 30 days’ notice by Act of a Majority of
                                         each Class of Notes (for which purpose, the Class A-1 Notes will constitute and vote
                                         together as a single Class, the Class A-2 Notes will constitute and vote together as
                                         a single Class and the Class B Notes will constitute and vote together as a single Class)
                                         or, at any time when an Event of Default has occurred and is continuing or an Enforcement
                                         Event has occurred by an Act of a Majority of the Controlling Class, delivered to the
                                         Trustee and to the Issuer.

 

		(d)	If
                                         at any time:

 

		(i)	the
                                         Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written
                                         request therefor by the Issuer or by any Holder; or

 

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		(ii)	the
                                         Trustee shall become incapable of acting or shall be adjudged as bankrupt or insolvent
                                         or a receiver or liquidator of the Trustee or of its property shall be appointed or any
                                         public officer shall take charge or control of the Trustee or of its property or affairs
                                         for the purpose of rehabilitation, conservation or liquidation;

 

then,
in any such case (subject to Section 6.9(a)), (A) the Issuer, by Issuer Order, may remove the Trustee, or (B) subject to Section
5.15, any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee.

 

		(e)	If
                                         the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
                                         occur in the office of the Trustee for any reason (other than resignation), the Issuer,
                                         by Issuer Order, shall promptly appoint a successor Trustee. If the Issuer shall fail
                                         to appoint a successor Trustee within 30 days after such resignation, removal or incapability
                                         or the occurrence of such vacancy, a successor Trustee may be appointed by a Majority
                                         of the Controlling Class by written instrument delivered to the Issuer and the retiring
                                         Trustee. The successor Trustee so appointed shall, forthwith upon its acceptance of such
                                         appointment, become the successor Trustee and supersede any successor Trustee proposed
                                         by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or
                                         a Majority of the Controlling Class and shall have accepted appointment in the manner
                                         hereinafter provided, subject to Section 5.15, any Holder or the Trustee may, on behalf
                                         of itself and all others similarly situated, petition any court of competent jurisdiction
                                         for the appointment of a successor Trustee.

 

		(f)	The
                                         Issuer shall give prompt notice of each resignation and each removal of the Trustee and
                                         each appointment of a successor Trustee by providing notice of such event to the Portfolio
                                         Manager, to each Rating Agency and to the Holders. Each notice shall include the name
                                         of the successor Trustee and the address of its Corporate Trust Office. If the Issuer
                                         fails to provide such notice within 10 days after acceptance of appointment by the successor
                                         Trustee, the successor Trustee shall cause such notice to be given at the expense of
                                         the Issuer.

 

		(g)	If
                                         the Bank shall resign or be removed as Trustee, the Bank shall also resign or be removed
                                         as Paying Agent, Calculation Agent, Registrar and any other capacity in which the Bank
                                         is then acting pursuant to this Indenture or any other Transaction Document.

 

Section
6.10.     Acceptance of Appointment by Successor

 

Every
successor Trustee appointed hereunder shall meet the requirements of Section 6.8 and shall execute, acknowledge and deliver to
the Issuer and the retiring Trustee an instrument accepting such appointment and making the representations and warranties set
forth in this Indenture. Upon delivery of the required instruments, the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer or a Majority of any Class of Notes or the
successor Trustee, such retiring Trustee shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver
to such successor Trustee all property and Money held by such retiring Trustee hereunder. Upon request of any such successor Trustee,
the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts.

 

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Section
6.11.     Merger, Conversion, Consolidation or Succession to Business of Trustee

 

Any
organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization
or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or
entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided that, such organization or entity shall be otherwise qualified and eligible under this Article
VI, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the
Notes has been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if
such successor Trustee had itself authenticated such Notes.

 

Section
6.12.     Co-Trustees

 

At
any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Assets may at
the time be located, the Issuer and the Trustee shall have power to appoint one or more Persons to act as co-trustee that satisfies
the eligibility requirements set forth in Section 6.8 (subject to notice to the Rating Agencies), jointly with the Trustee, of
all or any part of the Assets, with the power to file such proofs of claim and take such other actions pursuant to Section 5.6
herein and to make such claims and enforce such rights of action on behalf of the Holders, as such Holders themselves may have
the right to do, subject to the other provisions of this Section 6.12 and to perform such other acts as may be determined by the
Issuer and the Trustee.

 

The
Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper
to appoint a co-trustee. If the Issuer does not join in such appointment within 15 Business Days after the receipt by the Issuer
of a request to do so, the Trustee shall have the power to make such appointment.

 

Should
any written instrument from the Issuer be required by any co-trustee so appointed, more fully confirming to such co-trustee such
property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the
Issuer. The Issuer agrees to pay as Administrative Expenses, to the extent funds are available therefor under the Priority of
Payments, for any reasonable fees and expenses in connection with such appointment.

 

Every
co-trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms:

 

		(a)	the
                                         Notes shall be authenticated and delivered, and all rights, powers, duties and obligations
                                         hereunder in respect of the custody of securities, Cash and other personal property held
                                         by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised,
                                         solely by the Trustee;

 

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		(b)	the
                                         rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in
                                         respect of any property covered by the appointment of a co-trustee shall be conferred
                                         or imposed upon and exercised or performed by the Trustee or by the Trustee and such
                                         co-trustee jointly as shall be provided in the instrument appointing such co-trustee;

 

		(c)	the
                                         Trustee at any time, by an instrument in writing executed by it, with the concurrence
                                         of the Issuer evidenced by an Issuer Order, may accept the resignation of or remove any
                                         co-trustee appointed under this Section 6.12, and in case an Event of Default has occurred
                                         and is continuing or an Enforcement Event has occurred, the Trustee shall have the power
                                         to accept the resignation of, or remove, any such co-trustee without the concurrence
                                         of the Issuer. A successor to any co-trustee so resigned or removed may be appointed
                                         in the manner provided in this Section 6.12;

 

		(d)	no
                                         co-trustee hereunder shall be personally liable by reason of any act or omission of the
                                         Trustee hereunder;

 

		(e)	the
                                         Trustee shall not be liable by reason of any act or omission of a co-trustee; and

 

		(f)	any
                                         Act of Holders delivered to the Trustee shall be deemed to have been delivered to each
                                         co-trustee.

 

The
Issuer shall notify each Rating Agency and the Portfolio Manager of the appointment of a co-trustee hereunder.

 

Section
6.13.     Certain Duties of Trustee Related to Delayed Payment of Proceeds

 

In
the event that the Trustee shall not have received a payment with respect to any Asset on its Due Date, (a) the Trustee shall
promptly notify the Issuer and the Portfolio Manager in writing (including by email) and (b) unless within three Business Days
(or the end of the applicable grace period for such payment, if any) after such notice (x) such payment shall have been received
by the Trustee or (y) the Issuer, in its absolute discretion (but only to the extent permitted by Section 10.2(a)), shall have
made provision for such payment satisfactory to the Trustee in accordance with Section 10.2(a), the Trustee shall, not later than
the Business Day immediately following the last day of such period and in any case upon request by the Portfolio Manager, request
the issuer of such Asset, the trustee under the related Underlying Instrument or paying agent designated by either of them, as
the case may be, to make such payment as soon as practicable after such request but in no event later than three Business Days
after the date of such request. In the event that such payment is not made within such time period, the Trustee, subject to the
provisions of clause (iv) of Section 6.1(c), shall take such action as the Portfolio Manager shall direct. Any such action shall
be without prejudice to any right to claim a Default or Event of Default under this Indenture. In the event that the Issuer or
the Portfolio Manager requests a release of an Asset and/or delivers an additional Collateral Obligation in connection with any
such action under the Portfolio Management Agreement or this Indenture, such release and/or substitution shall be subject to Section
10.8 and Article XII of this Indenture, as the case may be. Notwithstanding any other provision hereof, the Trustee shall deliver
to the Issuer or its designee any payment with respect to any Asset or any additional Collateral Obligation received after the
Due Date thereof to the extent the Issuer previously made provisions for such payment satisfactory to the Trustee in accordance
with this Section 6.13 and such payment shall not be deemed part of the Assets.

 

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Section
6.14.     Authenticating Agents

 

Upon
the request of the Issuer, the Trustee shall, and if the Trustee so chooses the Trustee may, appoint one or more Authenticating
Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance,
transfers and exchanges under Sections 2.4, 2.5, 2.6 and 8.5, as fully to all intents and purposes as though each such Authenticating
Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication
of Notes by an Authenticating Agent pursuant to this Section 6.14 shall be deemed to be the authentication of Notes by the Trustee.

 

Any
corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation
succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder,
without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor
corporation.

 

Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Issuer (with a copy
to the Portfolio Manager). The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice
of termination to such Authenticating Agent and the Issuer (with a copy to the Portfolio Manager). Upon receiving such notice
of resignation or upon such a termination, the Trustee shall promptly appoint a successor Authenticating Agent and shall give
written notice of such appointment to the Issuer (with a copy to the Portfolio Manager).

 

Unless
the Authenticating Agent is also the same entity as the Trustee, the Issuer agrees to pay to each Authenticating Agent from time
to time reasonable compensation for its services, and reimbursement for its reasonable expenses relating thereto as an Administrative
Expense. The provisions of Sections 2.8, 6.4 and 6.5 shall be applicable to any Authenticating Agent.

 

Section
6.15.     Withholding

 

If
any withholding tax is imposed on the Issuer’s payment (or allocations of income) under the Notes by law or pursuant to
the Issuer’s agreement with a Governmental Authority, such tax shall reduce the amount otherwise distributable to the relevant
Holder. The Trustee is hereby authorized and directed to retain from amounts otherwise distributable to any Holder sufficient
funds for the payment of any tax that is legally owed or required to be withheld by the Issuer by law or pursuant to the Issuer’s
agreement with a Governmental Authority (but such authorization shall not prevent the Trustee from contesting any such tax in
appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings) and
to timely remit such amounts to the appropriate taxing authority. The amount of any withholding tax imposed by law or pursuant
to the Issuer’s agreement with a Governmental Authority with respect to any Note shall be treated as Cash distributed to
the relevant Holder at the time it is withheld by the Trustee. If there is a possibility that withholding is required by applicable
law with respect to a distribution, the Paying Agent or the Trustee may, in its sole discretion, withhold such amounts in accordance
with this Section 6.15. If any Holder or beneficial owner wishes to apply for a refund of any such withholding tax, the Trustee
shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse
the Trustee for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation on the part of the Trustee to determine
the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes.

 

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Section
6.16.     Representative for Holders Only; Agent for each other Secured Party

 

With
respect to the security interest created hereunder, the delivery of any Asset to the Trustee is to the Trustee as representative
of the Holders and agent for each other Secured Party. In furtherance of the foregoing, the possession by the Trustee of any Asset,
the endorsement to or registration in the name of the Trustee of any Asset (including without limitation as entitlement holder
of the Custodial Account) are all undertaken by the Trustee in its capacity as representative of the Holders and agent for each
other Secured Party.

 

Section
6.17.     Representations and Warranties of the Bank

 

The
Bank hereby represents and warrants as follows:

 

		(a)	Organization.
                                         The Bank has been duly organized and is validly existing as a national banking association
                                         with trust powers under the laws of the United States and has the power to conduct its
                                         business and affairs as a trustee, paying agent, registrar, transfer agent, Custodian,
                                         and Securities Intermediary.

 

		(b)	Authorization;
                                         Binding Obligations. The Bank has the corporate power and authority to perform the
                                         duties and obligations of Trustee, Paying Agent, Registrar, Transfer Agent, Calculation
                                         Agent and Custodian. The Bank has taken all necessary corporate action to authorize the
                                         execution, delivery and performance of this Indenture, and all of the documents required
                                         to be executed by the Bank pursuant hereto. This Indenture has been duly authorized,
                                         executed and delivered by the Bank and constitutes the legal, valid and binding obligation
                                         of the Bank enforceable in accordance with its terms subject, as to enforcement, (i)
                                         to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement
                                         of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership,
                                         insolvency or similar event applicable to the Bank and (ii) to general equitable principles
                                         (whether enforcement is considered in a proceeding at law or in equity).

 

		(c)	Eligibility.
                                         The Bank is eligible under Sections 6.8(a) and 6.8(b) to serve as Trustee.

 

		(d)	No
                                         Conflict. Neither the execution, delivery and performance of this Indenture, nor
                                         the consummation of the transactions contemplated by this Indenture, (i) is prohibited
                                         by, or requires the Bank to obtain any consent, authorization, approval or registration
                                         under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree
                                         that is binding upon the Bank or any of its properties or assets, or (ii) will violate
                                         any provision of, result in any default or acceleration of any obligations under, result
                                         in the creation or imposition of any lien pursuant to, or require any consent under,
                                         any material agreement to which the Bank is a party or by which it or any of its property
                                         is bound.

 

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ARTICLE
VII

COVENANTS

 

Section
7.1.     Payment of Principal and Interest

 

The
Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of such Notes and
this Indenture pursuant to the Priority of Payments.

 

Amounts
properly withheld under the Code or other applicable law (including FATCA) or pursuant to the Issuer’s agreement with a
Governmental Authority by any Person from a payment under a Note shall be considered as having been paid by the Issuer to the
relevant Holder for all purposes of this Indenture.

 

Section
7.2.     Maintenance of Office or Agency

 

The
Issuer hereby appoints the Trustee as a Paying Agent for payments on the Notes and the Trustee at its applicable Corporate Trust
Office, as the Issuer’s agent where Notes may be surrendered for registration of transfer or exchange. The Issuer may at
any time and from time to time appoint additional paying agents; provided that, no paying agent shall be appointed
in a jurisdiction which subjects payments on the Notes to withholding tax solely as a result of such Paying Agent’s activities
or its location. If at any time the Issuer shall fail to maintain the appointment of a paying agent, or shall fail to furnish
the Trustee with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding
sentence), and Notes may be presented and surrendered for payment, to the Trustee at its main office.

 

Section
7.3.     Money for Note Payments to be Held in Trust

 

All
payments of amounts due and payable with respect to the Notes that are to be made from amounts withdrawn from the Payment Account
shall be made on behalf of the Issuer by the Trustee or a Paying Agent with respect to payments on the Notes.

 

When
the Issuer shall have a Paying Agent that is not also the Registrar and/or the Trustee, they shall furnish, or cause the Registrar
to furnish, no later than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent
may reasonably request, of the names and addresses of the Holders and of the certificate numbers of individual Notes held by each
such Holder.

 

Whenever
the Issuer shall have a Paying Agent other than the Trustee, they shall, on or before the Business Day preceding each Payment
Date and any Redemption Date, as the case may be, direct the Trustee to deposit on such Payment Date or such Redemption Date,
as the case may be, with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to
the extent funds are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit of
the Persons entitled thereto and (unless such Paying Agent is the Trustee) the Issuer shall promptly notify the Trustee, with
a copy to the Portfolio Manager, of its action or failure so to act. Any Monies deposited with a Paying Agent (other than the
Trustee) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit
was made shall be paid over by such Paying Agent to the Trustee for application in accordance with Article X.

 

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The
initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer
Order with written notice thereof to the Trustee, with a copy to the Portfolio Manager; provided that, so long as
the Notes of any Class are rated by a Rating Agency, with respect to any additional or successor Paying Agent, either (i) such
Paying Agent has a long-term debt rating of “A+” or higher by S&P or a short-term debt rating of “A-1”
by S&P and (to the extent that Fitch is rating any Notes then Outstanding) a short-term credit rating of at least “F1”
by Fitch or a long-term rating of at least “A” by Fitch or (ii) the Global Rating Agency Condition is satisfied. If
such successor Paying Agent ceases to have a long-term debt rating of “A+” or higher by S&P or a short-term debt
rating “A-1” by S&P and (to the extent that Fitch is rating any Notes then Outstanding) a short-term credit rating
of at least “F1” by Fitch or a long-term rating of at least “A” by Fitch, the Issuer shall promptly remove
such Paying Agent and appoint a successor Paying Agent. The Issuer shall not appoint any Paying Agent that is not, at the time
of such appointment, a depository institution or trust company subject to supervision and examination by federal and/or state
and/or national banking authorities. The Issuer shall cause each Paying Agent other than the Trustee to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the Trustee (and if the Trustee acts as Paying Agent, it
hereby so agrees), subject to the provisions of this Section 7.3, that such Paying Agent will:

 

		(a)	allocate
                                         all sums received for payment to the Holders of the Notes and the Issuer for which it
                                         acts as Paying Agent on each Payment Date and any Redemption Date among such Holders
                                         in the proportion specified in the applicable Distribution Report to the extent permitted
                                         by applicable law;

 

		(b)	hold
                                         all sums held by it for the payment of amounts due with respect to the Notes and otherwise
                                         to the Issuer in trust for the benefit of the Persons entitled thereto until such sums
                                         shall be paid to such Persons or otherwise disposed of as herein provided and pay such
                                         sums to such Persons as herein provided;

 

		(c)	if
                                         such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith
                                         pay to the Trustee all sums held by it in trust for the payment of Notes and otherwise
                                         to the Issuer if at any time it ceases to meet the standards set forth above required
                                         to be met by a Paying Agent at the time of its appointment;

 

		(d)	if
                                         such Paying Agent is not the Trustee, immediately give the Trustee, with a copy to the
                                         Portfolio Manager, notice of any default by the Issuer (or any other Obligor upon the
                                         Notes) in the making of any payment required to be made; and

 

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		(e)	if
                                         such Paying Agent is not the Trustee, during the continuance of any such default, upon
                                         the written request of the Trustee, forthwith pay to the Trustee all sums so held in
                                         trust by such Paying Agent.

 

The
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose,
pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such Money.

 

Except
as otherwise required by applicable law, any Money deposited with the Trustee or any Paying Agent in trust for any payment on
any Note and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer
Order; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of
such amounts (but only to the extent of the amounts so paid to the Issuer) and all liability of the Trustee or such Paying Agent
with respect to such trust Money shall thereupon cease. The Trustee or such Paying Agent, before being required to make any such
release of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable means of
notification of such release of payment.

 

Section
7.4.     Existence of Issuer

 

		(a)	The
                                         Issuer shall, to the maximum extent permitted by applicable law, maintain in full force
                                         and effect its existence and rights as a limited liability company organized under the
                                         laws of the State of Delaware, and shall obtain and preserve its qualification to do
                                         business as a limited liability company in each jurisdiction in which such qualifications
                                         are or shall be necessary to protect the validity and enforceability of this Indenture,
                                         the Notes or any of the Assets; provided that, the Issuer shall be entitled
                                         to change its jurisdiction of organization from the State of Delaware to any other jurisdiction
                                         reasonably selected by the Issuer so long as (i) the Issuer has received a legal opinion
                                         (upon which the Trustee may conclusively rely) to the effect that such change is not
                                         disadvantageous in any material respect to the Holders, (ii) written notice of such change
                                         shall have been given to the Trustee by the Issuer, which notice shall be forwarded by
                                         the Trustee to the Holders, the Portfolio Manager and each Rating Agency and (iii) on
                                         or prior to the 15th Business Day following receipt of such notice the Trustee shall
                                         not have received written notice from a Majority of the Controlling Class objecting to
                                         such change.

 

		(b)	The
                                         Issuer (i) shall ensure that all limited liability company or other formalities regarding
                                         its existence (including, if required, holding regular meetings of its manager(s) and
                                         member(s), or other similar, meetings) are followed, except where the failure to do so
                                         could not reasonably be expected to have a material adverse effect on the validity and
                                         enforceability of this Indenture, the Notes or any of the Assets, and (ii) shall not
                                         have any employees (other than its officers to the extent such officers might be considered
                                         employees). The Issuer shall not take any action, or conduct its affairs in a manner,
                                         that is likely to result in its separate existence being ignored or in its assets and
                                         liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization
                                         or other insolvency proceeding. Without limiting the foregoing, (i) the Issuer shall
                                         not have any subsidiaries, and (ii) (x) the Issuer shall not (A) except as contemplated
                                         by the Offering Circular, any Transaction Document or the Issuer LLCA, engage in any
                                         transaction with any member or affiliate that would constitute a conflict of interest
                                         or (B) make distributions other than in accordance with the Issuer LLCA, and (y) the
                                         Issuer shall, except when otherwise required for consolidated accounting purposes or
                                         tax purposes, (A) maintain books and records separate from any other Person, (B) maintain
                                         its accounts separate from those of any other Person, (C) not commingle its assets with
                                         those of any other Person, (D) conduct its own business in its own name, (E) maintain
                                         separate financial statements (except to the extent required to be consolidated under
                                         GAAP), (F) pay its own liabilities out of its own funds, (G) maintain an arm’s
                                         length relationship with its Affiliates, (H) use separate stationery, invoices and checks,
                                         (I) hold itself out as a separate Person, (J) correct any known misunderstanding regarding
                                         its separate identity and (K) have at least one Independent Manager.

 

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Section
7.5.     Protection of Assets

 

		(a)	The
                                         Issuer (or the Portfolio Manager on its behalf) will cause the taking of such action
                                         within the Portfolio Manager’s control as is reasonably necessary in order to maintain
                                         the perfection and priority of the security interest of the Trustee in the Assets; provided
                                         that, the Issuer (or the Portfolio Manager on its behalf) shall be entitled
                                         to rely on any Opinion of Counsel delivered pursuant to Section 7.6 and any Opinion of
                                         Counsel with respect to the same subject matter delivered pursuant to Section 3.1(a)(iii)
                                         and (iv) to determine what actions are reasonably necessary, and shall be fully protected
                                         in so relying on such an Opinion of Counsel, unless the Issuer (or the Portfolio Manager
                                         on its behalf) has actual knowledge that the procedures described in any such Opinion
                                         of Counsel are no longer adequate to maintain such perfection and priority. The Issuer
                                         shall from time to time execute and deliver all such supplements and amendments hereto
                                         and file or authorize the filing of all such Financing Statements, continuation statements,
                                         instruments of further assurance and other instruments, and shall take such other action
                                         as may be necessary or advisable or desirable to secure the rights and remedies of the
                                         Holders of the Notes hereunder and to:

 

		(i)	Grant
                                         more effectively all or any portion of the Assets;

 

		(ii)	maintain,
                                         preserve and perfect any Grant made or to be made by this Indenture including, without
                                         limitation, the first priority nature of the lien or carry out more effectively the purposes
                                         hereof;

 

		(iii)	perfect,
                                         publish notice of or protect the validity of any Grant made or to be made by this Indenture
                                         (including, without limitation, any and all actions necessary or desirable as a result
                                         of changes in law or regulations);

 

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		(iv)	enforce
                                         any of the Assets or other instruments or property included in the Assets;

 

		(v)	preserve
                                         and defend title to the Assets and the rights therein of the Trustee and the Holders
                                         of the Notes in the Assets against the claims of all Persons and parties; or

 

		(vi)	pay
                                         or cause to be paid any and all taxes levied or assessed upon all or any part of the
                                         Assets.

 

The
Issuer hereby designates the Trustee as its agent and attorney in fact to prepare and file any Financing Statement, continuation
statement and all other instruments, and take all other actions, required pursuant to this Section 7.5. Such designation shall
not impose upon the Trustee, or release or diminish, the Issuer’s obligations under this Section 7.5. The Issuer further
authorizes and shall cause the Issuer’s United States counsel to file without the Issuer’s signature a Financing Statement
on the Closing Date that names the Issuer as debtor and the Trustee, on behalf of the Secured Parties, as secured party and that
describes “all assets” of the Issuer as the Assets in which the Trustee has a Grant.

 

		(b)	The
                                         Trustee shall not, except in accordance with this Indenture, permit the removal of any
                                         portion of the Assets or transfer any such Assets from the Account to which it is credited,
                                         or cause or permit any change in the Delivery made pursuant to Section 3.3 with respect
                                         to any Assets, if, after giving effect thereto, the jurisdiction governing the perfection
                                         of the Trustee’s security interest in such Assets is different from the jurisdiction
                                         governing the perfection at the time of delivery of the most recent Opinion of Counsel
                                         pursuant to Section 7.6 (or, if no Opinion of Counsel has yet been delivered pursuant
                                         to Section 7.6, the Opinion of Counsel delivered at the Closing Date pursuant to Section
                                         3.1(a)(iii)) unless the Trustee shall have received an Opinion of Counsel to the effect
                                         that the lien and security interest created by this Indenture with respect to such property
                                         and the priority thereof will continue to be maintained after giving effect to such action
                                         or actions.

 

Section
7.6.     Opinions as to Assets

 

So
long as the Notes are Outstanding, within the six-month period preceding the fifth anniversary of the Closing Date (and every
five years thereafter), the Issuer shall furnish to the Trustee and each Rating Agency an Opinion of Counsel relating to the security
interest Granted by the Issuer to the Trustee, stating that, as of the date of such opinion, the lien and security interest created
by this Indenture with respect to the Assets remain in effect and that no further action (other than as specified in such opinion)
needs to be taken to ensure the continued effectiveness of such lien over the next year.

 

Section
7.7.     Performance of Obligations

 

		(a)	The
                                         Issuer shall not take any action, and will use its best efforts not to permit any action
                                         to be taken by others, that would release any Person from any of such Person’s
                                         covenants or obligations under any instrument included in the Assets, except in the case
                                         of enforcement action taken with respect to any Defaulted Obligation in accordance with
                                         the provisions hereof and actions by the Portfolio Manager under the Portfolio Management
                                         Agreement and in conformity with this Indenture or as otherwise required hereby.

 

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		(b)	The
                                         Issuer may, with the prior written consent of a Majority of each Class of Notes (except
                                         in the case of the Portfolio Management Agreement and the Collateral Administration Agreement,
                                         in which case no consent shall be required), contract with other Persons, including the
                                         Portfolio Manager, the Trustee and the Collateral Administrator for the performance of
                                         actions and obligations to be performed by the Issuer hereunder and under the Portfolio
                                         Management Agreement by such Persons. Notwithstanding any such arrangement, the Issuer
                                         shall remain primarily liable with respect thereto. In the event of such contract, the
                                         performance of such actions and obligations by such Persons shall be deemed to be performance
                                         of such actions and obligations by the Issuer; and the Issuer will punctually perform,
                                         and use their best efforts to cause the Portfolio Manager, the Trustee, the Collateral
                                         Administrator and such other Person to perform, all of their obligations and agreements
                                         contained in the Portfolio Management Agreement, this Indenture, the Collateral Administration
                                         Agreement or any such other agreement.

 

		(c)	The
                                         Issuer shall notify each Rating Agency (with a copy to the Portfolio Manager) within
                                         10 Business Days after any material breach of any Transaction Document, following any
                                         applicable cure period for such breach.

 

Section
7.8.     Negative Covenants

 

		(a)	The
                                         Issuer will not, from and after the Closing Date:

 

		(i)	sell,
                                         transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise
                                         encumber (or permit such to occur or suffer such to exist), any part of the Assets, except
                                         as expressly permitted by this Indenture and the Portfolio Management Agreement;

 

		(ii)	claim
                                         any credit on, make any deduction from, or dispute the enforceability of payment of the
                                         principal or interest payable (or any other amount) in respect of the Notes (other than
                                         amounts withheld or deducted in accordance with the Code or any applicable tax or similar
                                         laws of any other applicable jurisdiction or pursuant to the Issuer’s agreement
                                         with any Governmental Authority);

 

		(iii)	(A)
                                         incur or assume or guarantee any indebtedness, other than the Notes, this Indenture and
                                         the transactions contemplated hereby, or (B) (1) issue any additional class of notes
                                         except in accordance with Section 2.13 and 3.2 or (2) issue any additional limited liability
                                         company interests, except in accordance with the Issuer LLCA;

 

		(iv)	(A)
                                         permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired,
                                         or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated
                                         or discharged, or permit any Person to be released from any covenants or obligations
                                         with respect to this Indenture or the Notes except as may be permitted hereby or by the
                                         Portfolio Management Agreement, (B) except as permitted by this Indenture, permit any
                                         lien, charge, adverse claim, security interest, mortgage or other encumbrance (other
                                         than the lien of this Indenture) to be created on or extend to or otherwise arise upon
                                         or burden any part of the Assets, any interest therein or the proceeds thereof, or (C)
                                         except as permitted by this Indenture, take any action that would permit the lien of
                                         this Indenture not to constitute a valid first priority security interest in the Assets;

 

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		(v)	amend
                                         the Portfolio Management Agreement except pursuant to the terms thereof and Article XV
                                         of this Indenture;

 

		(vi)	dissolve
                                         or liquidate in whole or in part, except as permitted hereunder or required by applicable
                                         law;

 

		(vii)	other
                                         than as expressly provided herein, pay any distributions other than in accordance with
                                         the Priority of Payments; provided that, the Issuer shall be permitted to make
                                         distributions to its members of any amounts received by it in accordance with the Priority
                                         of Payments;

 

		(viii)	permit
                                         the formation of any subsidiaries;

 

		(ix)	conduct
                                         business under any name other than its own;

 

		(x)	have
                                         any employees (other than officers to the extent such officers might be considered are
                                         employees);

 

		(xi)	fail
                                         to maintain an Independent Manager in accordance with the Issuer LLCA;

 

		(xii)	sell,
                                         transfer, exchange or otherwise dispose of Assets, or enter into an agreement or commitment
                                         to do so or enter into or engage in any business with respect to any part of the Assets,
                                         except as expressly permitted by both this Indenture and the Portfolio Management Agreement;

 

		(xiii)	permit
                                         the transfer of any of its membership interests so long as any Notes are Outstanding;
                                         and

 

		(xiv)	subject
                                         to Section 8.2(f), enter into any hedge agreement.

 

		(b)	[Reserved].

 

		(c)	The
                                         Issuer shall not be party to any agreements under which it has a future payment obligation
                                         without including customary “non-petition” and “limited recourse”
                                         provisions therein (and shall not amend or eliminate such provisions in any agreement
                                         to which it is party), except for any agreements related to the purchase and sale of
                                         any Collateral Obligations or Eligible Investments which contain customary (as determined
                                         by the Portfolio Manager in its sole discretion) purchase or sale terms or which are
                                         documented using customary (as determined by the Portfolio Manager in its sole discretion)
                                         loan trading documentation.

 

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		(d)	The
                                         Issuer shall not enter into any agreement amending, modifying or terminating any Transaction
                                         Document without notifying each Rating Agency (with a copy to the Portfolio Manager).

 

		(e)	The
                                         Issuer may not acquire any of the Notes (including any Notes surrendered or abandoned)
                                         other than pursuant to and in accordance with Section 2.14. This Section 7.8(e) shall
                                         not be deemed to limit an optional special or mandatory redemption pursuant to the terms
                                         of this Indenture.

 

Section
7.9.     Statement as to Compliance

 

On
or before March 31 in each calendar year commencing in 2020, or immediately if there has been a Default under this Indenture and
prior to the issuance of any additional notes pursuant to Section 2.13, the Issuer shall deliver to the Trustee (to be forwarded
by the Trustee, to the Portfolio Manager, each Holder making a written request therefor and each Rating Agency) an Officer’s
certificate of the Issuer that, having made reasonable inquiries of the Portfolio Manager, and to the best of the knowledge, information
and belief of the Issuer, there did not exist, as at a date not more than five days prior to the date of the certificate, nor
had there existed at any time prior thereto since the date of the last certificate (if any), any Default hereunder or, if such
Default did then exist or had existed, specifying the same and the nature and status thereof, including actions undertaken to
remedy the same, and that the Issuer has complied with all of its obligations under this Indenture or, if such is not the case,
specifying those obligations with which it has not complied.

 

Section
7.10.   Issuer May Consolidate, Etc., Only on Certain Terms

 

The
Issuer (the “Merging Entity”) shall not consolidate or merge with or into any other Person or, except as permitted
under this Indenture, transfer or convey all or substantially all of its assets to any Person, unless permitted by United States
and Delaware law and unless:

 

		(a)	the
                                         Merging Entity shall be the surviving entity, or the Person (if other than the Merging
                                         Entity) formed by such consolidation or into which the Merging Entity is merged or to
                                         which all or substantially all of the assets of the Merging Entity are transferred (the
                                         “Successor Entity”) (i) if the Merging Entity is the Issuer, shall
                                         be a company organized and existing under the laws of the State of Delaware or such other
                                         jurisdiction approved by a Majority of the Controlling Class (provided that,
                                         no such approval shall be required in connection with any such transaction undertaken
                                         solely to effect a change in the jurisdiction of incorporation pursuant to Section 7.4),
                                         and (ii) in any case shall expressly assume, by an indenture supplemental hereto and
                                         an omnibus assumption agreement, executed and delivered to the Trustee, the Portfolio
                                         Manager, the Collateral Administrator and each Holder, the due and punctual payment of
                                         the principal of and interest on all Notes, the payments to the Issuer and the performance
                                         and observance of every covenant of this Indenture and of each other Transaction Document
                                         on its part to be performed or observed, all as provided herein or therein, as applicable;

 

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		(b)	the
                                         Trustee shall have received, as soon as reasonably practicable and in any case no less
                                         than five (5) days prior to such merger or consolidation, notice of such consolidation
                                         or merger and shall have distributed copies of such notice to each Rating Agency of such
                                         merger or consolidation, and the Trustee shall have received written confirmation from
                                         each Rating Agency that its ratings issued with respect to the Notes then rated by such
                                         Rating Agency shall not be reduced or withdrawn as a result of the consummation of such
                                         transaction;

 

		(c)	if
                                         the Merging Entity is not the Successor Entity, the Successor Entity shall have agreed
                                         with the Trustee (i) to observe the same legal requirements for the recognition of such
                                         formed or surviving corporation as a legal entity separate and apart from any of its
                                         Affiliates as are applicable to the Merging Entity with respect to its Affiliates and
                                         (ii) not to consolidate or merge with or into any other Person or transfer or convey
                                         the Assets or all or substantially all of its assets to any other Person except in accordance
                                         with the provisions of this Section 7.10;

 

		(d)	if
                                         the Merging Entity is not the Successor Entity, the Successor Entity shall have delivered
                                         to the Trustee and each Rating Agency an Officer’s certificate and an Opinion of
                                         Counsel each stating that such Person is duly organized, validly existing and in good
                                         standing in the jurisdiction in which such Person is organized; that such Person has
                                         sufficient power and authority to assume the obligations set forth in subsection (a)
                                         above and to execute and deliver an indenture supplemental hereto for the purpose of
                                         assuming such obligations; that such Person has duly authorized the execution, delivery
                                         and performance of an indenture supplemental hereto for the purpose of assuming such
                                         obligations and that such supplemental indenture is a valid, legal and binding obligation
                                         of such Person, enforceable in accordance with its terms, subject only to bankruptcy,
                                         reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’
                                         rights generally and to general principles of equity (regardless of whether such enforceability
                                         is considered in a Proceeding in equity or at law); if the Merging Entity is the Issuer,
                                         that, immediately following the event which causes such Successor Entity to become the
                                         successor to the Issuer, (i) such Successor Entity has title, free and clear of any lien,
                                         security interest or charge, other than the lien and security interest of this Indenture
                                         and any other Permitted Liens, to the Assets securing all of the Notes, and (ii) the
                                         Trustee continues to have a valid perfected first priority security interest in the Assets
                                         securing all of the Notes; and in each case as to such other matters as the Trustee or
                                         any Holder may reasonably require; provided that, nothing in this clause
                                         (d) shall imply or impose a duty on the Trustee to require such other documents;

 

		(e)	immediately
                                         after giving effect to such transaction, no Default, Event of Default or Enforcement
                                         Event has occurred and is continuing;

 

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		(f)	the
                                         Merging Entity shall have notified the Portfolio Manager of such consolidation, merger,
                                         transfer or conveyance and shall have delivered to the Trustee and each Holder an Officer’s
                                         certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer
                                         or conveyance and such supplemental indenture comply with this Article VII and that all
                                         conditions precedent in this Article VII relating to such transaction have been complied
                                         with and that such transaction will not (1) result in the Successor Entity becoming subject
                                         to U.S. federal income taxation with respect to its net income or to any withholding
                                         tax liability under Section 1446 of the Code or (2) have a material adverse effect on
                                         the tax treatment of the Issuer or the tax consequences to the Holders of any Class of
                                         Notes Outstanding at the time of such consolidation, merger, transfer or conveyance,
                                         as described in the Offering Circular under the heading “Certain U.S. Federal Income
                                         Tax Considerations”;

 

		(g)	the
                                         Merging Entity shall have delivered to the Trustee an Opinion of Counsel stating that
                                         after giving effect to such transaction, the Issuer (or, if applicable, the Successor
                                         Entity) will not be required to register as an investment company under the Investment
                                         Company Act; and

 

		(h)	after
                                         giving effect to such transaction, the outstanding stock of the Merging Entity (or, if
                                         applicable, the Successor Entity) will not be beneficially owned within the meaning of
                                         the Investment Company Act by any U.S. person.

 

Section
7.11.     Successor Substituted

 

Upon
any consolidation or merger, or transfer or conveyance of all or substantially all of the assets of the Issuer in accordance with
Section 7.10 in which the Merging Entity is not the surviving corporation, the Successor Entity shall succeed to, and be substituted
for, and may exercise every right and power of, the Merging Entity under this Indenture with the same effect as if such Person
had been named as the Issuer herein. In the event of any such consolidation, merger, transfer or conveyance, the Person named
as the “Issuer” in the first paragraph of this Indenture or any successor which shall theretofore have become such
in the manner prescribed in this Article VII may be dissolved, wound up and liquidated at any time thereafter, and such Person
thereafter shall be released from its liabilities as Obligor and maker on all the Notes and from its obligations under this Indenture.

 

Section
7.12.     No Other Business

 

From
and after the Closing Date, the Issuer shall not engage in any business or activity other than issuing and selling the Notes and
any additional notes pursuant to this Indenture and acquiring, owning, holding, selling, lending, exchanging, redeeming, pledging,
contracting for the management of and otherwise dealing with Collateral Obligations and the other Assets in connection therewith,
and entering into hedge agreements, the Collateral Administration Agreement, the Account Agreement, the Portfolio Management Agreement
and the other applicable Transaction Documents and agreements specifically contemplated by this Indenture, and such other activities
which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith or ancillary
thereto. The Issuer may amend, or permit the amendment of, the provisions of the Issuer LLCA which relate to its bankruptcy remote
nature or separateness covenants only if such amendment would satisfy the Global Rating Agency Condition.

 

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Section
7.13.     Acknowledgment of Portfolio Manager Standard of Care

 

The
Issuer acknowledges that it shall be responsible for its own compliance with the covenants set forth in this Article VII and that,
to the extent the Issuer has engaged the Portfolio Manager to take certain actions on its behalf in order to comply with such
covenants, the Portfolio Manager shall only be required to perform such actions in accordance with the Portfolio Manager Standard
set forth in Section 2(a) of the Portfolio Management Agreement (or the corresponding provision of any portfolio management agreement
entered into as a result of FS KKR Capital Corp. no longer serving as Portfolio Manager thereunder). The Issuer further acknowledges
and agrees that the Portfolio Manager shall have no obligation to take any action to cure any breach of a covenant set forth in
this Article VII until such time as a Responsible Officer of the Portfolio Manager has actual knowledge of such breach.

 

Section
7.14.     Ratings; Review of Credit Estimates

 

		(a)	So
                                         long as any of the Notes of any Class remain Outstanding, on or before March 31 in each
                                         year commencing in 2020, the Issuer shall obtain and pay for an annual review of the
                                         rating of each such Class of Notes from each Rating Agency, as applicable. The Issuer
                                         shall promptly notify the Trustee and the Portfolio Manager in writing (and the Trustee
                                         shall promptly provide the Holders with a copy of such notice) if at any time the then-current
                                         rating of any such Class of Notes has been, or is known will be, changed or withdrawn.

 

		(b)	The
                                         Issuer shall obtain and pay for an annual review of (i) any Collateral Obligation which
                                         has an S&P Rating derived as set forth in clause (iii)(b) of the definition of the
                                         term “S&P Rating” and (ii) to the extent that Fitch is rating any Notes
                                         then Outstanding, any Collateral Obligation that has a Fitch Rating determined pursuant
                                         to clause (e) under the heading “Fitch Rating” in Schedule 5.

 

Section
7.15.     Reporting

 

At
any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to
Rule 12g3-2(b) under the Exchange Act, upon the written request of a Holder or, upon the written request to the Trustee in the
form of Exhibit D, a beneficial owner of a Note, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information
to such Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner, or
to the Trustee for delivery upon an Issuer Order to such Holder or beneficial owner or a prospective purchaser designated by such
Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule 144A
under the Securities Act in connection with the resale of such Note. “Rule 144A Information” shall be such
information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).

 

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Section
7.16.     Calculation Agent

 

		(a)	The
                                         Issuer hereby agrees that for so long as any Notes remain Outstanding there shall at
                                         all times be an agent appointed (which does not control or is not controlled or under
                                         common control with the Issuer or its Affiliates or the Portfolio Manager or its Affiliates)
                                         to calculate LIBOR in respect of each Interest Accrual Period (or, for the first Interest
                                         Accrual Period, the related portion thereof) in accordance with the terms of Exhibit
                                         C hereto (the “Calculation Agent”); provided that, “LIBOR”
                                         shall never be less than 0%. The Issuer hereby appoints the Collateral Administrator
                                         as the Calculation Agent. The Calculation Agent may be removed by the Issuer or the Portfolio
                                         Manager, on behalf of the Issuer, at any time. If the Calculation Agent is unable or
                                         unwilling to act as such or is removed by the Issuer or the Portfolio Manager, on behalf
                                         of the Issuer, the Issuer or the Portfolio Manager, on behalf of the Issuer, shall promptly
                                         appoint a replacement Calculation Agent which does not control or is not controlled by
                                         or under common control with the Issuer or its Affiliates or the Portfolio Manager or
                                         its Affiliates. The Calculation Agent may not resign its duties or be removed without
                                         a successor having been duly appointed.

 

		(b)	The
                                         Calculation Agent shall be required to agree (and the Collateral Administrator as Calculation
                                         Agent does hereby agree) that, as soon as possible after 11:00 a.m. London time on each
                                         Interest Determination Date, but in no event later than 11:00 a.m. New York time on the
                                         London Banking Day immediately following each Interest Determination Date, the Calculation
                                         Agent shall calculate the Interest Rate applicable to each Class of Notes during the
                                         related Interest Accrual Period (or portion thereof, in the case of the first Interest
                                         Accrual Period) and the Note Interest Amount applicable to each Class of Notes (in each
                                         case, rounded to the nearest cent, with half a cent being rounded upward) payable on
                                         the related Payment Date in respect of such Class of Notes and the related Interest Accrual
                                         Period. At such time, the Calculation Agent shall communicate such rates and amounts
                                         to the Issuer, the Trustee, each Paying Agent, the Portfolio Manager, the Collateral
                                         Administrator, Euroclear and Clearstream. The Calculation Agent shall also specify to
                                         the Portfolio Manager (on behalf of the Issuer) and the Collateral Administrator the
                                         quotations upon which the foregoing rates and amounts are based, and in any event the
                                         Calculation Agent shall notify the Portfolio Manager (on behalf of the Issuer) and the
                                         Collateral Administrator before 5:00 p.m. (New York time) on every Interest Determination
                                         Date if it has not determined and is not in the process of determining any such Interest
                                         Rate or Note Interest Amount, together with its reasons therefor. The Calculation Agent’s
                                         determination of the foregoing rates and amounts for any Interest Accrual Period (or
                                         portion thereof) shall (in the absence of manifest error) be final and binding upon all
                                         parties. The Collateral Administrator, in its capacity as Calculation Agent, will have
                                         no (i) responsibility or liability for the selection or determination of an Alternative
                                         Rate as a successor or replacement base rate to LIBOR and will be entitled to rely upon
                                         any designation of such Alternative Rate in accordance with the definition thereof and
                                         (ii) liability for any failure or delay in performing its duties under the Collateral
                                         Administration Agreement as a result of the unavailability of a “LIBOR” rate
                                         as described in the definition thereof; provided that, it performs its
                                         duties thereunder in good faith without willful misconduct or gross negligence.

 

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Section
7.17.     Certain Tax Matters

 

		(a)	The
                                         Issuer shall treat the Notes as indebtedness for U.S. federal, state and local income
                                         and franchise tax purposes, except as otherwise required by law.

 

		(b)	The
                                         Issuer has not elected, and will not elect to treat itself, or take any other action
                                         that would cause it to be treated as an association taxable as a corporation for U.S.
                                         federal, state or local income or franchise tax purposes, and shall make any election
                                         necessary to avoid classification as an association taxable as a corporation for U.S.
                                         federal, state or local income or franchise tax purpose.

 

		(c)	The
                                         Issuer will treat each purchase of Collateral Obligations as a “purchase”
                                         for tax accounting and reporting purposes; provided that a purchase by the Issuer
                                         of a Collateral Obligation from a person whom the Issuer is disregarded as a separate
                                         entity will not be recognized.

 

		(d)	The
                                         Issuer shall file, or cause to be filed, any tax returns, including information tax returns,
                                         required by any Governmental Authority.

 

		(e)	Upon
                                         the Issuer’s receipt of a request of a Holder of a Note that has been issued with
                                         more than a de minimis “original issue discount” (as defined in Section
                                         1273 of the Code) or written request of a Person certifying that it is an owner of a
                                         beneficial interest in a Note that has been issued with more than a de minimis
                                         “original issue discount” for the information described in Treasury Regulation
                                         section 1.1275-3(b)(1)(i) that is applicable to such Note, the Issuer will cause its
                                         Independent certified public accountants to provide promptly to the Trustee and such
                                         requesting Holder or owner of a beneficial interest in such a Note all of such information.

 

Section
7.18.     Effective Date; Purchase of Additional Collateral Obligations

 

		(a)	The
                                         Issuer will use commercially reasonable efforts to purchase (or enter into commitments
                                         to purchase), on or before the Effective Date, Collateral Obligations, such that the
                                         Target Initial Par Condition is satisfied.

 

		(b)	During
                                         the period from the Closing Date to and including the Effective Date (and to the extent
                                         necessary to secure the confirmations described in Section 7.18(c), after the Effective
                                         Date), the Issuer will use the following funds to purchase additional Collateral Obligations
                                         in the following order: (i) to pay for the principal portion of any Collateral Obligation,
                                         first, any amounts on deposit in the Ramp-Up Account and second, any Principal
                                         Proceeds on deposit in the Collection Account and (ii) to the extent any funds remain
                                         in the Ramp-Up Account and the Collection Account after paying the amounts described
                                         in subclause (i), to pay for accrued interest on any such Collateral Obligation, first,
                                         any amounts on deposit in the Ramp-Up Account and second, any Principal Proceeds
                                         on deposit in the Collection Account. In addition, the Issuer will use commercially reasonable
                                         efforts to acquire such Collateral Obligations that will satisfy or comply with, on the
                                         Effective Date, the Concentration Limitations, the Collateral Quality Test (other than
                                         the S&P CDO Monitor Test) and each Overcollateralization Ratio Test.

 

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		(c)	Within
                                         30 Business Days after the Effective Date (but in any event, prior to the Determination
                                         Date relating to the first Quarterly Payment Date), the Issuer shall (x) provide, or
                                         (at the Issuer’s expense) cause the Portfolio Manager to provide, to the Trustee
                                         (based on the information set forth in the Effective Date Report provided by the Collateral
                                         Administrator as described below) (i) an Accountants’ Report (the “Effective
                                         Date Accountants’ Comparison AUP Report”) that compares, in each case
                                         as of the Effective Date, by reference to such sources as shall be specified therein,
                                         the following information: the issuer, Principal Balance, coupon/spread, stated maturity,
                                         S&P Rating, S&P Industry Classification, Fitch Rating and country of Domicile
                                         with respect to each Collateral Obligation as of the Effective Date and the information
                                         provided by the Issuer with respect to every other asset included in the Assets (or,
                                         if unavailable, by reference to such sources as shall be specified therein); (ii) an
                                         Accountants’ Report (the “Effective Date Accountants’ Recalculation
                                         AUP Report” and, together with the Effective Date Accountants’ Comparison
                                         AUP Report, the “Effective Date Accountants’ AUP Reports”) recalculating,
                                         as of the Effective Date, the level of compliance with, or satisfaction or non-satisfaction
                                         of (1) the Target Initial Par Condition, (2) each Overcollateralization Ratio Test, (3)
                                         the Concentration Limitations and (4) the Collateral Quality Test (other than the S&P
                                         CDO Monitor Test) (such items (1) through (4), the “Specified Test Items”);
                                         and with respect to the items in clauses (i) and (ii) above, specifying the procedures
                                         undertaken by them to review data and computations relating to each such Effective Date
                                         Accountants’ AUP Report and (y) provide to the Trustee and each Rating Agency a
                                         report (which the Issuer shall cause the Collateral Administrator to draft and compile
                                         on its behalf in accordance with, and subject to the terms of, the Collateral Administration
                                         Agreement) containing the following information, in each case determined as of the Effective
                                         Date (the “Effective Date Report”): (A) the information required in
                                         a Monthly Report, (B) the Specified Test Items and (C) a list of all Closing Date Participation
                                         Interests held by the Issuer on the Effective Date. If (i) the Issuer provides the Effective
                                         Date Accountants’ AUP Reports to the Collateral Administrator with the results
                                         of the Specified Test Items, (ii) the Issuer causes the Collateral Administrator to provide
                                         to S&P and Fitch the Effective Date Report and such report does not indicate the
                                         failure to satisfy any component of the Specified Test Items, (iii) the results of the
                                         Specified Test Items set forth in the Effective Date Report conform to the results set
                                         forth in the Effective Date Accountants’ AUP Reports, (iv) the S&P CDO Monitor
                                         Test is satisfied, (v) the S&P Effective Date Adjustments have been made and (v)
                                         the Issuer or the Collateral Administrator on behalf of the Issuer has provided to S&P
                                         the Effective Date Report and the Excel Default Model Input File used to determine that
                                         the S&P CDO Monitor Test is satisfied, then a written confirmation from S&P of
                                         its Initial Rating of each Class of Notes shall be deemed to have been provided (the
                                         “S&P Effective Date Condition”). If the S&P Effective Date
                                         Condition has not been satisfied, the Issuer shall request such written confirmation
                                         from S&P.

 

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For
the avoidance of doubt, the Effective Date Report shall not include or refer to the Effective Date Accountants’ AUP Reports
and, the Issuer and the Portfolio Manager shall not disclose to any Person (including a Holder) any information, documents or
reports provided to it by such firm of Independent accountants, other than as required by a court of competent jurisdiction or
as otherwise required by applicable legal or regulatory process. In accordance with SEC Release No. 34-72936, Form 15-E, only
in its complete and unedited form which includes the Effective Date Accountants’ Comparison AUP Report as an attachment,
will be provided by the Independent accountants to the Issuer who will post such Form 15-E, except for the redaction of any sensitive
information, on the 17g-5 Website. Copies of the Effective Date Accountants’ Recalculation AUP Report or any other agreed-upon
procedures report provided by the Independent accountants to the Issuer or Portfolio Manager will not be provided to any other
party including the Rating Agencies or posted on the 17g-5 Website, except as set forth in this paragraph or in an access letter
between such Person and the Independent accountants.

 

Upon
receipt of the Effective Date Report, the Trustee (if not the same Person as the Collateral Administrator) shall compare the information
contained in such Effective Date Report to the information contained in its records with respect to the Assets and shall, within
three Business Days after receipt of such Effective Date Report, notify the Issuer, the Collateral Administrator, the Rating Agencies
and the Portfolio Manager if the information contained in the Effective Date Report does not conform to the information maintained
by the Trustee with respect to the Assets. If any discrepancy exists, the Trustee and the Issuer, or the Portfolio Manager on
behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall
within five Business Days of its initial notice to the Issuer, Collateral Administrator, Rating Agencies and the Portfolio Manager
of the discrepancy notify the Portfolio Manager who shall, on behalf of the Issuer, request that the Independent accountants selected
by the Issuer pursuant to Section 10.9 perform agreed-upon procedures on the Effective Date Report and the Trustee’s records
to determine the cause of such discrepancy. If such procedures reveals an error in the Effective Date Report or the Trustee’s
records, the Effective Date Report or the Trustee’s records shall be revised accordingly and notice of any error in the
Effective Date Report shall be sent as soon as practicable by the Issuer to all recipients of such report.

 

		(d)	If,
                                         by the Determination Date relating to the first Payment Date, the Effective Date Ratings
                                         Confirmation has not been obtained (an “Effective Date Rating Failure”),
                                         then the Portfolio Manager, on behalf of the Issuer, shall instruct the Trustee in writing
                                         prior to the related Determination Date transfer amounts from the Ramp-Up Account to
                                         the Collection Account as Principal Proceeds or apply Interest Proceeds to purchase additional
                                         Collateral Obligations or make payments on the Notes in an amount sufficient to obtain
                                         the Effective Date Ratings Confirmation (provided that, the amount of such transfer would
                                         not result in an inability to pay interest with respect to the Class A-1 Notes or the
                                         Class A-2 Notes); provided that, in the alternative, the Portfolio Manager on
                                         behalf of the Issuer may take such other action, including but not limited to, a Special
                                         Redemption, transferring amounts from the Ramp-Up Account to the Collection Account as
                                         Principal Proceeds or applying Interest Proceeds (for use in a Special Redemption), sufficient
                                         to obtain the Effective Date Ratings Confirmation. The Issuer shall provide notice to
                                         Fitch of any Effective Date Rating Failure.

 

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Notwithstanding
the foregoing, if an Effective Date Rating Failure occurs and the Portfolio Manager reasonably believes that it shall obtain the
Effective Date Ratings Confirmation without the use of Interest Proceeds to acquire additional Collateral Obligations or to effect
a Special Redemption, the Portfolio Manager may elect to retain some or all of the Interest Proceeds otherwise available for such
purposes in the Collection Account for distribution as Interest Proceeds on the second Quarterly Payment Date.

 

		(e)	The
                                         failure of the Issuer to satisfy the requirements of this Section 7.18 shall not constitute
                                         an Event of Default unless such failure would otherwise constitute an Event of Default
                                         under Section 5.1(d) hereof and the Issuer, or the Portfolio Manager acting on behalf
                                         of the Issuer, has acted in bad faith. The proceeds of the issuance of the Notes which
                                         are not applied to pay for the purchase of Collateral Obligations purchased by the Issuer
                                         on or before the Closing Date (including, without limitation, repayment of any amounts
                                         borrowed by the Issuer in connection with the purchase of Collateral Obligations prior
                                         to the Closing Date) or to pay other applicable fees and expenses will be deposited in
                                         the Ramp-Up Account as Principal Proceeds on the Closing Date for the purchase of additional
                                         Collateral Obligations. At the written direction of the Issuer (or the Portfolio Manager
                                         on behalf of the Issuer), the Trustee shall apply amounts held in the Ramp-Up Account
                                         to purchase additional Collateral Obligations from the period beginning on the Closing
                                         Date to and including the Effective Date, as described in clause (b) above. If on the
                                         Effective Date, any amounts on deposit in the Ramp-Up Account have not been applied to
                                         purchase Collateral Obligations, such amounts shall be applied as described in Section
                                         10.3(c).

 

Section
7.19.     Representations Relating to Security Interests in the Assets

 

		(a)	The
                                         Issuer hereby represents and warrants that, as of the Closing Date (which representations
                                         and warranties shall survive the execution of this Indenture and be deemed to be repeated
                                         on each date on which an Asset is Granted to the Trustee hereunder):

 

		(i)	The
                                         Issuer owns such Asset free and clear of any lien, claim or encumbrance of any person,
                                         other than such as are created under, or permitted by, this Indenture, other than such
                                         as are released on the related Cut-Off Date contemporaneously with the purchase of such
                                         Asset on the Cut-Off Date.

 

		(ii)	Other
                                         than the security interest Granted to the Trustee pursuant to this Indenture, except
                                         as permitted by this Indenture, the Issuer has not pledged, assigned, sold, granted a
                                         security interest in, or otherwise conveyed any of the Assets. The Issuer has not authorized
                                         the filing of and is not aware of any Financing Statements against the Issuer that include
                                         a description of collateral covering the Assets other than any Financing Statement relating
                                         to the security interest Granted to the Trustee hereunder or that has been terminated;
                                         the Issuer is not aware of any judgment, PBGC liens or tax lien filings against the Issuer.

 

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		(iii)	All
                                         Assets constitute Cash, accounts (as defined in Article 9 of the UCC), Instruments, general
                                         intangibles (as defined in Article 9 of the UCC), Uncertificated Securities, Certificated
                                         Securities or security entitlements to financial assets resulting from the crediting
                                         of financial assets to a “securities account” (as defined in Article 8 of
                                         the UCC).

 

		(iv)	All
                                         Accounts constitute “securities accounts” (as defined in Article 8 of the
                                         UCC) or related “deposit accounts” (as defined in Article 9 of the UCC).

 

		(v)	This
                                         Indenture creates a valid and continuing security interest (as defined in Article 1 of
                                         the UCC) in such Assets in favor of the Trustee, for the benefit and security of the
                                         Secured Parties, which security interest is prior to all other liens, claims and encumbrances
                                         (except as permitted otherwise in this Indenture), and is enforceable as such against
                                         creditors of and purchasers from the Issuer.

 

		(vi)	The
                                         Issuer has caused or will have caused, within 10 days after the Closing Date, the filing
                                         of all appropriate Financing Statements in the proper office in the appropriate jurisdictions
                                         under applicable law in order to perfect the security interest in the Assets Granted
                                         to the Trustee, for the benefit and security of the Secured Parties.

 

		(vii)	None
                                         of the Instruments that constitute or evidence the Assets has any marks or notations
                                         indicating that they have been pledged, assigned or otherwise conveyed to any Person
                                         other than the Trustee, for the benefit of the Secured Parties.

 

		(viii)	The
                                         Issuer has received all consents and approvals required by the terms of the Assets to
                                         the pledge hereunder to the Trustee of its interest and rights in the Assets.

 

		(ix)	All
                                         Assets other than the Accounts and the Selling Institution Collateral have been credited
                                         to one or more Accounts (other than any “general intangibles” within the
                                         meaning of the applicable Uniform Commercial Code and any instruments evidencing debt
                                         underlying a participation held by a collateral agent).

 

		(x)	(A)
                                         The Issuer has delivered to the Trustee a fully executed Account Agreement pursuant to
                                         which the Custodian has agreed to comply with all instructions and Entitlement Orders
                                         originated by the Trustee relating to the Accounts without further consent by the Issuer
                                         or (B) the Issuer has taken all steps necessary to cause the Custodian to identify in
                                         its records the Trustee as the person having a security entitlement against the Custodian
                                         in each of the Accounts or as the person who is the “customer” (within the
                                         meaning of Section 4-104(1)(e) of the UCC) with respect to each of the Accounts.

 

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		(xi)	The
                                         Accounts are not in the name of any Person other than the Issuer or the Trustee. The
                                         Issuer has not consented to the Custodian to comply with the Entitlement Order or instruction
                                         of any Person other than the Trustee (and the Issuer prior to a notice of exclusive control
                                         being provided by the Trustee, which notice the Trustee agrees it shall not deliver except
                                         after the occurrence and during the continuance of an Event of Default or an Enforcement
                                         Event).

 

		(b)	The
                                         Issuer agrees to notify the Rating Agencies, with a copy to the Portfolio Manager, promptly
                                         if it becomes aware of the breach of any of the representations and warranties contained
                                         in this Section 7.19 and shall not waive any of the representations and warranties in
                                         this Section 7.19 or any breach thereof.

 

Section
7.20.     Rule 17g-5 Compliance

 

		(a)	To
                                         enable the Rating Agencies to comply with their obligations under Rule 17g-5, the Issuer
                                         shall cause to be posted on the 17g-5 Website, at the same time such information is provided
                                         to the Rating Agencies, all information the Issuer provides to the Rating Agencies for
                                         the purposes of determining the initial credit ratings of the Notes or undertaking credit
                                         rating surveillance of the Notes.

 

		(b)	Pursuant
                                         to the Collateral Administration Agreement, the Issuer has appointed the Collateral Administrator
                                         as its agent (in such capacity, the “Information Agent”) to post to
                                         the 17g-5 Website any information that the Information Agent receives from the Issuer,
                                         the Trustee or the Portfolio Manager (or their respective representatives or advisors)
                                         that is designated as information to be so posted.

 

		(c)	The
                                         Issuer and the Trustee agree that any notice, report, request for the Global Rating Agency
                                         Condition to be satisfied or other information provided by any of the Issuer or the Trustee
                                         (or any of their respective representatives or advisors) to any Rating Agency hereunder
                                         or under any other Transaction Document for the purposes of undertaking credit rating
                                         surveillance of the Notes shall be provided, substantially concurrently, by the Issuer
                                         or the Trustee, as the case may be, to the Information Agent for posting on the 17g-5
                                         Website.

 

		(d)	The
                                         Trustee shall have no obligation to engage in or respond to any oral communications with
                                         respect to the transactions contemplated hereby, any Transaction Documents relating hereto
                                         or in any way relating to the Notes or for the purposes of determining the initial credit
                                         rating of the Notes or undertaking credit rating surveillance of the Notes with any Rating
                                         Agency or any of its respective officers, directors or employees.

 

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		(e)	The
                                         Trustee will not be responsible for creating or maintaining the 17g-5 Website, posting
                                         any information to the 17g-5 Website or assuring that the 17g-5 Website complies with
                                         the requirements of this Indenture, Rule 17g-5 or any other law or regulation. In no
                                         event shall the Trustee be deemed to make any representation in respect of the content
                                         of the 17g-5 Website or compliance by the 17g-5 Website with this Indenture, Rule 17g-5
                                         or any other law or regulation.

 

		(f)	The
                                         Information Agent and the Trustee shall not be responsible or liable for the dissemination
                                         of any identification numbers or passwords for the 17g-5 Website, including by Issuer,
                                         the Rating Agencies, a nationally recognized statistical rating organization (“NRSRO”),
                                         any of their respective agents or any other party. Additionally, neither the Information
                                         Agent nor the Trustee shall be liable for the use of the information posted on the 17g-5
                                         Website, whether by the Issuer, the Rating Agencies, an NRSRO or any other third party
                                         that may gain access to the 17g-5 Website or the information posted thereon.

 

		(g)	Notwithstanding
                                         anything therein to the contrary, the maintenance by the Trustee of the Trustee’s
                                         Website described in Article X shall not be deemed as compliance by or on behalf of the
                                         Issuer with Rule 17g-5 or any other law or regulation related thereto.

 

		(h)	The
                                         Information Agent’s forwarding of information to the 17g-5 Website is ministerial
                                         only and the Information Agent shall have no obligation or duty to verify, confirm or
                                         otherwise determine whether the information being delivered to the 17g-5 Website is accurate,
                                         complete, conforms to the transaction, or otherwise is or is not anything other than
                                         what it purports to be. The Collateral Administrator and the Information Agent shall
                                         not be deemed to have obtained actual knowledge of any information merely by the posting
                                         of such information to the 17g-5 Website to the extent such information was not produced
                                         by the Trustee, the Collateral Administrator or the Information Agent, as applicable.

 

		(i)	In
                                         accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited
                                         form which includes the Effective Date Accountants’ Comparison AUP Report as an
                                         attachment, shall be provided by the Independent accountants to the Issuer who shall
                                         post such Form 15-E on the 17g-5 Website. Copies of the Effective Date Accountants’
                                         Recalculation AUP Report or any other agreed-upon procedures report provided by the Independent
                                         accountants to the Issuer shall not be provided to any other party including the Rating
                                         Agencies or posted on the 17g-5 Website except as expressly provided for herein.

 

Section
7.21.     Contesting Insolvency Filings

 

The
Issuer, upon receipt of notice of any Bankruptcy Filing, shall, provided funds are available for such purpose, timely file an
answer and any other appropriate pleading objecting to such Bankruptcy Filing. The reasonable fees, costs, charges and expenses
incurred by the Issuer (including reasonable attorneys’ fees and expenses) in connection with taking any such action shall
be “Administrative Expenses” unless paid on behalf of the Issuer.

 

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Section
7.22.     Use of Name

 

The
Issuer acknowledges that it does not own the “Franklin Square”, “FS”, “FS Investments” “KKR”,
“FS KKR” or related name or trademark and is permitted to use such names solely (i) on non-exclusive, non-sublicensable
basis on their own print materials and (ii) for so long as FS KKR Capital Corp. (or an Affiliate thereof) remains the Portfolio
Manager and, if FS KKR Capital Corp. resigns or is removed as Portfolio Manager under the Portfolio Management Agreement, the
Issuer shall as soon as reasonably practical (but in no event later than 30 days after such resignation or removal) and at its
own expense, change its name to remove any reference to any such name, trademark or any similar or related reference thereto.

 

ARTICLE
VIII

SUPPLEMENTAL INDENTURES

 

Section
8.1.     Supplemental Indentures Without Consent of Holders

 

		(a)	Without
                                         the consent of any Holder, but with the written consent of the Portfolio Manager, the
                                         Issuer, when authorized by Resolutions, at any time and from time to time, may, subject
                                         to Section 8.3 and without an Opinion of Counsel being provided to the Issuer or the
                                         Trustee as to whether any Class of Notes would be materially and adversely affected thereby,
                                         enter into one or more indentures supplemental hereto, in form reasonably satisfactory
                                         to the Trustee for any of the following purposes:

 

		(i)	to
                                         evidence the succession of another Person to the Issuer and the assumption by any such
                                         successor Person of the covenants of the Issuer herein and in the Notes;

 

		(ii)	to
                                         add to the covenants of the Issuer or the Trustee for the benefit of the Secured Parties
                                         or to surrender any right or power herein conferred upon the Issuer;

 

		(iii)	to
                                         convey, transfer, assign, mortgage or pledge any property to or with the Trustee or add
                                         to the conditions, limitations or restrictions on the authorized amount, terms and purposes
                                         of the issue, authentication and delivery of the Notes;

 

		(iv)	to
                                         evidence and provide for the acceptance of appointment hereunder by a successor Trustee
                                         and to add to or change any of the provisions of this Indenture as shall be necessary
                                         to facilitate the administration of the trusts hereunder by more than one Trustee, pursuant
                                         to the requirements of Sections 6.9, 6.10 and 6.12;

 

		(v)	to
                                         correct or amplify the description of any property at any time subject to the lien of
                                         this Indenture, or to better assure, convey and confirm unto the Trustee any property
                                         subject or required to be subjected to the lien of this Indenture (including, without
                                         limitation, any and all actions necessary or desirable as a result of changes in law
                                         or regulations, whether pursuant to Section 7.5 or otherwise) or to subject to the lien
                                         of this Indenture any additional property;

 

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		(vi)	to
                                         modify the restrictions on and procedures for resales and other transfers of Notes to
                                         assure compliance with ERISA or to reflect any changes in ERISA or other applicable law
                                         or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any
                                         exemption from registration under the Securities Act or upon any exemption from registration
                                         as, or exclusion or exception from the definition of, an “investment company”
                                         under the Investment Company Act or to remove restrictions on resale and transfer to
                                         the extent not required hereunder;

 

		(vii)	to
                                         make such changes (including the removal and appointment of any listing agent, transfer
                                         agent, paying agent or additional registrar in the country of any other listing) as shall
                                         be necessary or advisable in order for the Notes to be or remain listed on an exchange,
                                         including such changes required or requested by any Governmental Authority, stock exchange
                                         authority, listing agent, transfer agent, paying agent or additional registrar for any
                                         Class of Notes, or to be de-listed from an exchange;

 

		(viii)	otherwise
                                         to correct or supplement any inconsistency or defective provisions, or cure any ambiguity,
                                         omission or manifest errors in this Indenture or to conform the provisions of this Indenture
                                         to the Offering Circular or any other Transaction Document or other document delivered
                                         in connection with the Notes; provided that, notwithstanding anything herein to
                                         the contrary and without regard to any other consent requirement specified herein, any
                                         supplemental indenture to be entered into pursuant to this clause (viii) may also provide
                                         for any corrective measures or ancillary amendments to this Indenture to give effect
                                         to such supplemental indenture as if it had been effective as of the Closing Date;

 

		(ix)	to
                                         take any action necessary, advisable or helpful to prevent the Issuer, the Holders of
                                         any Class of Notes or the Trustee from becoming subject to (or otherwise to minimize)
                                         any withholding or other taxes or assessments;

 

		(x)	at
                                         any time during the Reinvestment Period (or after the Reinvestment Period, in the case
                                         of clauses (C) and (D) below), to facilitate the issuance by the Issuer in accordance
                                         with Sections 2.13, 3.2, 9.1 and 9.2 (for which any required consent has been obtained)
                                         of (A) additional notes of any one or more new classes that are fully subordinated to
                                         the existing Notes (or to the most junior class of notes of the Issuer issued pursuant
                                         to this Indenture, if any class of securities issued pursuant to this Indenture other
                                         than the Notes is then Outstanding); (B) additional notes of any one or more existing
                                         Classes; (C) replacement notes in connection with a Refinancing; or (D) to make such
                                         changes as are necessary to effect a Risk Retention Issuance; provided that,
                                         any modifications in connection with the issuance of any additional notes or replacement
                                         notes in connection with a Refinancing (other than modifications determined by the Portfolio
                                         Manager to be necessary for such issuance of additional notes or replacement notes not
                                         to be subject to (or to comply with) any U.S. Risk Retention Rules, or in connection
                                         with a Risk Retention Issuance, which shall not require the consent of any Holder), which
                                         modifications may include the establishment of a non-call period, prohibition of future
                                         refinancings and establishment of a LIBOR floor as part of the interest rate, shall not
                                         require the consent of any Holder;

 

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		(xi)	to
                                         accommodate the settlement of any Notes in book-entry form through the facilities of
                                         DTC or otherwise;

 

		(xii)	to
                                         change the name of the Issuer in connection with any change in name or identity of the
                                         Portfolio Manager or as otherwise required pursuant to a contractual obligation or to
                                         avoid the use of a trade name or trademark in respect of which the Issuer does not have
                                         a license;

 

		(xiii)	to
                                         amend, modify or otherwise accommodate changes to this Indenture to comply with any rule
                                         or regulation, enacted or modified by any regulatory agency of the United States federal
                                         government after the Closing Date that is applicable to the Notes;

 

		(xiv)	to
                                         enter into any additional agreements not expressly prohibited by this Indenture or any
                                         amendment, modification or waiver (including, without limitation, amendments, modifications
                                         and waivers to this Indenture to the extent not described in this Section 8.1), so long
                                         as such agreement, amendment, modification or waiver is not reasonably expected to materially
                                         and adversely affect the rights or interests of any Holders of any Class of Notes; provided
                                         that, any such additional agreements include customary limited recourse and
                                         non-petition provisions; provided further that a Majority of the Controlling Class
                                         has consented to such additional agreements, amendment, modification or waiver;

 

		(xv)	to
                                         change the date (but not the frequency) on which reports are required to be delivered
                                         under this Indenture;

 

		(xvi)	to
                                         modify provisions of this Indenture relating to the creation, perfection and preservation
                                         of the security interest of the Trustee in Assets to conform with applicable law;

 

		(xvii)	to
                                         amend, modify or otherwise accommodate changes to this Indenture so that (A) the Issuer
                                         is not a “covered fund” under the Volcker Rule, (B) the Notes are not considered
                                         to constitute “ownership interests” under the Volcker Rule or (C) ownership
                                         of the Notes will otherwise be exempt from the Volcker Rule;

 

		(xviii)	to
                                         modify the procedures in this Indenture relative to compliance with Rule 17g-5 or to
                                         permit compliance with the Dodd-Frank Act (including the U.S. Risk Retention Rules) and/or
                                         the EU Securitization Laws, as each may be amended or superseded from time to time, as
                                         applicable to the Issuer, the Portfolio Manager or the Notes or any rules or regulations
                                         thereunder or to reduce costs to the Issuer as a result thereof;

 

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		(xix)	to
                                         accommodate an assignment by the Portfolio Manager, pursuant to the provisions of the
                                         Portfolio Management Agreement, of all of its rights and obligations under the Portfolio
                                         Management Agreement; provided that, a Majority of the Controlling Class,
                                         to the extent materially and adversely affected thereby, has consented to such supplemental
                                         indenture;

 

		(xx)	to
                                         make any changes to this Indenture necessary or advisable in connection with the adoption
                                         of an Alternative Rate duly adopted in accordance with the definition of LIBOR; provided
                                         that, for the avoidance of doubt, no supplemental indenture shall be entered into
                                         pursuant to this clause (xx) for purposes of adopting a new Alternative Rate itself or
                                         otherwise to modify the definition of LIBOR or the procedures for adopting an Alternative
                                         Rate provided therein;

 

		(xxi)	subject
                                         to the approval of a Majority of the Interests, in connection with a Refinancing of all
                                         Classes of Notes in full, to (a) effect an extension of the end of the Reinvestment Period,
                                         (b) establish a non-call period for the replacement notes or loans or other financial
                                         arrangements issued or entered into in connection with such Refinancing, (c) modify the
                                         Weighted Average Life Test, (d) provide for a stated maturity of the replacement notes
                                         or loans or other financial arrangements issued or entered into in connection with such
                                         Refinancing that is later than the Stated Maturity of the Notes or (e) make any other
                                         amendments that would otherwise be subject to the consent rights of the Notes pursuant
                                         to this Article VIII;

 

		(xxii)	with
                                         the consent of a Majority of the Controlling Class, to modify any defined term in Section
                                         1.1 or any Schedule to this Indenture that begins with or includes the word “Fitch”,
                                         “Moody’s” or “S&P” (other than the defined terms “Global
                                         Rating Agency Condition” and “S&P Rating Condition”);

 

		(xxiii)	with
                                         the consent of a Majority of the Controlling Class, to modify or amend (A) the Investment
                                         Criteria, (B) the restrictions on the sales of Collateral Obligations, (C) the Collateral
                                         Quality Test and the definitions related thereto or the calculation thereof or (D) any
                                         component of the Concentration Limitations and the definitions related thereto or the
                                         calculation thereof, so long as the Portfolio Manager certifies in an Officer’s
                                         certificate that no Class of Notes then-Outstanding (other than the Controlling Class)
                                         would be materially and adversely affected thereby;

 

		(xxiv)	with
                                         the consent of a Majority of the Controlling Class, to modify the definition of “Credit
                                         Improved Obligation” or “Credit Risk Obligation” in a manner not materially
                                         adverse to any holders of any Class of Notes as evidenced by an Officer’s certificate
                                         of the Portfolio Manager to the effect that such modification would not be materially
                                         adverse to the holder of any Class of Notes;

 

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		(xxv)	to
                                         take any action necessary or advisable to prevent the Issuer or the pool of Assets to
                                         be required to register under the Investment Company Act, or to avoid any requirement
                                         that the Portfolio Manager or any Affiliate consolidate with the Issuer on its financial
                                         statements for financial reporting purposes (provided that, no Holders
                                         are materially and adversely affected thereby);

 

		(xxvi)	with
                                         the consent of a Majority of the Controlling Class, to modify any provision to facilitate
                                         an exchange of one obligation for another obligation of the same Obligor that has substantially
                                         identical terms except transfer restrictions, including to effect any serial designation
                                         relating to the exchange; provided that, no such supplemental indenture
                                         shall be required to facilitate any exchange of one obligation for another obligation
                                         in accordance with Article XII hereof;

 

		(xxvii)	to
                                         make any modification determined by the Portfolio Manager to be necessary or advisable
                                         to comply with the U.S. Risk Retention Rules, including (without limitation), in connection
                                         with an Optional Redemption, Refinancing, Re-Pricing, additional issuance of notes pursuant
                                         to Section 2.13 or material amendment to any of the Transaction Documents;

 

		(xxviii)	to
                                         amend, modify or otherwise accommodate changes to this Indenture to comply with any state,
                                         rule, regulation or technical or interpretive guidance enacted, effective or issued by
                                         any applicable Governmental Authority after the Closing Date that are applicable to the
                                         Issuer, the Notes or the transactions contemplated hereunder or by the Offering Circular,
                                         including any applicable EU Securitization Laws, U.S. Risk Retention Rules, securities
                                         laws or the Dodd-Frank Act and all rules, regulations and technical or interpretive guidance
                                         thereunder; and

 

		(xxix)	to
                                         reduce the Minimum Denominations of the Notes.

 

		(b)	In
                                         addition, with the consent of a Majority of the Class A-1 Notes (unless the Holders of
                                         the Class A-1 Notes fail to provide consent or objection within 30 days after the Trustee
                                         sends notice to the Holders of such proposed supplemental indenture, in which case such
                                         Holders will be deemed to have consented thereto) the Issuer and the Trustee may enter
                                         into supplemental indentures to (A) to evidence any waiver or elimination by any Rating
                                         Agency of any requirement or condition of such Rating Agency set forth herein or (B)
                                         conform to ratings criteria and other guidelines relating generally to collateral debt
                                         obligations published by any Rating Agency, including any alternative methodology published
                                         by any Rating Agency.

 

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Section
8.2.     Supplemental Indentures With Consent of Holders

 

		(a)	With
                                         the consent of the Portfolio Manager, a Majority of the Notes of each Class materially
                                         and adversely affected thereby (which consent may be deemed as set forth in Section 8.3(d)
                                         below), if any, the Trustee and the Issuer may execute one or more indentures supplemental
                                         hereto to add any provisions to, or change in any manner or eliminate any of the provisions
                                         of, this Indenture or modify in any manner the rights of the Holders of the Notes of
                                         any Class under this Indenture; provided that, notwithstanding anything
                                         in this Indenture to the contrary, no such supplemental indenture shall, without the
                                         consent of each Holder of each Outstanding Note of each Class materially and adversely
                                         affected thereby:

 

		(i)	change
                                         the Stated Maturity of the principal of or the due date of any installment of interest
                                         on any Note, reduce the principal amount thereof, reduce the rate of interest thereon
                                         (other than in connection with a Refinancing, Re-Pricing, or in connection with the adoption
                                         of an Alternative Rate), or, except as otherwise expressly permitted by this Indenture,
                                         reduce the Redemption Price with respect to any Note, or change the earliest date on
                                         which Notes of any Class may be redeemed to an earlier date, change the provisions of
                                         this Indenture relating to the application of proceeds of any Assets to the payment of
                                         principal of or interest on the Notes or distributions to the Issuer (other than, following
                                         a redemption in full of the Notes, an amendment to permit distributions to the Issuer
                                         or the holders of Interests on dates other than Payment Dates) or change any place where,
                                         or the coin or currency in which, Notes or the principal thereof or interest or any distribution
                                         thereon is payable, or impair the right to institute suit for the enforcement of any
                                         such payment on or after the Stated Maturity thereof (or, in the case of redemption,
                                         on or after the applicable Redemption Date); provided that, with respect
                                         to lowering the rate of interest payable on a Class of Notes, the consent of Holders
                                         of the other Classes of Notes shall not be required;

 

		(ii)	reduce
                                         or increase the percentage of the Aggregate Outstanding Amount of Holders of each Class
                                         whose consent is required for the authorization of any such supplemental indenture or
                                         for any waiver of compliance with certain provisions of this Indenture or certain defaults
                                         hereunder or their consequences provided for in this Indenture;

 

		(iii)	materially
                                         impair or materially adversely affect the Assets except as otherwise permitted in this
                                         Indenture;

 

		(iv)	except
                                         as otherwise permitted by this Indenture, permit the creation of any lien ranking prior
                                         to or on a parity with the lien of this Indenture with respect to any part of the Assets
                                         or terminate such lien on any property at any time subject hereto or deprive the Holder
                                         of any Note of the security afforded by the lien of this Indenture;

 

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		(v)	reduce
                                         or increase the percentage of the Aggregate Outstanding Amount of Holders of any Class
                                         of Notes whose consent is required to request the Trustee to preserve the Assets or rescind
                                         the Trustee’s election to preserve the Assets pursuant to Section 5.5 or to sell
                                         or liquidate the Assets pursuant to Section 5.4 or 5.5;

 

		(vi)	modify
                                         any of the provisions of this Indenture with respect to entering into supplemental indentures,
                                         except to increase the percentage of Outstanding Notes or Interests the consent of the
                                         Holders of which is required for any such action or to provide that certain other provisions
                                         of this Indenture cannot be modified or waived without the consent of the Holder of each
                                         Note or Interest Outstanding and materially and adversely affected thereby;

 

		(vii)	modify
                                         the definition of the term “Controlling Class,” the definition of the term
                                         “Class” (except changes that relate to a Re-Pricing or an Optional Redemption)
                                         the definition of the term “Notes,” the definition of the term “Majority,”
                                         the definition of the term “Supermajority,” the definition of the term “Outstanding”
                                         or the Priority of Payments set forth in Section 11.1(a); or

 

		(viii)	modify
                                         any of the provisions of this Indenture in such a manner as to affect the rights of the
                                         Holders of any Notes to the benefit of any provisions for the redemption of such Notes
                                         contained herein.

 

		(b)	With
                                         the consent of the Portfolio Manager and a Majority of the Controlling Class, the Trustee
                                         and the Issuer may execute one or more indentures supplemental hereto to modify or amend
                                         any component of the Concentration Limitations and the definitions related thereto which
                                         affect the calculation thereof.

 

		(c)	[Reserved].

 

		(d)	With
                                         the consent of the Portfolio Manager and a Majority of each Class materially and adversely
                                         affected thereby, the Trustee and the Issuer may execute one or more supplemental indentures
                                         to modify the Subordinated Management Fee.

 

		(e)	[Reserved].

 

		(f)	If
                                         any supplemental indenture permits the Issuer to enter into a Synthetic Obligation or
                                         other hedge agreement, swap or derivative transaction (each, a “hedge agreement”),
                                         the Issuer and the Trustee shall not enter into such supplemental indenture without the
                                         consent of a Majority of the Controlling Class and a Majority of the Interests; provided
                                         that, the supplemental indenture shall require that, before entering into
                                         any such hedge agreement, the following additional conditions are satisfied: (i) either
                                         (1) the Portfolio Manager is registered as a commodity pool operator with the CFTC or
                                         (2) the Portfolio Manager is exempt from registration with the CFTC as a commodity pool
                                         operator; (ii) the Global Rating Agency Condition has been satisfied with respect thereto;
                                         and (iii) the Issuer receives written advice of counsel that the Issuer entering into
                                         such hedge agreement will not, in and of itself, cause the Issuer to become a “covered
                                         fund” as defined for purposes of the Volcker Rule.

 

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Section
8.3.     Execution of Supplemental Indentures

 

		(a)	The
                                         Trustee shall join in the execution of any such supplemental indenture and to make any
                                         further appropriate agreements and stipulations which may be therein contained, but the
                                         Trustee shall not be obligated to enter into any such supplemental indenture which affects
                                         the Trustee’s own rights, duties, liabilities or immunities under this Indenture
                                         or otherwise, except to the extent required by law.

 

		(b)	In
                                         executing or accepting the additional trusts created by any supplemental indenture permitted
                                         by this Article VIII or the modifications thereby of the trusts created by this Indenture,
                                         the Trustee will be entitled to receive, and (subject to Sections 6.1 and 6.3) will be
                                         fully protected in relying in good faith upon, an Opinion of Counsel stating that the
                                         execution of such supplemental indenture is authorized or permitted by this Indenture
                                         and that all conditions precedent thereto have been complied with.

 

		(c)	At
                                         the cost of the Issuer, for so long as any Notes shall remain Outstanding, not later
                                         than 10 Business Days (or, in the case of a supplemental indenture effecting a Refinancing,
                                         five Business Days) prior to the execution of any proposed supplemental indenture pursuant
                                         to Section 8.1 or Section 8.2, the Trustee will provide to the Portfolio Manager, the
                                         Collateral Administrator, the Rating Agencies and the Holders a notice attaching a copy
                                         of such supplemental indenture. Any consent given to a proposed supplemental indenture
                                         by the Holder of any Note shall be irrevocable and binding on all future holders or beneficial
                                         owners of that Note, irrespective of the execution date of the supplemental indenture.
                                         If the required consent to a proposed supplemental indenture is received from the applicable
                                         Holders prior to the end of the applicable notice period, the supplemental indenture
                                         may be executed prior to the end of such period. If the Holders of the required percentage
                                         of the Aggregate Outstanding Amount of the relevant Notes have not consented to a proposed
                                         supplemental indenture within five Business Days prior to the proposed execution date
                                         thereof, on the first Business Day following such period, the Trustee shall provide all
                                         such consents (and any other applicable responses from the Holders) received to the Issuer
                                         and the Portfolio Manager so that they may determine which Holders have consented to
                                         the proposed supplemental indenture and which Holders (and, to the extent such information
                                         is available to the Trustee, which beneficial owners) have not consented to the proposed
                                         supplemental indenture. In the case of a supplemental indenture being entered into pursuant
                                         to Section 8.1(a)(x)(C), the foregoing notice periods shall not apply and a copy of the
                                         proposed supplemental indenture shall be included in the notice of Optional Redemption
                                         provided to each holder of Notes pursuant to Section 9.2.

 

		(d)	Unless,
                                         within 10 Business Days after the Trustee sends notice to the Holders of any proposed
                                         supplemental indenture, a Majority of any Class from whom consent is not being requested
                                         notifies the Trustee and the Issuer that the Holders of such Class believe that they
                                         will be materially and adversely affected by such proposed supplemental indenture, the
                                         Holders of such Class will be deemed for all purposes not to be materially and adversely
                                         affected by such proposed supplemental indenture. Notwithstanding anything herein to
                                         the contrary, and solely for purposes of any supplemental indenture proposed pursuant
                                         to Sections 8.1 or 8.2, a Holder shall be deemed to have provided consent to any amendment
                                         or modification undertaken pursuant thereto if (i) such Holder affirmatively provides
                                         written consent or (ii) such Holder fails to deliver written objection (including via
                                         e-mail to the address provided in the notice of supplemental indenture) to such amendment
                                         or modification on or prior to the 10th Business Day following the date on which notice
                                         of such amendment or modification is sent by the Trustee.

 

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		(e)	At
                                         the cost of the Issuer, the Trustee will provide to the Portfolio Manager, the Collateral
                                         Administrator, the Holders and the Rating Agencies a copy of the executed supplemental
                                         indenture after its execution. Any failure of the Trustee to publish, mail or deliver
                                         such notice, or any defect therein, will not in any way impair or affect the validity
                                         of any such supplemental indenture.

 

		(f)	It
                                         shall not be necessary for any Act of Holders to approve the particular form of any proposed
                                         supplemental indenture, but it shall be sufficient, if the consent of any Holders to
                                         such proposed supplemental indenture is required, that such Act shall approve the substance
                                         thereof.

 

		(g)	The
                                         Portfolio Manager shall not be bound to follow any amendment or supplement to this Indenture
                                         unless it has received written notice of such amendment or supplement and a copy of such
                                         amendment or supplement from the Issuer or the Trustee. The Trustee will not be obligated
                                         to enter into any amendment or supplement that, as determined by the Trustee, adversely
                                         affects its duties, obligations, liabilities or protections under this Indenture. No
                                         amendment to this Indenture will be effective against the Collateral Administrator if
                                         such amendment would adversely affect the Collateral Administrator, including, without
                                         limitation, any amendment or supplement that would increase the duties or liabilities
                                         of, or adversely change the economic consequences to, the Collateral Administrator, unless
                                         the Collateral Administrator otherwise consents in writing. No amendment or supplement
                                         to this Indenture shall amend or modify this Section 8.3 without the Portfolio Manager’s
                                         prior written consent in its sole and absolute discretion.

 

		(h)	Notwithstanding
                                         any other provision relating to supplemental indentures herein, at any time after the
                                         expiration of the Non-Call Period, if any Class of Notes has been or, contemporaneously
                                         with the effectiveness of any supplemental indenture will be, paid in full in accordance
                                         with this Indenture as so supplemented or amended, the written consent of any Holder
                                         of any Note of such Class, as applicable, will not be required with respect to such supplemental
                                         indenture.

 

		(i)	Any
                                         Class of Notes being refinanced shall be deemed not to be materially and adversely affected
                                         by terms of the supplemental indenture related to such Refinancing or that become effective
                                         on the refinancing date. Any Non-Consenting Holders of a Re-Priced Class shall be deemed
                                         not to be materially and adversely affected by any terms of the supplemental indenture
                                         related to, in connection with and to become effective on or immediately after the Re-Pricing
                                         Date with respect to such Class.

 

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Section
8.4.     Effect of Supplemental Indentures

 

Upon
the execution of any supplemental indenture under this Article VIII, this Indenture shall be modified in accordance therewith,
and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder theretofore and thereafter
authenticated and delivered hereunder shall be bound thereby.

 

Section
8.5.     Reference in Notes to Supplemental Indentures

 

Notes
authenticated and delivered, including as part of a transfer, exchange or replacement pursuant to Article II of Notes originally
issued hereunder, after the execution of any supplemental indenture pursuant to this Article VIII may, and if required by the
Issuer shall, bear a notice as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new
Notes, so modified as to conform in the opinion of the Issuer to any such supplemental indenture, may be prepared and executed
by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Notes.

 

Section
8.6.     Re-Pricing Amendment

 

For
the avoidance of doubt, the Issuer and the Trustee may, without regard for the provisions of this Article VIII (other than Section
8.3(b)), enter into a supplemental indenture pursuant to Section 9.8(d) solely to modify the spread over LIBOR applicable
to a Re-Priced Class, and, to the extent applicable, to extend the Non-Call Period applicable to such Re-Priced Class or make
changes to the definition of “Redemption Price” (any such amendment, a “Re-Pricing Amendment”).

 

ARTICLE
IX

REDEMPTION OF NOTES

 

Section
9.1.     Mandatory Redemption

 

If
a Coverage Test is not met on any Determination Date on which such Coverage Test is applicable, the Issuer shall apply available
amounts in the Payment Account pursuant to the Priority of Payments on the related Quarterly Payment Date to make payments in
accordance with the Note Payment Sequence to the extent necessary to achieve compliance with such Coverage Test, as applicable.

 

Section
9.2.     Optional Redemption

 

		(a)	On
                                         any Business Day after the Non-Call Period, at the written direction of a Majority of
                                         the Interests and with the consent of the Portfolio Manager, (i) the Notes shall be redeemed
                                         by the Issuer in whole (with respect to all Classes of Notes) but not in part from Sale
                                         Proceeds and/or Refinancing Proceeds, all other available proceeds from a Contribution
                                         (if applicable) and all other funds available for such purpose in the Collection Account
                                         and the Payment Account; or (ii) the Notes shall be redeemed by the Issuer in part by
                                         Class from Refinancing Proceeds, Partial Redemption Interest Proceeds (so long as any
                                         Class of Notes to be redeemed represents not less than the entire Class of such Notes)
                                         and all other available proceeds from a Contribution (if applicable). In connection with
                                         any such redemption (each such redemption, an “Optional Redemption”),
                                         the Notes shall be redeemed at the applicable Redemption Prices. To effect an Optional
                                         Redemption, the above described written direction must be provided to the Issuer and
                                         the Trustee (with a copy to the Portfolio Manager) not later than 10 Business Days prior
                                         to the Business Day on which such redemption is to be made, or such shorter period (not
                                         to be less than five Business Days) as the Trustee and the Portfolio Manager may agree;
                                         provided that, all Notes to be redeemed must be redeemed simultaneously.

 

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		(b)	Upon
                                         receipt of a notice of an Optional Redemption of the Notes in whole but not in part pursuant
                                         to Section 9.2(a)(i) (subject to Sections 9.2(d) and 9.2(e) with respect to a redemption
                                         from proceeds that include Refinancing Proceeds), the Portfolio Manager shall direct
                                         the sale (and the manner thereof), acting in accordance with the Portfolio Manager Standard
                                         to maximize the proceeds of such sale, of all or part of the Collateral Obligations and
                                         other Assets in an amount sufficient that the proceeds from such sale, any Refinancing
                                         Proceeds (if applicable), all other available proceeds from a Contribution (if applicable)
                                         and all other funds available for such purpose in the Collection Account and the Payment
                                         Account will be at least sufficient to pay the Redemption Prices of the Notes to be redeemed
                                         (or such lesser amount that the Holders of such Class have elected to receive, where
                                         Holders of such Class have elected to receive less than 100% of the Redemption Price
                                         that would otherwise be payable to the Holders of such Class), all amounts senior in
                                         right of payment to the Notes (including any accrued and unpaid Base Management Fee)
                                         and all accrued and unpaid Administrative Expenses (regardless of the Administrative
                                         Expense Cap) payable under the Priority of Payments (collectively, the “Required
                                         Redemption Amount”). If such proceeds of such sale, any Refinancing Proceeds
                                         (if applicable), all other available proceeds from a Contribution (if applicable) and
                                         all other funds available for such purpose in the Collection Account and the Payment
                                         Account would not be at least equal to the Required Redemption Amount, the Notes may
                                         not be redeemed. The Portfolio Manager, in its sole discretion, may effect the sale of
                                         all or any part of the Collateral Obligations or other Assets through the direct sale
                                         of such Collateral Obligations or other Assets or by participation or other arrangement.

 

		(c)	[Reserved].

 

		(d)	In
                                         addition to (or in lieu of) a sale of Assets in the manner provided in Section 9.2(b),
                                         the Notes may, on any Business Day after the Non-Call Period, be redeemed in whole from
                                         Refinancing Proceeds and Sale Proceeds or in part by Class from Refinancing Proceeds,
                                         Partial Redemption Interest Proceeds and all other available proceeds from a Contribution
                                         as provided in Section 9.2(a)(ii); provided that, the terms of such Refinancing
                                         must be acceptable to the Portfolio Manager and a Majority of the Interests and such
                                         Refinancing otherwise satisfies the conditions described below. For the avoidance of
                                         doubt, any Class of Notes may be redeemed from Refinancing Proceeds resulting from a
                                         loan obtained by the Issuer.

 

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		(e)	In
                                         the case of a Refinancing upon a redemption of the Notes in whole but not in part pursuant
                                         to Section 9.2(a)(i), such Refinancing will be effective only if: (i) the Refinancing
                                         Proceeds, all Sale Proceeds from the sale of Collateral Obligations and Eligible Investments
                                         in accordance with the procedures set forth herein, and all other available funds will
                                         be at least sufficient to redeem simultaneously the Notes, in whole but not in part,
                                         and to pay the other amounts included in the Required Redemption Amount, including the
                                         reasonable fees, costs, charges and expenses incurred by the Issuer, the Trustee, the
                                         Portfolio Manager and the Collateral Administrator (including reasonable attorneys’
                                         fees and expenses) in connection with such Refinancing, (ii) the Sale Proceeds, Refinancing
                                         Proceeds and other available funds are used (to the extent necessary) to make such redemption,
                                         (iii) the agreements relating to the Refinancing contain limited recourse and non-petition
                                         provisions equivalent (mutatis mutandis) to those contained in Section 2.7(i),
                                         Section 5.4(d) and Section 13.1(d) and (iv) the Portfolio Manager has consented to such
                                         Refinancing. The Portfolio Manager, in connection with a Refinancing pursuant to which
                                         all Notes are being refinanced, may designate Principal Proceeds up to the Excess Par
                                         Amount as of the related Determination Date as Interest Proceeds for payment on the Redemption
                                         Date. Notice of any such designation will be provided to the Trustee (with copies to
                                         the Rating Agencies) on or before the related Determination Date.

 

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		(f)	In
                                         the case of a Refinancing upon a redemption of the Notes in part by Class pursuant to
                                         Section 9.2(d), such Refinancing will be effective only if (i) the Global Rating Agency
                                         Condition has been satisfied with respect to any remaining Notes that were not the subject
                                         of the Refinancing; (ii) the Refinancing Proceeds together with any available Interest
                                         Proceeds and any Partial Redemption Interest Proceeds will be at least sufficient to
                                         pay in full the aggregate Redemption Prices of the entire Class or Classes of Notes subject
                                         to Refinancing; (iii) the Refinancing Proceeds are used (to the extent necessary) to
                                         make such redemption; (iv) the agreements relating to the Refinancing contain limited
                                         recourse and non-petition provisions equivalent (mutatis mutandis) to those contained
                                         in Section 2.7(i), Section 5.4(d) and Section 13.1(d); (v) for each Class of Notes being
                                         refinanced, the aggregate principal amount of any obligations providing the Refinancing
                                         is equal to the Aggregate Outstanding Amount of the Class of Notes being redeemed with
                                         the proceeds of such obligations, except that (x) in connection with a Refinancing of
                                         the Controlling Class of Notes, the aggregate principal amount of the obligations providing
                                         the Refinancing may be lower than the Aggregate Outstanding Amount of such Class of Notes
                                         being redeemed and (y) the aggregate principal amount of the obligations providing the
                                         Refinancing may be greater than the Aggregate Outstanding Amount of the Class of Notes
                                         being redeemed, so long as (A) the S&P Rating Condition has been satisfied with respect
                                         thereto and Fitch has confirmed in writing that such Refinancing will not cause its then-current
                                         ratings of any Class of Notes to be reduced or withdrawn and (B) after giving effect
                                         to such proposed Refinancing, each Overcollateralization Ratio Test is either satisfied
                                         or, if not satisfied, maintained or improved (disregarding from the principal amount
                                         of the refinancing obligations, for purposes of the comparison in this clause (B), an
                                         amount, as determined by the Portfolio Manager, up to U.S.$1,000,000 representing the
                                         reasonable fees, costs, charges and expenses expected to be incurred in connection with
                                         the Refinancing of such Class); (vi) the stated maturity of each class of obligations
                                         providing the Refinancing is no earlier than the corresponding Stated Maturity of each
                                         Class of Notes being refinanced; (vii) the reasonable fees, costs, charges and expenses
                                         incurred in connection with such Refinancing have been paid or will be adequately provided
                                         for from the Refinancing Proceeds, Partial Redemption Interest Proceeds and all other
                                         available proceeds from a Contribution (except for expenses owed to persons that the
                                         Portfolio Manager informs the Trustee will be paid solely as Administrative Expenses
                                         payable in accordance with the Priority of Payments); (viii) either (x) the spread over
                                         LIBOR or the fixed interest rate, as applicable, of each class of obligations providing
                                         the Refinancing will not be greater than the spread over LIBOR or the fixed interest
                                         rate, as applicable, of the Notes of the corresponding Class being refinanced by such
                                         new class of obligations or (y) the weighted average of the spread over LIBOR and the
                                         fixed rates payable in respect of all of the obligations providing the Refinancing is
                                         less than or equal to the weighted average of the spread over LIBOR and the fixed rate
                                         payable on all of the Classes of Notes being refinanced (determined based on the respective
                                         spreads over LIBOR or the fixed interest rate, as applicable, of such Classes of Notes);
                                         provided that, (A) any Class of Notes that bears a fixed rate may be refinanced
                                         with obligations that bear interest at a floating rate (i.e., at a stated spread over
                                         LIBOR) so long as LIBOR plus the relevant spread with respect to such obligations comprising
                                         the Refinancing of such Class is less than the applicable Interest Rate with respect
                                         to such Class of Notes that bear a fixed rate on the date of such Refinancing and (B)
                                         any Class of Notes that bears a floating rate may be refinanced with obligations that
                                         bear interest at a fixed rate so long as the fixed rate of the obligations comprising
                                         the Refinancing of such Class is less than LIBOR plus the relevant spread with respect
                                         to such Class of Notes on the date of such Refinancing; (ix) the obligations providing
                                         the Refinancing are subject to the Priority of Payments and do not rank higher in priority
                                         pursuant to the Priority of Payments than the Class of Notes being refinanced; (x) the
                                         voting rights, consent rights, redemption rights and all other rights of the obligations
                                         providing the Refinancing are the same as the rights of the corresponding Class of Notes
                                         being refinanced except that, the earliest date on which the obligations providing the
                                         Refinancing may be redeemed at the option of the Issuer may be different from the earliest
                                         date on which the Notes redeemed in connection with such Refinancing were subject to
                                         redemption at the option of the Issuer; (xi) Tax Advice has been delivered to the Issuer
                                         to the effect that such Refinancing will not result in the Issuer becoming subject to
                                         U.S. federal income taxation with respect to its net income or to any withholding tax
                                         liability under Section 1446 of the Code and (xii) the Portfolio Manager has consented
                                         to such Refinancing.

 

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		(g)	Notwithstanding
                                         anything herein to the contrary, any Refinancing Proceeds from a Refinancing upon a redemption
                                         of the Notes in part by Class pursuant to Section 9.2(d) will not constitute Interest
                                         Proceeds or Principal Proceeds, but shall be applied directly on the related Partial
                                         Redemption Date together with Partial Redemption Interest Proceeds and all other available
                                         proceeds from a Contribution to redeem the corresponding Class of Notes being refinanced
                                         without regard to the Priority of Payments; provided, that to the extent such
                                         proceeds are not applied to redeem the corresponding Class of Notes being refinanced
                                         or to pay related Administrative Expenses, such Refinancing Proceeds will be treated
                                         as Principal Proceeds.

 

		(h)	Notwithstanding
                                         anything herein to the contrary, if a Refinancing is obtained meeting the requirements
                                         specified above as certified by the Portfolio Manager, the Issuer and, at the direction
                                         of the Portfolio Manager, the Trustee shall amend this Indenture to the extent necessary
                                         to reflect the terms of the Refinancing and no further consent for such amendments shall
                                         be required from the Holders of any Class of Notes. In connection with a Refinancing
                                         upon a redemption of Notes in whole or in part, any Refinancing Proceeds that remain
                                         after paying the applicable Redemption Prices and related Administrative Expenses will
                                         be transferred to the Collection Account as Principal Proceeds; provided that,
                                         in connection with a redemption upon a Refinancing in whole of the Notes the Portfolio
                                         Manager may designate any such remaining Refinancing Proceeds as Interest Proceeds for
                                         use on or after the Redemption Date.

 

Section
9.3.     Tax Redemption

 

		(a)	The
                                         Notes shall be redeemed on any Business Day in whole but not in part (any such redemption,
                                         a “Tax Redemption”) at the applicable Redemption Prices from Sale
                                         Proceeds and all other funds available for such purpose in the Collection Account and
                                         the Payment Account at the written direction (delivered to the Trustee, with a copy to
                                         the Portfolio Manager) of (x) a Majority of any Affected Class or (y) a Majority of the
                                         Interests, in either case following (I) the occurrence and continuation of a Tax Event
                                         with respect to payments under one or more Collateral Obligations forming part of the
                                         Assets which results in a payment by, or charge or tax burden to, the Issuer that results
                                         or will result in the withholding of 5.0% or more of Scheduled Distributions for any
                                         Collection Period or (II) the occurrence and continuation of a Tax Event resulting in
                                         a tax burden on the Issuer in an aggregate amount in any Collection Period in excess
                                         of U.S.$1,000,000.

 

		(b)	Upon
                                         its receipt of such written direction directing a Tax Redemption, the Trustee shall promptly
                                         notify the Holders and each Rating Agency thereof.

 

		(c)	If
                                         an Officer of the Portfolio Manager obtains actual knowledge of the occurrence of a Tax
                                         Event, the Portfolio Manager shall promptly notify the Issuer, the Collateral Administrator
                                         and the Trustee thereof, and upon receipt of such notice the Trustee shall promptly notify
                                         the Holders and each Rating Agency thereof.

 

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Section
9.4.     Redemption Procedures

 

		(a)	In
                                         the event of any Optional Redemption pursuant to Section 9.2, the written direction of
                                         the Issuer and/or the Portfolio Manager shall be provided to the Trustee (with a copy
                                         to the Portfolio Manager in the case of direction of the Issuer) not later than 10 Business
                                         Days (or such shorter period as the Trustee and the Portfolio Manager may agree, not
                                         to be less than five Business Days) prior to the Business Day on which such redemption
                                         is to be made (which date shall be designated in such notice) and the Issuer shall, at
                                         least 10 Business Days prior to the Redemption Date (or such shorter period as the Trustee
                                         and the Portfolio Manager may agree, not to be less than five Business Days), notify
                                         the Trustee in writing (and the Trustee in turn shall, in the name and at the expense
                                         of the Issuer, notify the Holders and each Rating Agency, with a copy to the Portfolio
                                         Manager, at least five Business Days prior to the Redemption Date) of such Redemption
                                         Date, the applicable Record Date, the principal amount of Notes to be redeemed on such
                                         Redemption Date and the applicable Redemption Prices. Notice of a Tax Redemption pursuant
                                         to Section 9.3 shall be provided not later than five Business Days prior to the applicable
                                         Redemption Date to each Holder at such Holder’s address in the Register and each
                                         Rating Agency.

 

		(b)	All
                                         notices of redemption delivered pursuant to Section 9.4(a) shall state:

 

		(i)	the
                                         applicable Redemption Date;

 

		(ii)	the
                                         Redemption Prices of the Notes to be redeemed;

 

		(iii)	that
                                         all of the Notes to be redeemed are to be redeemed in full and that interest on such
                                         Notes shall cease to accrue on the Redemption Date specified in the notice; and

 

		(iv)	the
                                         place or places where Notes are to be surrendered for payment of the Redemption Prices,
                                         which shall be the Corporate Trust Office.

 

The
Issuer may, and, if directed by the Portfolio Manager, as applicable, shall, withdraw any notice of an Optional Redemption delivered
pursuant to Section 9.2 (or any notice of a Tax Redemption delivered pursuant to Section 9.3, if the Portfolio Manager believes
that the proceeds of the Assets will be insufficient to pay, together with other required amounts, the Redemption Price of any
Class of Notes, and Holders of such Class have not elected to receive the lesser amount that will be available), following good
faith efforts by the Issuer and the Portfolio Manager to facilitate such redemption on any day up to and including the Business
Day before the proposed Redemption Date. Any withdrawal of such notice of an Optional Redemption will be made by written notice
to the Trustee (with a copy to the Portfolio Manager, if applicable). If the Issuer so withdraws any notice of an Optional Redemption
or Tax Redemption or is otherwise unable to complete a redemption of the Notes pursuant to Section 9.2 or 9.3, the proceeds received
from the sale of any Collateral Obligations and other Assets sold in contemplation of such redemption may be reinvested in accordance
with the Investment Criteria during the Reinvestment Period at the Portfolio Manager’s sole discretion (on behalf of the
Issuer). The Trustee will provide notice, in the name and at the expense of the Issuer, to the Holders, the Portfolio Manager
and each Rating Agency of the withdrawal of any notice of redemption. Notwithstanding the foregoing, in the event that a scheduled
Refinancing upon a redemption of the Notes in whole fails to settle, such redemption will be deemed to be revoked and no payments
will be due to any Holder on account of such redemption.

 

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Notice
of redemption pursuant to Section 9.2 or 9.3 shall be given by the Issuer or, upon an Issuer Order, by the Trustee in the name
and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note selected
for redemption shall not impair or affect the validity of the redemption of any other Notes.

 

		(c)	Unless
                                         Refinancing Proceeds are being used to redeem the Notes in whole or in part, in the event
                                         of any Optional Redemption or Tax Redemption pursuant to Section 9.2 or 9.3, no Notes
                                         may be optionally redeemed unless (i) at least two Business Days before the scheduled
                                         Redemption Date the Portfolio Manager shall have furnished to the Trustee evidence, in
                                         a form reasonably satisfactory to the Trustee, that the Portfolio Manager on behalf of
                                         the Issuer has entered into a binding agreement or agreements with (a) a financial or
                                         other institution or institutions whose short-term unsecured debt obligations (other
                                         than such obligations whose rating is based on the credit of a Person other than such
                                         institution) are rated, or guaranteed by a Person whose short-term unsecured debt obligations
                                         are rated, at least “A-1” by S&P and at least “F1” by Fitch
                                         or (b) a special purpose entity that satisfies all then-current bankruptcy remoteness
                                         criteria of the Rating Agencies to purchase (directly or by participation or other arrangement),
                                         not later than the Business Day immediately preceding the scheduled Redemption Date in
                                         immediately available funds, all or part of the Assets at a purchase price at least sufficient,
                                         together with the Eligible Investments maturing, redeemable or putable to the issuer
                                         thereof at par on or prior to the scheduled Redemption Date, Scheduled Distributions
                                         from the Assets expected to be received on or prior to the scheduled Redemption Date
                                         and all other funds available for such purpose in the Collection Account and the Payment
                                         Account, to pay all Administrative Expenses (regardless of the Administrative Expense
                                         Cap) payable in accordance with the Priority of Payments and redeem all of the Notes
                                         on the scheduled Redemption Date at the applicable Redemption Prices (or in the case
                                         of any Class of Notes, such lesser amount that the Holders of such Class have elected
                                         to receive, where Holders of such Class have elected to receive less than 100% of the
                                         Redemption Price that would otherwise be payable to the Holders of such Class), (ii)
                                         at least two Business Days before the scheduled Redemption Date, the Issuer shall have
                                         received proceeds of disposition of all or part of the Assets that, together with Scheduled
                                         Distributions from the Assets expected to be received on or prior to the scheduled Redemption
                                         Date and all other funds available for such purpose in the Collection Account and the
                                         Payment Account, are at least sufficient to pay all Administrative Expenses (regardless
                                         of the Administrative Expense Cap) and any accrued and unpaid Base Management Fee and
                                         Subordinated Management Fee (other than any Waived Management Fees) payable in accordance
                                         with the Priority of Payments and redeem all of the Notes on the scheduled Redemption
                                         Date at the applicable Redemption Prices (or in the case of any Class of Notes, such
                                         lesser amount that the Holders of such Class have elected to receive, where Holders of
                                         such Class have elected to receive less than 100% of the Redemption Price that would
                                         otherwise be payable to the Holders of such Class), or (iii) prior to selling any Collateral
                                         Obligations and/or Eligible Investments, the Portfolio Manager shall certify to the Trustee
                                         that, in its judgment, the aggregate sum of (A) expected proceeds from the sale of Eligible
                                         Investments, (B) for each Collateral Obligation, its Market Value and (C) Scheduled Distributions
                                         from the Assets expected to be received on or prior to the scheduled Redemption Date
                                         and all other funds available for such purpose in the Collection Account and the Payment
                                         Account shall exceed the sum of (x) the aggregate Redemption Prices (or in the case of
                                         any Class of Notes, such lesser amount that the Holders of such Class have elected to
                                         receive, where Holders of such Class have elected to receive less than 100% of the Redemption
                                         Price that would otherwise be payable to the Holders of such Class) of the outstanding
                                         Notes and (y) all Administrative Expenses (regardless of the Administrative Expense Cap)
                                         payable under the Priority of Payments. Any certification delivered by the Portfolio
                                         Manager pursuant to this Section 9.4(c) shall include (1) the prices of, and expected
                                         proceeds from, the sale (directly or by participation or other arrangement) of any Collateral
                                         Obligations and/or Eligible Investments and (2) all calculations required by this Section
                                         9.4(c). Any Holder, the Portfolio Manager or any of the Portfolio Manager’s Affiliates
                                         or accounts or funds managed thereby shall have the right, subject to the same terms
                                         and conditions afforded to other bidders, to bid on Assets to be sold as part of an Optional
                                         Redemption or a Tax Redemption.

 

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Section
9.5.     Notes Payable on Redemption Date

 

		(a)	Notice
                                         of redemption pursuant to Section 9.4 or Section 9.7 having been given as set forth therein,
                                         the Notes to be redeemed shall, on the Redemption Date, subject to Section 9.4(c) and
                                         Section 9.7(b), as applicable, and the Issuer’s right to withdraw any notice of
                                         redemption pursuant to Section 9.4(b) and 9.7(c), as applicable, become due and payable
                                         at the Redemption Prices therein specified, and from and after the Redemption Date (unless
                                         the Issuer shall default in the payment of the Redemption Prices and accrued interest)
                                         all such Notes that are Notes shall cease to bear interest on the Redemption Date. Holders
                                         of Certificated Notes, upon final payment on a Note to be so redeemed, shall present
                                         and surrender such Note at the place specified in the notice of redemption on or prior
                                         to such Redemption Date; provided that, in the absence of notice to the
                                         Issuer or the Trustee that the applicable Note has been acquired by a Protected Purchaser,
                                         such final payment shall be made without presentation or surrender, if the Trustee and
                                         the Issuer shall have been furnished such security or indemnity as may be required by
                                         it to save it harmless and an undertaking thereafter to surrender such certificate. Payments
                                         of interest on Notes so to be redeemed which are payable on or prior to the Redemption
                                         Date shall be payable to the Holders, or holders of one or more predecessor Notes, registered
                                         as such at the close of business on the relevant Record Date according to the terms and
                                         provisions of Section 2.7(e).

 

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		(b)	If
                                         any Note called for redemption shall not be paid upon surrender thereof for redemption,
                                         the principal thereof shall, until paid, bear interest from the Redemption Date at the
                                         applicable Interest Rate for each successive Interest Accrual Period such Note remains
                                         Outstanding; provided that, the reason for such non-payment is not the
                                         fault of such Holder.

 

Section
9.6.     Special Redemption

 

The
Notes shall be redeemed in part by the Issuer on any Business Day (i) after the Effective Date, if the Portfolio Manager notifies
the Trustee that a redemption is required pursuant to Section 7.18 in order to obtain the Effective Date Ratings Confirmation,
(ii) during the Reinvestment Period, if the Portfolio Manager notifies the Trustee at least five Business Days prior to the applicable
Special Redemption Date that it has been unable, for a period of at least 20 consecutive Business Days, to identify additional
Collateral Obligations that are deemed appropriate by the Portfolio Manager, in its sole discretion, and which would satisfy the
Investment Criteria in sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the
Collection Account that are to be invested in additional Collateral Obligations or (iii) if a Retention Deficiency exists, to
the extent necessary to reduce such Retention Deficiency to zero (in each case a “Special Redemption”). Any
such notice in the case of clause (ii) above shall be based upon the Portfolio Manager having attempted, in accordance with the
Portfolio Manager Standard, to identify additional Collateral Obligations as described above. On the first Quarterly Payment Date
(and all subsequent Quarterly Payment Dates) following the Collection Period in which such notice is given (a “Special
Redemption Date”), the amount in the Collection Account representing (1) in the case of a Special Redemption necessary
for the Issuer to obtain the Effective Date Ratings Confirmation, all Interest Proceeds and all other Principal Proceeds available
in accordance with the Priority of Payments (other than Interest Proceeds and/or Principal Proceeds that the Portfolio Manager
has chosen to apply to the purchase of additional Collateral Obligations), (2) in the case of a Special Redemption during the
Reinvestment Period pursuant to clause (ii) above, Principal Proceeds which the Portfolio Manager has determined cannot be reinvested
in additional Collateral Obligations or (3) in the case of a Special Redemption in connection with a Retention Deficiency, Principal
Proceeds necessary to reduce such Retention Deficiency to zero, will in each case be applied in accordance with the Priority of
Payments. Notice of redemption pursuant to this Section 9.6 shall be given by the Trustee not less than (x) in the case of a Special
Redemption described in clause (i) above, one Business Day prior to the applicable Special Redemption Date and (y) in the case
of a Special Redemption described in clause (ii) above, three Business Days prior to the applicable Special Redemption Date in
each case to each holder of Notes and to each Rating Agency (with a copy to the Portfolio Manager).

 

Section
9.7.     Clean-Up Call Redemption

 

		(a)	At
                                         the written direction of the Portfolio Manager to the Issuer and the Trustee, with copies
                                         to the Rating Agencies, at least 20 Business Days prior to the proposed Redemption Date,
                                         the Notes shall be subject to redemption by the Issuer, in whole but not in part (a “Clean-Up
                                         Call Redemption”), at the Redemption Prices therefor, on any Business Day after
                                         the Non-Call Period on which the Collateral Principal Amount is less than 20% of the
                                         Target Initial Par Amount. Upon receipt from the Portfolio Manager of a direction in
                                         writing to effect a Clean-Up Call Redemption, the Issuer shall set the related Redemption
                                         Date and the Record Date and give written notice thereof to the Trustee, the Collateral
                                         Administrator, the Portfolio Manager and the Rating Agencies not later than 10 Business
                                         Days prior to the Redemption Date (and the Trustee in turn shall, in the name and at
                                         the expense of the Issuer, notify the Holders of the Redemption Date, the applicable
                                         Record Date, that the Notes shall be redeemed in full, and the Redemption Prices to be
                                         paid, at least 7 Business Days prior to the Redemption Date).

 

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		(b)	A
                                         Clean-Up Call Redemption may not occur unless (i) on or before the second Business Day
                                         immediately preceding the related Redemption Date, the Portfolio Manager or any other
                                         Person purchases the Assets of the Issuer (other than the Eligible Investments referred
                                         to in clause (A)(4) below) for a price in Cash (the “Clean-Up Call Redemption
                                         Price”) at least equal to the greater of (A) the sum of (1) the Aggregate Outstanding
                                         Amount of the Notes, plus (2) all unpaid interest on the Notes accrued to the date of
                                         such redemption (including any shortfall amounts, if any), plus (3) the aggregate of
                                         all other amounts owing by the Issuer on the date of such redemption that are payable
                                         in accordance with the Priority of Payments (including, for the avoidance of doubt, all
                                         outstanding Administrative Expenses), minus (4) the balance of the Eligible Investments
                                         in the Collection Account; and (B) the Market Value of such Assets being purchased and
                                         (ii) the Portfolio Manager certifies in writing to the Trustee prior to the sale of the
                                         Assets that subclause (i) shall be satisfied upon such purchase. Upon receipt by the
                                         Trustee of the certification from the Portfolio Manager described in subclause (ii),
                                         the Trustee (pursuant to written direction from the Issuer) and the Issuer shall take
                                         all actions necessary to sell, assign and transfer the Assets to the Portfolio Manager
                                         or such other Person upon payment in immediately available funds of the Clean-Up Call
                                         Redemption Price. The Trustee shall deposit such payment into the Collection Account
                                         in accordance with the instructions of the Portfolio Manager.

 

		(c)	Any
                                         notice of a Clean-Up Call Redemption delivered pursuant to Section 9.7(a) may be withdrawn
                                         by the Issuer on any day up to and including the Business Day prior to the related scheduled
                                         Redemption Date by written notice to the Trustee, the Rating Agencies and the Portfolio
                                         Manager only if amounts at least equal to the Clean-Up Call Redemption Price are not
                                         received in full in immediately available funds by the second Business Day immediately
                                         preceding such Redemption Date.

 

		(d)	The
                                         Trustee will give notice of any such withdrawal of a Clean-Up Call Redemption, at the
                                         expense of the Issuer, to each Holder of Notes that were to be redeemed at such Holder’s
                                         address in the Register not later than the Business Day prior to the related scheduled
                                         Redemption Date.

 

		(e)	On
                                         the Redemption Date related to any Clean-Up Call Redemption, the Clean-Up Call Redemption
                                         Price shall be distributed pursuant to the Priority of Payments.

 

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Section
9.8.     Re-Pricing of the Notes

 

		(a)	The
                                         Issuer, with the consent of the Portfolio Manager, may reduce the spread over LIBOR applicable
                                         with respect to any Class of Re-Pricing Eligible Notes (any such reduction with respect
                                         to any such Class of Notes, a “Re-Pricing” and any Class of Re-Pricing
                                         Eligible Notes to be subject to a Re-Pricing, a “Re-Priced Class”)
                                         on any Business Day after the Non-Call Period; provided that, the Issuer shall
                                         not effect any Re-Pricing unless each condition specified in this Section 9.8
                                         is satisfied with respect thereto. For the avoidance of doubt, no terms of any Re-Pricing
                                         Eligible Notes other than the Interest Rate applicable thereto may be modified or supplemented
                                         in connection with a Re-Pricing; provided that, in connection with any Re-Pricing,
                                         (x) the Non-Call Period with respect to such Re-Priced Class may, with the consent of
                                         the Issuer, be extended and/or (y) the definition of “Redemption Price” may
                                         be revised, with the written consent of the Issuer, to reflect any agreed upon make-whole
                                         payments for the applicable Re-Priced Class. In connection with any Re-Pricing, the Issuer
                                         may engage a broker-dealer (the “Re-Pricing Intermediary”) upon the
                                         recommendation and subject to the approval of the Issuer and such Re-Pricing Intermediary
                                         shall assist the Issuer in effecting the Re-Pricing.

 

		(b)	At
                                         least fourteen (14) days prior to the Business Day fixed for any proposed Re-Pricing
                                         (the “Re-Pricing Date”), the Issuer or the Re-Pricing Intermediary
                                         on behalf of the Issuer, shall deliver a notice in writing (with a copy to the Portfolio
                                         Manager, the Trustee and each Rating Agency) to each Holder of the proposed Re-Priced
                                         Class, which notice shall (i) specify the proposed Re-Pricing Date and the revised spread
                                         (or range of spreads from which a single spread will be chosen prior to the Re-Pricing
                                         Date) over LIBOR to be applied with respect to such Class (such spread, the “Re-Pricing
                                         Rate”), (ii) request that each Holder of the Re-Priced Class approve the proposed
                                         Re-Pricing or provide a proposed Re-Pricing Rate at which it would consent to such Re-Pricing
                                         that is within the range provided, if any, in clause (i) above (such proposal, a “Holder
                                         Proposed Re-Pricing Rate”), (iii) request that each consenting Holder of the
                                         Re-Priced Class deliver a response in writing to the Issuer, or to the Re-Pricing Intermediary
                                         on behalf of the Issuer, which response (the “Holder Purchase Request”)
                                         shall indicate the aggregate principal amount of the Re-Priced Class that such Holder
                                         is willing to purchase (or retain) at such Re-Pricing Rate (including within any range
                                         provided) specified in such notice, and (iv) state that the Issuer (or in the case of
                                         the following clause (a), the Re-Pricing Intermediary on behalf of the Issuer) will have
                                         the right to (a) cause all such Holders that did not deliver an Accepted Purchase Request
                                         (each, a “Non-Consenting Holder”) to sell their Notes of the Re-Priced
                                         Class on the Re-Pricing Date to one or more transferees at a sale price equal to the
                                         applicable Redemption Price, (b) redeem such Notes at the applicable Redemption Price
                                         with the proceeds of an issuance of Re-Pricing Replacement Notes or (c) amend, without
                                         consent, the interest rate applicable to the Notes of the Re-Priced Class held by Non-Consenting
                                         Holders to the Re-Pricing Rate in the event that the Issuer is unable to issue Re-Pricing
                                         Replacement Notes; provided that, at the direction of the Portfolio Manager, the
                                         Issuer may delay the Re-Pricing Date or determine the Re-Pricing Rate taking into consideration
                                         any Holder Proposed Re-Pricing Rates at any time up to two (2) Business Days prior to
                                         the Re-Pricing Date (upon notice to each Holder of the proposed Re-Priced Class, with
                                         a copy to the Portfolio Manager, the Trustee and each Rating Agency). Failure to give
                                         a notice of Re-Pricing, or any defect therein, to any Holder of any Re-Priced Class shall
                                         not impair or affect the validity of the Re-Pricing or give rise to any claim based upon
                                         such failure or defect.

 

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Any
notice of Re-Pricing may be withdrawn (thereby canceling the Re-Pricing) by (x) the Portfolio Manager or (y) the Issuer, with
the consent of the Portfolio Manager (to the extent applicable), in each case, for any reason by delivery of a written notice
to the Trustee and the Issuer no later than the Business Day prior to the proposed Re-Pricing Date. Once withdrawn, a subsequent
notice of Re-Pricing may be given in accordance with this Section 9.8. At the cost of the Issuer, the Trustee shall provide
a copy of such written notice to the Rating Agencies.

 

		(c)	In
                                         the event that any Holder of the Re-Priced Class does not deliver a written consent to
                                         the proposed Re-Pricing on or before the date that is at least five (5) Business Days
                                         (such date as determined by the Issuer in its sole discretion) after the date of such
                                         notice, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall deliver
                                         written notice thereof to any Consenting Holder of the Re-Priced Class who delivered
                                         a Holder Purchase Request with a Holder Proposed Re-Pricing Rate that is equal to or
                                         less than the Re-Pricing Rate as determined by the Portfolio Manager (such request, an
                                         “Accepted Purchase Request” and any Holder providing such Accepted
                                         Purchase Request, a “Consenting Holder”) specifying the Aggregate
                                         Outstanding Amount of the Notes of the Re-Priced Class that such Consenting Holder has
                                         offered to purchase at the Re-Pricing Rate and the Aggregate Outstanding Amount of the
                                         Notes that will be sold to such Consenting Holder. Notwithstanding the above, the Issuer,
                                         or the Re-Pricing Intermediary on behalf of the Issuer, will cause the sale and transfer
                                         of Notes of any Non-Consenting Holders, without further notice to such Non-Consenting
                                         Holders, on the Re-Pricing Date to a transferee designated by the Re-Pricing Intermediary
                                         on behalf of the Issuer. All sales of Notes to be effected pursuant to this clause (c)
                                         will be made at the Redemption Price with respect to such Notes, and will be effected
                                         only if the related Re-Pricing is effected in accordance with this Section 9.8.
                                         The Holder of each Re-Pricing Eligible Note, by its acceptance of an interest in the
                                         Re-Pricing Eligible Notes, agrees to sell and transfer its Notes in accordance with this
                                         Section 9.8 and agrees to cooperate with the Issuer (or the Re-Pricing Intermediary
                                         on behalf of the Issuer) and the Trustee to effect such sales and transfers. In the event
                                         that the Issuer (or the Re-Pricing Intermediary on behalf of the Issuer) receives Accepted
                                         Purchase Requests with respect to more than the Aggregate Outstanding Amount of the Notes
                                         of the Re-Priced Class held by Non-Consenting Holders, the Issuer, or the Re-Pricing
                                         Intermediary on behalf of the Issuer, shall cause the sale and transfer of such Notes
                                         or will sell Re-Pricing Replacement Notes to such Consenting Holders at the applicable
                                         Redemption Prices and, if applicable, conduct a redemption of Non-Consenting Holders’
                                         Notes of the Re-Priced Class with the sale of Re-Pricing Replacement Notes, without further
                                         notice to the Non-Consenting Holders thereof, on the Re-Pricing Date to the Consenting
                                         Holders delivering Accepted Purchase Requests, with respect thereto, pro rata
                                         (subject to the applicable minimum denominations) based on the Aggregate Outstanding
                                         Amount of the Notes such Consenting Holders indicated an interest in purchasing pursuant
                                         to their Holder Purchase Requests. In the event that the Issuer receives Accepted Purchase
                                         Requests with respect to less than the Aggregate Outstanding Amount of the Notes of the
                                         Re-Priced Class held by Non-Consenting Holders, the Issuer, or the Re-Pricing Intermediary
                                         on behalf of the Issuer, shall cause the sale and transfer of such Notes of the Re-Priced
                                         Class or will sell Re-Pricing Replacement Notes to such Consenting Holders at the applicable
                                         Redemption Prices and, if applicable, conduct a redemption of Non-Consenting Holders’
                                         Notes of the Re-Priced Class with the sale of Re-Pricing Replacement Notes, without further
                                         notice to the Non-Consenting Holders thereof, on the Re-Pricing Date to the Consenting
                                         Holders delivering Accepted Purchase Requests with respect thereto, and any excess Notes
                                         of the Re-Priced Class held by Non-Consenting Holders shall be sold to one or more purchasers
                                         designated by the Issuer (or the Re-Pricing Intermediary on behalf of the Issuer) or
                                         redeemed with proceeds from the sale of Re-Pricing Replacement Notes. All sales of Non-Consenting
                                         Holders’ Notes or Re-Pricing Replacement Notes to be effectuated pursuant to this
                                         clause (c) shall be made at the applicable Redemption Price, and shall be effectuated
                                         only if the related Re-Pricing is effectuated in accordance with the provisions hereof.

 

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		(d)	The
                                         Issuer shall not effect any proposed Re-Pricing unless:

 

		(i)	the
                                         Issuer and the Trustee (at the direction of the Issuer) shall have entered into a supplemental
                                         indenture dated as of the Re-Pricing Date, which can be executed and delivered without
                                         regard to the provisions of Article VIII hereof, solely to modify the spread over LIBOR
                                         applicable to the Re-Priced Class and, to the extent applicable, (with the consent of
                                         the Issuer) to extend the Non-Call Period applicable to such Re-Priced Class or make
                                         changes to the definition of “Redemption Price”;

 

		(ii)	confirmation
                                         has been received that all Notes of the Re-Priced Class held by Non-Consenting Holders
                                         have been sold and transferred pursuant to clause (c) above;

 

		(iii)	each
                                         Rating Agency shall have been notified of such Re-Pricing;

 

		(iv)	all
                                         expenses of the Issuer and the Trustee (including the fees of the Re-Pricing Intermediary
                                         and fees of counsel) incurred in connection with the Re-Pricing do not exceed the amount
                                         of Interest Proceeds available after taking into account all amounts required to be paid
                                         pursuant to Section 11.1(a)(i) on the subsequent Payment Date prior to the distribution
                                         of any remaining Interest Proceeds to the Issuer, unless such expenses have been paid
                                         or shall be adequately provided for (including without limitation, with Contributions)
                                         by an entity other than the Issuer; and

 

		(v)	the
                                         Issuer shall have obtained Tax Advice to the effect that such Re-Pricing will not result
                                         in the Issuer becoming subject to U.S. federal income taxation with respect to its net
                                         income or to any withholding tax liability under Section 1446 of the Code.

 

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		(e)	The
                                         Issuer shall direct the Trustee to segregate payments and take other reasonable steps
                                         to effect the Re-Pricing and the Trustee shall have the authority to take such actions
                                         as may be directed by the Issuer or the Portfolio Manager on behalf of the Issuer (or
                                         the Re-Pricing Intermediary on behalf of the Issuer) or Portfolio Manager shall deem
                                         necessary or desirable to effect a Re-Pricing. In order to give effect to the Re-Pricing,
                                         the Issuer may, to the extent necessary, obtain and assign a separate CUSIP or CUSIPs
                                         to the Notes of each Class held by consenting Holders or Non-Consenting Holders.

 

		(f)	A
                                         second notice of a Re-Pricing shall be given by the Trustee not less than seven (7) Business
                                         Days prior to the proposed Re-Pricing Date, to each Holder of Notes of the Re-Priced
                                         Class at the address in the Register (with a copy to the Portfolio Manager), specifying
                                         the applicable Re-Pricing Date and the specific Re-Pricing Rate. Notice of Re-Pricing
                                         shall be given by the Trustee at the expense of the Issuer. Failure to give a notice
                                         of Re-Pricing, or any defect therein, to any Holder of any Re-Priced Class will not impair
                                         or affect the validity of the Re-Pricing or give rise to any claim based upon such failure
                                         or defect.

 

		(g)	The
                                         Holder of each Note, by its acceptance of an interest in the Notes, agrees (i) to sell
                                         and transfer its Notes in accordance with the provisions hereof and to cooperate with
                                         the Issuer, the Re-Pricing Intermediary (if any) and the Trustee to effectuate such sales
                                         and transfers and (ii) in the event that such Holder (x) does not consent to a proposed
                                         Re-Pricing or to a sale of its interest and (y) does not otherwise cooperate with the
                                         Issuer, the Re-Pricing Intermediary (if any) and the Trustee, in each case to effectuate
                                         such sales and transfers within the time period described herein, then such Holder shall
                                         be deemed to consent to such Re-Pricing.

 

The
Trustee shall be entitled to receive, and shall be fully protected in relying upon an Opinion of Counsel stating that a Re-Pricing
is permitted by this Indenture and that all conditions precedent thereto have been complied with. The Trustee shall receive and
shall rely on an Issuer Order providing direction and any additional information requested by the Trustee in order to effect a
Re-Pricing in accordance with this Section 9.8.

 

ARTICLE
X

ACCOUNTS, ACCOUNTING AND RELEASES

 

Section
10.1.     Collection of Money

 

Except
as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly
and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable
by the Trustee pursuant to this Indenture, including all payments due on the Assets, in accordance with the terms and conditions
of such Assets. The Trustee shall segregate and hold all such Money and property received by it in trust for the Holders and shall
apply it as provided in this Indenture. Each Account established under this Indenture shall be established and maintained (a)
with a federal or state chartered depository institution or trust company (x) rated at least “A” and “A-1”
by S&P (or at least “A+” by S&P if such institution has no short-term rating) and (y) satisfies the Fitch
Eligible Counterparty Ratings or (b) in segregated trust accounts with the corporate trust department of a federal or state-chartered
deposit institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations
Section 9.10(b), that (1) is rated at least “BBB+” by S&P and (2) satisfies the Fitch Eligible Counterparty Ratings
and, if any such institution fails at any time to satisfy the requirements set forth in clauses (a) or (b) above, as applicable,
the assets held in such account shall be moved no later than 30 calendar days after such event to another institution that satisfies
such requirements. Such institution shall have a combined capital and surplus of at least U.S.$200,000,000. All Cash deposited
in the Accounts shall be invested only in Eligible Investments or Collateral Obligations in accordance with the terms of this
Indenture. To avoid the consolidation of the Assets of the Issuer with the general assets of the Bank under any circumstances,
the Trustee shall comply, and shall cause the Custodian to comply, with all law applicable to it as a national bank with trust
powers holding segregated trust assets in a fiduciary capacity; provided that, the foregoing shall not be construed
to prevent the Trustee or Custodian from investing the Assets of the Issuer in Eligible Investments described in clause (b) of
the definition thereof that are obligations of the Bank. The accounts established by the Trustee pursuant to this Article X may
include any number of sub-accounts deemed necessary for convenience in administering the Assets.

 

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Section
10.2.     Collection Account

 

		(a)	In
                                         accordance with this Indenture and the Account Agreement, the Trustee shall, prior to
                                         the Closing Date, establish at the Custodian a single non-interest bearing segregated
                                         trust account, held in the name of the Trustee, for the benefit of the Secured Parties,
                                         which shall be designated as the “Collection Account” and which shall be
                                         maintained with the Custodian in accordance with the Account Agreement. The Trustee shall
                                         immediately upon receipt, or upon transfer from the Expense Reserve Account or Revolver
                                         Funding Account deposit into the Collection Account, all funds and property received
                                         by the Trustee and (x) designated for deposit in the Collection Account or (y) not designated
                                         under this Indenture for deposit in any other Account, including all proceeds received
                                         from the disposition of any Assets (unless simultaneously reinvested in additional Collateral
                                         Obligations in accordance with Article XII or in Eligible Investments). The Issuer may,
                                         but under no circumstances shall be required to, deposit from time to time into the Collection
                                         Account, in addition to any amount required hereunder to be deposited therein, such Monies
                                         received from external sources for the benefit of the Secured Parties (other than payments
                                         on or in respect of the Collateral Obligations, Eligible Investments or other existing
                                         Assets) as the Issuer deems, in its sole discretion, to be advisable and to designate
                                         them as Interest Proceeds or Principal Proceeds. All Monies deposited from time to time
                                         in the Collection Account pursuant to this Indenture shall be held by the Trustee as
                                         part of the Assets and shall be applied to the purposes herein provided. Subject to Sections
                                         10.2(d) and 10.2(f), amounts in the Collection Account shall be reinvested pursuant to
                                         Section 10.6(a). Notwithstanding the foregoing, for administrative purposes, the Collection
                                         Account described above may consist of three single non-interest bearing segregated trust
                                         accounts, each held in the name of the Trustee, for the benefit of the Secured Parties,
                                         one of which shall be designated as the “Interest Collection Account”
                                         into which Interest Proceeds which would otherwise be deposited in the Collection Account
                                         shall be held, another of which shall be designated as the “Principal Collection
                                         Account” into which Principal Proceeds which would otherwise be deposited in
                                         the Collection Account shall be held and another of which shall be designated as the
                                         “Pending Transfer Deposit Amount Collection Account” into which Transfer
                                         Deposit Amounts which would otherwise be deposited in the Collection Account shall be
                                         held in accordance with Section 12.5(a).

 

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		(b)	The
                                         Trustee, within one Business Day after receipt of any distribution or other proceeds
                                         in respect of the Assets which are not Cash, shall so notify the Issuer (with a copy
                                         to the Portfolio Manager) and the Issuer shall use its commercially reasonable efforts
                                         to, within five Business Days after receipt of such notice from the Trustee (or as soon
                                         as practicable thereafter), sell such distribution or other proceeds for Cash in an arm’s
                                         length transaction and deposit the proceeds thereof in the Collection Account; provided
                                         that, subject to the requirements of Section 12.1, the Issuer (i) need not
                                         sell such distributions or other proceeds if it delivers an Issuer Order or an Officer’s
                                         certificate to the Trustee certifying that such distributions or other proceeds constitute
                                         Collateral Obligations or Eligible Investments or (ii) may otherwise retain such distribution
                                         or other proceeds for up to two years from the date of receipt thereof if it delivers
                                         an Officer’s certificate to the Trustee certifying that (x) it will sell such distribution
                                         within such two-year period and (y) retaining such distribution is not otherwise prohibited
                                         by this Indenture.

 

		(c)	At
                                         any time when reinvestment is permitted pursuant to Article XII, the Portfolio Manager
                                         on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of
                                         such Issuer Order the Trustee shall, withdraw funds on deposit in the Collection Account
                                         representing Principal Proceeds (together with Interest Proceeds but only to the extent
                                         used to pay for accrued interest on an additional Collateral Obligation, or to the extent
                                         permitted by Section 7.18(e)) and reinvest (or invest, in the case of funds referred
                                         to in Section 7.18) such funds in additional Collateral Obligations or exercise a warrant
                                         held in the Assets, in each case in accordance with the requirements of Article XII and
                                         such Issuer Order; provided that, funds on deposit in the Collection Account
                                         representing Principal Proceeds may be used to exercise a warrant or similar right only
                                         if such Principal Proceeds were received in connection with a Contribution designated
                                         for such use. At any time during the Reinvestment Period, and subject to Section 2.14,
                                         the Portfolio Manager on behalf of the Issuer may by Issuer Order direct the Trustee
                                         to, and upon receipt of such Issuer Order the Trustee shall, (i) withdraw funds on deposit
                                         in the Collection Account representing Principal Proceeds for purchases of Notes in accordance
                                         with the provisions of Section 2.14 and (ii) withdraw funds on deposit in the Collection
                                         Account representing Interest Proceeds to pay accrued interest through the date of such
                                         purchase in accordance with the provisions of Section 2.14. At any time, the Portfolio
                                         Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt
                                         of such Issuer Order the Trustee shall, withdraw funds on deposit in the Collection Account
                                         representing Principal Proceeds and deposit such funds in the Revolver Funding Account
                                         to meet funding requirements with respect to Delayed Drawdown Collateral Obligations
                                         or Revolving Collateral Obligations.

 

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		(d)	The
                                         Portfolio Manager on behalf of the Issuer may by Issuer Order direct the Trustee to,
                                         and upon receipt of such Issuer Order the Trustee shall, pay from amounts on deposit
                                         in the Collection Account on any Business Day during any Interest Accrual Period (i)
                                         any amount required to exercise a warrant or right to acquire securities held in the
                                         Assets in accordance with the requirements of Article XII and such Issuer Order, and
                                         (ii) from Interest Proceeds only, any Administrative Expenses (such payments to be counted
                                         against the Administrative Expense Cap for the applicable period and to be subject to
                                         the order of priority as stated in the definition of Administrative Expenses); provided,
                                         that the aggregate Administrative Expenses paid pursuant to this Section 10.2(d) during
                                         any Collection Period shall not exceed the Administrative Expense Cap for the related
                                         Payment Date; provided further that Principal Proceeds on deposit in the Collection
                                         Account may be used to exercise a warrant or similar right only if such Principal Proceeds
                                         were received in connection with a Contribution designated for such use; provided
                                         further that if any amounts are used to exercise a warrant or right, any Equity Securities
                                         received in connection therewith shall be sold promptly pursuant to Section 12.1(d).
                                         The Trustee shall not be obligated to make such payment if, in the reasonable determination
                                         of the Trustee, such payment would leave insufficient funds, taking into account the
                                         Administrative Expense Cap, for payments anticipated to be or become due or payable on
                                         the next Payment Date that are given a higher priority in the definition of Administrative
                                         Expenses.

 

		(e)	The
                                         Trustee shall transfer to the Payment Account (other than, with respect to Exchanged
                                         Equity Security Excess Proceeds, any additional amounts received after the initial distribution
                                         thereof that will be distributed on a later Payment Date), from the Collection Account
                                         for application pursuant to Section 11.1(a), not later than the Business Day immediately
                                         preceding each Payment Date, the amount set forth to be so transferred in the Distribution
                                         Report for such Payment Date.

 

		(f)	Subject
                                         to the requirements in Section 10.6(a), amounts received in the Collection Account during
                                         a Collection Period shall be invested in Eligible Investments with stated maturities
                                         not later than the earlier of (A) the date that is 60 days after the date of delivery
                                         thereof and (B) the Business Day immediately preceding the Payment Date immediately following
                                         the date of delivery thereof. All proceeds from the Eligible Investments shall be retained
                                         in the Collection Account unless used to purchase additional Collateral Obligations in
                                         accordance with the Investment Criteria, or used as otherwise permitted under this Indenture.

 

		(g)	An
                                         aggregate amount of Principal Proceeds received by the Issuer up to an amount equal to
                                         (x) 1.0% of the Target Initial Par Amount minus (y) the aggregate amount of any
                                         previously identified Designated Unused Proceeds from time to time (“Designated
                                         Principal Proceeds”) may be designated by the Portfolio Manager as Interest
                                         Proceeds from time to time on any Business Day after the Effective Date and on or prior
                                         to the second Payment Date so long as no Event of Default has occurred and is continuing,
                                         no Effective Date Rating Failure has occurred and the Target Initial Par Balance will
                                         exceed the Target Initial Par Amount after giving effect to such withdrawal and transfer.
                                         For the avoidance of doubt, the aggregate amount of Designated Principal Proceeds and
                                         Designated Unused Proceeds is not permitted to exceed 1.0% of the Target Initial Par
                                         Amount. Upon receipt of notice of such designation, the Trustee will designate such Designated
                                         Principal Proceeds as Interest Proceeds in the Collection Account.

 

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Section
10.3.     Transaction Accounts

 

		(a)	Payment
                                         Account. In accordance with this Indenture and the Account Agreement, the Trustee
                                         shall, prior to the Closing Date, establish at the Custodian a single, segregated non-interest
                                         bearing trust account held in the name of the Trustee, for the benefit of the Secured
                                         Parties, which shall be designated as the “Payment Account” which
                                         shall be maintained with the Custodian in accordance with the Account Agreement. Except
                                         as provided in Section 11.1(a), the only permitted withdrawal from or application of
                                         funds on deposit in, or otherwise to the credit of, the Payment Account shall be to pay
                                         amounts due and payable on the Notes and distributions to the Issuer in accordance with
                                         their terms and the provisions of this Indenture and, upon Issuer Order, to pay Administrative
                                         Expenses, Management Fees and other amounts specified herein, each in accordance with
                                         the Priority of Payments. The Issuer shall not have any legal, equitable or beneficial
                                         interest in the Payment Account other than in accordance with this Indenture and the
                                         Priority of Payments. Amounts in the Payment Account shall remain uninvested.

 

		(b)	Custodial
                                         Account. In accordance with this Indenture and the Account Agreement, the Trustee
                                         shall, prior to the Closing Date, establish at the Custodian a single, segregated non-interest
                                         bearing trust account held in the name of the Trustee, for the benefit of the Secured
                                         Parties, which shall be designated as the “Custodial Account” which
                                         shall be maintained with the Custodian in accordance with the Account Agreement. All
                                         Collateral Obligations and Equity Securities shall be credited to the Custodial Account
                                         as provided herein. The only permitted withdrawals from the Custodial Account shall be
                                         in accordance with the provisions of this Indenture. The Trustee agrees to give the Issuer,
                                         with a copy to the Portfolio Manager, immediate notice if an Authorized Officer of the
                                         Trustee receives written notice or has actual knowledge that the Custodial Account or
                                         any assets or securities on deposit therein, or otherwise to the credit of the Custodial
                                         Account, shall become subject to any writ, order, judgment, warrant of attachment, execution
                                         or similar process. The Issuer shall not have any legal, equitable or beneficial interest
                                         in the Custodial Account other than in accordance with this Indenture and the Priority
                                         of Payments. Amounts in the Custodial Account shall remain uninvested.

 

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		(c)	Ramp-Up
                                         Account. The Trustee shall, prior to the Closing Date, establish at the Custodian
                                         a single, segregated non-interest bearing trust account held in the name of the Trustee,
                                         for the benefit of the Secured Parties, which shall be designated as the “Ramp-Up
                                         Account” which shall be maintained with the Custodian in accordance with the
                                         Account Agreement. The Issuer hereby directs the Trustee to deposit the amount specified
                                         in Section 3.1(a)(xii)(A) to the Ramp-Up Account as Principal Proceeds. In connection
                                         with any purchase of an additional Collateral Obligation, the Trustee will apply amounts
                                         held in the Ramp-Up Account as provided by Section 7.18(b). On the first Business Day
                                         after the Effective Date, or upon the occurrence of an Event of Default, the Trustee
                                         will deposit any remaining amounts in the Ramp-Up Account (excluding any proceeds that
                                         will be used to settle binding commitments entered into prior to such date) (“Unused
                                         Proceeds”) into the Collection Account as Principal Proceeds; provided,
                                         however, that, on any Business Day after the Closing Date to and including the second
                                         Payment Date, the Portfolio Manager may designate an amount of Unused Proceeds up to
                                         (x) 1.0% of the Target Initial Par Amount minus (y) the aggregate amount of any
                                         previously identified Designated Principal Proceeds (“Designated Unused Proceeds”)
                                         as Interest Proceeds, so long as no Event of Default has occurred and is continuing,
                                         no Effective Date Rating Failure has occurred and the Target Initial Par Condition is
                                         satisfied after giving effect to such withdrawal and transfer and, upon the Portfolio
                                         Manager’s direction, such designated amount will be withdrawn from the Ramp-Up
                                         Account and deposited into the Collection Account as Interest Proceeds. For the avoidance
                                         of doubt, the aggregate amount of Designated Principal Proceeds and Designated Unused
                                         Proceeds is not permitted to exceed 1.0% of the Target Initial Par Amount. The Issuer
                                         shall provide the Target Initial Par Balance as of such date immediately following such
                                         deposit into the Collection Account on the next Monthly Report. Any income earned on
                                         amounts deposited in the Ramp-Up Account will be deposited in the Collection Account
                                         as Interest Proceeds.

 

		(d)	Expense
                                         Reserve Account. In accordance with this Indenture and the Account Agreement, the
                                         Trustee shall, prior to the Closing Date, establish at the Custodian a single, segregated
                                         non-interest bearing trust account held in the name of the Trustee, for the benefit of
                                         the Secured Parties, which shall be designated as the “Expense Reserve Account”
                                         which shall be maintained with the Custodian in accordance with the Account Agreement.
                                         The Issuer hereby directs the Trustee to deposit to the Expense Reserve Account (i) the
                                         amount specified in Section 3.1(a)(xii)(B) and (ii) in connection with any additional
                                         issuance of notes, the amount specified in Section 3.2(a)(viii). On any Business Day
                                         from the Closing Date to and including the Determination Date relating to the second
                                         Payment Date following the Closing Date, the Trustee shall apply funds from the Expense
                                         Reserve Account, as directed by the Portfolio Manager, to pay expenses of the Issuer
                                         incurred in connection with the establishment of the Issuer, the structuring and consummation
                                         of the Offering and the issuance of the Notes and any additional issuance. By the Determination
                                         Date relating to the second Payment Date following the Closing Date, all funds in the
                                         Expense Reserve Account (after deducting any expenses paid on such Determination Date)
                                         will be deposited in the Collection Account as Interest Proceeds and/or Principal Proceeds
                                         (in the respective amounts directed by the Portfolio Manager in its sole discretion).
                                         On any Business Day after the Determination Date relating to the second Payment Date
                                         following the Closing Date, the Trustee shall apply funds from the Expense Reserve Account
                                         (except as provided in the next sentence), as directed by the Portfolio Manager, to pay
                                         expenses of the Issuer incurred in connection with any additional issuance of notes or
                                         as a deposit to the Collection Account as Principal Proceeds. Any income earned on amounts
                                         deposited in the Expense Reserve Account will be deposited in the Collection Account
                                         as Interest Proceeds as it is paid.

 

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		(e)	Interest
                                         Reserve Account. The Trustee shall, prior to the Closing Date, establish at the Custodian
                                         a single, segregated non-interest bearing trust account held in the name of the Trustee
                                         for the benefit of the Secured Parties which shall be designated as the “Interest
                                         Reserve Account” which shall be maintained with the Custodian in accordance
                                         with the Account Agreement. On the Closing Date, the Issuer hereby directs the Trustee
                                         to deposit the Interest Reserve Amount into the Interest Reserve Account. On or before
                                         the Determination Date in the second Collection Period, at the direction of the Portfolio
                                         Manager, the Issuer may direct that any portion of the then remaining Interest Reserve
                                         Amount be transferred to the Collection Account and included as Interest Proceeds or
                                         Principal Proceeds for such Collection Period. On the Payment Date relating to the second
                                         Collection Period, all amounts on deposit in the Interest Reserve Account shall be transferred
                                         to the Payment Account and applied as Interest Proceeds or Principal Proceeds (as directed
                                         by the Portfolio Manager) in accordance with the Priority of Payments, and the Trustee
                                         shall close the Interest Reserve Account. Amounts credited to the Interest Reserve Account
                                         shall be reinvested pursuant to Section 10.6(a). Any income earned on amounts deposited
                                         in the Interest Reserve Account will be deposited in the Interest Reserve Account.

 

		(f)	Contribution
                                         Account. The Trustee shall, on or prior to the Closing Date, establish a segregated,
                                         non-interest bearing trust account held in the name of the Trustee for the benefit of
                                         the Secured Parties, which shall be designated as the “Contribution Account.”
                                         At any time during or after the Reinvestment Period, any Holder of Interests may, by
                                         delivery of a written notice to the Trustee substantially in the form of Exhibit F hereto
                                         (a “Contribution Notice”) at least three Business Days prior to the
                                         date such Holder proposes to make such Contribution, and with the prior written consent
                                         of the Portfolio Manager, make a contribution of Cash, Eligible Investments and/or Collateral
                                         Obligations (each, a “Contribution” and each such Holder, a “Contributor”)
                                         to the Issuer for any purpose (including, without limitation, any Permitted Use and/or
                                         to make any Cure Contribution). Each accepted Contribution shall be received into the
                                         Contribution Account and applied by the Portfolio Manager, on behalf of the Issuer, to
                                         a Permitted Use as directed by the Contributor in the related Contribution Notice or,
                                         if no direction is given by the Contributor, at the Portfolio Manager’s sole discretion.
                                         No Contribution or any portion thereof shall be returned to the Contributor at any time.
                                         Any income earned on amounts deposited in the Contribution Account shall be deposited
                                         in the Collection Account as Interest Proceeds. For the avoidance of doubt, Contributions
                                         shall not increase any rights held by any Holder.

 

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Section
10.4.     The Revolver Funding Account

 

The
Trustee shall, prior to the Closing Date, establish at the Custodian, a single, segregated non-interest bearing trust account
held in the name of the Trustee for the benefit of the Secured Parties which shall be designated as the “Revolver Funding
Account” which shall be maintained with the Custodian in accordance with the Account Agreement. The Issuer hereby directs
the Trustee to deposit the amount specified in Section 3.1(a)(xii)(D) to the Revolver Funding Account to be reserved for unfunded
funding obligations under any Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations purchased on or before
the Closing Date. Upon the purchase of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, Principal
Proceeds in an amount equal to the undrawn portion of such obligation shall be withdrawn first from the Ramp-Up Account and, if
necessary, from the Collection Account, as directed by the Portfolio Manager, and deposited by the Trustee pursuant to such direction
in the Revolver Funding Account; provided, that if such Delayed Drawdown Collateral Obligation or Revolving Collateral
Obligation is a Participation Interest with respect to which the Selling Institution requires funds to be deposited with the Selling
Institution or its custodian in an amount equal to any portion of the undrawn amount of such obligation as collateral for the
funding obligations under such obligation (such funds, the “Selling Institution Collateral”), the Portfolio
Manager on behalf of the Issuer shall direct the Trustee to (and pursuant to such direction the Trustee shall) deposit such funds
in the amount of the Selling Institution Collateral with such Selling Institution or custodian rather than in the Revolver Funding
Account; provided that such Selling Institution or custodian is an Eligible Custodian.

 

Upon
initial purchase of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, funds deposited in the Revolver
Funding Account in respect of such Collateral Obligation and Selling Institution Collateral deposited with the Selling Institution
in respect of such Collateral Obligation shall be treated as part of the purchase price therefor. Amounts on deposit in the Revolver
Funding Account shall be invested in overnight funds that are Eligible Investments selected by the Portfolio Manager pursuant
to Section 10.6 and earnings from all such investments shall be deposited in the Collection Account as Interest Proceeds.

 

Funds
shall be deposited in the Revolver Funding Account upon the purchase of any Delayed Drawdown Collateral Obligation or Revolving
Collateral Obligation and upon the receipt by the Issuer of any Principal Proceeds with respect to a Revolving Collateral Obligation
as directed by the Portfolio Manager, such that the amount of funds on deposit in the Revolver Funding Account shall be equal
to or greater than the aggregate amount of unfunded funding obligations (disregarding the portion, if any, of any such unfunded
funding obligations that is collateralized by Selling Institution Collateral) under all such Delayed Drawdown Collateral Obligations
and Revolving Collateral Obligations then included in the Assets, as determined by the Portfolio Manager.

 

Any
funds in the Revolver Funding Account (other than earnings from Eligible Investments therein) shall be available, at the direction
of the Portfolio Manager, solely to cover any drawdowns on the Delayed Drawdown Collateral Obligations and Revolving Collateral
Obligations; provided, that any excess of (i) the amounts on deposit in the Revolver Funding Account over (ii) the sum
of the unfunded funding obligations (disregarding the portion, if any, of any such unfunded funding obligations that is collateralized
by Selling Institution Collateral) under all Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations that
are included in the Assets (which excess may occur for any reason, including upon (A) the sale or maturity of a Delayed Drawdown
Collateral Obligation or Revolving Collateral Obligation, (B) the occurrence of an event of default with respect to any such Delayed
Drawdown Collateral Obligation or Revolving Collateral Obligation or (C) any other event or circumstance which results in the
irrevocable reduction of the undrawn commitments under such Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation)
may be transferred by the Trustee (at the written direction of the Portfolio Manager on behalf of the Issuer) from time to time
as Principal Proceeds to the Collection Account.

 

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Section
10.5.     [Reserved]

 

Section
10.6.     Reinvestment of Funds in Accounts; Reports by Trustee

 

		(a)	By
                                         Issuer Order (which may be in the form of standing instructions), the Issuer (or the
                                         Portfolio Manager on behalf of the Issuer) shall at all times direct the Trustee to,
                                         and, upon receipt of such Issuer Order, the Trustee shall, invest all funds on deposit
                                         in the Collection Account, Interest Reserve Account, the Ramp-Up Account, the Contribution
                                         Account, the Revolver Funding Account and the Expense Reserve Account as so directed
                                         in Eligible Investments having stated maturities no later than the Business Day preceding
                                         the next Payment Date (or such shorter maturities expressly provided herein). If at a
                                         time when no Event of Default has occurred and is continuing (regardless of any acceleration
                                         of the Maturity of the Notes), the Issuer shall not have given any such investment directions,
                                         the Trustee shall seek instructions from the Portfolio Manager within three Business
                                         Days after transfer of any funds to such accounts. If the Trustee does not thereafter
                                         receive written instructions from the Portfolio Manager within five Business Days after
                                         transfer of such funds to such accounts, it shall invest and reinvest the funds held
                                         in such accounts, as fully as practicable, in the Standby Direct Investment. If at a
                                         time when an Event of Default has occurred and is continuing, the Issuer shall not have
                                         given such investment directions to the Trustee for three consecutive days, the Trustee
                                         shall invest and reinvest such Monies as fully as practicable in the Standby Direct Investment.
                                         Except to the extent expressly provided otherwise herein, all interest and other income
                                         from such investments shall be credited to the Collection Account upon receipt as Interest
                                         Proceeds, any gain realized from such investments shall be credited to the Collection
                                         Account upon receipt as Principal Proceeds, and any loss resulting from such investments
                                         shall be charged to the Collection Account as a reduction in Principal Proceeds. The
                                         Trustee shall not in any way be held liable by reason of any insufficiency of such accounts
                                         which results from any loss relating to any such investment; provided that,
                                         nothing herein shall relieve the Bank of (i) its obligations or liabilities under
                                         any security or obligation issued by the Bank or any Affiliate thereof or (ii) liability
                                         for any loss resulting from negligence, willful misconduct or fraud on the part of the
                                         Bank or any Affiliate thereof. Except as expressly provided herein, the Trustee shall
                                         not otherwise be under any duty to invest (or pay interest on) amounts held hereunder
                                         from time to time. Notwithstanding anything to the contrary in this clause (a), if an
                                         Eligible Investment is issued by the Bank, such Eligible Investment may mature on the
                                         relevant Payment Date. For the avoidance of doubt, the stated maturity of each Eligible
                                         Investment must also be in compliance with the definition thereof (including any requirement
                                         in the definition of “Eligible Investment” that the stated maturity of an
                                         Eligible Investment be shorter than required pursuant to this Section 10.6(a)).

 

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		(b)	The
                                         Trustee agrees to give the Issuer, with a copy to the Portfolio Manager, immediate notice
                                         if any Bank Officer has actual knowledge that any Account or any funds on deposit in
                                         any Account, or otherwise to the credit of an Account, shall become subject to any writ,
                                         order, judgment, warrant of attachment, execution or similar process.

 

		(c)	The
                                         Trustee shall supply, in a timely fashion, to the Issuer, each Rating Agency and the
                                         Portfolio Manager any information regularly maintained by the Trustee that the Issuer,
                                         the Rating Agencies or the Portfolio Manager may from time to time reasonably request
                                         with respect to the Assets, the Accounts and the other Assets and provide any other requested
                                         information reasonably available to the Trustee by reason of its acting as Trustee hereunder
                                         and required to be provided by Section 10.7 or to permit the Portfolio Manager to perform
                                         its obligations under the Portfolio Management Agreement or the Issuer’s obligations
                                         hereunder that have been delegated to the Portfolio Manager. The Trustee shall promptly
                                         forward to the Portfolio Manager copies of notices and other writings received by it
                                         from the issuer of any Collateral Obligation or from any Clearing Agency with respect
                                         to any Collateral Obligation which notices or writings advise the holders of such Collateral
                                         Obligation of any rights that the holders might have with respect thereto (including,
                                         without limitation, requests to vote with respect to amendments or waivers and notices
                                         of prepayments and redemptions) as well as all periodic financial reports received from
                                         such issuer and Clearing Agencies with respect to such issuer.

 

		(d)	In
                                         addition to any credit, withdrawal, transfer or other application of funds with respect
                                         to any Account set forth in this Article X, any credit, withdrawal, transfer or other
                                         application of funds with respect to any Account authorized elsewhere in this Indenture
                                         is hereby authorized.

 

		(e)	Any
                                         account established under this Indenture may include (and shall be deemed to include)
                                         any number of subaccounts deemed necessary or advisable by the Trustee in the administration
                                         of the accounts.

 

		(f)	For
                                         the avoidance of doubt, the Accounts (including income, if any, earned on the investments
                                         of funds in any such Account) will be owned by the Issuer, for federal income tax purposes.
                                         The Issuer is required to provide to the Trustee (i) an IRS Form W-9 or appropriate IRS
                                         Form W-8 no later than the Closing Date, and (ii) any additional IRS forms (or updated
                                         versions of any previously submitted IRS forms) or other documentation upon the reasonable
                                         request of the Trustee as may be necessary (A) to reduce or eliminate the imposition
                                         of U.S. withholding taxes and (B) to permit the Trustee to fulfill its tax reporting
                                         obligations under applicable law with respect to the Accounts or any amounts paid to
                                         the Issuer. If any IRS form or other documentation previously delivered by the Issuer
                                         to the Trustee pursuant to this clause (f) becomes inaccurate in any respect, the Issuer
                                         shall timely provide to the Trustee accurately updated and complete versions of such
                                         IRS forms or other documentation. The Bank, both in its individual capacity and in its
                                         capacity as Trustee, shall have no liability to the Issuer or any other Person in connection
                                         with any tax withholding amounts paid or withheld from the Accounts pursuant to applicable
                                         law arising from the Issuer’s failure to timely provide an accurate, correct and
                                         complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated
                                         under this paragraph. For the avoidance of doubt, no funds shall be invested with respect
                                         to such Accounts absent the Trustee having first received (1) the requisite written investment
                                         direction with respect to the investment of such funds, and (2) the IRS forms and other
                                         documentation required by this paragraph.

 

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Section
10.7.     Accountings

 

		(a)	Monthly.
                                         Not later than the 15th calendar day (or, if such day is not a Business Day, the next
                                         succeeding Business Day) of each calendar month (other than a month in which a Payment
                                         Date occurs) and commencing in the first calendar month following the Closing Date, the
                                         Issuer shall compile and make available (or cause to be compiled and made available)
                                         to each Rating Agency, the Trustee, the Portfolio Manager, the Initial Purchaser and
                                         the Placement Agents and, upon written instructions (which may be in the form of standing
                                         instructions) from the Portfolio Manager with all appropriate contact information, the
                                         CLO Information Service and, upon written request therefor, to any Holder and, upon written
                                         notice to the Trustee in the form of Exhibit D, any beneficial owner of a Note, a monthly
                                         report on a trade date basis (each such report a “Monthly Report”).
                                         As used herein, the “Monthly Report Determination Date” with respect
                                         to any calendar month will be the last Business Day of the month prior to such calendar
                                         month (other than a month in which a Quarterly Payment Date occurs). The Monthly Report
                                         for a calendar month shall contain the following information with respect to the Collateral
                                         Obligations and Eligible Investments included in the Assets, and shall be determined
                                         as of the Monthly Report Determination Date for such calendar month:

 

		(i)	Aggregate
                                         Principal Balance of Collateral Obligations and Eligible Investments representing Principal
                                         Proceeds.

 

		(ii)	Adjusted
                                         Collateral Principal Amount of Collateral Obligations.

 

		(iii)	Collateral
                                         Principal Amount of Collateral Obligations.

 

		(iv)	A
                                         list of Collateral Obligations, including, with respect to each such Collateral Obligation,
                                         the following information:

 

		(A)	The
                                         Obligor thereon (including the issuer ticker, if any);

 

		(B)	The
                                         CUSIP or security identifier thereof;

 

		(C)	The
                                         LoanX ID thereof;

 

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		(D)	The
                                         Principal Balance thereof (other than any accrued interest that was purchased with Principal
                                         Proceeds (but excluding any capitalized interest));

 

		(E)	The
                                         percentage of the aggregate Collateral Principal Amount represented by such Collateral
                                         Obligation;

 

		(F)	The
                                         related interest rate or spread;

 

		(G)	The
                                         LIBOR floor, if any (as provided by or confirmed with the Portfolio Manager);

 

		(H)	The
                                         stated maturity thereof;

 

		(I)	The
                                         related S&P Industry Classification;

 

		(J)	The
                                         S&P Rating, unless such rating is based on a credit estimate unpublished by S&P
                                         or such rating is a confidential rating or a private rating by S&P;

 

		(K)	The
                                         related Fitch Industry Classification;

 

		(L)	The
                                         Fitch Rating, unless such rating is based on a credit opinion unpublished by Fitch or
                                         such rating is a confidential rating or a private rating by Fitch;

 

		(M)	The
                                         country of Domicile;

 

		(N)	An
                                         indication as to whether each such Collateral Obligation is (1) a Senior Secured Loan,
                                         (2) a Second Lien Loan, (3) an Unsecured Loan, (4) a Participation Interest (indicating
                                         the related Selling Institution and its ratings by each Rating Agency), (5) a Delayed
                                         Drawdown Collateral Obligation, (6) a Revolving Collateral Obligation, (7) a Fixed Rate
                                         Obligation, (8) a Current Pay Obligation, (9) a DIP Collateral Obligation, (10) a Discount
                                         Obligation, (11) a Discount Obligation purchased in the manner described in clause (y)
                                         of the proviso to the definition “Discount Obligation”, (12) a Bridge Loan,
                                         (13) a Cov-Lite Loan, (14) [reserved], (15) a Deferrable Obligation, (16) a First Lien
                                         Last Out Loan or (17) a Purchased Defaulted Obligation;

 

		(O)	With
                                         respect to each Collateral Obligation that is a Discount Obligation purchased in the
                                         manner described in clause (y) of the proviso to the definition “Discount Obligation;”

 

		(I)	the
                                         identity of the Collateral Obligation (including whether such Collateral Obligation was
                                         classified as a Discount Obligation at the time of its original purchase) the proceeds
                                         of whose sale are used to purchase the purchased Collateral Obligation;

 

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		(II)	the
                                         purchase price (as a percentage of par) of the purchased Collateral Obligation and the
                                         sale price (as a percentage of par) of the Collateral Obligation the proceeds of whose
                                         sale are used to purchase the purchased Collateral Obligation; and

 

		(III)	the
                                         Aggregate Principal Balance of Collateral Obligations that have been excluded from the
                                         definition of Discount Obligation and relevant calculations indicating whether such amount
                                         is in compliance with the limitations described in clause (y) of the proviso to the definition
                                         of Discount Obligation;

 

		(P)	With
                                         respect to each Senior Secured Loan included in the Assets (but, for the avoidance of
                                         doubt, excluding any Second Lien Loan), the Senior Net Leverage Ratio of the related
                                         Obligor on such Senior Secured Loan (as provided by the Portfolio Manager);

 

		(Q)	The
                                         S&P Recovery Rate;

 

		(R)	The
                                         Market Value of such Collateral Obligation;

 

		(S)	The
                                         purchase price (as a percentage of par) of such Collateral Obligation; and

 

		(T)	The
                                         payment frequency of such Collateral Obligation.

 

		(v)	If
                                         the Monthly Report Determination Date occurs on or after the Effective Date and on or
                                         prior to Maturity (including after the last day of the Reinvestment Period), for each
                                         of the limitations and tests specified in the definitions of Concentration Limitations
                                         and Collateral Quality Test, (1) the result, (2) the related minimum or maximum test
                                         level and (3) a determination as to whether such result satisfies the related test.

 

		(vi)	The
                                         Fitch Rating Factor, if publicly available.

 

		(vii)	The
                                         Fitch Recovery Rate, if publicly available (including the applicable Fitch recovery rating
                                         and Fitch recovery rate in accordance with the definition of “Fitch Recovery Rate”).

 

		(viii)	The
                                         calculation of each of the following:

 

		(A)	Each
                                         Interest Coverage Ratio (and setting forth the percentage required to satisfy each Interest
                                         Coverage Test); and

 

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		(B)	Each
                                         Overcollateralization Ratio (and setting forth the percentage required to satisfy each
                                         Overcollateralization Ratio Test).

 

		(ix)	The
                                         calculation specified in Section 5.1(g).

 

		(x)	For
                                         each Account, (A) the name of the financial institution that holds such account, (B)
                                         the applicable ratings from S&P and Fitch required under Section 10.1 for such institution
                                         and (C) a schedule showing the beginning Balance, each credit or debit specifying the
                                         nature, source and amount (including with respect to any Designated Principal Proceeds
                                         and Designated Unused Proceeds), and the ending Balance.

 

		(xi)	A
                                         schedule showing for each of the following the beginning Balance, the amount of Interest
                                         Proceeds received from the date of determination of the immediately preceding Monthly
                                         Report, and the ending Balance for the current Measurement Date:

 

		(A)	Interest
                                         Proceeds from Collateral Obligations; and

 

		(B)	Interest
                                         Proceeds from Eligible Investments.

 

		(xii)	Purchases,
                                         principal payments, and sales:

 

		(A)	The
                                         identity, Principal Balance (other than any accrued interest that was purchased with
                                         Principal Proceeds (but excluding any capitalized interest)), Principal Proceeds and
                                         Interest Proceeds received, and date for (X) each Collateral Obligation that was released
                                         for sale or other disposition pursuant to Section 12.1 since the last Monthly Report
                                         Determination Date and (Y) each prepayment or redemption of a Collateral Obligation,
                                         and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation
                                         or a Credit Improved Obligation, and whether the sale of such Collateral Obligation was
                                         a discretionary sale and whether such sale of a Collateral Obligation was to an Affiliate
                                         of the Portfolio Manager;

 

		(B)	The
                                         identity, Principal Balance (other than any accrued interest that was purchased with
                                         Principal Proceeds (but excluding any capitalized interest)), and Principal Proceeds
                                         and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant
                                         to Section 12.2 since the last Monthly Report Determination Date and whether such Collateral
                                         Obligation was obtained through a purchase from an Affiliate of the Portfolio Manager;
                                         and

 

		(C)	Following
                                         the Reinvestment Period, with respect to each Prepaid Obligation and each Credit Risk
                                         Obligation sold since the prior Monthly Report, its stated maturity.

 

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		(xiii)	The
                                         identity of each Defaulted Obligation, the S&P Collateral Value and Market Value
                                         of each such Defaulted Obligation and date of default thereof.

 

		(xiv)	The
                                         identity of each Collateral Obligation with an S&P Rating of “CCC+” or
                                         below and/or a Fitch Rating of “CCC+” or below and the Market Value of each
                                         such Collateral Obligation.

 

		(xv)	The
                                         identity of each Deferring Obligation, the S&P Collateral Value and Market Value
                                         of each Deferring Obligation, and the date on which interest was last paid in full in
                                         Cash thereon.

 

		(xvi)	The
                                         identity of each Current Pay Obligation, the Market Value of each such Current Pay Obligation,
                                         and the percentage of the Collateral Principal Amount comprised of Current Pay Obligations.

 

		(xvii)	The
                                         Aggregate Principal Balance, measured cumulatively from the Closing Date onward, of all
                                         Collateral Obligations that would have been acquired through a Distressed Exchange but
                                         for the operation of the second proviso in the definition of Distressed Exchange.

 

		(xviii)	The
                                         Weighted Average Floating Spread.

 

		(xix)	Whether
                                         any Trading Plans were entered into since the last Monthly Report Determination Date
                                         and the identity of any Assets acquired and/or disposed of in connection with each such
                                         Trading Plan.

 

		(xx)	For
                                         each Eligible Investment, the Obligor, credit rating, and maturity date.

 

		(xxi)	Such
                                         other information as any Rating Agency or the Portfolio Manager may reasonably request.

 

		(xxii)	A
                                         list of any Credit Amendments effected since the last Monthly Report Determination Date
                                         and the Aggregate Principal Balance of all Assets that have been the subject of Credit
                                         Amendments since the Closing Date (as provided by the Portfolio Manager).

 

		(xxiii)	If
                                         a deposit is made into the Collection Account pursuant to Section 10.3(c), the Target
                                         Initial Par Balance as of the date specified in Section 10.3(c).

 

		(xxiv)	With
                                         respect to each Bankruptcy Exchange: (A) the sale price and S&P Recovery Rate of
                                         each Defaulted Obligation being exchanged, (B) the purchase price, Obligor, S&P Rating
                                         and S&P Recovery Rate of each debt obligation received in a Bankruptcy Exchange and
                                         (C) the Principal Balance of the debt obligations received in a Bankruptcy Exchange as
                                         a percentage of the Collateral Principal Amount and the Aggregate Principal Balance of
                                         all debt obligations received in Bankruptcy Exchanges since the Closing Date as a percentage
                                         of the Collateral Principal Amount.

 

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		(xxv)	The
                                         results of the S&P CDO Monitor Test (with a statement as to whether it is passing
                                         or failing), including, in addition to the information set forth in clause (xxvi) below,
                                         the Class Default Differential for the Highest Ranking S&P Class and the characteristics
                                         of the Current Portfolio. In addition, prior to the Effective Date and together with
                                         each Monthly Report, the Issuer shall provide to S&P the Excel Default Model Input
                                         File, which shall include the LoanX identifications of any Collateral Obligations, at
                                         cdo_surveillance@spglobal.com.

 

		(xxvi)	The
                                         following information (with the terms used in clauses (A) through (I) below having the
                                         meanings assigned thereto in Schedule 3 hereto).

 

		(A)	S&P
                                         CDO Monitor Adjusted BDR;

 

		(B)	S&P
                                         CDO Monitor BDR;

 

		(C)	S&P
                                         CDO Monitor SDR;

 

		(D)	S&P
                                         Default Rate Dispersion;

 

		(E)	S&P
                                         Expected Portfolio Default Rate;

 

		(F)	S&P
                                         Industry Diversity Measure;

 

		(G)	S&P
                                         Obligor Diversity Measure;

 

		(H)	S&P
                                         Regional Diversity Measure; and

 

		(I)	S&P
                                         Weighted Average Life.

 

		(xxvii)	The
                                         Aggregate Principal Balance of all Senior Secured Loans owned by the Issuer.

 

		(xxviii)	(A)
                                         The calculation of the Weighted Average Leverage Ratio and each component of such calculation,
                                         including: (1) the products of (x) the Senior Net Leverage Ratio of each Senior Secured
                                         Loan by (y) the Principal Balance of such Senior Secured Loan (in each case as
                                         reported under clause (iv) above), (2) the sum of the products obtained pursuant
                                         to the calculation under clause (1) above, and (3) the quotient obtained by dividing
                                         (x) the sum obtained pursuant to the calculation under clause (2) above and (y) the
                                         Aggregate Principal Balance of all Senior Secured Loans owned by the Issuer (as reported
                                         under clause (xxvii) above) and (B) a determination as to whether the Weighted Average
                                         Leverage Ratio satisfies the Weighted Average Leverage Ratio Test; and

 

		(xxix)	The
                                         Aggregate Principal Balance of all Cov-Lite Loans.

 

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Upon
receipt of each Monthly Report, the Trustee (if not the same Person as the Collateral Administrator) shall compare the information
contained in such Monthly Report to the information contained in its records with respect to the Assets and shall, within three
Business Days after receipt of such Monthly Report, notify the Issuer, the Collateral Administrator, the Rating Agencies and the
Portfolio Manager if the information contained in the Monthly Report does not conform to the information maintained by the Trustee
with respect to the Assets. In the event that any discrepancy exists, the Trustee and the Issuer, or the Portfolio Manager on
behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall
within five Business Days notify the Portfolio Manager who shall, on behalf of the Issuer, request that the Independent accountants
appointed by the Issuer pursuant to Section 10.9 perform the agreed-upon procedures on such Monthly Report and the Trustee’s
records to determine the cause of such discrepancy. If such review reveals an error in the Monthly Report or the Trustee’s
records, the Monthly Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized
in making all calculations pursuant to this Indenture and notice of any error in the Monthly Report shall be sent as soon as practicable
by the Issuer to all recipients of such report which may be accomplished by making a notation of such error in the subsequent
Monthly Report.

 

		(b)	Quarterly
                                         Payment Date Accounting. The Issuer shall render an accounting (each a “Distribution
                                         Report”), determined as of the close of business on each Determination Date
                                         preceding a Quarterly Payment Date, and shall make available such Distribution Report
                                         to the Trustee, the Portfolio Manager, the Initial Purchaser, the Placement Agents, the
                                         CLO Information Service, each Rating Agency then rating a Class of Notes and, upon written
                                         request therefor, any Holder and, upon written notice to the Trustee in the form of Exhibit
                                         D, any beneficial owner of a Note not later than the Business Day preceding the related
                                         Quarterly Payment Date. The Distribution Report shall contain the following information:

 

		(i)	the
                                         information required to be in the Monthly Report pursuant to Section 10.7(a);

 

		(ii)	(a)
                                         the Aggregate Outstanding Amount of the Notes of each Class at the beginning of the Interest
                                         Accrual Period and such amount as a percentage of the original Aggregate Outstanding
                                         Amount of the Notes of such Class, (b) the amount of principal payments to be made on
                                         the Notes of each Class on the next Payment Date, the amount of any Deferred Interest
                                         on the Class B Notes and the Aggregate Outstanding Amount of the Notes of each Class
                                         after giving effect to the principal payments, if any, on the next Payment Date and such
                                         amount as a percentage of the original Aggregate Outstanding Amount of the Notes of such
                                         Class, and (c) the amount of distributions to be paid to the Issuer on the next Payment
                                         Date;

 

		(iii)	the
                                         Interest Rate and accrued interest for each Class of Notes for such Quarterly Payment
                                         Date;

 

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		(iv)	the
                                         amounts payable pursuant to each clause of Section 11.1(a)(i), each clause of Section
                                         11.1(a)(ii) and each clause of Section 11.1(a)(iii), as applicable, on the related Quarterly
                                         Payment Date;

 

		(v)	for
                                         the Collection Account:

 

		(A)	the
                                         Balance of Principal Proceeds on deposit in the Collection Account at the end of the
                                         related Collection Period and the Balance of Interest Proceeds on deposit in the Collection
                                         Account on the next Business Day following the end of the related Collection Period;

 

		(B)	the
                                         amounts payable from the Collection Account to the Payment Account, in order to make
                                         payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date
                                         (net of amounts which the Portfolio Manager intends to reinvest in additional Collateral
                                         Obligations pursuant to Article XII); and

 

		(C)	the
                                         Balance remaining in the Collection Account immediately after all payments and deposits
                                         to be made on such Quarterly Payment Date; and

 

		(vi)	such
                                         other information as the Portfolio Manager may reasonably request.

 

Each
Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer
such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in
Section 11.1 and Article XIII.

 

		(c)	Interest
                                         Rate Notice. The Issuer (or the Collateral Administrator on its behalf) shall include
                                         in the Monthly Report a notice setting forth the Interest Rate for each Class of Notes
                                         for the Interest Accrual Period preceding the next Payment Date.

 

		(d)	Failure
                                         to Provide Accounting. If the Trustee shall not have received any accounting provided
                                         for in this Section 10.7 on the first Business Day after the date on which such accounting
                                         is due to the Trustee, the Trustee shall notify the Portfolio Manager who shall use all
                                         reasonable efforts to obtain such accounting by the applicable Payment Date. To the extent
                                         the Portfolio Manager is required to provide any information or reports pursuant to this
                                         Section 10.7 as a result of the failure of the Issuer to provide such information or
                                         reports, the Portfolio Manager shall be entitled to retain an Independent certified public
                                         accountant in connection therewith and the reasonable costs incurred by the Portfolio
                                         Manager for such Independent certified public accountant shall be paid by the Issuer.

 

		(e)	Required
                                         Content of Certain Reports. Each Monthly Report and each Distribution Report sent
                                         to any Holder or beneficial owner of an interest in a Note shall contain, or be accompanied
                                         by, the following notices:

 

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“The
Investment Company Act of 1940, as amended (the “Investment Company Act”) requires that all holders of the
outstanding securities of the Issuer be “qualified purchasers” as defined in Section 2(a)(51)(A) of the Investment
Company Act and related rules (“Qualified Purchasers”). Under the rules, the Issuer must have a “reasonable
belief” that all holders of its outstanding securities, including transferees, are Qualified Purchasers. Consequently, all
sales and resales of the Notes must be made solely to purchasers that are Qualified Purchasers. Each purchaser of a Note will
be deemed (or required, as the case may be) to represent at the time of purchase that: (i) the purchaser is a Qualified Purchaser
who is either (x) an institutional “accredited investor” (“IAI”) within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”), (y) a qualified institutional
buyer as defined in Rule 144A under the Securities Act (“QIB”) or (z) a non-U.S. person acquiring such notes
in an offshore transaction (as defined in Regulation S under the Securities Act) in reliance on the exemption from registration
provided by Regulation S under the Securities Act (a person satisfying one of clauses (x), (y) or (z), a “QIB/IAI/non-U.S.
person”); (ii) the purchaser is acting for its own account or the on behalf of the account of another Qualified Purchaser
that is a QIB/IAI/non-U.S. person (as applicable); (iii) the purchaser is not formed for the purpose of investing in the Issuer;
(iv) the purchaser, and each account for which it is purchasing, will hold and transfer at least the Minimum Denomination of the
Notes specified in the Indenture; (v) the purchaser can make the representations set forth in Section 2.5 of the Indenture or
the appropriate Exhibit to the Indenture; (vi) the purchaser understands that the Issuer may receive a list of participants holding
positions in securities from one or more book-entry depositories; (vii) the purchaser will provide written notice of the foregoing,
and of any applicable restrictions on transfer, to any subsequent transferees. The Notes may only be transferred to another Qualified
Purchaser and QIB/IAI/non-U.S. person (as applicable) and all subsequent transferees are deemed to have made representations (i)
through (vii) above.”

 

“The
Issuer directs that the recipient of this notice, and any recipient of a copy of this notice, provide a copy to any Person having
an interest in this Note as indicated on the books of DTC or on the books of a participant in DTC or on the books of an indirect
participant for which such participant in DTC acts as agent.”

 

“The
Indenture provides that if, notwithstanding the restrictions on transfer contained therein, the Issuer determines that any holder
of, or beneficial owner of an interest in a Note is determined not to have been a Qualified Purchaser at the time of acquisition
of such Note or beneficial interest therein, the Issuer may require, by notice to such Holder or beneficial owner, that such Holder
or beneficial owner sell all of its right, title and interest to such Note (or any interest therein) to a Person that is either
(x) Qualified Purchaser that is not a U.S. person (as defined in Regulation S) acquiring the Notes in an offshore transaction
(as defined in Regulation S) in reliance on the exemption from registration provided by Regulation S, or (y) a Qualified Purchaser
who is either an AI or a QIB (as applicable), with such sale to be effected within 30 days after notice of such sale requirement
is given. If such holder or beneficial owner fails to effect the transfer required within such 30-day period, (i) the Issuer or
the Portfolio Manager acting for the Issuer, without further notice to such holder, shall and is hereby irrevocably authorized
by such holder or beneficial owner, to cause its Note or beneficial interest therein to be transferred in accordance with Section
2.11 of the Indenture to a Person that certifies to the Trustee, the Issuer and the Portfolio Manager, in connection with such
transfer, that such Person meets the qualifications set forth in clauses (x) and (y) above and (ii) pending such transfer, no
further payments will be made in respect of such Note or beneficial interest therein held by such holder or beneficial owner.”

 

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Each
holder receiving this report agrees to keep all non-public information herein confidential and not to use such information for
any purpose other than its evaluation of its investment in the Notes; provided that, any holder may provide such
information on a confidential basis to any prospective purchaser of such holder’s Notes that is permitted by the terms of
this Indenture to acquire such holder’s Notes and that agrees to keep such information confidential in accordance with the
terms of this Indenture.

 

		(f)	Distribution
                                         of Reports and Documents. The Trustee will make the Monthly Report, the Distribution
                                         Report, this Indenture and the Portfolio Management Agreement available through the Trustee’s
                                         Website. Parties that are unable to use the above distribution option are entitled to
                                         have a paper copy mailed to them by first-class mail by calling the Trustee’s Corporate
                                         Trust Office. The Trustee shall have the right to change the way such statements and
                                         documents are distributed in order to make such distribution more convenient and/or more
                                         accessible to the above parties, and the Trustee shall provide timely and adequate notification
                                         to all above parties regarding any such changes. As a condition to access to the Trustee’s
                                         Website, the Trustee may require registration and the acceptance of a disclaimer. The
                                         Trustee shall be entitled to rely on, but shall not be responsible for, the content or
                                         accuracy of any information provided in the Monthly Report and the Distribution Report
                                         which the Trustee disseminates in accordance with this Indenture and may affix thereto
                                         any disclaimer it deems appropriate in its reasonable discretion. Furthermore, the Trustee
                                         is hereby directed to make available to Intex each Monthly Report and Distribution Report.

 

Section
10.8.     Release of Assets

 

		(a)	The
                                         Portfolio Manager may, by Issuer Order delivered to the Trustee no later than the settlement
                                         date of any sale of an obligation (or, in the case of physical settlement, no later than
                                         the Business Day preceding such date), certifying with respect to settlements after the
                                         Effective Date that the applicable conditions set forth in Article XII have been met
                                         (which certification shall be deemed to have been provided by the Portfolio Manager upon
                                         delivery of an Issuer Order in respect of such sale), direct the Trustee to deliver such
                                         obligation against receipt of payment therefor.

 

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		(b)	The
                                         Portfolio Manager may, by Issuer Order delivered to the Trustee no later than the settlement
                                         date of any redemption or payment in full of a Collateral Obligation or Eligible Investment
                                         (or, in the case of physical settlement, no later than the Business Day preceding such
                                         date) certifying that such obligation is being redeemed or paid in full, direct the Trustee
                                         or, at the Trustee’s instruction, the Custodian, to deliver such obligation, if
                                         in physical form, duly endorsed, or, if such obligation is a Clearing Corporation Note,
                                         to cause it to be presented (or in the case of a general intangible or a participation,
                                         cause such actions as are necessary to transfer such obligation to the designated transferee
                                         free of liens, claims or encumbrances created by this Indenture), to the appropriate
                                         paying agent therefor on or before the date set for redemption or payment, in each case
                                         against receipt of the redemption price or payment in full thereof.

 

		(c)	Subject
                                         to Article XII, the Portfolio Manager may, by Issuer Order delivered to the Trustee no
                                         later than the settlement date of an exchange, tender or sale (or, in the case of physical
                                         settlement, no later than the Business Day preceding such date), certifying that a Collateral
                                         Obligation is subject to a tender offer, voluntary redemption, exchange offer, conversion
                                         or other action having a similar effect when required under this Indenture (an “Offer”)
                                         and setting forth in reasonable detail the procedure for response to such Offer, direct
                                         the Trustee or, at the Trustee’s instructions, the Custodian, to deliver such obligation,
                                         if in physical form, duly endorsed, or, if such obligation is a Clearing Corporation
                                         Note, to cause it to be delivered, in accordance with such Issuer Order, in each case
                                         against receipt of payment therefor.

 

		(d)	Subject
                                         to Article XII, the Portfolio Manager may, by Issuer Order delivered to the Trustee no
                                         later than the settlement date of an exchange (or in the case of physical settlement,
                                         no later than the Business Day preceding such date), certifying that the exchange satisfies
                                         the conditions set forth in the definition of Bankruptcy Exchange, direct the Trustee
                                         to deliver such obligation, if in physical form, duly endorsed, or, if such obligation
                                         is a Clearing Corporation Note, to cause it to be delivered, in accordance with the Issuer
                                         Order, in each case against receipt of another debt obligation therefor.

 

		(e)	The
                                         Trustee shall deposit any proceeds received by it from the disposition of a Collateral
                                         Obligation or Eligible Investment in the Collection Account, unless such proceeds are
                                         simultaneously applied to the purchase of Collateral Obligations or Eligible Investments.

 

		(f)	The
                                         Trustee shall, (i) upon receipt of an Issuer Order, release from the lien of this Indenture
                                         any Illiquid Assets sold, distributed or disposed of pursuant to Article IV, and (ii)
                                         upon receipt of an Issuer Order at such time as there are no Notes Outstanding and all
                                         obligations of the Issuer hereunder have been satisfied, release the Assets from the
                                         lien of this Indenture.

 

		(g)	[Reserved].

 

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		(h)	The
                                         Trustee shall, upon receipt of an Issuer Order, release from the lien of this Indenture
                                         any Selling Institution Collateral in accordance with Section 10.4.

 

		(i)	Following
                                         delivery of any obligation pursuant to clauses (a) through (c) and (e) through (g) above,
                                         such obligation shall be released from the lien of this Indenture without further action
                                         by the Trustee or the Issuer.

 

		(j)	The
                                         Trustee shall, upon receipt of an Issuer Order, release from the lien of this Indenture
                                         any Assets sold, transferred, exchanged or otherwise disposed of or distributed in accordance
                                         with the terms of this Indenture.

 

Section
10.9.     Reports by Independent Accountants

 

		(a)	At
                                         the Closing Date, the Issuer (or the Portfolio Manager on behalf of the Issuer) shall
                                         appoint one or more firms of Independent certified public accountants of recognized international
                                         reputation for purposes of reviewing and delivering any Accountants’ Reports required
                                         by this Indenture, which may be the firm of Independent certified public accountants
                                         that performs accounting services for the Issuer or the Portfolio Manager. The Issuer
                                         (or the Portfolio Manager on behalf of the Issuer) may remove any firm of Independent
                                         certified public accountants at any time without the consent of any Holder. Upon any
                                         resignation by such firm or removal of such firm by the Issuer, the Issuer (or the Portfolio
                                         Manager on behalf of the Issuer) shall promptly appoint by Issuer Order delivered to
                                         the Trustee and each Rating Agency a successor thereto that shall also be a firm of Independent
                                         certified public accountants of recognized international reputation, which may be a firm
                                         of Independent certified public accountants that performs accounting services for the
                                         Issuer or the Portfolio Manager. If the Issuer shall fail to appoint a successor to a
                                         firm of Independent certified public accountants which has resigned within 30 days after
                                         such resignation, the Issuer shall promptly notify the Trustee, with a copy to the Portfolio
                                         Manager, of such failure in writing. If the Issuer shall not have appointed a successor
                                         within 10 days thereafter, the Trustee shall promptly notify the Portfolio Manager, who
                                         shall appoint a successor firm of Independent certified public accountants of recognized
                                         international reputation. The fees of such Independent certified public accountants and
                                         its successor shall be payable by the Issuer.

 

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		(b)	On
                                         or before March 31]of each year commencing in 2020, the Issuer shall cause to be delivered
                                         to the Trustee a report (subject to the terms of an agreed upon procedures letter) from
                                         a firm of Independent certified public accountants for each Distribution Report received
                                         since the last statement (i) indicating that the calculations within those Distribution
                                         Reports have been recalculated and compared to the information provided by the Issuer
                                         in accordance with the applicable provisions of this Indenture and (ii) recalculating
                                         the Aggregate Principal Balance of the Assets and the Aggregate Principal Balance of
                                         the Collateral Obligations securing the Notes as of the immediately preceding Determination
                                         Dates; provided that, in the event of a conflict between such firm of Independent
                                         certified public accountants and the Issuer with respect to any matter in this Section
                                         10.9, the determination by such firm of Independent public accountants shall be conclusive.
                                         To the extent a Holder or a beneficial owner of a Note requests the yield to maturity
                                         in respect of the relevant Note in order to determine any “original issue discount”
                                         in respect thereof, the Trustee shall request that the firm of Independent certified
                                         public accountants appointed by the Issuer recalculate such yield to maturity. The Trustee
                                         shall have no responsibility to calculate the yield to maturity nor to verify the accuracy
                                         of such Independent certified public accountants’ calculation. In the event that
                                         the firm of Independent certified public accountants fails to calculate such yield to
                                         maturity, the Trustee shall have no responsibility to provide such information to Holder
                                         or a beneficial owner of a Note. Neither the Trustee nor the Collateral Administrator
                                         shall have any responsibility to the Issuer or the Secured Parties to make any inquiry
                                         or investigation as to, and shall have no obligation in respect of, the terms of any
                                         engagement of Independent public accountants by the Issuer (or the Portfolio Manager
                                         on behalf of the Issuer); provided, however, that the Trustee shall be
                                         authorized by the Issuer under this Section 10.9 to execute any acknowledgement or other
                                         agreement with the Independent accountants required for the Trustee to receive any of
                                         the reports or instructions provided for in this Indenture, which acknowledgment or agreement
                                         may include, among other things, (i) acknowledgement of the responsibility for the sufficiency
                                         of the procedures to be performed by the Independent accountants for its purposes, (ii)
                                         releases by the Trustee (on behalf of itself and the Holders) of claims against the Independent
                                         accountants and acknowledgment of other limitations of liability in favor of the Independent
                                         accountants and (iii) restrictions or prohibitions on the disclosure of information or
                                         documents provided to it by such firm of Independent accountants (including to the Holders).
                                         It is understood and agreed that the Trustee will deliver such letter of agreement in
                                         conclusive reliance on the foregoing direction of the Issuer, and the Trustee shall make
                                         no inquiry or investigation as to, and shall have no obligation in respect of, the sufficiency,
                                         validity or correctness of such procedures. The Trustee shall not be required to make
                                         any such agreements that adversely affect the Bank in its individual capacity.

 

		(c)	Upon
                                         the written request of the Trustee, or any Holder of an Interest, the Issuer will cause
                                         the firm of Independent certified public accountants appointed pursuant to Section 10.9(a)
                                         to provide any Holder of Interests with all of the information required to be provided
                                         by the Issuer pursuant to Section 7.17 or assist the Issuer in the preparation thereof.

 

Section
10.10.     Reports to Rating Agencies and Additional Recipients

 

In
addition to the information and reports specifically required to be provided to each Rating Agency pursuant to the terms of this
Indenture, the Issuer shall provide each Rating Agency with all information or reports delivered to the Trustee hereunder (with
the exception of any Effective Date Accountants’ AUP Reports or any other Accountants’ Report other than as provided
in the last sentence of this Section 10.10), and such additional information as any Rating Agency may from time to time reasonably
request (including, with respect to credit estimates or any Collateral Obligation subject to a private rating or a credit opinion,
notification to S&P and Fitch in accordance with Section 14.3(a) of any material modification that would result in substantial
changes to the terms of any loan document relating to such Collateral Obligation or any release of collateral thereunder not permitted
by such loan documentation). In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form which
includes the Effective Date Accountants’ Comparison AUP Report as an attachment, shall be provided by the Independent accountants
to the Issuer who shall post such Form 15-E on the 17g-5 Website.

 

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Section
10.11.     Procedures Relating to the Establishment of Accounts Controlled by the Trustee

 

Notwithstanding
anything else contained herein, the Issuer agrees that with respect to each of the Accounts, it will cause the Custodian establishing
such accounts to enter into an Account Agreement and, if the Custodian is the Bank, shall cause the Bank to comply with the provisions
of such Account Agreement. Notwithstanding anything else contained herein, the Trustee may open such subaccounts of any such Account
as it deems necessary or appropriate for convenience of administration.

 

Section
10.12.     Section 3(c)(7) Procedures

 

		(a)	DTC
                                         Actions. The Issuer will direct DTC to take the following steps in connection with
                                         the Global Notes (or such other appropriate steps regarding legends of restrictions on
                                         the Global Notes under Section 3(c)(7) of the Investment Company Act and Rule 144A as
                                         may be customary under DTC procedures at any given time):

 

		(i)	The
                                         Issuer will direct DTC to include the marker “3c7” in the DTC 20-character
                                         security descriptor and the 48-character additional descriptor for the Global Notes.

 

		(ii)	The
                                         Issuer will direct DTC to cause each physical deliver order ticket that is delivered
                                         by DTC to purchasers to contain the 20-character security descriptor. The Issuer will
                                         direct DTC to cause each deliver order ticket that is delivered by DTC to purchasers
                                         in electronic form to contain a “3c7” indicator and a related user manual
                                         for participants. Such user manual will contain a description of the relevant restrictions
                                         imposed by Section 3(c)(7).

 

		(iii)	On
                                         or prior to the Closing Date, the Issuer will instruct DTC to send a Section 3(c)(7)
                                         notice to all DTC participants in connection with the offering of the Global Notes.

 

		(iv)	In
                                         addition to the obligations of the Registrar set forth in Section 2.5, the Issuer will
                                         from time to time (upon the request of the Trustee) make a request to DTC to deliver
                                         to the Issuer a list of all DTC participants holding an interest in the Global Notes.

 

		(v)	The
                                         Issuer will cause each CUSIP number obtained for a Global Note to have “3c7”
                                         and “144A” indicators, as applicable, attached to such CUSIP number.

 

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		(b)	Bloomberg
                                         Screens, Etc. The Issuer will from time to time request all third-party vendors to
                                         include on screens maintained by such vendors appropriate legends regarding restrictions
                                         on the Global Notes under Section 3(c)(7) of the Investment Company Act and Rule 144A

 

ARTICLE
XI

APPLICATION OF MONIES

 

		Section 11.1.	Disbursements of Monies from Payment Account

 

		(a)	Notwithstanding
                                         any other provision in this Indenture, but subject to the other subsections of this Section
                                         11.1 and to Section 13.1, on each Payment Date, the Trustee shall disburse amounts transferred
                                         from the Collection Account to the Payment Account pursuant to Section 10.2 (and in respect
                                         of the second Payment Date, amounts transferred from the Interest Reserve Account to
                                         the Payment Account pursuant to Section 10.3(e)) in accordance with the following priorities
                                         (subject to the subsections described above in this sentence and the following proviso,
                                         the “Priority of Payments”); provided, that unless an Enforcement
                                         Event has occurred and is continuing or the Special Priority of Payments otherwise applies,
                                         (x) Interest Proceeds transferred from the Collection Account shall be applied solely
                                         in accordance with Section 11.1(a)(i); and (y) Principal Proceeds transferred from the
                                         Collection Account shall be applied solely in accordance with Section 11.1(a)(ii):

 

		(i)	On
                                         each Quarterly Payment Date, unless an Enforcement Event has occurred and is continuing
                                         or the Special Priority of Payments otherwise applies, Interest Proceeds on deposit in
                                         the Collection Account, to the extent received on or before the related Determination
                                         Date (or if such Determination Date is not a Business Day, the next succeeding Business
                                         Day) and in the case of the second Payment Date, Interest Proceeds on deposit in the
                                         Interest Reserve Account, in each case that are transferred into the Payment Account,
                                         shall be applied in the following order of priority:

 

		(A)	(1)
                                         first, to the payment of taxes and governmental fees owing by the Issuer, if any,
                                         and (2) second, to the payment of the accrued and unpaid Administrative Expenses,
                                         in the priority stated in the definition thereof, up to the Administrative Expense Cap;

 

		(B)	to
                                         the extent not deferred by the Portfolio Manager pursuant to Section 11.1(d) or otherwise
                                         waived by the Portfolio Manager in accordance with Section 11.1(e), to the payment of
                                         the Base Management Fee due and payable to the Portfolio Manager (including any accrued
                                         and unpaid interest thereon) and any unpaid Deferred Base Management Fee that has been
                                         deferred with respect to prior Payment Dates which the Portfolio Manager elects to have
                                         paid on such Payment Date pursuant to Section 11.1(d); provided that, amounts
                                         paid as any Deferred Base Management Fee pursuant to this clause (B) may not exceed the
                                         Deferred Base Management Fee Cap; provided further that any accrued and unpaid
                                         interest pursuant to this clause (B) shall be paid solely to the extent that, after giving
                                         effect on a pro forma basis to such payment, sufficient Interest Proceeds remain
                                         to pay in full all interest (including Deferred Interest) due and payable on each Class
                                         of Notes on such Payment Date;

 

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		(C)	to
                                         the payment of accrued and unpaid interest on the Class A-1 Notes;

 

		(D)	to
                                         the payment of accrued and unpaid interest on the Class A-2 Notes;

 

		(E)	if
                                         either of the Class A Coverage Tests (except, in the case of the Class A Interest Coverage
                                         Test, if such Payment Date is the first Payment Date after the Closing Date) is not satisfied
                                         on the related Determination Date, to make payments in accordance with the Note Payment
                                         Sequence to the extent necessary to cause all Class A Coverage Tests that are applicable
                                         on such Payment Date to be satisfied on a pro forma basis after giving effect
                                         to all payments pursuant to this clause (E);

 

		(F)	to
                                         the payment of accrued and unpaid interest (excluding Deferred Interest, but including
                                         interest on Deferred Interest) on the Class B Notes;

 

		(G)	if
                                         either of the Class B Coverage Tests (except, in the case of the Class B Interest Coverage
                                         Test, if such Payment Date is the first Payment Date after the Closing Date) is not satisfied
                                         on the related Determination Date, to make payments in accordance with the Note Payment
                                         Sequence to the extent necessary to cause all Class B Coverage Tests on such Payment
                                         Date to be satisfied on a pro forma basis after giving effect to all payments
                                         pursuant to this clause (G);

 

		(H)	to
                                         the payment of any Deferred Interest on the Class B Notes;

 

		(I)	with
                                         respect to any Payment Date following the Effective Date upon which an Effective Date
                                         Rating Failure has occurred and is continuing, amounts available for distribution pursuant
                                         to this clause (I) shall be used, in the discretion of the Portfolio Manager, either
                                         (i) for application in accordance with the Note Payment Sequence on such Payment Date
                                         or (ii) for the purchase of additional Collateral Obligations, or in any combination
                                         of clauses (i) and (ii) above, in each case in amounts sufficient to obtain the Effective
                                         Date Ratings Confirmation;

 

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		(J)	[reserved];

 

		(K)	to
                                         the extent not deferred by the Portfolio Manager pursuant to Section 11.1(d) or otherwise
                                         waived by the Portfolio Manager in accordance with Section 11.1(e), to the payment of
                                         the Subordinated Management Fee due and payable to the Portfolio Manager (including any
                                         accrued and unpaid interest thereon) and any unpaid Deferred Subordinated Management
                                         Fee that has been deferred with respect to prior Payment Dates which the Portfolio Manager
                                         elects to have paid on such Payment Date pursuant to Section 11.1(d);

 

		(L)	first,
                                         to the payment (in the same manner and order of priority stated in the definition thereof)
                                         of any Administrative Expenses not paid pursuant to clause (A)(2) above due to the limitation
                                         contained therein and second, any Deferred Base Management Fee not paid pursuant
                                         to clause (B) above due to the limitations contained therein; and

 

		(M)	any
                                         remaining Interest Proceeds shall be paid to the Issuer.

 

		(ii)	On
                                         each Quarterly Payment Date, unless an Enforcement Event has occurred and is continuing
                                         or the Special Priority of Payments otherwise applies, Principal Proceeds on deposit
                                         in the Collection Account that are received on or before the related Determination Date
                                         (or if such Determination Date is not a Business Day, the next succeeding Business Day)
                                         and that are transferred to the Payment Account (which will not include (i) amounts required
                                         to meet funding requirements with respect to Delayed Drawdown Collateral Obligations
                                         and Revolving Collateral Obligations that are deposited in the Revolver Funding Account,
                                         (ii) during the Reinvestment Period, Principal Proceeds that will be used to reinvest
                                         in Collateral Obligations that the Issuer has already committed to purchase, and (iii)
                                         after the Reinvestment Period, subject to Section 12.2(a)(y), Principal Proceeds permitted
                                         to be used to settle Post-Reinvestment Period Settlement Obligations) and in the case
                                         of the second Payment Date, Principal Proceeds on deposit in the Interest Reserve Account
                                         that are transferred to the Payment Account, shall be applied in the following order
                                         of priority:

 

		(A)	to
                                         pay the amounts referred to in clauses (A) through (D) of Section 11.1(a)(i) (in the
                                         same manner and order of priority stated therein), but only to the extent not paid in
                                         full thereunder;

 

		(B)	to
                                         pay the amounts referred to in clause (E) of Section 11.1(a)(i) but only to the extent
                                         not paid in full thereunder and to the extent necessary to cause the Coverage Tests that
                                         are applicable on such Payment Date with respect to the Class A Notes to be met as of
                                         the related Determination Date on a pro forma basis after giving effect to any
                                         payments made through this clause (B);

 

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		(C)	to
                                         pay the amounts referred to in clause (F) of Section 11.1(a)(i) to the extent not paid
                                         in full thereunder, only to the extent that the Class B Notes are the Controlling Class;

 

		(D)	to
                                         pay the amounts referred to in clause (G) of Section 11.1(a)(i) but only to the extent
                                         not paid in full thereunder and to the extent necessary to cause the Coverage Tests that
                                         are applicable on such Payment Date with respect to the Class B Notes to be met as of
                                         the related Determination Date on a pro forma basis after giving effect to any
                                         payments made through this clause (D);

 

		(E)	to
                                         pay the amounts referred to in clause (H) of Section 11.1(a)(i) to the extent not paid
                                         in full thereunder, only to the extent that the Class B Notes are the Controlling Class;

 

		(F)	with
                                         respect to any Payment Date following the Effective Date, if after the application of
                                         Interest Proceeds as provided in clause (I) of Section 11.1(a)(i), the Effective Date
                                         Ratings Confirmation has not been obtained, amounts available for distribution pursuant
                                         to this clause (F) shall be used for application in accordance with the Note Payment
                                         Sequence on such Payment Date in an amount sufficient to obtain Effective Date Ratings
                                         Confirmation;

 

		(G)	if
                                         such Quarterly Payment Date is a Special Redemption Date, to make payments in the amount,
                                         if any, of the Principal Proceeds that the Portfolio Manager has determined cannot be
                                         practicably reinvested in additional Collateral Obligations, in accordance with the Note
                                         Payment Sequence;

 

		(H)	(1)
                                         during the Reinvestment Period, to the Collection Account as Principal Proceeds to invest
                                         in Eligible Investments (pending the purchase of additional Collateral Obligations) and/or
                                         to apply toward the purchase of additional Collateral Obligations, and (2) subject to
                                         Section 12.2(a)(y), after the Reinvestment Period, as designated by the Portfolio Manager,
                                         to the Collection Account as Principal Proceeds to invest in any Eligible Investments
                                         (pending the purchase of Post-Reinvestment Period Settlement Obligations) and/or to settle
                                         Post-Reinvestment Period Settlement Obligations;

 

		(I)	to
                                         make payments in accordance with the Note Payment Sequence;

 

		(J)	to
                                         pay the amounts referred to in clause (K) of Section 11.1(a)(i) only to the extent not
                                         already paid;

 

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		(K)	to
                                         pay the amounts referred to in clause (L) of Section 11.1(a)(i) only to the extent not
                                         already paid; and

 

		(L)	any
                                         remaining Principal Proceeds shall be paid to the Issuer.

 

		(iii)	Notwithstanding
                                         the provisions of the foregoing Sections 11.1(a)(i) and 11.1(a)(ii), (x) upon the occurrence
                                         of an Enforcement Event on each date or dates fixed by the Trustee pursuant to Section
                                         5.7, (y) on any Redemption Date (other than a Partial Redemption Date, any other Redemption
                                         Date relating to a Refinancing, a Special Redemption Date or a Redemption Date occurring
                                         in connection with a mandatory redemption pursuant to Section 9.1) and (z) at Stated
                                         Maturity, proceeds in respect of the Assets on deposit in the Collection Account that
                                         are received on or before the related Determination Date and that are transferred to
                                         the Payment Account in accordance with Section 10.2(e) will be applied in the following
                                         order of priority (the “Special Priority of Payments”):

 

		(A)	(1)
                                         first, to the payment of taxes and governmental fees owing by the Issuer, if any,
                                         and (2) second, to the payment of the accrued and unpaid Administrative Expenses,
                                         in the priority stated in the definition thereof, up to the Administrative Expense Cap
                                         (provided that, following the commencement of any sales of Assets pursuant
                                         to Section 5.5(a), the Administrative Expense Cap shall be disregarded);

 

		(B)	to
                                         the extent not deferred by the Portfolio Manager pursuant to Section 11.1(d) or otherwise
                                         waived by the Portfolio Manager in accordance with Section 11.1(e), to the payment of
                                         the Base Management Fee due and payable to the Portfolio Manager (including any accrued
                                         and unpaid interest thereon) and any unpaid Deferred Base Management Fee that has been
                                         deferred with respect to prior Payment Dates which the Portfolio Manager elects to have
                                         paid on such Payment Date pursuant to Section 11.1(d); provided that, amounts
                                         paid as any Deferred Base Management Fee pursuant to this clause (B) may not exceed the
                                         Deferred Base Management Fee Cap; provided further that any accrued and unpaid
                                         interest pursuant to this clause (B) shall be paid solely to the extent that, after giving
                                         effect on a pro forma basis to such payment, sufficient Interest Proceeds remain
                                         to pay in full (after taking into account any Deferred Base Management Fee that the Portfolio
                                         Manager elects to have paid on such Payment Date) all amounts due under clauses (C) through
                                         (I) below;

 

		(C)	to
                                         the payment of accrued and unpaid interest (including any defaulted interest) on the
                                         Class A-1 Notes;

 

		(D)	to
                                         the payment of principal of the Class A-1 Notes;

 

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		(E)	to
                                         the payment of accrued and unpaid interest (including any defaulted interest) on the
                                         Class A-2 Notes;

 

		(F)	to
                                         the payment of principal of the Class A-2 Notes;

 

		(G)	to
                                         the payment of accrued and unpaid interest (excluding Deferred Interest, but including
                                         interest on Deferred Interest) on the Class B Notes;

 

		(H)	to
                                         the payment of Deferred Interest on the Class B Notes;

 

		(I)	to
                                         the payment of principal of the Class B Notes;

 

		(J)	to
                                         the extent not deferred by the Portfolio Manager pursuant to Section 11.1(d) or otherwise
                                         waived by the Portfolio Manager in accordance with Section 11.1(e), to the payment of
                                         the Subordinated Management Fee due and payable (including any accrued and unpaid interest
                                         thereon) to the Portfolio Manager and any unpaid Deferred Subordinated Management Fee
                                         that has been deferred with respect to prior Payment Dates which the Portfolio Manager
                                         elects to have paid on such Payment Date pursuant to Section 11.1(d);

 

		(K)	first,
                                         to the payment of (in the same manner and order of priority stated in the definition
                                         thereof) any Administrative Expenses not paid pursuant to clause (A)(2) above due to
                                         the limitation contained therein and second, any Deferred Base Management Fee
                                         not paid pursuant to clause (B) above due to the limitations contained therein; and

 

		(L)	any
                                         remaining Interest Proceeds and Principal Proceeds shall be paid to the Issuer.

 

		(b)	If
                                         on any Payment Date the amount available in the Payment Account is insufficient to make
                                         the full amount of the disbursements required by the Distribution Report, the Trustee
                                         shall make the disbursements called for in the order and according to the priority set
                                         forth under Section 11.1(a) above, subject to Section 13.1, to the extent funds are available
                                         therefor.

 

		(c)	In
                                         connection with the application of funds to pay Administrative Expenses of the Issuer
                                         in accordance with Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(iii),
                                         the Trustee shall remit such funds, to the extent available, as directed and designated
                                         in an Issuer Order (which may be in the form of standing instructions, and standing instructions
                                         are hereby provided to pay Administrative Expenses in such amounts and to such entities
                                         as indicated in the Distribution Report in respect of such Payment Date) delivered to
                                         the Trustee no later than the Business Day prior to each Payment Date; provided that,
                                         such direction and designation by Issuer Order shall not be necessary for, and shall
                                         be subject to, the payment of amounts pursuant to, and in the priority stated in, the
                                         definition of Administrative Expenses.

 

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		(d)	The
                                         Portfolio Manager may, in its sole discretion, elect to defer payment of all or a portion
                                         of the Base Management Fee or the Subordinated Management Fee (other than any Waived
                                         Management Fees) on any Payment Date by providing notice to the Trustee and the Issuer
                                         of such election on or before the Determination Date preceding such Payment Date which
                                         notice shall specify the amount to be deferred. On any Payment Date following a Payment
                                         Date on which the Portfolio Manager has elected to defer all or a portion of the Base
                                         Management Fee or the Subordinated Management Fee, the Portfolio Manager may elect to
                                         receive all or a portion of the applicable Deferred Management Fee that has otherwise
                                         not been paid to the Portfolio Manager by providing notice to the Trustee of such election
                                         on or before the related Determination Date, which notice shall specify the amount of
                                         such Deferred Management Fee that the Portfolio Manager elects to receive on such Payment
                                         Date. Accrued and unpaid Base Management Fees or Subordinated Management Fees deferred
                                         at the election of the Portfolio Manager shall be deferred without interest. For the
                                         avoidance of doubt, accrued and unpaid Base Management Fees or Subordinated Management
                                         Fees that are deferred as a result of insufficient funds (other than any Waived Management
                                         Fees) in accordance with the Priority of Payments shall bear interest at LIBOR (calculated
                                         in the same manner as LIBOR in respect of the Notes) plus 0.30% per annum.

 

		(e)	The
                                         Portfolio Manager may, in its sole discretion, by written notice to the Trustee delivered
                                         not later than the related Determination Date, elect to irrevocably waive payment of
                                         or distribution in respect of all or any portion of the Base Management Fee and/or the
                                         Subordinated Management Fee (including any Deferred Management Fees and any accrued and
                                         unpaid interest thereon, if applicable) otherwise payable or distributable and available
                                         to be paid or distributed to it on any Payment Date in accordance with the Priority of
                                         Payments (the “Waived Management Fee”). Any such Waived Management
                                         Fee shall not thereafter become due and payable and any claim of the Portfolio Manager
                                         therein shall be extinguished.

 

		(f)	Not
                                         less than eight Business Days preceding each Payment Date, the Portfolio Manager shall
                                         certify to the Trustee (which may be a standing certification) the amount described in
                                         clause (i)(b) of the definition of Dissolution Expenses. If the distributions to be made
                                         pursuant to this Section 11.1 on any Payment Date would cause the Aggregate Principal
                                         Balance of the remaining Collateral Obligations immediately following such Payment Date
                                         (excluding Defaulted Obligations, Equity Securities and Illiquid Assets) to be less than
                                         the amount of Dissolution Expenses (as determined by the Trustee based on such certification
                                         by the Portfolio Manager), the Trustee will provide written notice thereof to the Issuer
                                         at least five Business Days before such Payment Date.

 

		(g)	Any
                                         amounts to be paid to the Issuer pursuant to the terms hereof shall be paid by the Trustee
                                         or Paying Agent directly to an account of the Issuer designated in writing by the Issuer
                                         (which account shall initially be as set forth on Exhibit E hereto).

 

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ARTICLE
XII

SALE OF COLLATERAL OBLIGATIONS; PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS

 

		Section
                              12.1.	Sales
                                         of Collateral Obligations

 

Subject
to the satisfaction of the conditions specified in Section 12.3 and, notwithstanding any acceleration of the Maturity of the Notes,
unless the Trustee has commenced exercising remedies pursuant to Section 5.4, the Portfolio Manager on behalf of the Issuer may,
but will not be required to (except as otherwise specified in this Section 12.1), direct the Trustee to sell or otherwise dispose
of, and the Trustee shall sell or otherwise dispose of, on behalf of the Issuer in the manner directed by the Portfolio Manager
pursuant to this Section 12.1, any Collateral Obligation or Equity Security, if, as certified by the Portfolio Manager (which
certification shall be deemed to be provided upon delivery of an Issuer Order or trade confirmation in respect of such sale or
disposition), to the best of its knowledge, such sale or other disposition meets the requirements of any one of Sections 12.1(a)
through (i) (subject in each case to any applicable requirement of disposition under Section 12.1(h)). For purposes of this Section
12.1, the Sale Proceeds of a Collateral Obligation sold by the Issuer shall include any Principal Financed Accrued Interest received
in respect of such sale or other disposition.

 

		(a)	Credit
                                         Risk Obligations. The Portfolio Manager may direct the Trustee to sell or otherwise
                                         dispose of any Credit Risk Obligation at any time without restriction.

 

		(b)	Credit
                                         Improved Obligations. The Portfolio Manager may direct the Trustee to sell or otherwise
                                         dispose of any Credit Improved Obligation at any time without restriction.

 

		(c)	Defaulted
                                         Obligations. The Portfolio Manager may direct the Trustee to sell or otherwise dispose
                                         of any Defaulted Obligation, or any other asset received by the Issuer in a workout,
                                         restructuring or similar transaction at any time without restriction. The Portfolio Manager
                                         may direct the Trustee to consummate a Bankruptcy Exchange at any time without restriction
                                         so long as the conditions set forth in the definition thereof are satisfied. With respect
                                         to each Defaulted Obligation that has not been disposed of within three years after becoming
                                         a Defaulted Obligation, the Market Value and Principal Balance of such Defaulted Obligation
                                         shall be deemed to be zero.

 

		(d)	Equity
                                         Securities. The Portfolio Manager (i) may direct the Trustee to sell or otherwise
                                         dispose of any Equity Security at any time without restriction and (ii) shall use its
                                         commercially reasonable efforts to direct the Trustee to sell or otherwise dispose of
                                         any Equity Security within 45 days after receipt if such Equity Security constitutes
                                         Margin Stock or otherwise within three years of receipt unless such sale or other disposition
                                         is prohibited by applicable law or an applicable contractual restriction, in which case
                                         such Equity Security shall be sold as soon as such sale or other disposition is permitted
                                         by applicable law and not prohibited by such contractual restriction.

 

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		(e)	Optional
                                         Redemption. After the Issuer has notified the Trustee of an Optional Redemption of
                                         the Notes in accordance with Section 9.2, the Portfolio Manager shall, if necessary to
                                         effect the Optional Redemption, direct the Trustee to sell or otherwise dispose of (which
                                         disposition may be through participation or other arrangement) all or a portion of the
                                         Collateral Obligations if the requirements of Article IX are satisfied. If any such disposition
                                         is made through participations, the Issuer shall use reasonable efforts to cause such
                                         participations to be converted to assignments within six months after the disposition.

 

		(f)	Tax
                                         Redemption. After a Majority of an Affected Class has directed (by a written direction
                                         delivered to the Trustee) a Tax Redemption and all of the requirements of Article IX
                                         are satisfied, the Issuer (or the Portfolio Manager on its behalf) shall, if necessary
                                         to effect the Tax Redemption, direct the Trustee to sell or otherwise dispose of (which
                                         disposition may be through participation or other arrangement) all or a portion of the
                                         Collateral Obligations. If any such disposition is made through participations, the Issuer
                                         shall use reasonable efforts to cause such participations to be converted to assignments
                                         within six months after the disposition.

 

		(g)	Discretionary
                                         Sales. The Portfolio Manager may direct the Trustee to sell or otherwise dispose
                                         of any Collateral Obligation at any time other than during a Restricted Trading Period
                                         if: (i) after giving effect to such disposition, the Aggregate Principal Balance of all
                                         Collateral Obligations disposed of as described in this Section 12.1(g) during the preceding
                                         period of 12 calendar months is not greater than 30% of the Collateral Principal Amount
                                         (measured as of the first day of such 12-calendar month period or, for the first 12 calendar
                                         months after the Effective Date, during the period commencing on the Effective Date,
                                         as the case may be, it being understood that no such limitation shall apply at any time
                                         prior to the Effective Date); provided that, for purposes of determining the percentage
                                         of Collateral Obligations disposed of during any such period, the amount of any Collateral
                                         Obligations disposed of shall be reduced to the extent of any purchases (or irrevocable
                                         commitments to purchase) of Collateral Obligations with the intention of purchasing another
                                         obligation of the same Obligor that would be pari passu or senior to such sold
                                         Collateral Obligation; (ii) after giving effect to such disposition, the Weighted Average
                                         Leverage Ratio Test is satisfied or, if not satisfied, maintained or improved; and (iii)
                                         either:

 

		(A)	at
                                         any time (I) the proceeds from such sale are at least sufficient to maintain or improve
                                         the Adjusted Collateral Principal Amount (as measured before such sale), or (II) after
                                         giving effect to such sale, the Aggregate Principal Balance of all Collateral Obligations
                                         (excluding the Collateral Obligations being disposed of but including, without duplication,
                                         the anticipated net proceeds of such disposition) plus, the amounts on deposit
                                         in the Collection Account and the Ramp-Up Account (including Eligible Investments therein)
                                         representing Principal Proceeds will be (x) maintained or increased or (y) equal to or
                                         greater than the Reinvestment Target Par Balance; or

 

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		(B)	during
                                         the Reinvestment Period, the Portfolio Manager reasonably believes prior to such sale
                                         that it will be able to enter into binding commitments to reinvest all or a portion of
                                         the proceeds of such disposition in one or more additional Collateral Obligations with
                                         an Aggregate Principal Balance at least equal to the Investment Criteria Adjusted Balance
                                         of the Collateral Obligation sold within 45 Business Days of such sale.

 

		(h)	Mandatory
                                         Sales. The Portfolio Manager on behalf of the Issuer shall use its commercially reasonable
                                         efforts to effect the sale or other disposition of any Collateral Obligation that (A)
                                         no longer meets the criteria described in clause (vii) of the definition of Collateral
                                         Obligation, within 18 months after the failure of such Collateral Obligation to meet
                                         either such criteria and (B) no longer meets the criteria described in clause (vi) of
                                         the definition of Collateral Obligation (unless such disposition is prohibited by applicable
                                         law or an applicable contractual restriction) within 45 days after the failure of such
                                         Collateral Obligation to meet such criteria.

 

		(i)	Unrestricted
                                         Sales. If the Aggregate Principal Balance of the Collateral Obligations is less than
                                         U.S.$10,000,000, the Portfolio Manager may direct the Trustee to sell the Collateral
                                         Obligations without regard to the foregoing limitations.

 

		(j)	Clean-Up
                                         Call Redemption. Notwithstanding the restrictions of Section 12.1(a), after the Portfolio
                                         Manager has notified the Issuer and the Trustee of a Clean-Up Call Redemption, the Portfolio
                                         Manager may at any time direct the Trustee to sell (and upon receipt of the certification
                                         from the Portfolio Manager required by Section 9.7(b) the Trustee shall sell in the manner
                                         specified) for settlement in immediately available funds any Collateral Obligation; provided
                                         that, the Sale Proceeds therefrom are used for the purposes specified in Section
                                         9.7 (and applied pursuant to the Priority of Payments).

 

		(k)	Stated
                                         Maturity. Notwithstanding the restrictions of Section 12.1, the Portfolio Manager
                                         shall, no later than the Determination Date for the Stated Maturity, on behalf of the
                                         Issuer, direct the Trustee to sell (and the Trustee shall sell in the manner specified)
                                         for settlement in immediately available funds any Collateral Obligations scheduled to
                                         mature after the Stated Maturity of the Notes and cause the distribution of any proceeds
                                         thereof to the Issuer.

 

		(l)	Covered
                                         Fund. The Portfolio Manager on behalf of the Issuer shall use its commercially reasonable
                                         efforts to effect the sale or other disposition of any Asset (including, but not limited
                                         to, Eligible Investments and Collateral Obligations (other than any Loan)) in a prompt
                                         manner if the Issuer’s continued ownership of such Asset would, in the sole reasonable
                                         judgment of the Portfolio Manager, cause the Issuer to be a “covered fund”
                                         under the Volcker Rule.

 

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		Section
                              12.2.	Purchase
of Additional Collateral Obligations

 

On
any date during the Reinvestment Period, the Portfolio Manager on behalf of the Issuer may, subject to the other requirements
in this Indenture and certain limitations specified in Section 12.2(a), but will not be required to, direct the Trustee to invest
Principal Proceeds, proceeds of additional notes issued pursuant to Sections 2.13 and 3.2, amounts on deposit in the Ramp-Up Account
and Principal Financed Accrued Interest, and the Trustee shall invest such Principal Proceeds and other amounts in accordance
with such direction.

 

		(a)	Investment
                                         Criteria. No obligation may be purchased by the Issuer unless the Portfolio Manager
                                         reasonably believes that the following conditions (the “Investment Criteria”)
                                         are satisfied on a pro forma basis as of the date the Portfolio Manager commits
                                         on behalf of the Issuer to make such purchase, in each case as determined by the Portfolio
                                         Manager after giving effect to the settlement of such purchase and all other sales (or
                                         other dispositions) or purchases previously or simultaneously committed to; provided
                                         that, the conditions set forth in clauses (x)(B), (C) and (D) below need only
                                         be satisfied with respect to purchases of Collateral Obligations occurring on or after
                                         the Effective Date:

 

		(x)	During
the Reinvestment Period:

 

		(A)	such
                                         obligation is a Collateral Obligation;

 

		(B)	if
                                         the commitment to make such purchase occurs on or after the Effective Date (or, in the
                                         case of the Interest Coverage Tests, on or after the Determination Date occurring immediately
                                         prior to the second Payment Date), (1) each Coverage Test will be satisfied, or if not
                                         satisfied, such Coverage Test will be maintained or improved and (2) after giving effect
                                         to such investment, the Weighted Average Leverage Ratio Test will be satisfied or, if
                                         not satisfied, maintained or improved;

 

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		(C)	(1)
                                         in the case of an additional Collateral Obligation purchased with the proceeds from the
                                         sale or other disposition of a Credit Risk Obligation or a Defaulted Obligation, either
                                         (a) the Aggregate Principal Balance of all additional Collateral Obligations purchased
                                         with the proceeds from such disposition will at least equal the Sale Proceeds from such
                                         disposition, (b) the Aggregate Principal Balance of the Collateral Obligations will be
                                         maintained or increased (when compared to the Aggregate Principal Balance of the Collateral
                                         Obligations immediately prior to such disposition), or (c) the Aggregate Principal Balance
                                         of all Collateral Obligations (excluding the Collateral Obligation being sold but including,
                                         without duplication, the Collateral Obligation being purchased and the anticipated Cash
                                         proceeds, if any, of such disposition that are not applied to the purchase of such additional
                                         Collateral Obligation) plus, without duplication, the amounts on deposit in the
                                         Collection Account and the Ramp-Up Account (including Eligible Investments therein) representing
                                         Principal Proceeds, will be equal to or greater than the Reinvestment Target Par Balance
                                         and (2) in the case of any other purchase of additional Collateral Obligations purchased
                                         with the proceeds from the sale or other disposition of a Collateral Obligation, either
                                         (a) the Aggregate Principal Balance of the Collateral Obligations will be maintained
                                         or increased (when compared to the Aggregate Principal Balance of the Collateral Obligations
                                         immediately prior to such disposition) or (b) the Aggregate Principal Balance of all
                                         Collateral Obligations (excluding the Collateral Obligation being sold but including,
                                         without duplication, the Collateral Obligation being purchased and the anticipated Cash
                                         proceeds, if any, of such disposition that are not applied to the purchase of such additional
                                         Collateral Obligation) plus, without duplication, the amounts on deposit in the
                                         Collection Account and the Ramp-Up Account (including Eligible Investments therein) representing
                                         Principal Proceeds, will be (x) maintained or increased or (y) equal to or greater than
                                         the Reinvestment Target Par Balance; and

 

		(D)	other
                                         than in the case of a Bankruptcy Exchange or an Exchange Transaction, either (1) each
                                         requirement or test, as the case may be, of the Concentration Limitations and the Collateral
                                         Quality Test (except, in the case of an additional Collateral Obligation purchased with
                                         the proceeds from the sale or other disposition of a Credit Risk Obligation, a Defaulted
                                         Obligation or an Equity Security, the S&P CDO Monitor Test) will be satisfied or
                                         (2) if any such requirement or test was not satisfied immediately prior to such investment,
                                         such requirement or test will be maintained or improved after giving effect to the investment;

 

provided
that, clauses (B), (C) and (D) above need not be satisfied with respect to one single reinvestment if they are satisfied
on an aggregate basis in connection with a Trading Plan; provided, further, that clause (B) and the Collateral Quality
Test in clause (D) above need not be satisfied with respect to any Purchased Defaulted Obligation or Defaulted Obligation acquired
in a Bankruptcy Exchange.

 

During
the Reinvestment Period, following the sale or other disposition of any Credit Improved Obligation or any discretionary sale or
other discretionary disposition of a Collateral Obligation, the Portfolio Manager shall use its reasonable efforts to purchase
additional Collateral Obligations within 45 Business Days after such disposition; provided that, any such purchase
must comply with the requirements of this Section 12.2.

 

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(y)
       If the Issuer has entered into a written trade ticket or other binding commitment to
purchase a Collateral Obligation during the Reinvestment Period, the settlement date for which is not scheduled to occur prior
to the end of the Reinvestment Period (each such Collateral Obligation, a “Post-Reinvestment Period Settlement Obligation”),
such Post-Reinvestment Period Settlement Obligation shall be treated as having been purchased by the Issuer prior to the end of
the Reinvestment Period for purposes of the Investment Criteria, and Principal Proceeds received during or after the end of the
Reinvestment Period may be applied to the payment of the purchase price of such Collateral Obligation. Not later than the Business
Day immediately preceding the end of the Reinvestment Period, the Portfolio Manager shall deliver to the Trustee a schedule of
Post-Reinvestment Period Settlement Obligations, each of which shall be treated as a purchase made during the Reinvestment Period
for purposes of this Section 12.2, and the Portfolio Manager shall certify to the Trustee (which certification shall be deemed
to be made upon the delivery of such schedule) that sufficient Principal Proceeds are available (including for this purpose, Cash
on deposit in the Collection Account as well as any Principal Proceeds that will be received by the Issuer from the sale of Collateral
Obligations for which the trade date has already occurred but the settlement date has not yet occurred) to effect the settlement
of such Collateral Obligations. The Portfolio Manager agrees to use commercially reasonable efforts to settle the purchase of
any Collateral Obligation no later than 45 Business Days after the trade date of such Collateral Obligation.

 

		(b)	Investment
                                         in Eligible Investments. Cash on deposit in any Account (other than the Payment Account)
                                         may be invested at any time in Eligible Investments in accordance with Article X.

 

		(c)	[Reserved].

 

		(d)	Maturity
                                         Amendment. At any time, the Issuer (or the Portfolio Manager on the Issuer’s
                                         behalf) may not vote in favor of a Maturity Amendment unless, as determined by the Portfolio
                                         Manager, (i) either (A) the Weighted Average Life Test will be satisfied after giving
                                         effect to such Maturity Amendment or (B) if the Weighted Average Life Test was not satisfied
                                         immediately prior to giving effect to such Maturity Amendment, the level of compliance
                                         with the Weighted Average Life Test will be improved or maintained after giving effect
                                         to such Maturity Amendment, in either case after giving effect to any Trading Plan in
                                         effect during the applicable Trading Plan Period and (ii) after giving effect to such
                                         Maturity Amendment, the stated maturity of the Collateral Obligation that is the subject
                                         of such Maturity Amendment is not later than the earliest Stated Maturity of the Notes;
                                         provided that, notwithstanding the foregoing requirements, clause (i) above
                                         (1) is not required to be satisfied if the Issuer (or the Portfolio Manager on behalf
                                         of the Issuer) did not affirmatively vote in favor of such Maturity Amendment and (2)
                                         shall not apply to any Credit Amendment if, (I) immediately after giving effect to such
                                         Credit Amendment, the Aggregate Principal Balance of all Collateral Obligations subject
                                         to a Credit Amendment with the affirmative vote of the Issuer (or the Portfolio Manager
                                         on the Issuer’s behalf) at any time will not exceed 10.0% of the Target Initial
                                         Par Amount or (II) such amendment or modification is in connection with an insolvency,
                                         bankruptcy, reorganization, debt restructuring or workout of the Obligor of such Collateral
                                         Obligation and the Aggregate Principal Balance of all Collateral Obligations that have
                                         been subject to this clause (II) since the Closing Date does not exceed 10.0% of the
                                         Target Initial Par Amount; provided, further, that the Issuer (or the Portfolio
                                         Manager on behalf of the Issuer) may vote in favor of any Maturity Amendment without
                                         regard to clause (i) above so long as the Portfolio Manager intends to sell such Collateral
                                         Obligation within 30 days after the effective date of such Maturity Amendment and reasonably
                                         believes that any such sale will be completed prior to the end of such 30-day period.

 

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		(e)	Notwithstanding
                                         anything in this Indenture to the contrary, as a condition to any purchase of an additional
                                         Collateral Obligation, if the amounts on deposit in the Collection Account (including
                                         Eligible Investments therein) representing Principal Proceeds, after giving effect to
                                         all expected debits and credits in connection with such purchase and all other sales
                                         and purchases (as applicable) previously or simultaneously committed to but which have
                                         not settled, is a negative amount, the absolute value of such amount, as determined by
                                         the Portfolio Manager, may not be greater than 5.0% of the Adjusted Collateral Principal
                                         Amount as of the Measurement Date immediately preceding the trade date for such purchase.

 

		Section
                              12.3.	Conditions
Applicable to All Sale and Purchase Transactions

 

		(a)	Any
                                         transaction effected under this Article XII or Section 10.6 shall be conducted on an
                                         arm’s length basis and, if effected with a Person Affiliated with the Portfolio
                                         Manager (or with an account or portfolio for which the Portfolio Manager or any of its
                                         Affiliates serves as investment adviser), shall be effected in accordance with the requirements
                                         of the Portfolio Management Agreement on terms no less favorable to the Issuer than would
                                         be the case if such Person were not so Affiliated; provided that, in the
                                         case of any Collateral Obligation sold or otherwise transferred to a Person so Affiliated,
                                         the Portfolio Manager shall either obtain (x) bids for such Collateral Obligation from
                                         three unaffiliated loan market participants (or, if the Portfolio Manager is unable to
                                         obtain bids from three such participants, then such lesser number of unaffiliated loan
                                         market participants from which the Portfolio Manager can obtain bids using efforts consistent
                                         with the Portfolio Manager Standard), or (y) if the Portfolio Manager is unable to obtain
                                         any bids for such Collateral Obligation from an unaffiliated loan market participant,
                                         a Valuation of the Collateral Obligation (the highest bid provided by an unaffiliated
                                         loan market participant described in clause (x) or the fair market value established
                                         by the Valuation described in clause (y), the “Applicable Qualified Valuation”),
                                         and such Affiliate shall acquire such Collateral Obligation for a price equal to the
                                         price established by such Applicable Qualified Valuation; provided further that
                                         an aggregate amount of Collateral Obligations not exceeding 15% of the Net Purchased
                                         Loan Balance may be sold or otherwise transferred to the Transferor pursuant hereto at
                                         a price greater than the Applicable Qualified Valuation, but no greater than the Transfer
                                         Deposit Amount with respect to such Collateral Obligation (and to the extent the Transfer
                                         Deposit Amount in respect of such Collateral Obligation exceeds the fair market value
                                         thereof, such excess shall be deemed to be a capital contribution from the Transferor
                                         to the Issuer); provided, further, that the Trustee shall have no responsibility
                                         to oversee compliance with this clause (a) by the other parties.

 

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		(b)	Upon
                                         any acquisition of a Collateral Obligation pursuant to this Article XII, all of the Issuer’s
                                         right, title and interest to the Asset or Assets shall be Assets Granted to the Trustee
                                         pursuant to this Indenture and shall be Delivered to the Trustee. The Trustee shall also
                                         receive, not later than the related Cut-Off Date, an Issuer Order certifying compliance
                                         with the provisions of this Article XII; provided that, such requirement
                                         shall be satisfied and such statements shall be deemed to have been made by the Issuer
                                         in respect of such acquisition by the delivery to the Trustee of a trade ticket or an
                                         Issuer Order in respect thereof.

 

		(c)	Notwithstanding
                                         anything contained in this Article XII to the contrary and without limiting the right
                                         to make any other permitted purchases, sales or other dispositions, the Issuer shall
                                         have the right to effect any sale or other disposition of any Asset or purchase of any
                                         Collateral Obligation (provided, that in the case of a purchase of a Collateral
                                         Obligation, such purchase complies with the applicable requirements of the Portfolio
                                         Management Agreement) and the Transferor shall have the right to exercise any optional
                                         purchase or substitution right (x) with the consent of the Holders evidencing at least
                                         75% of the Aggregate Outstanding Amount of each Class of Notes and (y) of which each
                                         Rating Agency and the Trustee (with a copy to the Portfolio Manager) have been notified.

 

		Section
                              12.4.	Exchange
Transactions

 

		(a)	Notwithstanding
                                         anything to the contrary set forth in Section 12.2, prior to the end of the Reinvestment
                                         Period, a Defaulted Obligation (a “Purchased Defaulted Obligation”)
                                         may be purchased with all or a portion of the Sale Proceeds of another Defaulted Obligation
                                         (an “Exchanged Defaulted Obligation”) (each such exchange referred
                                         to as an “Exchange Transaction”), if:

 

		(i)	when
                                         compared to the Exchanged Defaulted Obligation, the Purchased Defaulted Obligation (A)
                                         is issued by a different Obligor, (B) but for the fact that such debt obligation is a
                                         Defaulted Obligation, such Purchased Defaulted Obligation would otherwise qualify as
                                         a Collateral Obligation and (C) the expected recovery rate of such Purchased Defaulted
                                         Obligation, as determined by the Portfolio Manager in good faith, is no less than the
                                         expected recovery rate of the Exchanged Defaulted Obligation;

 

		(ii)	at
                                         the time of the purchase, (i) the Purchased Defaulted Obligation is no less senior in
                                         right of payment vis-à-vis its related Obligor’s outstanding indebtedness
                                         than the seniority of the Exchanged Defaulted Obligation and (ii) the S&P Rating
                                         and/or Fitch Rating, if any, of the Purchased Defaulted Obligation is the same or better
                                         respective rating (as applicable), if any, of the Exchanged Defaulted Obligation;

 

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		(iii)	after
                                         giving effect to the purchase, (i) each of the Coverage Tests is satisfied and (ii) the
                                         Collateral Principal Amount shall be maintained or improved;

 

		(iv)	after
                                         giving effect to such purchase, the Concentration Limitations will be satisfied or, if
                                         any Concentration Limitation was not satisfied prior to such purchase, such Concentration
                                         Limitation will be maintained or improved;

 

		(v)	the
                                         period for which the Issuer held the Exchanged Defaulted Obligation will be included
                                         for all purposes in this Indenture when determining the period for which the Issuer holds
                                         the Purchased Defaulted Obligation;

 

		(vi)	the
                                         Exchanged Defaulted Obligation was not previously a Purchased Defaulted Obligation acquired
                                         in a transaction pursuant to this Section 12.4; and

 

		(vii)	the
                                         Restricted Trading Period is not in effect; and

 

		(viii)	such
                                         purchase of the Purchased Defaulted Obligation will not, when taken together with all
                                         other Purchased Defaulted Obligations then held by the Issuer, cause the Aggregate Principal
                                         Balance of all of Purchased Defaulted Obligations purchased pursuant to an Exchange Transaction,
                                         measured cumulatively since the Closing Date, to exceed 10.0% of the Target Initial Par
                                         Amount.

 

For
the avoidance of doubt, Exchange Transactions may occur by separate purchase and sale transactions. If, at any time, a Purchased
Defaulted Obligation no longer satisfies the definition of Defaulted Obligation, it shall no longer be considered a Purchased
Defaulted Obligation.

 

		Section
                              12.5.	Optional
Repurchase or Substitution of Collateral Obligations.

 

		(a)	Optional
                                         Substitutions.

 

		(i)	With
                                         respect to any Collateral Obligation as to which a Substitution Event has occurred, subject
                                         to the limitations set forth in this Section 12.5, the Transferor may (but shall not
                                         be obligated to), with the consent of the Portfolio Manager (so long as FS KKR Capital
                                         Corp. is the Portfolio Manager) either (x) convey to the Issuer one or more Collateral
                                         Obligations in exchange for such Collateral Obligation or (y) deposit into the Pending
                                         Deposit Transfer Amount Collection Account the Transfer Deposit Amount with respect to
                                         such Collateral Obligation and then, prior to the expiration of the Substitution Period,
                                         convey to the Issuer one or more Collateral Obligations in exchange for the funds so
                                         deposited or a portion thereof.

 

		(ii)	Any
substitution pursuant to this Section 12.5(a) shall be initiated by delivery of written notice in the form of Exhibit G hereto
(a “Notice of Substitution”) by the Transferor to the Trustee, the Issuer and the Portfolio Manager that the
Transferor intends to substitute a Collateral Obligation pursuant to this Section 12.5(a) and shall be completed prior to the
earliest of: (x) the expiration of 90 days after delivery of such notice; (y) delivery of written notice to the Trustee, the Issuer
and the Portfolio Manager from the Transferor stating that the Transferor does not intend to convey any additional Substitute
Collateral Obligations to the Issuer in exchange for any remaining amounts deposited in the Pending Deposit Transfer Amount Collection
Account under clause (a)(i)(y); or (z) in the case of a Collateral Obligation which has become subject to a Specified Amendment,
the effective date set forth in such Specified Amendment (such period described in clause (ii)(x), (y) or (z), as applicable,
being the “Substitution Period”).

 

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		(iii)	Each
                                         Notice of Substitution shall specify the Collateral Obligation to be substituted, the
                                         reasons for such substitution and the Transfer Deposit Amount with respect to the Collateral
                                         Obligation. On the last day of any Substitution Period, any amounts previously deposited
                                         in accordance with clause (a)(i)(y) above which relate to such Substitution Period that
                                         have not been applied to purchase one or more Substitute Collateral Obligations or to
                                         fund the Revolver Funding Account if necessary shall, at the direction of the Portfolio
                                         Manager, be deemed to constitute Principal Proceeds and such amounts shall be transferred
                                         from the Pending Transfer Deposit Amount Collection Account to the Principal Collection
                                         Account; provided that prior to the expiration of the related Substitution Period
                                         any such amounts shall not be deemed to be Principal Proceeds and shall remain in the
                                         Pending Transfer Deposit Amount Collection Account until applied to acquire Substitute
                                         Collateral Obligations or to fund the Revolver Funding Account if necessary (which amounts
                                         shall be identified by the Portfolio Manager to the Trustee). To the extent any cash
                                         or other property received by the Issuer from the Transferor in connection with a Substitution
                                         Event pursuant to this Section 12.5 exceeds the fair market value of the replaced Collateral
                                         Obligation, such excess shall be deemed a capital contribution from the Transferor to
                                         the Issuer.

 

		(iv)	The
                                         substitution of any Substitute Collateral Obligation will be subject to the satisfaction
                                         of the Substitute Collateral Obligations Qualification Conditions as of the related Cut-Off
                                         Date for each such Collateral Obligation (after giving effect to such substitution).
                                         Upon satisfaction of such conditions, the Portfolio Manager shall instruct the Issuer
                                         and the Trustee in effecting such substitution, including the release of any Transfer
                                         Deposit Amounts in connection therewith.

 

		(v)	Prior
                                         to any substitution of a Collateral Obligation, the Portfolio Manager must provide written
                                         notice thereof to each Rating Agency.

 

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		(b)	Repurchases.
                                         In addition to the right to substitute for any Collateral Obligations that become subject
                                         to a Substitution Event, the Transferor shall have the right, but not the obligation,
                                         to repurchase from the Issuer any such Collateral Obligation subject to the Repurchase
                                         and Substitution Limit. In the event of such a repurchase, the Transferor shall deposit
                                         in the Collection Account an amount equal to the Transfer Deposit Amount for such Collateral
                                         Obligation (or applicable portion thereof) as of the date of such repurchase (with the
                                         portion of the Transfer Deposit Amount representing the outstanding principal balance
                                         of the repurchased Collateral Obligation being deposited into the Principal Collection
                                         Account and the portion of the Transfer Deposit Amount representing accrued interest
                                         being deposited into the Interest Collection Account, regardless of whether such amounts
                                         are deemed to be capital contributions). The Issuer and, at the written direction of
                                         the Issuer, the Trustee shall execute and deliver such instruments, consents or other
                                         documents and perform all acts reasonably requested by the Transferor or by the Portfolio
                                         Manager in order to effect the transfer and release of any of the Issuer’s interests
                                         in the Collateral Obligations (together with the Assets related thereto) that are being
                                         repurchased and the release thereof from the lien of this Indenture. To the extent any
                                         cash or other property received by the Issuer from the Transferor in connection with
                                         such a repurchase exceeds the fair market value of the repurchased Collateral Obligation,
                                         such excess shall be deemed a capital contribution from the Transferor to the Issuer.

 

		(c)	Repurchase
                                         and Substitution Limit. At all times, (i) the Aggregate Principal Balance of all
                                         Substitute Collateral Obligations owned by the Issuer at any time since the Closing Date
                                         plus (ii) the Aggregate Principal Balance related to all Collateral Obligations that
                                         have been repurchased by the Transferor pursuant to its right of optional repurchase
                                         or substitution since the Closing Date and not subsequently applied to purchase a Substitute
                                         Collateral Obligation may not exceed an amount equal to (x) 20% of the Net Purchased
                                         Loan Balance in the aggregate and (y) 10% of the Net Purchased Loan Balance in the case
                                         of Defaulted Obligations or Credit Risk Obligations repurchased following a determination
                                         by the Portfolio Manager that such Collateral Obligation would with the passage of time
                                         become a Defaulted Obligation; provided that clause (ii) above shall not include
                                         (A) the Principal Balance related to any Collateral Obligation that is repurchased by
                                         the Transferor in connection with a proposed Specified Amendment to such Collateral Obligation
                                         so long as (x) the Transferor certifies in writing to the Portfolio Manager and the Trustee
                                         that such purchase is, in the commercially reasonable business judgment of the Transferor,
                                         necessary or advisable in connection with the restructuring of such Collateral Obligation
                                         and such restructuring is expected to result in a Specified Amendment to such Collateral
                                         Obligation, and (y) the Portfolio Manager certifies in writing to the Trustee that the
                                         Portfolio Manager either would not be permitted to or would not elect to enter into such
                                         Specified Amendment pursuant to the Portfolio Manager Standard or any provision of this
                                         Indenture or the Portfolio Management Agreement or (B) the purchase price of any Collateral
                                         Obligations or, for the avoidance of doubt, any Equity Securities sold by and at the
                                         option of the Issuer to the Transferor pursuant to Section 12.1(d) or Section 12.1(g).
                                         The foregoing provisions in this paragraph constitute the “Repurchase and Substitution
                                         Limit.”

 

		(d)	Third
                                         Party Beneficiaries. The Issuer, the Trustee and each Holder agree that the Transferor
                                         shall be a third party beneficiary of this Indenture solely for purposes of this Section
                                         12.5, and shall be entitled to rely upon and enforce such provisions of this Section
                                         12.5 to the same extent as if it were a party hereto.

 

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ARTICLE
XIII

HOLDERS’ RELATIONS

 

		Section
                              13.1.	Subordination

 

		(a)	Anything
                                         in this Indenture or the Notes to the contrary notwithstanding, the Holders of each Class
                                         of Notes that constitute a Junior Class agree for the benefit of the Holders of the Notes
                                         of each Priority Class with respect to such Junior Class that such Junior Class shall
                                         be subordinate and junior to the Notes of each such Priority Class to the extent and
                                         in the manner set forth in this Indenture. If an Enforcement Event has occurred and is
                                         continuing in accordance with Article V, including as a result of an Event of Default
                                         specified in Section 5.1(e) or (f), each Priority Class shall be paid in full in Cash
                                         or, to the extent a Majority of such Class consents, other than in Cash, before any further
                                         payment or distribution of any kind is made on account of any Junior Class with respect
                                         thereto, in accordance with the Special Priority of Payments.

 

		(b)	In
                                         the event that, notwithstanding the provisions of this Indenture, any Holder of Notes
                                         of any Junior Class shall have received any payment or distribution in respect of such
                                         Notes contrary to the provisions of this Indenture, then, unless and until all accrued
                                         and unpaid interest on and outstanding principal of each Priority Class with respect
                                         thereto shall have been paid in full in Cash or, to the extent a Majority of such Priority
                                         Class consents, other than in Cash in accordance with this Indenture, such payment or
                                         distribution shall be received and held in trust for the benefit of, and shall forthwith
                                         be paid over and delivered to, the Trustee, which shall pay and deliver the same to the
                                         Holders of the applicable Priority Class(es) in accordance with this Indenture; provided
                                         that, if any such payment or distribution is made other than in Cash, it shall be
                                         held by the Trustee as part of the Assets and subject in all respects to the provisions
                                         of this Indenture, including this Section 13.1.

 

		(c)	Each
                                         Holder of Notes of any Junior Class agrees with all Holders of the applicable Priority
                                         Classes that such Holder of Junior Class of Notes shall not demand, accept, or receive
                                         any payment or distribution in respect of such Notes in violation of the provisions of
                                         this Indenture including, without limitation, this Section 13.1; provided that,
                                         after all accrued and unpaid interest on and outstanding principal of a Priority Class
                                         has been paid in full, the Holders of the related Junior Class or Classes shall be fully
                                         subrogated to the rights of the Holders of such Priority Class to receive payments or
                                         distributions until all amounts due and payable on the Notes shall be paid in full. Nothing
                                         in this Section 13.1 shall affect the obligation of the Issuer to pay Holders of any
                                         Junior Class of Notes.

 

		(d)	In
                                         the event one or more Holders or beneficial owners of Notes causes a Bankruptcy Filing
                                         against the Issuer in violation of the prohibition described in this Indenture (including
                                         prior to the expiration of the period specified in Section 5.4(d)) (each, a “Filing
                                         Holder”), each such Holder or beneficial owner will be deemed to acknowledge
                                         and agree that (A) any claim that such Filing Holders have against the Issuer (including
                                         under all Notes of any Class held by such Filing Holders) or with respect to any Assets
                                         (including any proceeds thereof) shall, notwithstanding anything to the contrary in the
                                         Priority of Payments and notwithstanding any objection to, or rescission of, such filing,
                                         be fully subordinate in right of payment to the claims of each Holder and beneficial
                                         owner of any Note (and each other secured creditor of the Issuer) that is not a Filing
                                         Holder, with such subordination being effective until each Note held by each Holder or
                                         beneficial owner of any Note (and each claim of each other secured creditor of the Issuer)
                                         that is not a Filing Holder is paid in full in accordance with the Priority of Payments
                                         (after giving effect to such subordination) (B) it will promptly return or cause all
                                         amounts received by it following the filing of such petition to be returned to the Issuer,
                                         and (C) it will take all necessary action to give effect to this agreement. The foregoing
                                         agreement will constitute a “subordination agreement” within the meaning
                                         of Section 510(a) of the Bankruptcy Code (or any successor statute). The Issuer shall
                                         direct the Trustee to segregate payments and take other reasonable steps to effect the
                                         foregoing. The Issuer may obtain and assign a separate CUSIP or CUSIPs to the Notes of
                                         each Class held by such Holder(s).

 

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		Section
                              13.2.	Standard
of Conduct

 

In
exercising any of its or their voting rights, rights to direct and consent or any other rights as a Holder under this Indenture,
a Holder or Holders shall not have any obligation or duty to any Person or to consider or take into account the interests of any
Person and shall not be liable to any Person for any action taken by it or them or at its or their direction or any failure by
it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely
affects any Holder, the Issuer, or any other Person, except for any liability to which such Holder may be subject to the extent
the same results from such Holder’s taking or directing an action, or failing to take or direct an action, in bad faith
or in violation of the express terms of this Indenture.

 

ARTICLE
XIV

MISCELLANEOUS

 

		Section
                              14.1.	Form
of Documents Delivered to Trustee

 

In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any
certificate or opinion of an Officer of the Issuer or the Portfolio Manager may be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel (provided that, such counsel is a nationally or
internationally recognized and reputable law firm one or more of the partners of which are admitted to practice before the highest
court of any State of the United States or the District of Columbia, which law firm may, except as otherwise expressly provided
in this Indenture, be counsel for the Issuer or the Portfolio Manager), unless such Officer knows, or should know that the certificate
or opinion or representations with respect to the matters upon which such certificate or opinion is based are erroneous. Any such
certificate of an Officer of the Issuer or the Portfolio Manager or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Portfolio Manager or any other Person
(on which the Trustee shall also be entitled to rely), unless such Officer of the Issuer or the Portfolio Manager or such counsel
knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may
also be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer of
the Portfolio Manager or the Issuer, unless such counsel knows that the certificate or opinion or representations with respect
to such matters are erroneous.

 

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Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever
in this Indenture it is provided that, the absence of the occurrence and continuation of a Default, Event of Default or Enforcement
Event is a condition precedent to the taking of any action by the Trustee at the request or direction of the Issuer, then notwithstanding
that the satisfaction of such condition is a condition precedent to such Issuer’s right to make such request or direction,
the Trustee shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence
and continuation of such Default, Event of Default or Enforcement Event as provided in Section 6.1(d).

 

		Section
                              14.2.	Acts
of Holders

 

		(a)	Any
                                         request, demand, authorization, direction, notice, consent, waiver or other action provided
                                         by this Indenture to be given or taken by Holders may be embodied in and evidenced by
                                         one or more instruments of substantially similar tenor signed by such Holders in writing
                                         or by an agent duly appointed in writing; and, except as herein otherwise expressly provided,
                                         such action shall become effective when such instrument or instruments are delivered
                                         to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument
                                         or instruments (and the action or actions embodied therein and evidenced thereby) are
                                         herein sometimes referred to as the “Act of Holders” or the “Act”
                                         of a specified percentage of the Holders signing such instrument or instruments. Proof
                                         of execution of any such instrument or of a writing appointing any such agent shall be
                                         sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and
                                         the Issuer, if made in the manner provided in this Section 14.2.

 

		(b)	The
                                         fact and date of the execution by any Person of any such instrument or writing may be
                                         proved in any manner which the Trustee deems sufficient.

 

		(c)	The
                                         principal amount and registered numbers of Notes held by any Person, and the date of
                                         such Person’s holding the same, shall be proved by the Register.

 

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		(d)	Any
                                         request, demand, authorization, direction, notice, consent, waiver or other action by
                                         the Holder of any Notes shall bind the Holder (and any transferee thereof) of such and
                                         of every Note issued upon the registration thereof or in exchange therefor or in lieu
                                         thereof, in respect of anything done, omitted or suffered to be done by the Trustee,
                                         the Issuer in reliance thereon, whether or not notation of such action is made upon such
                                         Note.

 

		Section
                              14.3.	Notices,
etc., to Certain Parties

 

		(a)	Except
                                         as otherwise expressly provided herein, any request, demand, authorization, direction,
                                         order, request, notice, consent or waiver or other documents provided or permitted by
                                         this Indenture to be made upon, given or furnished to, or filed with any of the parties
                                         indicated below shall be sufficient for every purpose hereunder if made, given, furnished
                                         or filed in writing to and mailed, by certified mail, return receipt requested, hand
                                         delivered, sent by overnight courier service guaranteeing next day delivery or by facsimile
                                         or email in legible form at the following address (or at any other address provided in
                                         writing by the relevant party):

 

		(i)	the
                                         Trustee and the Collateral Administrator at the Corporate Trust Office;

 

		(ii)	the
                                         Issuer at c/o FS KKR Capital Corp., 201 Rouse Blvd., Philadelphia, Pennsylvania 19112,
                                         Attention: William Goebel, facsimile no. (215) 339-1931, email: FSIC_Team@fsinvestments.com;
                                         credit.notices@fsinvestments.com; portfolio.finance@fsinvestments.com; 

 

		(iii)	Citigroup
                                         Global Markets Inc., as Initial Purchaser and as Lead Placement Agent, at Citigroup Global
                                         Markets Inc., 390 Greenwich Street, 4th Floor, New York, New York 10013, Attention: Managing
                                         Director, Structured Credit Products Group, or at any other address previously furnished
                                         in writing to the Issuer and the Trustee by Citigroup Global Markets Inc., in its capacity
                                         as Initial Purchaser or as Lead Placement Agent;

 

		(iv)	KKR
                                         Capital Markets LLC, as a Co-Placement Agent, at 9 West 57th Street, 41st
                                         Floor, Suite 4160, New York, New York 10019, or at any other address previously
                                         furnished in writing to the Issuer and the Trustee by KKR Capital Markets LLC;

 

		(v)	GreensLedge
                                         Capital Markets LLC, as a Co-Placement Agent, at 399 Park Ave, 37th Floor, New York,
                                         NY 10022, facsimile no. (212) 792-5270, Attention: CDO Group or at any other address
                                         previously furnished in writing to the Issuer and the Trustee by GreensLedge Capital
                                         Markets LLC;

 

		(vi)	the
                                         Portfolio Manager at FS KKR Capital Corp., 201 Rouse Blvd., Philadelphia, Pennsylvania
                                         19112;

 

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		(vii)	the
                                         Rating Agencies, in accordance with Section 7.20, and promptly thereafter in the case
                                         of (i) S&P, 55 Water Street, 41st Floor, New York, New York, 10041-0003
                                         or by email to CDO_Surveillance@spglobal.com; provided, that (x) in respect of
                                         any request to S&P for a confirmation of its Initial Ratings of each Class of Notes
                                         pursuant to Section 7.18(c), such request must be submitted by email to CDOEffectiveDatePortfolios@spglobal.com,
                                         (y) in respect of any application for a credit estimate by S&P in respect of a Collateral
                                         Obligation, Information must be submitted to creditestimates@spglobal.com and (z) in
                                         respect of any request to S&P relating to the S&P CDO Monitor, such request must
                                         be submitted to CDOMonitor@spglobal.com and (ii) Fitch, (x) in respect of any information
                                         related to a credit opinion or a private rating, by email to uscor.modelbasedco@fitchratings.com
                                         and (y) for all other purposes, by email to cdo.surveillance@fitchratings.com, Attention:
                                         Structured Credit; and

 

		(viii)	The
                                         CLO Information Service at any physical or electronic address provided by the Portfolio
                                         Manager for delivery of any Monthly Report or Distribution Report.

 

		(b)	The
                                         Bank (in each of its capacities) agrees to accept and act upon instructions or directions
                                         pursuant to this Indenture or any other Transaction Document sent by unsecured email,
                                         facsimile transmission or other similar unsecured electronic methods; provided,
                                         however, that any Person providing such instructions or directions shall provide
                                         to the Bank an incumbency certificate listing Authorized Officers designated to provide
                                         such instructions or directions, which incumbency certificate shall be amended whenever
                                         a person is added or deleted from the listing. If such person elects to give the Bank
                                         email or facsimile instructions (or instructions by a similar electronic method) and
                                         the Bank in its discretion elects to act upon such instructions, the Bank’s reasonable
                                         understanding of such instructions shall be deemed controlling. The Bank shall not be
                                         liable for any losses, costs or expenses arising directly or indirectly from the Bank’s
                                         reliance upon and compliance with such instructions notwithstanding such instructions
                                         conflicting with or being inconsistent with a subsequent written instruction. Any person
                                         providing such instructions or directions agrees to assume all risk arising out of the
                                         use of such electronic methods to submit instructions and directions to the Bank, including
                                         without limitation the risk of the Bank acting on unauthorized instructions, and the
                                         risk of interception and misuse by third parties and acknowledges and agrees that there
                                         may be more secure methods of transmitting such instructions than the method(s) selected
                                         by it and agrees that the security procedures (if any) to be followed in connection with
                                         its transmission of such instructions provide to such Person a commercially reasonable
                                         degree of protection in light of its particular needs and circumstances.

 

		(c)	In
                                         the event that any provision in this Indenture calls for any notice or document to be
                                         delivered simultaneously to the Trustee and any other person or entity, the Trustee’s
                                         receipt of such notice or document shall entitle the Trustee to assume that such notice
                                         or document was delivered to such other person or entity unless otherwise expressly specified
                                         herein.

 

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		(d)	Notwithstanding
                                         any provision to the contrary contained herein or in any agreement or document related
                                         thereto, any report, statement or other information required to be provided by the Issuer
                                         or the Trustee may be provided by providing access to the Trustee’s Website containing
                                         such information.

 

		Section
                              14.4.	Notices
to Holders; Waiver

 

		(a)	Except
                                         as otherwise expressly provided herein, where this Indenture provides for notice to Holders
                                         of any event,

 

		(i)	such
                                         notice shall be sufficiently given to Holders if in writing and mailed, first class postage
                                         prepaid, to each Holder affected by such event, at the address of such Holder as it appears
                                         in the Register (or, in the case of Holders of Global Notes, emailed to DTC for distribution
                                         to each Holder affected by such event and posted to the Trustee’s Website), not
                                         earlier than the earliest date and not later than the latest date, prescribed for the
                                         giving of such notice; and

 

		(ii)	such
                                         notice shall be in the English language.

 

Such
notices will be deemed to have been given on the date of such mailing.

 

Where
this Indenture provides for notice to holders of Interests, such notice shall be sufficiently given if in writing and mailed,
first class postage prepaid, or by overnight delivery service to Issuer, or by electronic mail transmission, at the Issuer’s
address pursuant to Section 14.3 hereof with a copy to the Portfolio Manager. The Issuer (or the Portfolio Manager on the Issuer’s
behalf) shall forward all notices received pursuant to the preceding sentence to the holders of Interests. The Issuer (or the
Portfolio Manager on the Issuer’s behalf) shall provide notice and a consent solicitation package to each holder of an Interest
to the extent that such holder’s consent or approval is required hereunder. The Issuer (or the Portfolio Manager on the
Issuer’s behalf) shall provide written notice to the Trustee confirming any such approval or consent or other instructions
obtained from the requisite holders of the Interests.

 

		(b)	Notwithstanding
                                         clause (a) above, a Holder may give the Trustee a written notice that it is requesting
                                         that notices to it be given by email or by facsimile transmissions and stating the email
                                         address or facsimile number for such transmission. Thereafter, the Trustee shall give
                                         notices to such Holder by email or facsimile transmission, as so requested; provided
                                         that, if such notice also requests that notices be given by mail, then such
                                         notice shall also be given by mail in accordance with clause (a) above.

 

		(c)	Subject
                                         to the Trustee’s rights under Section 6.3(d), the Trustee will deliver to the Holders
                                         any information or notice relating to this Indenture in the possession of the Trustee
                                         and requested to be so delivered by at least 25% of the Holders of any Class of Notes
                                         (by Aggregate Outstanding Amount), at the expense of the Issuer; provided that,
                                         nothing herein shall be construed to obligate the Trustee to distribute any notice
                                         that the Trustee reasonably determines to be contrary to the terms of this Indenture
                                         or its duties and obligations hereunder or applicable law. The Trustee may require the
                                         requesting Holders to comply with its standard verification policies in order to confirm
                                         Holder status. For the avoidance of doubt, such information shall not include any Effective
                                         Date Accountants’ AUP Reports or any other Accountants’ Report. The Trustee
                                         shall have no liability for such disclosure or, subject to the duties and responsibilities
                                         of the Trustee set forth in this Indenture, the accuracy thereof.

 

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		(d)	Neither
                                         the failure to provide any notice, nor any defect in any notice so mailed, to any particular
                                         Holder shall affect the sufficiency of such notice with respect to other Holders. In
                                         case by reason of the suspension of regular mail service as a result of a strike, work
                                         stoppage or similar activity or by reason of any other cause it shall be impracticable
                                         to give such notice by mail of any event to Holders when such notice is required to be
                                         given pursuant to any provision of this Indenture, then such notification to Holders
                                         as shall be made with the approval of the Trustee shall constitute a sufficient notification
                                         to such Holders for every purpose hereunder.

 

		(e)	Where
                                         this Indenture provides for notice in any manner, such notice may be waived in writing
                                         by any Person entitled to receive such notice, either before or after the event, and
                                         such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall
                                         be filed with the Trustee but such filing shall not be a condition precedent to the validity
                                         of any action taken in reliance upon such waiver.

 

		(f)	The
                                         Trustee shall provide to the Issuer and the Portfolio Manager upon request any information
                                         with respect to the identity of and contact information for any Holder that it has within
                                         its possession or may obtain without unreasonable effort or expense and, subject to Section
                                         6.1(c), the Trustee shall have no liability for any such disclosure or, subject to the
                                         duties and responsibilities of the Trustee set forth in this Indenture, the accuracy
                                         thereof.

 

		(g)	Notwithstanding
                                         any provision to the contrary in this Indenture or in any agreement or document related
                                         hereto, any information or documents (including, without limitation reports, notices
                                         or supplemental indentures) required to be provided by the Trustee to Persons identified
                                         in this Section 14.4 may be provided by providing notice of and access to the Trustee’s
                                         Website containing such information or document.

 

		Section
                              14.5.	Effect
of Headings and Table of Contents

 

The
Article and Section headings herein (including those used in cross-references herein) and the Table of Contents are for convenience
only and shall not affect the construction hereof.

 

		Section
                              14.6.	Successors
and Assigns

 

All
covenants and agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not.

 

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		Section
                              14.7.	Severability

 

If
any term, provision, covenant or condition of this Indenture or the Notes, or the application thereof to any party hereto or any
circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction),
the remaining terms, provisions, covenants and conditions of this Indenture or the Notes, modified by the deletion of the unenforceable,
invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability,
invalidity, or illegality will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions,
covenants and conditions of this Indenture or the Notes, as the case may be, so long as this Indenture or the Notes, as the case
may be, as so modified continues to express, without material change, the original intentions of the parties as to the subject
matter hereof and the deletion of such portion of this Indenture or the Notes, as the case may be, will not substantially impair
the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise
be conferred upon the parties.

 

		Section
                              14.8.	Benefits
of Indenture

 

Nothing
in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors
hereunder, the Portfolio Manager, the Collateral Administrator, the Holders any benefit or any legal or equitable right, remedy
or claim under this Indenture.

 

		Section
                              14.9.	Legal
Holidays

 

In
the event that the date of any Payment Date, Redemption Date or Stated Maturity shall not be a Business Day, then notwithstanding
any other provision of the Notes or this Indenture, payment need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of any such Payment Date, Redemption Date or Stated
Maturity date, as the case may be, and except as provided in the definition of Interest Accrual Period, no interest shall accrue
on such payment for the period from and after any such nominal date.

 

		Section
                              14.10.	Governing
Law

 

This
Indenture and the Notes shall be construed in accordance with, and this Indenture and the Notes, and any matters arising out of
or relating in any way whatsoever to any of the Notes or this Indenture, shall be governed by, the law of the State of New York.

 

		Section
                              14.11.	Submission
to Jurisdiction

 

With
respect to any suit, action or proceedings relating to this Indenture or any matter between the parties arising under or in connection
with this Indenture (“Proceedings”), to the fullest extent permitted by applicable law, each party irrevocably:
(i) submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York or, if such
court does not have jurisdiction, any court of the State of New York located in New York County in any action or Proceeding arising
out of or relating to this Indenture; provided, that each party hereto consents to the jurisdiction of the courts of Minnesota
for any Proceeding brought by the Trustee under the Minnesota trust instruction procedure statute, (ii) agrees that all claims
in respect of such action or Proceeding may be heard and determined in any such courts and (iii) agrees not to bring any action
or Proceeding arising out of or relating to this Indenture in any other court. Each party hereto waives any defense of inconvenient
forum to the maintenance of any action or Proceeding so brought and waives any bond, surety or other security that might be required
of any other party with respect thereto. Each party agrees that a final, non-appealable judgment in any action or Proceeding so
brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by applicable law.

 

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		Section
                              14.12.	Waiver
of Jury Trial

 

EACH
OF THE ISSUER, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS
CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly
or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it has been induced to enter into this Indenture by, among other things, the mutual waivers and certifications in this paragraph.

 

		Section
                              14.13.	Counterparts

 

This
Indenture and the Notes (and each amendment, modification and waiver in respect of this Indenture or the Notes) may be executed
and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original, and all of which
together constitute one and the same instrument. Delivery of an executed counterpart of this Indenture by email (PDF) or telecopy
shall be effective as delivery of a manually executed counterpart of this Indenture.

 

		Section
                              14.14.	Acts
of Issuer

 

Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or performed
by the Issuer shall be effective if given or performed by the Issuer or by the Portfolio Manager on the Issuer’s behalf.

 

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		Section
                              14.15.	Confidential
Information

 

		(a)	The
                                         Trustee, the Collateral Administrator and each Holder will maintain the confidentiality
                                         of all Confidential Information in accordance with procedures adopted by such Person
                                         in good faith to protect Confidential Information of third parties delivered to such
                                         Person; provided that, such Person may deliver or disclose Confidential
                                         Information: (i) with the prior written consent of the Portfolio Manager, (ii) as required
                                         by law, regulation, court order or the rules, regulations or request or order of any
                                         governmental, judiciary, regulatory or self-regulating organization, body or official
                                         having jurisdiction over such Person, (iii) in conjunction with the transactions described
                                         herein, to its Affiliates, members, partners, officers, directors and employees and to
                                         its attorneys, accountants and other professional advisers (each of whom it has advised
                                         of the confidential nature of the Confidential Information and its obligations to maintain
                                         the confidentiality of the Confidential Information), (iv) such information as may be
                                         necessary or desirable in order for such Person to prepare, publish and distribute to
                                         any Person any information relating to the investment performance of the Assets in the
                                         aggregate, or (v) in connection with the exercise or enforcement of such Person’s
                                         rights hereunder or in any dispute or proceeding related hereto, including defense by
                                         the Trustee or Collateral Administrator of any claim of liability that may be brought
                                         or charged against it. Notwithstanding the foregoing, delivery to any Person (including
                                         Holders) by the Trustee or the Collateral Administrator of any report, notice, document
                                         or other information required or expressly permitted by the terms of this Indenture or
                                         any of the other Transaction Documents to be provided to such Person or Persons, and
                                         delivery to Holders of copies of this Indenture or any of the other Transaction Documents,
                                         shall not be a violation of this Section 14.15. Each Holder agrees, except as set forth
                                         in clause (ii) above, that it shall use the Confidential Information for the sole purpose
                                         of making an investment in the Notes or administering its investment in the Notes; and
                                         that the Trustee and the Collateral Administrator shall neither be required nor authorized
                                         to disclose to Holders any Confidential Information in violation of this Section 14.15.
                                         In the event of any required disclosure of the Confidential Information by such Holder,
                                         such Holder agrees to use reasonable efforts to protect the confidentiality of the Confidential
                                         Information. Each Holder, by its acceptance of a Note, will be deemed to have agreed
                                         to be bound by and to be entitled to the benefits of this Section 14.15.

 

		(b)	For
                                         the purposes of this Section 14.15, “Confidential Information” means
                                         information delivered to the Trustee, the Collateral Administrator or any Holder by or
                                         on behalf of the Issuer in connection with and relating to the transactions contemplated
                                         by or otherwise pursuant to this Indenture; provided that, such term does
                                         not include information that: (i) was publicly known or otherwise known to the Trustee,
                                         the Collateral Administrator or such Holder prior to the time of such disclosure; (ii)
                                         subsequently becomes publicly known through no act or omission by the Trustee, the Collateral
                                         Administrator, any Holder or any person acting on behalf of the Trustee, the Collateral
                                         Administrator or any Holder; (iii) otherwise is known or becomes known to the Trustee,
                                         the Collateral Administrator or any Holder other than (x) through disclosure by the Issuer
                                         or (y) to the knowledge of the Trustee, the Collateral Administrator or a Holder, as
                                         the case may be, in each case after reasonable inquiry, as a result of the breach of
                                         a fiduciary duty to the Issuer or a contractual duty to the Issuer; or (iv) is allowed
                                         to be treated as non-confidential by consent of the Issuer.

 

		(c)	Notwithstanding
                                         the foregoing, (i) each of the Trustee and the Collateral Administrator may disclose
                                         Confidential Information (x) to each Rating Agency and (y) as and to the extent it may
                                         reasonably deem necessary for the performance of its duties hereunder (including the
                                         exercise of remedies pursuant to Article V), including on a confidential basis to its
                                         agents, attorneys and auditors in connection with the performance of its duties hereunder
                                         and the Trustee will provide, upon delivery by a prospective purchaser of an executed
                                         non-disclosure agreement in form approved by the Portfolio Manager in its sole discretion,
                                         copies of this Indenture, the Portfolio Management Agreement, Monthly Reports and Distribution
                                         Reports to a prospective purchaser of an interest in Notes, and (ii) the Issuer may provide
                                         copies of any Monthly Report and any Distribution Report to the CLO Information Service
                                         pursuant to and in accordance with Section 10.7.

 

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		(d)	Notwithstanding
                                         anything to the contrary contained herein, each recipient may disclose to any and all
                                         persons, without limitation of any kind, the U.S. federal, state and local tax treatment
                                         of the Notes and the Issuer, any fact that may be relevant to understanding the U.S.
                                         federal, state and local tax treatment of the Notes and the Issuer, and all materials
                                         of any kind (including opinions or other tax analyses) relating to such U.S. federal,
                                         state and local tax treatment and that may be relevant to understanding such U.S. federal,
                                         state and local tax treatment.

 

ARTICLE
XV

ASSIGNMENT OF PORTFOLIO MANAGEMENT AGREEMENT

 

		Section
                              15.1.	Assignment
of Portfolio Management Agreement

 

		(a)	The
                                         Issuer, in furtherance of the covenants of this Indenture and as security for the Secured
                                         Obligations and the performance and observance of the provisions hereof, hereby assigns,
                                         transfers, conveys and sets over to the Trustee, for the benefit of the Secured Parties,
                                         all of the Issuer’s right, title and interest in, to and under the Portfolio Management
                                         Agreement, including, without limitation, (i) the right to give all notices, consents
                                         and releases thereunder, (ii) the right to give all notices of termination and to take
                                         any legal action upon the breach of an obligation of the Portfolio Manager thereunder,
                                         including the commencement, conduct and consummation of proceedings at law or in equity,
                                         (iii) the right to receive all notices, accountings, consents, releases and statements
                                         thereunder and (iv) the right to do any and all other things whatsoever that the Issuer
                                         is or may be entitled to do thereunder; provided, however, that the Issuer
                                         may exercise any of its rights under the Portfolio Management Agreement without notice
                                         to or the consent of the Trustee (except as otherwise expressly required by this Indenture),
                                         so long as an Event of Default has not occurred and is not continuing. From and after
                                         the occurrence and continuance of an Event of Default, the Portfolio Manager will continue
                                         to perform and be bound by the provisions of the Portfolio Management Agreement and this
                                         Indenture. The Trustee will be entitled to rely and be protected in relying upon all
                                         actions and omissions to act of the Portfolio Manager thereafter as fully as if no Event
                                         of Default had occurred.

 

		(b)	The
                                         assignment made hereby is executed as collateral security, and the execution and delivery
                                         hereof shall not in any way impair or diminish the obligations of the Issuer under the
                                         provisions of the Portfolio Management Agreement, nor shall any of the obligations contained
                                         in the Portfolio Management Agreement be imposed on the Trustee. Upon the retirement
                                         of the Notes and the release of the Assets from the lien of this Indenture, this assignment
                                         and all rights herein assigned to the Trustee shall cease and terminate and all of the
                                         estate, right, title and interest of the Trustee in, to and under the Portfolio Management
                                         Agreement shall revert to the Issuer and no further instrument or act shall be necessary
                                         to evidence such termination and reversion.

 

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		(c)	The
                                         Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the
                                         Portfolio Manager in the Portfolio Management Agreement, to the following:

 

		(i)	The
                                         Portfolio Manager consents to the provisions of this assignment and agrees to perform
                                         any provisions of this Indenture applicable to the Portfolio Manager subject to the terms
                                         of the Portfolio Management Agreement.

 

		(ii)	The
                                         Portfolio Manager acknowledges that the Issuer is assigning all of its right, title and
                                         interest (but none of its obligations) in, to and under the Portfolio Management Agreement
                                         to the Trustee as collateral for the benefit of the Secured Parties.

 

		(iii)	The
                                         Portfolio Manager shall deliver to the Trustee duplicate original copies of all notices,
                                         statements, communications and instruments delivered or required to be delivered to the
                                         Issuer pursuant to the Portfolio Management Agreement.

 

		(iv)	Except
                                         as contemplated under the Portfolio Management Agreement, neither the Issuer nor the
                                         Portfolio Manager will enter into any agreement amending, modifying or terminating the
                                         Portfolio Management Agreement without (x) if the amendment or modification pertains
                                         to a provision of the Portfolio Management Agreement that requires satisfaction of the
                                         Global Rating Agency Condition to effect the action contemplated therein, satisfying
                                         the Global Rating Agency Condition, and (y) otherwise complying with the applicable provisions
                                         of the Portfolio Management Agreement.

 

		(v)	Except
                                         as otherwise set forth herein and therein, the Portfolio Manager shall continue to serve
                                         as Portfolio Manager under the Portfolio Management Agreement notwithstanding that the
                                         Portfolio Manager shall not have received amounts due to it under the Portfolio Management
                                         Agreement because sufficient funds were not then available hereunder to pay such amounts
                                         in accordance with the Priority of Payments. The Portfolio Manager agrees not to cause
                                         the filing of a petition in bankruptcy against the Issuer for the non-payment of the
                                         Management Fees or other amounts payable by the Issuer to the Portfolio Manager under
                                         the Portfolio Management Agreement prior to the date which is one year (or, if longer,
                                         the applicable preference period then in effect) plus one day after the payment in full
                                         of all Notes issued under this Indenture; provided, however, that nothing
                                         in this clause (v) shall preclude, or be deemed to estop, the Portfolio Manager or the
                                         Trustee (A) from taking any action (not inconsistent with the foregoing) prior to the
                                         expiration of the aforementioned one year and one day (or longer) period in (x) any case
                                         or proceeding voluntarily filed or commenced by the Issuer, or (y) any involuntary insolvency
                                         proceeding filed or commenced against the Issuer, by a Person other than the Portfolio
                                         Manager or its Affiliates, or (B) from commencing against the Issuer or any properties
                                         of the Issuer any legal action which is not a bankruptcy, reorganization, arrangement,
                                         insolvency, moratorium or liquidation proceeding.

 

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		(vi)	The
                                         Portfolio Manager irrevocably submits to the non-exclusive jurisdiction of any federal
                                         or New York state court sitting in the Borough of Manhattan in The City of New York in
                                         any action or Proceeding arising out of or relating to the Notes or this Indenture, and
                                         the Portfolio Manager irrevocably agrees that all claims in respect of such action or
                                         Proceeding may be heard and determined in such federal or New York state court. The Portfolio
                                         Manager irrevocably waives, to the fullest extent it may legally do so, the defense of
                                         an inconvenient forum to the maintenance of such action or Proceeding. The Portfolio
                                         Manager irrevocably consents to the service of any and all process in any action or Proceeding
                                         by the mailing or delivery of copies of such process to it at the office of the Portfolio
                                         Manager set forth in Section 14.3. The Portfolio Manager agrees that a final judgment
                                         in any such action or Proceeding shall be conclusive and may be enforced in other jurisdictions
                                         by suit on the judgment or in any other manner provided by law.

 

		(vii)	The
                                         Portfolio Manager agrees that, notwithstanding any other provision of the Portfolio Management
                                         Agreement, the obligations of the Issuer under the Portfolio Management Agreement are
                                         limited recourse obligations of the Issuer payable solely from the Assets at such time
                                         and, following realization thereof and application of the proceeds in accordance with
                                         the Priority of Payments or otherwise as described in this Indenture, any remaining claims
                                         against the Issuer shall be extinguished and shall not thereafter revive.

 

		Section
                              15.2.	Standard
of Care Applicable to the Portfolio Manager

 

For
the avoidance of doubt, the standard of care set forth in the Portfolio Management Agreement shall apply to the Portfolio Manager
with respect to those provisions of this Indenture applicable to the Portfolio Manager.

 

-
signature page follows –

 

    241 

    

    

 

IN
WITNESS WHEREOF, we have set our hands as of the day and year first written above.

 

	 	FS KKR MM CLO 1 LLC,	 
	 	as Issuer	 
	 	 	 	 
	 	By:	 FS KKR Capital Corp.,	 
	 	 	its designated manager	 
	 	 	 	 
	 	By:	 /s/ Stephen S. Sypherd	 
	 	 	Name: Stephen S. Sypherd	 
	 	 	Title:   Secretary	 

 

[Signatures
continue on the following page.]

 

     

    

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,	 
	 	as Trustee	 
	 	 	 	 
	 	By:	 /s/ Elaine P. Mah	 
	 	 	Name: Elaine P. Mah	 
	 	 	Title:   Senior Vice President	 

 

FS
KKR MM CLO 1

Indenture

 

     

    

    

 

Schedule
1

 

Schedule
of Collateral Obligations

 

     

    

    

 

Schedule
2

 

S&P
Industry Classifications

 

	Asset
    Type 

    Code	Asset
    Type Description
	1020000	Energy
    Equipment and Services
	1030000	Oil,
    Gas and Consumable Fuels
	1033403	Mortgage
    Real Estate Investment Trusts (REITs)
	2020000	Chemicals
	2030000	Construction
    Materials
	2040000	Containers
    and Packaging
	2050000	Metals
    and Mining
	2060000	Paper
    and Forest Products
	3020000	Aerospace
    and Defense
	3030000	Building
    Products 
	3040000	Construction
    & Engineering
	3050000	Electrical
    Equipment
	3060000	Industrial
    Conglomerates
	3070000	Machinery
	3080000	Trading
    Companies and Distributors
	3110000	Commercial
    Services and Supplies
	3210000	Air
    Freight and Logistics
	3220000	Airlines
	3230000	Marine
	3240000	Road
    and Rail
	3250000	Transportation
    Infrastructure
	4011000	Auto
    Components
	4020000	Automobiles
	4110000	Household
    Durables
	4120000	Leisure
    Products
	4130000	Textiles,
    Apparel and Luxury Goods
	4210000	Hotels,
    Restaurants and Leisure
	4300001	Entertainment
	4300002	Interactive
    Media and Services
	4310000	Media
	4410000	Distributors
	4420000	Internet
    and Direct Marketing Retail
	4430000	Multiline
    Retail
	4440000	Specialty
    Retail
	5020000	Food
    and Staples Retailing
	5110000	Beverages
	5120000	Food
    Products

 

     

    

    

 

	Asset
    Type 

    Code	Asset
    Type Description
	5130000	Tobacco
	5210000	Household
    Products
	5220000	Personal
    Products
	6020000	Healthcare
    Equipment and Supplies
	6030000	Healthcare
    Providers and Services
	6110000	Biotechnology
	6120000	Pharmaceuticals
	7011000	Banks
	7020000	Thrifts
    and Mortgage Finance
	7110000	Diversified
    Financial Services
	7120000	Consumer
    Finance
	7130000	Capital
    Markets
	7210000	Insurance
	7310000	Real
    Estate Management and Development
	7311000	Equity
    Real Estate Investment Trusts (REITs)
	8030000	IT
    Services
	8040000	Software
	8110000	Communications
    Equipment
	8120000	Technology
    Hardware, Storage and Peripherals
	8130000	Electronic
    Equipment, Instruments and Components
	8210000	Semiconductors
    and Semiconductor Equipment
	9020000	Diversified
    Telecommunication Services
	9030000	Wireless
    Telecommunication Services
	9520000	Electric
    Utilities
	9530000	Gas
    Utilities
	9540000	Multi-Utilities
	9550000	Water
    Utilities
	9551701	Diversified
    Consumer Services
	9551702	Independent
    Power and Renewable Electricity Producers
	9551727	Life
    Sciences Tools & Services
	9551729	Health
    Care Technology
	9612010	Professional
    Services

 

	PROJECT
    FINANCE
	Asset
    Type 	Description
	PF1	Project
    finance: Industrial equipment
	PF2	Project
    finance: Leisure and gaming
	PF3	Project
    finance: Natural resources and mining
	PF4	Project
    finance: Oil and gas

 

    Schedule 2-2

    

    

 

	PROJECT
    FINANCE
	Asset
    Type 	Description
	PF5	Project
    finance: Power
	PF6	Project
    finance: Public finance and real estate
	PF7	Project
    finance: Telecommunications
	PF8	Project
    finance: Transport

 

    Schedule 2-3

    

    

 

Schedule
3

 

S&P
CDO Monitor Test Definitions

 

As
used for purposes of the S&P CDO Monitor Test, the following terms shall have the meanings set forth below:

 

“S&P
CDO Monitor Adjusted BDR”: The threshold value for the S&P CDO Monitor Test, calculated as a percentage by adjusting
the S&P CDO Monitor BDR for changes in the Principal Balance of the Collateral Obligations relative to the Target Initial
Par Amount as follows:

 

S&P
CDO Monitor BDR * (OP / NP) + (NP - OP) / (NP * (1 – S&P Weighted Average Recovery Rate)), where OP = Target Initial
Par Amount; NP = the sum of the aggregate principal balances of the Collateral Obligations with an S&P Rating of “CCC-”
or higher, Principal Proceeds, plus the sum of the lower of S&P Recovery Amount or the Market Value of each
obligation with an S&P Rating below “CCC-”.

 

“S&P
CDO Monitor BDR”: The value calculated using the following formula relating to the Issuer’s portfolio: C0 + (C1
* Weighted Average Floating Spread) + (C2 * S&P Weighted Average Recovery Rate), where: C0= 0.075778, C1= 2.702223 and C2=
1.377197.

 

“S&P
CDO Monitor SDR”: The percentage derived from the following equation: 0.329915 + (1.210322 * EPDR) – (0.586627
* DRD) + (2.538684 /ODM) + (0.216729 / IDM) + (0.0575539 / RDM) – (0.0136662 * WAL), where EPDR is the S&P Expected
Portfolio Default Rate; DRD is the S&P Default Rate Dispersion; ODM is the S&P Obligor Diversity Measure; IDM is the S&P
Industry Diversity Measure; RDM is the S&P Regional Diversity Measure; and WAL is the S&P Weighted Average Life.

 

“S&P
Default Rate”: With respect to all Collateral Obligations with an S&P Rating of “CCC-” or higher, the
default rate determined in accordance with S&P’s default rate table (see “CDO Evaluator 7.2 Parameters Required
to Calculate S&P Global Ratings Portfolio Benchmarks,” or such other published table by S&P that the Portfolio Manager
provides to the Collateral Administrator) using such Collateral Obligation’s S&P Rating and the number of years to maturity
(determined using linear interpolation if the number of years to maturity is not an integer).

 

“S&P
Default Rate Dispersion”: With respect to all Collateral Obligations with an S&P Rating of “CCC-” or
higher, (A) the sum of the product of (i) the Principal Balance of each such Collateral Obligation and (ii) the absolute value
of (x) the S&P Default Rate minus (y) the S&P Expected Portfolio Default Rate divided by (B) the Aggregate
Principal Balance for all such Collateral Obligations.

 

“S&P
Effective Date Adjustments”: In connection with determining whether the S&P CDO Monitor Test is satisfied in connection
with the Effective Date, the following adjustments shall apply: (i) in calculating the Weighted Average Floating Spread, the Aggregate
Funded Spread will be calculated by assuming that any Floating Rate Obligation that has a LIBOR floor bears interest at a rate
equal to the stated interest rate spread over the Libor interbank offered rate based index for such Floating Rate Obligation and
(ii) in calculating the S&P CDO Monitor Adjusted BDR, the Collateral Principal Amount will exclude Principal Proceeds on deposit
in the Ramp-Up Account and the Collection Account permitted to be designated as Interest Proceeds prior to the second Payment
Date.

 

     

    

    

 

“S&P
Expected Portfolio Default Rate”: With respect to all Collateral Obligations with an S&P Rating of “CCC-”
or higher, (i) the sum of the product of (x) the Principal Balance of each such Collateral Obligation and (y) the S&P
Default Rate divided by (ii) the Aggregate Principal Balance for all such Collateral Obligations.

 

“S&P
Industry Diversity Measure”: A measure calculated by determining the Aggregate Principal Balance of the Collateral Obligations
(with an S&P Rating of “CCC-” or higher) within each S&P Industry Classification in the portfolio, then dividing
each of these amounts by the Aggregate Principal Balance of the Collateral Obligations (with an S&P Rating of “CCC-”
or higher) from all the S&P Industry Classifications in the portfolio, squaring the result for each industry, then
taking the reciprocal of the sum of these squares.

 

“S&P
Obligor Diversity Measure”: A measure calculated by determining the Aggregate Principal Balance of the Collateral Obligations
(with an S&P Rating of “CCC-” or higher) from each obligor and its affiliates, then dividing each such
Aggregate Principal Balance by the Aggregate Principal Balance of Collateral Obligations (with an S&P Rating of “CCC-”
or higher) from all the obligors in the portfolio, then squaring the result for each obligor, then taking the reciprocal
of the sum of these squares.

 

“S&P
Regional Diversity Measure”: A measure calculated by determining the Aggregate Principal Balance of the Collateral Obligations
(with an S&P Rating of “CCC-” or higher) within each S&P region set forth in S&P’s regions and associated
countries table (see “CDO Evaluator 7.2 Parameters Required to Calculate S&P Global Ratings Portfolio Benchmarks,”
or such other published table by S&P that the Portfolio Manager provides to the Collateral Administrator), then dividing
each of these amounts by the Aggregate Principal Balance of the Collateral Obligations (with an S&P Rating of “CCC-”
or higher) from all S&P regions in the portfolio, squaring the result for each region, then taking the reciprocal of
the sum of these squares.

 

“S&P
Weighted Average Life”: On any date of determination, a number calculated by determining the number of years between
the current date and the maturity date of each Collateral Obligation (with an S&P Rating of “CCC-”or higher),
multiplying each Collateral Obligation’s Principal Balance by its number of years, summing the results of
all Collateral Obligations in the portfolio, and dividing such amount by the Aggregate Principal Balance of all Collateral
Obligations (with an S&P Rating of “CCC-” or higher).

 

    Schedule 3-2

    

    

 

Schedule
4

 

Moody’s
Rating Definitions

 

“CFR”:
For purposes of this Schedule 4, with respect to an obligor of a Collateral Obligation, if such obligor has a corporate family
rating (including pursuant to a Moody’s Credit Estimate) by Moody’s, then such corporate family rating; provided
that, if such obligor does not have a corporate family rating by Moody’s but any entity in the obligor’s corporate
family does have a corporate family rating, then the CFR is such corporate family rating.

 

“Moody’s
Credit Estimate”: With respect to any Collateral Obligation as of any date of determination, an estimated credit rating
for such Collateral Obligation provided or confirmed by Moody’s in the previous 15 months; provided that, (a) if
Moody’s has been requested by the Issuer, the Portfolio Manager or the issuer or obligor of such Collateral Obligation to
assign or renew an estimate with respect to such Collateral Obligation but such rating estimate has not been received, pending
receipt of such estimate, the Moody’s Rating or Moody’s Default Probability Rating of such Collateral Obligation will
be (1) “B3” if the Portfolio Manager certifies to the Trustee and the Collateral Administrator that the Portfolio
Manager believes (such belief not to be called into question as a result of subsequent events) that such estimate will be at least
“B3” and if the Aggregate Principal Balance of all Collateral Obligations determined pursuant to this clause (1) does
not exceed 5% of the Collateral Principal Amount or (b) otherwise, with respect to a Collateral Obligation’s credit estimate
which has not been renewed, the Moody’s Credit Estimate will be (1) longer than 12 months but not beyond 15 months of issuance,
one subcategory lower than the estimated rating and (2) after 15 months of issuance, “Caa3”.

 

“Moody’s
Default Probability Rating”: With respect to a Collateral Obligation:

 

		(a)	if
                                         the Obligor of such Collateral Obligation has a CFR (including pursuant to a Moody’s
                                         Credit Estimate), then such CFR;

 

		(b)	if
                                         not determined pursuant to clause (a) above, if the Obligor of such Collateral Obligation
                                         has one or more senior unsecured obligations publicly rated by Moody’s, then the
                                         Moody’s public rating on any such senior unsecured obligation;

 

		(c)	if
                                         not determined pursuant to clause (a) or (b) above, if the Obligor of such Collateral
                                         Obligation has one or more senior secured obligations publicly rated by Moody’s,
                                         then the Moody’s rating that is one subcategory lower than the Moody’s public
                                         rating on any such senior secured obligation;

 

		(d)	if
                                         not determined pursuant to clause (a), (b) or (c) above, the Portfolio Manager may elect
                                         to use a Moody’s Credit Estimate;

 

		(e)	if
                                         not determined pursuant to clause (a), (b), (c) or (d) above and at the election of the
                                         Portfolio Manager, the Moody’s Derived Rating, if any; or

 

		(f)	if
                                         not determined pursuant to any of clauses (a), (b), (c), (d) or (e) above, the Collateral
                                         Obligation will be deemed to have a Moody’s Default Probability Rating of “Caa3”.

 

     

    

    

 

With
respect to a DIP Collateral Obligation, the rating which is one subcategory below the facility rating (whether public or private)
of such DIP Collateral Obligation rated by Moody’s (provided that, if a point-in-time rating as assigned by
Moody’s within the last 12 months from the date of determination, then the Moody’s Default Probability Rating will
be such point-in-time rating).

 

For
purposes of calculating a Moody’s Default Probability Rating, each applicable rating on credit watch by Moody’s with
positive or negative implication at the time of calculation will be treated as having been upgraded or downgraded by one rating
subcategory, as the case may be.

 

“Moody’s
Derived Rating”: With respect to a Collateral Obligation whose Moody’s Rating or Moody’s Default Probability
Rating cannot otherwise be determined pursuant to the definitions thereof, such Moody’s Rating or Moody’s Default
Probability Rating shall be determined as set forth below:

 

		(a)	With
                                         respect to any DIP Collateral Obligation, one subcategory below the facility rating (whether
                                         public or private) of such DIP Collateral Obligation rated by Moody’s.

 

		(b)	If
                                         not determined pursuant to clause (a) above, then by using any one of the methods provided
                                         below:

 

		(i)	(A) pursuant
                                         to the table below:

 

	Type
    of Collateral 

    Obligation	S&P
    Rating 

    (Public and 

    Monitored)	Collateral
    Obligation Rated 

    by S&P	Number
    of Subcategories 

    Relative to Moody’s 

    Equivalent of S&P Rating
	Not
    Structured Finance 

    Obligation	≥
    “BBB-”	Not
    a Loan or Participation 

    Interest in Loan	-1
	Not
    Structured Finance 

    Obligation	≤
    “BB+”	Not
    a Loan or Participation 

    Interest in Loan	-2
	Not
    Structured Finance 

    Obligation	 	Loan
    or Participation Interest 

    in Loan	-2

 

		(B)	if
                                         such Collateral Obligation is not rated by S&P but another security or obligation
                                         of the Obligor has a public and monitored rating by S&P (a “parallel security”),
                                         then the rating of such parallel security will at the election of the Portfolio Manager
                                         be determined in accordance with the table set forth in subclause (b)(i)(A) above, and
                                         the Moody’s Derived Rating for purposes of clauses (b)(iv) or (c)(iv) of the definition
                                         of Moody’s Rating or clause (e) of the definition of Moody’s Default Probability
                                         Rating (as applicable) of such Collateral Obligation will be determined in accordance
                                         with the methodology set forth in the following table (for such purposes treating the
                                         parallel security as if it were rated by Moody’s at the rating determined pursuant
                                         to this subclause (b)(i)(B));

 

    Schedule 4-2

    

    

 

	Obligation
    Category of 

    Rated Obligation	Rating
    of Rated Obligation	Number
    of Subcategories 

    Relative to Rated Obligation 

    Rating
	Senior
    secured obligation	≥
    B2	-1
	Senior
    secured obligation	<
    B2	-2
	Subordinated
    obligation	≥
    B3	+1
	Subordinated
    obligation	<
    B3	0

 

		(C)	if
                                         such Collateral Obligation is a DIP Collateral Obligation, no Moody’s Derived Rating
                                         may be determined based on a rating by S&P or any other rating agency; or

 

		(ii)	if
                                         such Collateral Obligation is not rated by Moody’s or S&P and no other security
                                         or obligation of the issuer of such Collateral Obligation is rated by Moody’s or
                                         S&P, and if Moody’s has been requested by the Issuer, the Portfolio Manager
                                         or the issuer of such Collateral Obligation to assign a rating or rating estimate with
                                         respect to such Collateral Obligation but such rating or rating estimate has not been
                                         received, pending receipt of such estimate, the Moody’s Derived Rating for purposes
                                         of clauses (b)(iv) or (c)(iv) of the definition of Moody’s Rating or clause (e)
                                         of the definition of Moody’s Default Probability Rating (as applicable) of such
                                         Collateral Obligation shall be (1) “B3” if the Portfolio Manager certifies
                                         to the Trustee and the Collateral Administrator that the Portfolio Manager believes (such
                                         belief not to be called into question as a result of subsequent events) that such estimate
                                         will be at least “B3” and if the Aggregate Principal Balance of Collateral
                                         Obligations determined pursuant to this clause (ii) does not exceed 5% of the Collateral
                                         Principal Amount of all Collateral Obligations or (2) otherwise, “Caa1.”

 

For
purposes of calculating a Moody’s Derived Rating, each applicable rating on credit watch by Moody’s with positive
or negative implication at the time of calculation will be treated as having been upgraded or downgraded by one rating subcategory,
as the case may be.

 

“Moody’s
Rating”: With respect to any Collateral Obligation, as of any date of determination, the rating determined in accordance
with the following methodology:

 

		(a)	If
                                         a rating or rating estimate has been assigned to such Collateral Obligation by Moody’s
                                         upon the request of the Issuer, the Portfolio Manager, or an affiliate of the Portfolio
                                         Manager pursuant to the proviso in clause (d) of Moody’s Default Probability Rating,
                                         then such rating.

 

		(b)	With
                                         respect to a Collateral Obligation that is a Senior Secured Loan:

 

    Schedule 4-3

    

    

 

		(i)	if
                                         such Collateral Obligation is publicly rated by Moody’s, such public rating;

 

		(ii)	if
                                         not determined pursuant to clause (b)(i) above, if the Obligor of such Collateral Obligation
                                         has a CFR, then the Moody’s rating that is one subcategory higher than such CFR;

 

		(iii)	if
                                         not determined pursuant to clause (b)(i) or (b)(ii) above, if the Obligor of such Collateral
                                         Obligation has one or more senior unsecured obligations publicly rated by Moody’s,
                                         then the Moody’s public rating that is two subcategories higher than the Moody’s
                                         public rating on any such senior unsecured obligation; or

 

		(iv)	if
                                         not determined pursuant to clause (b)(i), (b)(ii) or (b)(iii) above, the Moody’s
                                         Derived Rating.

 

		(c)	With
                                         respect to a Collateral Obligation that is not a Senior Secured Loan:

 

		(i)	if
                                         such Collateral Obligation is publicly rated by Moody’s, such public rating;

 

		(ii)	if
                                         not determined pursuant to clause (c)(i) above, if the Obligor of such Collateral Obligation
                                         has one or more senior unsecured obligations publicly rated by Moody’s, then the
                                         Moody’s public rating on any such senior unsecured obligation;

 

		(iii)	if
                                         not determined pursuant to clause (c)(i) or (c)(ii) above, if the Obligor of such Collateral
                                         Obligation has a CFR by Moody’s, then the Moody’s rating that is one subcategory
                                         lower than such CFR; or

 

		(iv)	if
                                         not determined pursuant to clause (c)(i), (c)(ii) or (c)(iii) above, the Moody’s
                                         Derived Rating.

 

For
purposes of calculating a Moody’s Rating, each applicable rating on credit watch by Moody’s with positive or negative
implication at the time of calculation will be treated as having been upgraded or downgraded by one rating subcategory, as the
case may be.

 

    Schedule 4-4

    

    

 

Schedule
5

 

FITCH
RATING DEFINITIONS

 

“Fitch
Rating”: As of any date of determination, the Fitch Rating of any Collateral Obligation will be determined as follows:

 

(a)       if
Fitch has issued an issuer default rating or credit opinion with respect to the issuer of such Collateral Obligation, or the guarantor
which unconditionally and irrevocably guarantees such Collateral Obligation, then the Fitch Rating will be such issuer default
rating (regardless of whether there is a published rating by Fitch on the Collateral Obligations of such issuer held by the Issuer);

 

(b)       if
Fitch has not issued an issuer default rating or a credit opinion with respect to the issuer or guarantor of such Collateral Obligation
but Fitch has issued an outstanding long-term financial strength rating with respect to such issuer, the Fitch Rating of such
Collateral Obligation will be one subcategory below such rating;

 

(c)       subject
to the proviso below, if a Fitch Rating cannot be determined pursuant to clause (a) or (b), but:

 

(i)          Fitch
has issued a senior unsecured rating on any obligation or security of the issuer of such Collateral Obligation, then the Fitch
Rating of such Collateral Obligation will equal such rating; or

 

(ii)        Fitch
has not issued a senior unsecured rating on any obligation or security of the issuer of such Collateral Obligation but Fitch has
issued a senior rating, senior secured rating or a subordinated secured rating on any obligation or security of the issuer of
such Collateral Obligation, then the Fitch Rating of such Collateral Obligation will (x) equal such rating if such rating is “BBB-”
or higher and (y) be one subcategory below such rating if such rating is “BB+” or lower; or

 

(iii)       Fitch
has not issued a senior unsecured rating or a senior rating, senior secured rating or a subordinated secured rating on any obligation
or security of the issuer of such Collateral Obligation but Fitch has issued a subordinated, junior subordinated or senior subordinated
rating on any obligation or security of the issuer of such Collateral Obligation, then the Fitch Rating of such Collateral Obligation
will be (x) one subcategory above such rating if such rating is “B+” or higher and (y) two subcategories above such
rating if such rating is “B” or lower;

 

(d)       subject
to the proviso below, if a Fitch Rating cannot be determined pursuant to clause (a), (b) or (c) and:

 

     

    

    

 

(i)         Moody’s
has issued a publicly available CFR for the issuer of such Collateral Obligation, then, subject to subclause (viii) below, the
Fitch Rating of such Collateral Obligation will be the Fitch equivalent of such Moody’s rating;

 

(ii)        Moody’s
has not issued a publicly available CFR for the issuer of such Collateral Obligation but has issued a long-term issuer rating
for such issuer that is publicly available, then, subject to subclause (viii) below, the Fitch Rating of such Collateral Obligation
will be the Fitch equivalent of such Moody’s rating;

 

(iii)       Moody’s
has not issued a publicly available CFR for the issuer of such Collateral Obligation but Moody’s has issued an outstanding
insurance financial strength rating for such issuer that is publicly available, then, subject to subclause (viii) below, the Fitch
Rating of such Collateral Obligation will be one subcategory below the Fitch equivalent of such Moody’s rating;

 

(iv)       Moody’s
has not issued a publicly available CFR for the issuer of such Collateral Obligation but has issued outstanding corporate issue
ratings for such issuer that is publicly available, then, subject to subclause (viii) below, the Fitch Rating of such Collateral
Obligation will be (x) if such corporate issue rating relates to senior unsecured obligations of such issuer, the Fitch equivalent
of the Moody’s rating for such issue, if there is no such corporate issue ratings relating to senior unsecured obligations
of the issuer that is publicly available then (y) if such corporate issue rating relates to senior, senior secured or subordinated
secured obligations of such issuer, (1) one subcategory below the Fitch equivalent of such Moody’s rating if such obligations
are rated “Ba1” or above or “Ca” by Moody’s or (2) two subcategories below the Fitch equivalent
of such Moody’s rating if such obligations are rated “Ba2” or below but above “Ca” by Moody’s,
or if there is no such corporate issue ratings relating to senior unsecured, senior, senior secured or subordinated secured obligations
of the issuer that is publicly available then (z) if such corporate issue rating relates to subordinated, junior subordinated
or senior subordinated obligations of such issuer, (1) one subcategory above the Fitch equivalent of such Moody’s rating
if such obligations are rated “B1” or above by Moody’s or (2) two subcategories above the Fitch equivalent of
such Moody’s rating if such obligations are rated “B2” or below by Moody’s;

 

(v)        S&P
has issued a publicly available issuer credit rating for the issuer of such Collateral Obligation, then, subject to subclause
(viii) below, the Fitch Rating of such Collateral Obligation will be the Fitch equivalent of such S&P rating;

 

(vi)       S&P
has not issued a publicly available issuer credit rating for the issuer of such Collateral Obligation but S&P has issued an
outstanding insurance financial strength rating for such issuer that is publicly available, then, subject to subclause (viii)
below, the Fitch Rating of such Collateral Obligation will be one subcategory below the Fitch equivalent of such S&P rating;

 

    Schedule 5-2

    

    

 

(vii)       S&P
has not issued a publicly available issuer credit rating for the issuer of such Collateral Obligation but has issued outstanding
corporate issue ratings for such issuer that is publicly available, then, subject to subclause (viii) below, the Fitch Rating
of such Collateral Obligation will be (x) if such corporate issue rating relates to senior unsecured obligations of such issuer,
the Fitch equivalent of the S&P rating for such issue, if there is no such corporate issue ratings relating to senior unsecured
obligations of the issuer that is publicly available then (y) if such corporate issue rating relates to senior, senior secured
or subordinated secured obligations of such issuer, (1) the Fitch equivalent of such S&P rating if such obligations are rated
“BBB-” or above by S&P or (2) one subcategory below the Fitch equivalent of such S&P rating if such obligations
are rated “BB+” or below by S&P, or if there is no such corporate issue ratings relating to senior unsecured,
senior, senior secured or subordinated secured obligations of the issuer that is publicly available then (z) if such corporate
issue rating relates to subordinated, junior subordinated or senior subordinated obligations of such issuer, (1) one subcategory
above the Fitch equivalent of such S&P rating if such obligations are rated “B+” or above by S&P or (2) two
subcategories above the Fitch equivalent of such S&P rating if such obligations are rated “B” or below by S&P;
and

 

(viii)       both
Moody’s and S&P provide a public rating of the issuer of such Collateral Obligation or a corporate issue of such issuer,
then the Fitch Rating will be the lowest of the Fitch Ratings determined pursuant to any of the subclauses of this clause (d);
and

 

(e)       if
a rating cannot be determined pursuant to clauses (a) through (d) then, (i) at the discretion of the Portfolio Manager, the Portfolio
Manager on behalf of the Issuer may apply to Fitch for a Fitch credit opinion, and the issuer default rating provided in connection
with such credit opinion will then be the Fitch Rating, or (ii) the Issuer may assign a Fitch Rating of “CCC” or lower
to such Collateral Obligation which is not in default;

 

provided
that, on the Closing Date, if any rating described above is (i) on rating watch negative or negative credit watch,
the rating will be the Fitch Rating as determined above adjusted down by one subcategory or (ii) on rating watch positive or positive
credit watch or outlook negative, the rating will not be adjusted; provided, further, that after the Closing Date,
if any rating described above is on rating watch negative or negative credit watch, the rating will be adjusted down by one subcategory;
provided, further, that the Fitch Rating may be updated by Fitch from time to time as indicated in the “CLOs
and Corporate CDOs Rating Criteria” report issued by Fitch and available at www.fitchratings.com.
For the avoidance of doubt, the Fitch Rating takes into account adjustments for assets that are on rating watch negative
or negative credit watch prior to determining the issue rating and/or in the determination of the lower of the Moody’s and
S&P public ratings.

 

    Schedule 5-3

    

    

 

Fitch
Equivalent Ratings

 

	Fitch
    Rating	Moody’s
    rating	S&P
    rating
	AAA	Aaa	AAA
	AA+	Aa1	AA+
	AA	Aa2	AA
	AA-	Aa3	AA-
	A+	A1	A+
	A	A2	A
	A-	A3	A-
	BBB+	Baa1	BBB+
	BBB	Baa2	BBB
	BBB-	Baa3	BBB-
	BB+	Ba1	BB+
	BB	Ba2	BB
	BB-	Ba3	BB-
	B+	B1	B+
	B	B2	B
	B-	B3	B-
	CCC+	Caa1	CCC+
	CCC	Caa2	CCC
	CCC-	Caa3	CCC-
	CC	Ca	CC
	C	C	C

 

Fitch
IDR Equivalency Map from Corporate Ratings

 

	Rating
    Type	Rating
    Agency(s)	Issue
    Rating	Mapping
    Rule
	Corporate
    Family Rating LT Issuer Rating	Moody’s	N/A	0
	Issuer
    Credit Rating	S&P	N/A	0
	Senior
    unsecured	Fitch,
    Moody’s, S&P	Any	0
	Senior,
    Senior secured or Subordinated secured	Fitch,
    S&P	“BBB-“
    or above	0
	Fitch,
    S&P	“BB+”
    or below	-1
	Moody’s	“Ba1”
    or above	-1
	Moody’s	“Ba2”
    or below	-2
	Moody’s	“Ca”	-1
	Subordinated,
    Junior subordinated or Senior subordinated	Fitch,
    Moody’s, S&P	“B+”,
    “B1” or above	1
	Fitch,
    Moody’s, S&P	“B”,
    “B2” or below	2

 

    Schedule 5-4

    

    

 

The
following steps are used to calculate the Fitch IDR equivalent ratings:

 

		1	Public
                                         or private Fitch-issued IDR or Fitch credit opinion.

 

		2	If
                                         Fitch has not issued an IDR, but has an outstanding Long-Term Financial Strength Rating,
                                         then the IDR equivalent is one rating lower.

 

		3	If
                                         Fitch has not issued an IDR, but has outstanding corporate issue ratings, then the IDR
                                         equivalent is calculated using the mapping in the table above.

 

		4	If
                                         Fitch does not rate the issuer or any associated issuance, then determine a Moody’s
                                         and S&P equivalent to Fitch’s IDR pursuant to steps 5 and 6.

 

		5a	A
                                         public Moody’s-issued Corporate Family Rating (CFR) is equivalent in definition
                                         terms to the Fitch IDR. If Moody’s has not issued a CFR, but has an outstanding
                                         LT issuer rating, then this is equivalent to the Fitch IDR.

 

		5b	If
                                         Moody’s has not issued a CFR, but has an outstanding Insurance Financial Strength
                                         Rating, then the Fitch IDR equivalent is one rating lower.

 

		5c	If
                                         Moody’s has not issued a CFR, but has outstanding corporate issue ratings, then
                                         the Fitch IDR equivalent is calculated using the mapping in the table above.

 

		6a	A
                                         public S&P-issued Issuer Credit Rating (ICR) is equivalent in terms of definition
                                         to the Fitch IDR.

 

		6b	If
                                         S&P has not issued an ICR, but has an outstanding Insurance Financial Strength Rating,
                                         then the Fitch IDR equivalent is one rating lower.

 

		6c	If
                                         S&P has not issued an ICR, but has outstanding corporate issue ratings, then the
                                         Fitch IDR equivalent is calculated using the mapping in the table above.

 

		7	If
                                         both Moody’s and S&P provide a public rating on the issuer or an issue, the
                                         lower of the two Fitch IDR equivalent ratings will be used in PCM. Otherwise the sole
                                         public Fitch IDR equivalent rating from Moody’s or S&P will be applied.

 

“Fitch
Recovery Rate” means, with respect to a Collateral Obligation, the recovery rate determined in accordance with clauses
(a) through (c) below or (in any case) such other recovery rate as Fitch may notify the Portfolio Manager from time to time:

 

(a)       if
such Collateral Obligation has a public Fitch recovery rating, or a recovery rating is assigned by Fitch in the context of provision
by Fitch of a credit opinion to the Portfolio Manager, the recovery rate corresponding to such recovery rating in the table below
(unless a specific recovery rate (expressed as a percentage) is provided by Fitch in which case such recovery rate shall be used):

 

	Fitch
    recovery rating	Fitch
    recovery rate %
	RR1	95

 

    Schedule 5-5

    

    

 

 

	Fitch
    recovery rating	Fitch
    recovery rate %
	RR2	80
	RR3	60
	RR4	40
	RR5	20
	RR6	5

 

(b)       if
such Collateral Obligation is a DIP Collateral Obligation and has neither a public Fitch recovery rating, nor a recovery rating
assigned to it by Fitch in the context of provision by Fitch of a credit opinion, the Issuer or the Portfolio Manager on behalf
of the Issuer shall apply to Fitch for a Fitch recovery rating; provided that, the Fitch recovery rating in respect of
such DIP Collateral Obligation shall be considered to be “RR3” pending provision by Fitch of such Fitch recovery rating,
and the recovery rate applicable to such DIP Collateral Obligation shall be the recovery rate corresponding to such Fitch recovery
rating in the table above; and

 

(c)       if
such Collateral Obligation has no public Fitch recovery rating and no recovery rating is assigned by Fitch in the context of provision
by Fitch of a credit opinion to the Portfolio Manager, the recovery rate applicable will be the rate determined in accordance
with the table below, for purposes of which the Collateral Obligation will be categorized as “Strong Recovery” if
it is a Senior Secured Loan, “Moderate Recovery” if it is a senior unsecured bond and otherwise “Weak Recovery,”
and will fall into the country group corresponding to the country in which the Obligor thereof is Domiciled:

 

	 	Group
1
	Group
2
	Group
3

	Strong
    Recovery	80	70	35
	Moderate
    Recovery	45	45	25
	Weak

    Recovery	20	20	5

 

Group
1: Australia, Bermuda, Canada, Cayman Islands, New Zealand, Puerto Rico, United States.

 

Group
2: Austria, Barbados, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Hong Kong, Iceland,
Ireland, Israel, Italy, Japan, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Singapore,
Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Taiwan, United Kingdom.

 

Group
3: Albania, Argentina, Asia Others, Bahamas, Bosnia and Herzegovina, Brazil, Bulgaria, Chile, China, Colombia, Costa Rica,
Croatia, Cyprus, Dominican Republic, Eastern Europe Others, Ecuador, Egypt, El Salvador, Greece, Guatemala, Hungary, India, Indonesia,
Iran, Jamaica, Kazakhstan, Liberia, Macedonia, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Middle East and North Africa
Others, Moldova, Morocco, Other Central America, Other South America, Other Sub Saharan Africa, Pakistan, Panama, Peru, Philippines,
Qatar, Romania, Russia, Saudi Arabia, Serbia and Montenegro, South Africa, Thailand, Tunisia, Turkey, Ukraine, Uruguay, Venezuela,
Vietnam.

 

    Schedule 5-6

    

    

 

Fitch
Test Matrix

 

Subject
to the provisions provided below, on or after the Effective Date, the Portfolio Manager will have the option to elect which of
the cases set forth in the matrix below (the “Fitch Test Matrix”) shall be applicable for purposes of the Maximum
Fitch Rating Factor Test, the Minimum Weighted Average Fitch Recovery Rate Test and the Minimum Fitch Floating Spread Test. For
any given case:

 

(a)       the
applicable value for determining satisfaction of the Maximum Fitch Rating Factor Test will be the value set forth in the column
header (or linear interpolation between two adjacent columns, as applicable) of the row-column combination in the Fitch Test Matrix
selected by the Portfolio Manager;

 

(b)       the
applicable value for determining satisfaction of the Minimum Fitch Floating Spread Test will be the percentage set forth in the
row header (or linear interpolation between two adjacent rows as applicable) of the row-column combination in the Fitch Test Matrix
selected by the Portfolio Manager; and

 

(c)       the
applicable value for determining satisfaction of the Minimum Weighted Average Fitch Recovery Rate Test will be the value in the
intersection cell (or linear interpolation between two adjacent rows and/or two adjacent columns, as applicable) of the row-column
combination in the Fitch Test Matrix selected by the Portfolio Manager in relation to (a) and (b) above.

 

On
the Effective Date, the Portfolio Manager will be required to elect which case shall apply initially by written notice to the
Issuer and Fitch. Thereafter, upon two Business Days’ notice to the Issuer and Fitch, the Portfolio Manager may elect to
have a different case apply; provided that, the Maximum Fitch Rating Factor Test, the Minimum Weighted Average Fitch
Recovery Rate Test and the Minimum Fitch Floating Spread Test applicable to the case to which the Portfolio Manager desires to
change will be satisfied after giving effect to such change or, in the case of any tests that are not satisfied, the level of
compliance with such tests is maintained or improved after giving effect to the application of the different case.

 

	Maximum
    Fitch Weighted Average Rating Factor
	Minimum
    

    Fitch 

    Floating 

Spread	33	34	35	36	37	38	39	40	41	42	43	44	45	46	47
	2.90%	65.70%	67.40%	69.00%	70.70%	72.30%	74.00%	75.50%	76.80%	78.10%	79.40%	80.50%	81.50%	82.50%	83.40%	84.30%
	3.10%	64.50%	66.20%	67.80%	69.40%	71.10%	72.80%	74.40%	75.90%	77.20%	78.50%	79.80%	80.80%	81.80%	82.80%	83.70%
	3.30%	63.40%	65.00%	66.60%	68.30%	69.90%	71.60%	73.30%	75.00%	76.30%	77.70%	79.00%	80.20%	81.20%	82.20%	83.10%
	3.50%	62.40%	64.00%	65.60%	67.30%	68.90%	70.50%	72.30%	73.90%	75.50%	76.80%	78.10%	79.40%	80.50%	81.50%	82.50%
	3.70%	61.30%	63.00%	64.60%	66.20%	67.90%	69.50%	71.20%	72.90%	74.50%	76.00%	77.30%	78.60%	79.90%	80.90%	81.90%
	3.90%	60.30%	62.00%	63.60%	65.20%	66.90%	68.50%	70.10%	71.80%	73.50%	75.10%	76.50%	77.80%	79.10%	80.30%	81.30%
	4.10%	59.20%	60.90%	62.60%	64.20%	65.80%	67.50%	69.10%	70.80%	72.50%	74.10%	75.60%	77.00%	78.30%	79.60%	80.70%
	4.30%	58.10%	59.90%	61.60%	63.20%	64.80%	66.40%	68.10%	69.70%	71.40%	73.10%	74.70%	76.10%	77.50%	78.70%	80.00%
	4.50%	57.00%	58.90%	60.60%	62.30%	63.80%	65.40%	67.10%	68.70%	70.30%	72.00%	73.70%	75.30%	76.60%	77.90%	79.20%
	4.70%	55.90%	57.80%	59.70%	61.30%	62.90%	64.50%	66.10%	67.70%	69.30%	71.00%	72.70%	74.30%	75.80%	77.10%	78.40%

 

    Schedule 5-7

    

    

 

	Maximum
    Fitch Weighted Average Rating Factor
	Minimum
    

    Fitch 

    Floating 

    Spread	33	34	35	36	37	38	39	40	41	42	43	44	45	46	47
	4.90%	54.80%	56.70%	58.60%	60.40%	62.00%	63.50%	65.10%	66.70%	68.40%	70.00%	71.70%	73.30%	75.00%	76.30%	77.70%
	5.10%	53.60%	55.60%	57.50%	59.40%	61.00%	62.60%	64.20%	65.80%	67.40%	69.00%	70.70%	72.40%	74.00%	75.50%	76.90%
	5.30%	52.50%	54.50%	56.40%	58.30%	60.10%	61.70%	63.30%	64.80%	66.50%	68.10%	69.70%	71.40%	73.10%	74.70%	76.10%
	5.50%	51.30%	53.40%	55.40%	57.20%	59.10%	60.80%	62.40%	63.90%	65.50%	67.20%	68.80%	70.40%	72.10%	73.80%	75.30%
	5.70%	50.10%	52.20%	54.30%	56.20%	58.10%	59.90%	61.50%	63.10%	64.60%	66.20%	67.90%	69.50%	71.10%	72.80%	74.50%
	5.90%	49.00%	51.10%	53.20%	55.20%	57.10%	58.90%	60.60%	62.20%	63.80%	65.30%	67.00%	68.60%	70.20%	71.90%	73.60%
	6.10%	48.00%	50.00%	52.10%	54.10%	56.00%	57.90%	59.70%	61.40%	62.90%	64.50%	66.10%	67.80%	69.40%	71.10%	72.90%
	6.30%	46.90%	48.90%	51.00%	53.00%	55.00%	56.90%	58.70%	60.50%	62.20%	63.70%	65.30%	67.00%	68.70%	70.40%	72.10%
	6.50%	45.80%	47.90%	49.90%	52.00%	54.00%	56.00%	57.90%	59.80%	61.40%	63.10%	64.60%	66.30%	68.00%	69.70%	71.40%
	6.70%	44.70%	46.80%	48.90%	51.00%	53.10%	55.10%	57.10%	59.00%	60.70%	62.40%	64.00%	65.60%	67.30%	68.90%	70.60%
	6.90%	43.80%	45.90%	48.00%	50.10%	52.20%	54.30%	56.30%	58.20%	60.00%	61.70%	63.30%	64.80%	66.60%	68.20%	69.90%
	7.10%	42.80%	45.00%	47.10%	49.20%	51.30%	53.40%	55.40%	57.40%	59.20%	61.00%	62.60%	64.20%	65.80%	67.50%	69.20%
	7.30%	41.90%	44.10%	46.30%	48.40%	50.40%	52.50%	54.60%	56.60%	58.50%	60.30%	61.90%	63.50%	65.10%	66.80%	68.50%
	7.50%	41.00%	43.20%	45.40%	47.50%	49.60%	51.70%	53.70%	55.70%	57.70%	59.50%	61.20%	62.80%	64.40%	66.10%	67.80%
	7.70%	40.00%	42.30%	44.50%	46.60%	48.70%	50.80%	52.90%	54.90%	56.80%	58.70%	60.50%	62.10%	63.70%	65.30%	67.00%
	7.90%	37.50%	41.40%	43.50%	45.70%	47.80%	49.80%	51.90%	54.00%	56.00%	57.90%	59.70%	61.40%	63.00%	64.60%	66.20%
	8.10%	34.90%	40.40%	42.60%	44.70%	46.90%	48.90%	51.00%	53.10%	55.10%	57.00%	58.90%	60.70%	62.30%	63.90%	65.50%
	8.30%	32.30%	38.30%	41.60%	43.80%	45.90%	48.00%	50.10%	52.20%	54.20%	56.20%	58.10%	59.90%	61.60%	63.20%	64.80%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted
                                         Average Fitch Recovery Rate

 

    Schedule 5-8

    

    

 

Schedule
6

 

APPROVED
INDEX LIST

 

1.       S&P/LSTA
Leveraged Loan Indices

 

2.       CS
Leveraged Loan Index (f/k/a CSFB Leveraged Loan Index)

 

3.       Deutsche
Bank Leveraged Loan Index

 

4.       Goldman
Sachs/Loan Pricing Corporation Liquid Leveraged Loan Index

 

5.       Banc
of America Securities Leveraged Loan Index

 

     

    

    

 

Schedule
7

 

S&P
RECOVERY RATE TABLES

 

		(a)	(i) If
                                         a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for
                                         such Collateral Obligation shall be determined as follows (taking into account, for any
                                         Collateral Obligation with an S&P Recovery Rating of “1” through “6”,
                                         the recovery range indicated in the S&P published report therefor):

 

	S&P
    Recovery Rating

    of a Collateral

    Obligation	Recovery
    Estimate (%)* from S&P published reports**	Initial
    Liability Rating
	 	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B”
    and below
	1+	100	75.00%	85.00%	88.00%	90.00%	92.00%	95.00%
	1	95	70.00%	80.00%	84.00%	87.50%	91.00%	95.00%
	1	90	65.00%	75.00%	80.00%	85.00%	90.00%	95.00%
	2	85	62.50%	72.50%	77.50%	83.00%	88.00%	92.00%
	2	80	60.00%	70.00%	75.00%	81.00%	86.00%	89.00%
	2	75	55.00%	65.00%	70.50%	77.00%	82.50%	84.00%
	2	70	50.00%	60.00%	66.00%	73.00%	79.00%	79.00%
	3	65	45.00%	55.00%	61.00%	68.00%	73.00%	74.00%
	3	60	40.00%	50.00%	56.00%	63.00%	67.00%	69.00%
	3	55	35.00%	45.00%	51.00%	58.00%	63.00%	64.00%
	3	50	30.00%	40.00%	46.00%	53.00%	59.00%	59.00%
	4	45	28.50%	37.50%	44.00%	49.50%	53.50%	54.00%
	4	40	27.00%	35.00%	42.00%	46.00%	48.00%	49.00%
	4	35	23.50%	30.50%	37.50%	42.50%	43.50%	44.00%
	4	30	20.00%	26.00%	33.00%	39.00%	39.00%	39.00%
	5	25	17.50%	23.00%	28.50%	32.50%	33.50%	34.00%
	5	20	15.00%	20.00%	24.00%	26.00%	28.00%	29.00%
	5	15	10.00%	15.00%	19.50%	22.50%	23.50%	24.00%
	5	10	5.00%	10.00%	15.00%	19.00%	19.00%	19.00%
	6	5	3.50%	7.00%	10.50%	13.50%	14.00%	14.00%
	6	0	2.00%	4.00%	6.00%	8.00%	9.00%	9.00%
	 	 	Recovery
    rate

 

*
The recovery estimate from S&P’s published reports for a given loan is rounded down to the nearest 5%.

 

		(ii)	If
                                         (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral
                                         Obligation is a senior unsecured loan or second lien loan and (y) the issuer of such
                                         Collateral Obligation has issued another debt instrument that is outstanding and senior
                                         to such Collateral Obligation (a “Senior Secured Debt Instrument”)
                                         that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation
                                         shall be determined as follows:

 

     

    

    

 

For
Collateral Obligations Domiciled in Group A

 

	S&P
    Recovery 

    Rating 

    of the Senior 

    Secured 

    Debt Instrument	Initial
    Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B”
    and below
	1+	18%	20%	23%	26%	29%	31%
	1	18%	20%	23%	26%	29%	31%
	2	18%	20%	23%	26%	29%	31%
	3	12%	15%	18%	21%	22%	23%
	4	5%	8%	11%	13%	14%	15%
	5	2%	4%	6%	8%	9%	10%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery
    rate

 

For
Collateral Obligations Domiciled in Group B

 

	S&P
    Recovery 

    Rating 

    of the Senior 

    Secured 

    Debt Instrument	Initial
    Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B”
    and below
	1+	13%	16%	18%	21%	23%	25%
	1	13%	16%	18%	21%	23%	25%
	2	13%	16%	18%	21%	23%	25%
	3	8%	11%	13%	15%	16%	17%
	4	5%	5%	5%	5%	5%	5%
	5	2%	2%	2%	2%	2%	2%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery
    rate

 

For
Collateral Obligations Domiciled in Group C

 

	S&P
    Recovery 

    Rating 

    of the Senior 

    Secured 

    Debt Instrument	Initial
    Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B”
    and below
	1+	10%	12%	14%	16%	18%	20%
	1	10%	12%	14%	16%	18%	20%
	2	10%	12%	14%	16%	18%	20%
	3	5%	7%	9%	10%	11%	12%
	4	2%	2%	2%	2%	2%	2%
	5	-%	-%	-%	-%	-%	-%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery
    rate

 

    Schedule 7-2

    

    

 

		(iii)	If
                                         (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral
                                         Obligation is a subordinated loan and (y) the issuer of such Collateral Obligation has
                                         issued a Senior Secured Debt Instrument that has an S&P Recovery Rating, the S&P
                                         Recovery Rate for such Collateral Obligation shall be determined as follows:

 

For
Collateral Obligations Domiciled in Groups A and B

 

	S&P
    Recovery Rating

    of the Senior Secured

    Debt Instrument	Initial
    Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B”
    and below
	1+	8%	8%	8%	8%	8%	8%
	1	8%	8%	8%	8%	8%	8%
	2	8%	8%	8%	8%	8%	8%
	3	5%	5%	5%	5%	5%	5%
	4	2%	2%	2%	2%	2%	2%
	5	-%	-%	-%	-%	-%	-%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery
    rate

 

For
Collateral Obligations Domiciled in Group C

 

	S&P
    Recovery Rating

    of the Senior Secured

    Debt Instrument	Initial
    Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B”
    and below
	1+	5%	5%	5%	5%	5%	5%
	1	5%	5%	5%	5%	5%	5%
	2	5%	5%	5%	5%	5%	5%
	3	2%	2%	2%	2%	2%	2%
	4	-%	-%	-%	-%	-%	-%
	5	-%	-%	-%	-%	-%	-%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery
    rate

 

    Schedule 7-3

    

    

 

		(b)	If
                                         a recovery rate cannot be determined using clause (a) and the Collateral Obligation is
                                         secured solely or primarily by common stock, other equity interests and goodwill, and
                                         the issuer of such Collateral Obligation has issued another debt instrument that is a
                                         senior unsecured loan, then the S&P Recovery Rate for such Collateral Obligation
                                         will be equal to the S&P Recovery Rate for such senior unsecured loan (or such other
                                         S&P Recovery Rate as S&P may provide, at the request of the Portfolio Manager,
                                         on a case-by-case basis).

 

		(c)	If
                                         a recovery rate cannot be determined using clause (a) or clause (b) and the Collateral
                                         Obligation is secured solely or primarily by common stock, other equity interests and
                                         goodwill, then the recovery rate shall be determined using the table following clause
                                         (e) as if such Collateral Obligation were an Unsecured Loan.

 

		(d)	If
                                         a recovery rate cannot be determined using clause (a), clause (b) or clause (c), the
                                         recovery rate shall be determined using the following table.

 

Recovery
rates for Obligors Domiciled in Group A, B or C:

 

	Priority
    Category	Initial
    Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B”
    and 

    “CCC”
	Senior
    Secured Loans
	Group
    A	50%	55%	59%	63%	75%	79%
	Group
    B	39%	42%	46%	49%	60%	63%
	Group
    C	17%	19%	27%	29%	31%	34%
	Priority
    Category	Initial
    Liability Rating
	Senior
    Secured Loans (Cov-Lite Loans)
	Group
    A	41%	46%	49%	53%	63%	67%
	Group
    B	32%	35%	39%	41%	50%	53%
	Group
    C	17%	19%	27%	29%	31%	34%
	Unsecured
    Loans, Second Lien Loans and First Lien Last Out Loans
	Group
    A	18%	20%	23%	26%	29%	31%
	Group
    B	13%	16%	18%	21%	23%	25%
	Group
    C	10%	12%	14%	16%	18%	20%
	Subordinated
    loans
	Group
    A	8%	8%	8%	8%	8%	8%
	Group
    B	8%	8%	8%	8%	8%	8%
	Group
    C	5%	5%	5%	5%	5%	5%
	 
	Sovereign
    Debt	37	38	40	47	49	50
	 	Recovery
    rate
	Group
                                         A: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong,
                                         Ireland, Israel, Japan, Luxembourg, The Netherlands, Norway, Poland, Portugal, Singapore,
                                         Spain, Sweden, Switzerland, U.K. and United States of America

         

        Group
        B: Brazil, Dubai International Finance Centre, Greece, Italy, Mexico, South Africa, Turkey and United Arab Emirates

         

        Group
C: India, Indonesia, Kazakhstan, Russia, Ukraine and Vietnam

 

    Schedule 7-4

    

    

 

Schedule
8

 

FITCH
INDUSTRY CLASSIFICATIONS

 

	Sector	Industry
	 	 
	Telecoms
    Media and Technology	Computer
    and electronics
	 	Telecommunications
	 	Broadcasting
    and Media
	 	Cable
	 	 
	Industrials	Aerospace
    and defence
	 	Automobiles
	 	Building
    and materials
	 	Chemicals
	 	Industrial
    and manufacturing
	 	Metals
    and mining
	 	Packaging
    and containers
	 	Paper
    and forest products
	 	Real
    estate
	 	Transportation
    and distribution
	 	 
	Retail
    Leisure and Consumer	Consumer
    products
	 	Environmental
    services
	 	Farming
    and agricultural services
	 	Food,
    beverage and tobacco
	 	Retail
    food and drug
	 	Gaming
    and leisure and entertainment
	 	Retail
	 	Healthcare
	 	Lodging
    and restaurants
	 	Pharmaceuticals
	 	Textiles
    and furniture
	 	 
	Energy	Energy
    oil and gas
	 	Utilities
    power
	 	 
	Banking
    and Finance	Banking
    and finance
	 	 
	Business
    Services	Business
    servicesExhibit 10.1

            

          

     

    

    
      EXECUTION VERSION

      JACK IN THE BOX FUNDING, LLC

      Series 2019-1 3.982% Fixed Rate Senior Secured Notes, Class A-2-I

      Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class A-2-II

        Series 2019-1 4.970% Fixed Rate Senior Secured Notes, Class A-2-III

      
        

        

        

        

      

      

        

        PURCHASE AGREEMENT

      June 28, 2019

        

      

      Guggenheim Securities, LLC

        as Representative of the several

      Initial Purchasers named in Schedule I attached hereto

      

      

      c/o Guggenheim Securities, LLC

      330 Madison Avenue

        New York, New York 10017

      

      

      Ladies and Gentlemen:

      Jack in the Box Funding, LLC, a special-purpose Delaware limited liability company (the “Master
          Issuer”) and an indirect, wholly-owned subsidiary of Jack in the Box Inc., a Delaware corporation (“Holdco” and the “Manager”), propose, upon the terms and
        conditions stated herein, to issue and sell to the Initial Purchasers named in Schedule I hereto (the “Initial Purchasers”), three series of senior secured notes, (i) the Series 2019-1 3.982% Fixed Rate
        Senior Secured Notes, Class A-2-I Notes (the “Series 2019-1 Class A-2-I Notes”) in an aggregate principal amount of $575,000,000, (ii) the Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class A-2-II
        Notes (the “Series 2019-1 Class A-2-II Notes”) in an aggregate principal amount of $275,000,000 and (iii) the Series 2019-1 4.970% Fixed Rate Senior Secured Notes, Class A-2-III Notes (the “Series 2019-1 Class A-2-III Notes” and, together with the Series 2019-1 Class A-2-I Notes and the Series 2019-1 Class A-2-II Notes, the “Offered Notes”) in an aggregate
        principal amount of $450,000,000.

      The Offered Notes (i) will have terms and provisions that are summarized in the Pricing Disclosure Package (as defined below) and
        (ii) are to be issued pursuant to a Base Indenture (the “Base Indenture”) and a series supplement thereto (the “Series 2019-1 Supplement” and, together with the Base
        Indenture, the “Indenture”), each to be dated July 8, 2019, and each to be entered into between the Master Issuer and Citibank, N.A., a national banking association, as trustee (in such capacity, the “Trustee”) and as securities intermediary. The Master Issuer’s obligations under the Offered Notes will be jointly and severally irrevocably and unconditionally guaranteed (the “Guarantees”)
        by Jack in the Box SPV Guarantor, LLC, a newly formed, special purpose Delaware limited liability company (“Holding Company Guarantor”), Different Rules, LLC, a newly formed, special purpose Delaware limited
        liability company (the “Franchisor”) and Jack in the Box Properties, LLC, a newly formed, special purpose Delaware limited liability company (“JIB Properties” and,
        together with the Holding Company Guarantor and the Franchisor, the “Guarantors” and each a “Guarantor” and, together with the Master Issuer, the “Securitization Entities”), pursuant to a Guarantee and Collateral Agreement, to be dated July 8, 2019, among the Guarantors and the Trustee (the “Guarantee and Collateral
          Agreement”). On or prior to the Closing Date (as defined below), the membership interests of certain Parent Companies will be distributed pursuant to the Distribution Agreements and the Contributed Assets will be contributed to the
        Securitization Entities pursuant to the Contribution Agreements (collectively, the “Distribution and Contribution Transactions”) as described in the Pricing Disclosure Package and the Final Offering Memorandum (as defined below).  This Agreement is to confirm the agreement concerning the
        purchase of the Offered Notes from the Master Issuer by Guggenheim Securities, LLC, acting as the representative (the “Representative”) for the Initial Purchasers.

      
        
          

      

      
      On or prior to the Closing Date, (i) the Securitization Entities, the Manager and the Trustee will enter into a
        Management Agreement, pursuant to which the Manager will manage the assets and business of the Securitization Entities (the “Management Agreement”), (ii) the Securitization Entities, the Manager, Midland Loan
        Services, a division of PNC Bank, National Association, as servicer (the “Servicer”), and the Trustee will enter into a Servicing Agreement, pursuant to which the Servicer will service and administer the
        Offered Notes (the “Servicing Agreement”), and (iii) the Securitization Entities, the Manager, Houlihan Lokey Consulting, Inc., as back-up manager (the “Back-Up Manager”),
        and the Trustee will enter into a Back-Up Management and Consulting Agreement (the “Back-Up Management Agreement”),  pursuant to which the Back-Up Manager will provide certain consulting and back-up
        management services to the Securitization Entities, the Servicer and the Trustee for the benefit of the Secured Parties.

      For purposes of this Agreement, (i) “Parent Companies” shall mean,
        collectively, Holdco, Jack in the Box Eastern Division L.P., JBX General Partner LLC and JBX Limited Partner LLC, (ii) “Jack in the Box Parties” shall mean, collectively, the Parent Companies and the
        Securitization Entities, (each, a “Jack in the Box Party”), and (ii) the “Relevant Jack in the Box Entities” shall mean, collectively, each of the Jack in the Box
        Parties, JIB Stored Value Cards, LLC, and Jack in the Box Foundation (each, a “Relevant Jack in the Box Entity”).

      For purposes of this Agreement, capitalized terms used but not defined herein shall have the meanings given to
        such terms in the “Certain Definitions” section of the Preliminary Offering Memorandum (as defined below).

      
        1.            Purchase and Resale of the Offered Notes.  The Offered Notes will be offered and sold by the Master Issuer to the Initial Purchasers
            without registration under the Securities Act of 1933, as amended (the “1933 Act”), in reliance on an exemption pursuant to Section 4(a)(2) under the 1933 Act.  The Jack in the Box Parties have prepared
            (i) a preliminary offering memorandum, dated June 17, 2019 (as amended, supplemented or otherwise modified as of the Applicable Time (as defined below), the “Preliminary Offering Memorandum”) setting
            forth information regarding the Jack in the Box Parties and the Offered Notes, (ii) the investor presentation attached hereto as Exhibit 1 (the “Investor Presentation”), (iii) a pricing term sheet
            substantially in the form attached hereto as Schedule II (the “Pricing Term Sheet”) setting forth the terms of the Offered Notes and certain other information omitted from the Preliminary Offering
            Memorandum and (iv) a final offering memorandum to be dated prior to the Closing Date (as amended or supplemented, the “Final Offering Memorandum”), setting forth
            information regarding the Jack in the Box Parties and the Offered Notes. The Preliminary Offering Memorandum, the Pricing Term Sheet and the Investor Presentation are collectively referred to as the “Pricing
              Disclosure Package”.  The Jack in the Box Parties hereby confirm that they have authorized the use of the Pricing Disclosure Package, the documents and other communications listed on Schedule
            III hereto and the Final Offering Memorandum in connection with the offering and resale of the Offered Notes by the Initial Purchasers. “Applicable Time” means 11:40A.M., New York City time, on the date
            of this Agreement.

        
          2

          
            

        

        

        

      

      
        All references in this Agreement to the
            Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum include, unless expressly stated otherwise, all documents, financial statements and schedules and other information contained, incorporated by
            reference or deemed incorporated by reference therein (and references in this Agreement to such information being “contained,” “included” or “stated” (and other references of like import) in the Preliminary Offering Memorandum, the Pricing
            Disclosure Package or the Final Offering Memorandum shall be deemed to mean all such information contained, incorporated by reference or deemed incorporated by reference therein, to the extent such information has not been superseded or
            modified by other information contained, incorporated by reference or deemed incorporated by reference therein). All documents filed (but not furnished to the Initial Purchasers, unless such furnished document is expressly incorporated by
            reference in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum, as the case may be) with the U.S. Securities and Exchange Commission (the “Commission”) under the Securities
            Exchange Act of 1934, as amended (the “1934 Act”) and so deemed to be included in the Preliminary Offering Memorandum, Pricing Disclosure Package or the Final Offering Memorandum, as the case may be, or any amendment or
            supplement thereto are hereinafter referred to herein as the “Exchange Act Reports”.

      

      It is understood and acknowledged that upon original issuance thereof, the Offered Notes (and all securities issued in exchange
        therefor or in substitution thereof) will bear the legends that are set forth under the caption “Transfer Restrictions” in the Preliminary Offering Memorandum.

      You have advised the Master Issuer that the Initial Purchasers intend to offer and resell (the “Exempt
          Resales”) the Offered Notes purchased by the Initial Purchasers hereunder on the terms set forth in each of the Pricing Disclosure Package and the Final Offering Memorandum, as amended or supplemented, solely (a) to persons whom the
        Initial Purchasers reasonably believe to be “qualified institutional buyers” (“QIBs”) as defined in Rule 144A under the 1933 Act (“Rule 144A”) and (b) outside of the
        United States, to persons who are not U.S. Persons (such persons, “Non-U.S. Persons”) as defined in Regulation S under the 1933 Act (“Regulation S”) in offshore
        transactions in reliance on Regulation S, in each case, who have not been identified in writing by a Jack in the Box Party to Guggenheim Securities, LLC as Competitors. As used in the preceding sentence, the terms “offshore
          transaction” and “United States” have the meanings assigned to them in Regulation S. Those persons specified in clauses (a) and (b) above are referred to herein as “Eligible

          Purchasers”.

      
        3

        
          

      

      2.            Representations and Warranties of the Jack in the Box Parties.  Each of the Jack in the Box Parties jointly and severally, represents and warrants, on and as of the date hereof and on and as of the Closing
          Date, as follows:

      
        (a)            When the Offered Notes and Guarantees are issued and delivered pursuant to this Agreement, such Offered Notes and Guarantees will not be of the same class (within the meaning of Rule 144A) as securities that are listed
            on a national securities exchange registered under Section 6 of the 1934 Act or that are quoted in a United States automated inter-dealer quotation system (as such term is used in the 1934 Act), and such Offered Notes and Guarantees will
            otherwise satisfy the eligibility requirements set forth in Rule 144A(d)(3) of the 1933 Act.

        

        

      

      (b)            Assuming the accuracy of your representations and warranties in Section 3(b) of this Agreement, the purchase and resale of the Offered Notes pursuant to this Agreement (including pursuant to the Exempt Resales) are exempt
          from the registration requirements of the 1933 Act.

      (c)            No form of general solicitation or general advertising within the meaning of Regulation D under the 1933 Act (including, but not limited to, advertisements, articles, notices or other communications published in any
          newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) (each, a “General
            Solicitation”) was used by the Relevant Jack in the Box Entities, any of their respective affiliates or any of their respective representatives (other than the Initial Purchasers and their affiliates or any of their respective
          representatives, as to whom the Jack in the Box Parties make no representation) in connection with the offer and sale of the Offered Notes.

      
        (d)            No directed selling efforts within the meaning of Rule 902 under the 1933 Act were used by the Relevant Jack in the Box Entities or any of their respective affiliates or any of their respective representatives (other
            than the Initial Purchasers and their respective affiliates or any of their respective representatives, as to whom the Jack in the Box Parties make no representation) with respect to Offered Notes sold outside the United States to Non-U.S.
            Persons, and each of the Relevant Jack in the Box Entities, their respective affiliates and their respective representatives (other than the Initial Purchasers and their respective affiliates and representatives, as to whom the Jack in the Box
            Parties make no representation) has complied with and will implement the “offering restrictions” required by Rule 902 under the 1933 Act.

        (e)            Each of the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum, each as of its respective date, contains all the information specified in, and meeting the requirements of,
            Rule 144A(d)(4) under the 1933 Act.

      

      (f)            None of the Relevant Jack in the Box Entities nor any other person acting on behalf of any Relevant Jack in the Box Entity has offered or sold any securities in a manner that would be integrated with the offering of the
          Offered Notes contemplated by this Agreement pursuant to the 1933 Act, the rules and regulations thereunder or the interpretations thereof by the Commission.

      
        4

        
          

      

      (g)            The Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum have been prepared by the Jack in the Box Parties for use by the Initial Purchasers in connection with the Exempt
          Resales.  No order or decree preventing the use of the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum, or any order asserting that the transactions contemplated by this Agreement are subject to
          the registration requirements of the 1933 Act, has been issued, and no proceeding for that purpose has commenced or is pending or, to the knowledge of any Relevant Jack in the Box Entity, is contemplated.

      (h)            The Pricing Disclosure Package did not, as of the Applicable Time, and will not, as of the Closing Date, contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements
          therein, in the light of the circumstances under which they were made, not misleading; provided that no representation or warranty is made as to information contained in the Pricing Disclosure Package in
          reliance upon and in conformity with the Initial Purchaser Information (as defined in Section 8(e) below). Each document listed in Schedule III hereto is true and correct in all material respects and no forward looking statement, estimate or
          projection contained therein has been made without a reasonable basis or has been disclosed other than in good faith.

      (i)            The Final Offering Memorandum will not, as of its date and as of the Closing Date, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
          light of the circumstances under which they were made, not misleading; provided that no representation or warranty is made as to information contained in the Final Offering Memorandum in reliance upon and
          in conformity with the Initial Purchaser Information.

      
        (j)            None of the Relevant Jack in the Box Entities has prepared, made, used, authorized, approved or distributed and will not, and will not cause or allow its agents or representatives to, prepare, make, use, authorize,
            approve or distribute any written communication (as defined in Rule 405 under the 1933 Act) that constitutes an offer to sell or a solicitation of an offer to buy the Offered Notes, or otherwise is prepared to market the Offered Notes, other
            than the Pricing Disclosure Package and the Final Offering Memorandum, without the prior consent of each Initial Purchaser, and each such written communication, the use of which has
            been previously consented to by each Initial Purchaser, is listed on Schedule III hereto.

        (k)            Each document listed in Schedule III hereto, when taken together with the Pricing Disclosure Package, did not, as of the Applicable Time, contain an untrue statement of a material fact or omit to state a material fact
            necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that no representation or warranty is made as to information contained
            in or omitted from such document listed in Schedule III hereto in reliance upon and in conformity with the Initial Purchaser Information.

        (l)            The Exchange Act Reports, when they were or are filed with the Commission, conformed or will conform in all material respects to the applicable requirements of the 1934 Act and the applicable rules and regulations of
            the Commission thereunder.  The Exchange Act Reports did not, when filed with the Commission, contain an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
            circumstances under which they were made, not misleading.

        
          5

          
            

        

        

        

      

      (m)            Each of the Relevant Jack in the Box Entities and each of its subsidiaries has been duly organized, is validly existing and in good standing as a corporation, limited liability company, as applicable, under the laws of
          its respective jurisdiction of organization and is duly qualified to do business and in good standing as a foreign corporation or limited liability company, as applicable, in each jurisdiction in which its ownership or lease of property or the
          conduct of its businesses requires such qualification, except where the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have (i) a material adverse effect on the condition
          (financial or otherwise), results of operations, stockholders’ equity, properties, management,  business or prospects of the Securitization Entities or the Relevant Jack in the Box Entities taken as a whole or (ii) a material adverse effect on
          the performance by the Relevant Jack in the Box Entities of this Agreement, the Offered Notes, the Indenture or any of the other Related Documents or the consummation of any of the transactions contemplated hereby or thereby (collectively,
          clauses (i) and (ii), a “Material Adverse Effect”).  Each of the Relevant Jack in the Box Entities has all corporate or limited liability company power and authority, as applicable, necessary to own or
          lease its properties and to conduct the businesses in which it is now engaged or contemplated in the Pricing Disclosure Package and the Final Offering Memorandum. Jack in the Box does not own or control, directly or indirectly, any corporation,
          limited liability company or other entity other than the subsidiaries listed in Exhibit 21.1 to Jack in the Box’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018.

      
        (n)            (i) Holdco has the debt capitalization as set forth in each of the Pricing Disclosure Package and the Final Offering Memorandum, and all of the issued and outstanding equity interests of Holdco have been duly authorized
            and validly issued and are fully paid and non-assessable.

        

        

      

      
        (ii)            The Master Issuer has an authorized capitalization as set forth in each of the Pricing Disclosure Package and the Final Offering Memorandum, and all of the issued and outstanding equity interests of the Master
            Issuer have been duly authorized and validly issued and are fully paid and non-assessable.

        (iii)            All of the outstanding shares of capital stock, membership interests or other equity interests of each of the Securitization Entities are, and upon the Closing Date, each Securitization Entity will be, owned, directly or indirectly, by the Manager, free and clear
              of all liens, security interests, mortgages, pledges, charges, equities, claims or restrictions on transferability or encumbrances of any kind (collectively, “Liens”), other than those Liens (i) imposed by the Indenture and the Related Documents, (ii) which constitute
              Permitted Liens or (iii) which result from transfer restrictions imposed by the 1933 Act or the securities or blue sky laws of certain jurisdictions.

        
          6

          
            

        

        

        

      

      
        (o)            The Master Issuer has all requisite limited liability company power and authority to execute, deliver and perform its respective obligations under the Indenture. The Indenture has been duly and validly authorized by the
            Master Issuer and upon its execution and delivery and, assuming due authorization, execution and delivery by the Trustee, will constitute the valid and legally binding obligation of the Master Issuer, enforceable against the Master Issuer in
            accordance with its terms, except that such enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general
            principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).  Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 3(b) of this
            Agreement, no qualification of the Indenture under the Trust Indenture Act of 1939 (the “Trust Indenture Act”) is required in connection with the offer and sale of the Offered Notes contemplated hereby or
            in connection with the Exempt Resales. When executed by the Master Issuer, the Indenture will conform in all material respects to the description thereof in each of the Pricing Disclosure Package and the Final Offering Memorandum.

        (p)            The Master Issuer has all requisite limited liability power and authority to execute, issue, sell and perform its obligations under the Offered Notes.  The Offered Notes have been duly authorized by the Master Issuer and, when duly executed by the Master Issuer in
              accordance with the terms of the Indenture, assuming due authentication of the Offered Notes by the Trustee, upon delivery to the Initial Purchasers against payment therefor in
              accordance with the terms hereof, will be validly issued and delivered and will constitute valid and legally binding obligations of the Master Issuer entitled to the benefits of the Indenture, enforceable against the Master Issuer in
              accordance with their terms, except that the enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general
              principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).  When executed by the Master Issuer, the Offered Notes will conform in all material respects to the description thereof in each of the Pricing Disclosure Package and the Final
              Offering Memorandum.

        (q)            Each Guarantor has all requisite limited liability company power and authority to execute, issue and perform its obligations under the Guarantee and Collateral Agreement. The Guarantee and Collateral Agreement has been
            duly and validly authorized by each of the Guarantors, and upon the Guarantee and Collateral Agreement’s execution and delivery and assuming the due authorization, execution and delivery by the Trustee the Guarantee and Collateral Agreement
            will constitute the valid and legally binding obligation of each the Guarantors, enforceable against each such Guarantor in accordance with its terms, except that the enforceability may be subject to bankruptcy, insolvency, reorganization,
            fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). When
            executed by each of the Guarantors, the Guarantee and Collateral Agreement will conform in all material respects to the description thereof in each of the Pricing Disclosure Package and the Final Offering Memorandum.

        (r)            Each of the Relevant Jack in the Box Entities, as applicable, has all required corporate or limited liability company power and authority, as applicable, to execute, deliver and perform its obligations under each
            Related Document to which it is a party (other than the Offered Notes, the Indenture and the Guarantee and Collateral Agreement to the extent covered in Sections 2(o), (p) and (q)).  At the Closing Date, each of the Related Documents will have
            been duly and validly authorized, executed and delivered by each of the Relevant Jack in the Box Entities (to the extent a party thereto) and will constitute the valid and legally binding obligation of each of the Relevant Jack in the Box
            Entities (to the extent a party thereto) enforceable against each of the Relevant Jack in the Box Entities (to the extent a party thereto) in accordance with its terms, except that the enforceability may be subject to bankruptcy, insolvency,
            reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law)
            and, as to rights of indemnification and contribution with respect to liabilities under securities laws, by principles of public policy.  When executed by the Relevant Jack in the Box Entities (to the extent a party thereto), each such Related Document will conform in all material respects to the description thereof (if any) in each of the Pricing Disclosure Package and the Final Offering Memorandum.

        
          7

          
            

        

        (s)            Each of the Relevant Jack in the Box Entities has all requisite corporate or limited liability company
              power and authority, as applicable, to execute, deliver and perform its obligations under this Agreement.  This Agreement has been duly and validly authorized, executed and delivered by each of the Relevant Jack in the Box Entities,
            and will constitute the valid and legally binding obligations of each of the Relevant Jack in the Box Entities, enforceable against each of the Relevant Jack in the Box Entities in accordance with its terms, except that such enforceability may
            be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether such enforceability is
            considered in a proceeding in equity or at law) and, as to rights of indemnification and contribution with respect to liabilities under securities laws, by principles of public policy.

      

      (t)            (i) The issue and sale of the Offered Notes and the Guarantees, (ii) the execution, delivery and performance by the Relevant Jack in the Box Entities of the Offered Notes, the Guarantees, the Indenture, this Agreement and
          the other Related Documents (to the extent a party thereto), (iii) the application of the proceeds from the sale of the Offered Notes as described under “Use of Proceeds” in each of the Pricing Disclosure Package and the Final Offering Memorandum
          and (iv) the consummation of the transactions contemplated hereby and thereby, do not and will not (A) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property
          or assets of any of the Relevant Jack in the Box Entities or any of their respective subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, credit agreement, security agreement, license, lease or
          other agreement or instrument (giving effect to any amendments or terminations thereof as contemplated by the Pricing Disclosure Package and the Final Offering Memorandum) to which the Relevant Jack in the Box Entities or any of their respective
          subsidiaries is a party or by which the Relevant Jack in the Box Entities or any of their respective subsidiaries is bound or to which any of the property or assets of any of the Relevant Jack in the Box Entities or any of their respective
          subsidiaries is subject, except for (1) Liens created by the Indenture or the other Related Documents and, (2) Permitted Liens, (B) result in any violation of the provisions of the charter, by-laws, certificate of formation or limited liability
          company agreement (or similar organizational documents) of any of the Relevant Jack in the Box Entities or (C) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or governmental agency or body
          having jurisdiction over any of the Relevant Jack in the Box Entities or any of their respective subsidiaries or any of their respective properties or assets, except in the case of clauses (A) and (C) as could not, individually or in the
          aggregate, reasonably be expected to have a Material Adverse Effect.

      
        8

        
          

      

      (u)            No consent, approval, authorization or order of, or filing, registration or qualification with any court or governmental agency or regulatory body having jurisdiction over any of the Relevant Jack in the Box Entities or
          any of their respective subsidiaries or any of their respective properties or assets is required for the issue and sale of the Offered Notes and the Guarantees, the execution, delivery and performance by any of the Relevant Jack in the Box
          Entities or any of their respective subsidiaries of the Offered Notes, the Guarantees, the Indenture, this Agreement and the other Related Documents (to the extent they are parties thereto), the application of the proceeds from the sale of the
          Offered Notes as described under “Use of Proceeds” in each of the Pricing Disclosure Package and the Final Offering Memorandum and the consummation of the transactions contemplated hereby and thereby, except for (A) such consents, approvals,
          authorizations, orders, filings, registrations or qualifications as shall have been obtained or made prior to the Closing Date or are permitted to be obtained or made subsequent to the Closing Date pursuant to the Indenture, (B) such consents,
          approvals, authorizations, orders, filings, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution and resale (including pursuant to the Exempt Resales) of the
          Offered Notes by the Initial Purchasers and (C) such consents, approvals, authorizations, orders, filings, registrations or qualifications, the failure of which to obtain could not, individually or in the aggregate, reasonably be likely to have a
          Material Adverse Effect.

      (v)            The historical consolidated financial statements of Holdco (including the related notes and supporting schedules) included in the Pricing Disclosure Package and the Final Offering Memorandum present fairly in all material
          respects the financial condition, results of operations and cash flows of the entities referred to therein, at the dates and for the periods indicated, and have been prepared in conformity with accounting principles generally accepted in the
          United States (“GAAP”) applied on a consistent basis throughout the periods involved. The interactive data files included or incorporated by reference in the Pricing Disclosure Package and the Final
          Offering Memorandum fairly present in all material respects the information called for by, and have been prepared in accordance with, the Commission’s rules and guidelines applicable thereto.

      
        (w)            The “transaction adjusted” financial information included in the Pricing Disclosure Package and the Final Offering Memorandum has been derived from the financial statements and the books and records of the Jack in the
            Box Parties and their predecessors in the manner described under and subject to the qualifications and limitations set forth under “Non-GAAP Financial Measures”. The assumptions used in preparing the “transaction adjusted,” and “adjusted”
            financial measures and financial information (collectively, the “Adjusted Financial Information”) included in the Pricing Disclosure Package and the Final Offering Memorandum provide a reasonable basis
            for presenting the significant effects directly attributable to the transactions and events described therein and the related adjustments give reasonable effect to those assumptions. The related adjustments also reflect, in all material
            respects, the proper application of those adjustments to the historical financial statement amounts in the Adjusted Financial Information included in the Pricing Disclosure Package and the Final Offering Memorandum.  The Adjusted Financial
            Information set forth in the Pricing Disclosure Package and the Final Offering Memorandum has been prepared, in all material respects, on a basis consistent with the relevant historical financial statements and give effect to assumptions made
            on a reasonable basis and in good faith and present fairly in all material respects the historical and proposed transactions contemplated by the Adjusted Financial Information. The non-GAAP financial measures that are included in the Pricing
            Disclosure Package and the Final Offering Memorandum have been calculated based on amounts derived from the financial statements and books and records of the Jack in the Box Parties and its predecessors, and the Jack in the Box Parties believe
            that any adjustments to such non-GAAP financial measures have a reasonable basis and have been made in good faith.

        
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        (x)            KPMG LLP, who have certified certain financial statements of Holdco, whose report appears in the Pricing Disclosure Package and the Final Offering Memorandum and who has delivered the Initial Letter referred to in
            Section 7(n) and (o) hereof, (x) are independent registered public accountants with respect to Holdco and its subsidiaries within the meaning of the 1933 Act and the applicable rules and regulations adopted by the Commission and the Public
            Company Accounting Oversight Board and (y) was, as of the date of such report, and is, as of the date hereof, an independent public accounting firm with respect to the Jack in the Box Parties.

        (y)            Holdco maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the 1934 Act) that complies with the requirements of the 1934 Act and that has been designed by, or
            under the supervision of, Holdco’s principal executive and principal financial officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
            accordance with GAAP.  Holdco maintains internal controls sufficient to provide reasonable assurance that (i) records are maintained that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of
            Holdco and each of its subsidiaries (ii) transactions are recorded as necessary to permit preparation of Holdco’s consolidated financial statements in accordance with GAAP and that receipts and expenditures are being made only in accordance
            with authorizations of management and directors of Holdco and each of its subsidiaries and (iii) the unauthorized acquisition, use or disposition of the assets of Holdco and each of its subsidiaries that could have a material effect on the
            consolidated financial statements are prevented or timely detected.  The auditors’ report regarding the last audited financial statements of Holdco and its subsidiaries included in the Pricing Disclosure Package, while expressing no opinion on
            the effectiveness of internal control, included no qualification regarding internal control.  Since the date of the last audited or reviewed financial statements of Holdco and its subsidiaries included in the Pricing Disclosure Package,
            (i) Holdco has not been advised of or become aware of any fraud that involves management or other employees who have a significant role in the internal control over financial reporting of Holdco and each of its subsidiaries taken as a whole or
            that is otherwise material to Holdco taken as a whole; and (ii) there have been no significant changes in the internal control over financial reporting of Holdco and each of its subsidiaries that have materially affected or are reasonably
            likely to materially affect the internal control of Holdco and each of its subsidiaries taken as a whole over financial reporting.

      

      (z)            (i) Holdco maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act), (ii) such disclosure controls and procedures are designed to ensure that the information required
          to be disclosed by Holdco in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and
          communicated to management of Holdco, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure to be made; and (iii) such disclosure controls and procedures
          are effective in all material respects to perform the functions for which they were established.

      
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      (aa)             Since September 30, 2018, the date of the most recent balance sheet of Holdco and its consolidated subsidiaries audited by KPMG LLP (the “Audit Date”), (i) the audit committee of
          the board of directors of Holdco has not been advised of or become aware of (A) any significant deficiencies in the design or operation of internal control over financial reporting, that could reasonably be expected to materially and adversely
          affect the ability of Holdco or any of its subsidiaries to record, process, summarize and report financial data, or any material weaknesses in internal control over financial reporting, and (B) any fraud, whether or not material, that involves
          management or other employees who have a significant role in the internal control over financial reporting of any of Holdco and each of its subsidiaries or that is otherwise material to Holdco and each of its subsidiaries; and (ii) there have
          been no significant changes in internal control over financial reporting or in other factors that could significantly affect internal control over financial reporting, including any corrective actions with regard to significant deficiencies and
          material weaknesses.

      (bb)            The section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Discussion of Critical Accounting Estimates” incorporated by reference in the Preliminary Offering Memorandum
          contained in the Pricing Disclosure Package and the Final Offering Memorandum accurately and fully describes (i) the accounting policies that Holdco believes are the most important in the portrayal of the financial condition and results of
          operations of Holdco and each of its subsidiaries and that require management’s most difficult, subjective or complex judgments; (ii) the judgments and uncertainties affecting the application of critical accounting policies; and (iii) the
          likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof.

      (cc)            There is and has been no material failure on the part of Holdco and any of Holdco’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and
          regulations promulgated in connection therewith.

      
        (dd)            Except as described in each of the Pricing Disclosure Package and the Final Offering Memorandum, since the Audit Date, none of the Relevant Jack in the Box Entities nor any of their respective subsidiaries has (i)
            sustained any loss or interference with its business or properties from fire, explosion, flood, earthquake, hurricane, accident or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or court or
            governmental action, order or decree, (ii) issued or granted any securities, (iii) incurred any liability or obligation, direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business, (iv)
            entered into any transaction not in the ordinary course of business and/or (v) declared or paid any dividend on its capital stock, and since the Audit Date, there has not been any change in the capital stock or limited liability company
            interests, as applicable, or long-term debt of any of the Relevant Jack in the Box Entities or any of their respective subsidiaries or any change, or any development involving a prospective change, in or affecting the condition (financial or
            otherwise), results of operations, stockholders’ equity or limited liability company interests, as applicable, properties, management, business or prospects of any of the Relevant Jack in the Box Entities or any of their respective
            subsidiaries, except in each case as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

        
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      (ee)            On the Closing Date, each of the Jack in the Box Parties and each of their respective subsidiaries will have good and marketable title in fee simple to all real property and good and marketable title to all personal
          property owned by them, in each case free and clear of all Liens, except for (i) Permitted Liens and (ii) such Liens as are described in the Pricing Disclosure Package and the Final Offering Memorandum.  All material assets held under lease by
          the Jack in the Box Parties are held by the relevant entity under valid, subsisting and enforceable leases, with such exceptions as do not materially interfere with the use made of such assets by the relevant entity, except that such enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium
            or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

      
        (ff)            As of the Closing Date, the Base Indenture and the Guarantee and Collateral Agreement will be effective to create a valid and continuing Lien on the Collateral in favor of the Trustee on behalf of and for the benefit of
            the Secured Parties, which Lien on the Collateral will have been perfected to the extent recognized by applicable law (subject to any exceptions described in the Pricing Disclosure Package and the Final Offering Memorandum) and will be prior to
            all other Liens (other than Permitted Liens), and will be enforceable as such as against creditors of and purchasers from the Master Issuer and the Guarantors in accordance with its terms, except as such enforceability may be limited by
            bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied
            covenant of good faith and fair dealing. Except as described in the Pricing Disclosure Package and the Final Offering Memorandum, the Master Issuer and the Guarantor will have received all consents and approvals required by the terms of the
            Collateral in order to pledge the Collateral to the Trustee under the Indenture and under the Guarantee and Collateral Agreement.  All consents required to be obtained with respect to the contribution of the Contributed Assets contributed under
            the Contribution Agreements have been obtained and no other consents are required except as set forth in the Pricing Disclosure Package.  All material consents required to be obtained with respect to (i) the contribution of the Contributed
            Assets contributed under the Contribution Agreements and (ii) the distribution of the membership interests distributed under the Distribution Agreements, in each case, have been obtained and no other consents are required except as set forth in
            the Pricing Disclosure Package.

        (gg)            As of the Closing Date, the Distribution and Contribution Transactions shall have been consummated in all material respects to the extent and in accordance with the terms and conditions set forth in the Pricing
            Disclosure Package, the Final Offering Memorandum, the Distribution Agreements and the Contribution Agreements.

        
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        (hh)            Other than the security interest to be granted to the Trustee under the Base Indenture and the Guarantee and Collateral Agreement and pursuant to the other Related Documents, as of the Closing Date after giving effect
            to the application of the proceeds of the Offered Notes, none of the Relevant Jack in the Box Entities nor any of their respective subsidiaries shall have pledged, assigned, sold or granted as of the Closing Date a security interest in the
            Collateral.

        (ii)            As of the Closing Date, all action necessary (including the filing of UCC-1 financing statements; provided that notice filings with the United States Patent and Trademark Office
            and the United States Copyright Office shall be filed within fifteen Business Days of the Closing Date) to protect and evidence the Trustee’s security interest in the Collateral in the United States will have been duly and effectively taken (as
            described in, and subject to any exceptions to be set forth in, the Base Indenture and the Guarantee and Collateral Agreement). As of the Closing Date, no security agreement, financing statement, equivalent security or lien instrument or
            continuation statement authorized by any Jack in the Box Parties or any of their respective subsidiaries and listing such Person as debtor covering all or any part of the Collateral shall be on file or of record in the United States except (i)
            in respect of Permitted Liens, (ii) in respect of any such security interest that will be released on the Closing Date or (iii) such as may have been filed, recorded or made by such Person favor of the Trustee on behalf of the Secured Parties
            in connection with the Base Indenture and the Guarantee and Collateral Agreement, and no such Person has authorized any such filing.

        (jj)            Each Relevant Jack in the Box Entity and their respective subsidiaries has such permits, licenses, registrations, franchises, certificates of need and other approvals or authorizations of governmental or regulatory
            authorities (“Permits”) as are necessary under applicable law to own their properties and conduct their businesses in the manner described in the Pricing Disclosure Package and the Final Offering
            Memorandum, except for any of the foregoing that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Relevant Jack in the Box Entity and each of their respective subsidiaries has fulfilled
            and performed all of its obligations with respect to the Permits, and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other impairment of the rights of the
            holder or any such Permits, except for any of the foregoing that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  None of the Relevant Jack in the Box Entities nor any of their respective
            subsidiaries has received notice of any revocation or modification of any such Permits or has any reason to believe that any such Permits will not be renewed in the ordinary course, except as could not, individually or in the aggregate,
            reasonably be expected to have a Material Adverse Effect.

        
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        (kk)            (i) Each of the Relevant Jack in the Box Entities and each of their respective subsidiaries owns or possesses valid and adequate rights to use all patents, inventions, invention disclosures and industrial designs ,
            trademarks, service marks, trade names, logos, designs, slogans and other indicia of origin (including all goodwill arising therefrom), copyrights, works of authorship (whether or not copyrightable) and design rights, rights in software
            (whether in source code or object code), data, databases, data collections, systems and technology, rights of privacy and publicity, rights in social media identifiers, usernames and accounts, know-how, trade secrets and other unpatented and/or
            unpatentable proprietary or confidential information, systems or procedures and all other intellectual, proprietary or industrial property rights, and all registrations, applications for registration or issuance, recordings, renewals, and
            extensions of or relating to any of the foregoing (collectively, the “Intellectual Property”) used in or necessary for the conduct of their respective businesses as currently conducted and as currently
            contemplated to be conducted after the Closing Date, and none of the foregoing will be adversely affected by the consummation of the transactions contemplated hereby, provided, however, for the avoidance of doubt, the foregoing shall not be deemed to constitute a representation or warranty with respect to infringement or other violation of Intellectual Property rights of third parties, which are
            exclusively addressed below in clause (iv); (ii) the Jack in the Box Parties exclusively own and possess free and clear of all Liens all Intellectual Property described in the Pricing Disclosure Package and the Final Offering Memorandum as
            being owned by them or that is otherwise purported to be owned by them (“Company Intellectual Property”); (iii) there are no third parties who own or possess any right, title or interest in or to any
            Company Intellectual Property, except as specifically disclosed in the Pricing Disclosure Package and the Final Offering Memorandum; (iv) there is and has been no infringement, dilution, misappropriation or other violation (A) by third parties
            of any Company Intellectual Property or (B) by any Relevant Jack in the Box Entity (including by the operation of its respective business or its products or services) of any Intellectual Property rights of any third party, except as
            specifically disclosed in the Pricing Disclosure Package and the Final Offering Memorandum except as could not reasonably be expected to have a Material Adverse Effect; (v) except as specifically disclosed in the Pricing Disclosure Package and
            the Final Offering Memorandum or as could not reasonably be expected to have a Material Adverse Effect, there is no pending action, suit, investigation, or proceeding against any Relevant Jack in the Box Entity or, to the Relevant Jack in the
            Box Entities’ knowledge, threatened claim by any Person: (x) challenging the validity or enforceability of, or Relevant Jack in the Box Entities’ use of or rights in or to, any Company Intellectual Property, (y) alleging any violation of any
            applicable laws, regulations, policies or industry standards regarding data privacy, data security or personally identifiable information or data (including the Payment Card Industry Data Security Standards as promulgated by the Payment Card
            Industry Security Standards Counsel (the “PCI-DSS”)) or (z) asserting that any of the Relevant Jack in the Box Entities, the operation of their respective businesses or their products or services has
            infringed, diluted, misappropriated or otherwise violated or currently infringes, dilutes, misappropriates or otherwise violates, or would, upon the commercialization of any product or service of the Relevant Jack in the Box Entities or any of
            their subsidiaries described in the Pricing Disclosure Package and the Final Offering Memorandum as under development, infringe, dilute, misappropriate or otherwise violate, any Intellectual Property right of others; (vi) as of the Closing
            Date, (A) the Securitization Entities will solely and exclusively own or otherwise have a valid right to use all of the material Intellectual Property necessary to conduct their business as conducted by the Relevant Jack in the Box Entities
            immediately prior to the Closing Date and (B) the Securitization Entities will solely and exclusively own and possess all Owned Securitization IP and except as specifically disclosed in the Pricing Disclosure Package or the Final Offering
            Memorandum, no Non-Securitization Entity will own any Intellectual Property otherwise necessary for the operation of the businesses as conducted by the Relevant Jack in the Box Entities immediately prior to the Closing Date; and (vii) except as
            specifically disclosed in the Pricing Disclosure Package and the Final Offering Memorandum or as could not reasonably be expected to have a Material Adverse Effect, (A) the Relevant Jack in the Box Entities are in material compliance with all
            applicable laws, regulations, policies and industry standards regarding data privacy, data security or personally identifiable information or data (including PCI-DSS); (B) the Relevant Jack in the Box Entities have taken commercially reasonable
            measures consistent with industry standards to protect the confidentiality of their material trade secrets (including all material trade secrets and confidential information included in the Securitization IP); and (C) to the Relevant Jack in
            the Box Entities’ knowledge, no trade secrets and confidential information included in the Securitization IP have been disclosed or released to any third party except pursuant to commercially reasonable nondisclosure agreements protecting the
            secrecy thereof.

        
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        (ll)            Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Relevant Jack in the Box Entities (x) have taken commercially reasonable measures to protect the
            confidentiality, integrity and availability of data in the Relevant Jack in the Box Entities’ possession, custody or control, and the integrity and availability of the Relevant Jack in the Box Entities’ information and operational technology
            (including digital channels such as the online website and mobile application); (y) are not aware of any past, ongoing or threatened security breach of, or unauthorized access to, the Relevant Jack in the Box Entities’ information and
            operational technology infrastructure (including technology infrastructure provided by third parties); and (z) are in compliance with the applicable written policies of the Relevant Jack in the Box Entities, contractual requirements (including
            PCI-DSS), and material compliance with all applicable laws, regulations and guidance regarding data privacy, data security, personal data or confidential information.

      

      
        (mm)            There are no legal or governmental proceedings pending to which any Relevant Jack in the Box Entity or any of their respective subsidiaries is a party or of which any property or assets of any of the Relevant Jack in
            the Box Entities or any of their respective subsidiaries is the subject that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  To each Relevant Jack in the Box Entity’s knowledge, no such
            proceedings are threatened or contemplated by governmental authorities or others.

      

      
        (nn)            There is no contract or other document that would be required to be described in a registration statement filed by Holdco under the 1933 Act or filed as an exhibit to such registration statement of Holdco pursuant to
            Item 601(b)(10) of Regulation S-K that has not been described in or filed as an exhibit to the Pricing Disclosure Package and the Final Offering Memorandum. The statements made in the Pricing Disclosure Package and the Final Offering
            Memorandum, insofar as they purport to constitute summaries of the terms of the contracts and other documents that are so described therein, constitute accurate summaries of the terms of such contracts and documents in all material respects.

        (oo)            The statements made in the Pricing Disclosure Package and the Final Offering Memorandum under the captions “Description of the Offered Notes” and “Description of the Indenture and the Guarantee and Collateral Agreement,” insofar as they constitute a summary of the terms of the Offered Notes and the Indenture, and under the captions “Risk
              Factors” “Description of the Business of Jack in the Box, ” “Management of Jack in the Box,”  “Description of the
              Securitization Entities,” “Description of the Franchise Arrangements,” “Characteristics of Certain Franchised Restaurants and Company Restaurants,” “Description of the Manager and the Management Agreement,” “Description of the Servicer and the Servicing Agreement,” “Description
              of the Back-Up Manager and the Back-Up Management Agreement,” “Description of the Series 2019-1 Class A-1 Notes,” “Description
              of the Distribution and Contribution Agreements,” “Description of the IP License Agreements,” “Description of the Real Estate Activities,” “Certain Legal Aspects of the Franchise Arrangements,” “Certain U.S. Federal Income Tax Consequences,” “Certain ERISA and Related
              Considerations,” “Additional Regulatory Considerations,” “Plan of Distribution,” and “Transfer Restrictions,” insofar as they purport to constitute summaries of the terms of statutes, rules or regulations, legal or governmental proceedings or contracts and other documents, constitute accurate summaries of the
            terms of such statutes, rules and regulations, legal and governmental proceedings and contracts and other documents in all material respects.

        
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        (pp)            Except as could not reasonably be expected to have a Material Adverse Effect (A) each of the Relevant Jack in the Box Entities and each of their respective subsidiaries carry, or are covered by, insurance from insurers
            of recognized financial responsibility in such amounts and covering such risks as is adequate for the conduct of their respective businesses and the value of their respective properties and as is customary for companies engaged in similar
            businesses in similar industries; (B) all such policies of insurance of the Relevant Jack in the Box Entities and each of their respective subsidiaries are in full force and effect; (C) the Relevant Jack in the Box Entities and each of their
            respective subsidiaries are in compliance with the terms of such policies in all material respects; (D) none of the Relevant Jack in the Box Entities nor any of their respective subsidiaries has received notice from any insurer or agent of such
            insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance; and (E) there are no claims by the Relevant Jack in the Box Entities or any of their respective subsidiaries under
            any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause.  None of the Relevant Jack in the Box Entities nor any of their respective subsidiaries has any reason to
            believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business.

      

      (qq)            No labor disturbance by or dispute with the employees or Franchisees of the Relevant Jack in the Box Entities or any of their respective subsidiaries exists or, to the knowledge of any Relevant Jack in the Box Entity, is
          imminent, in each case that could reasonably be expected to have a Material Adverse Effect.

      
        (rr)            The Relevant Jack in the Box Entities and their respective subsidiaries have taken the necessary actions to mitigate the risk that (i) employees, independent contractors and consultants of the Franchisees could be
            treated as joint employees of any Relevant Jack in the Box Entity and/or (ii) the Relevant Jack in the Box Entities or any of their respective subsidiaries could be jointly or vicariously liable to or with any employee, independent contractor
            and consultant of the Franchisees with respect to any labor, employment, benefits or other matters except, in each case under clauses (i) and (ii), that could not, individually or in the aggregate, reasonably be expected to have a Material
            Adverse Effect.

      

      (ss)            None of the Relevant Jack in the Box Entities (i) is in violation of its certificate of formation, limited liability company agreement, charter or by-laws (or similar organizational documents), (ii) is in default, and no
          event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan
          agreement, security agreement, license or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject or (iii) is in violation of any statute or any order, rule or regulation
          of any court or governmental agency or body having jurisdiction over it or its property or assets, except in the case of clauses (ii) and (iii), to the extent any such conflict, breach, violation or default could not, individually or in the
          aggregate, reasonably be expected to have a Material Adverse Effect.

      
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        (tt)            Except as described in the Pricing Disclosure Package and the Final Offering Memorandum or as could not reasonably be expected to have a Material Adverse Effect, (i) there are no proceedings that are pending, or to the knowledge of the Relevant Jack in the Box Entities, threatened, against any of the Relevant Jack in the Box Entities or
            any of their respective subsidiaries under any applicable laws (including common law), regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements of any governmental authority, including without limitation
            any applicable international, foreign, national, state, provincial, regional, or local authority, relating to the pollution or protection of the environment or natural resources, or to the use, handling, transportation, generation, treatment,
            storage, disposal, discharge or release of hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) the Relevant
              Jack in the Box Entities and their respective subsidiaries are not aware of any issues regarding compliance with Environmental Laws or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic
            substances or wastes, pollutants or contaminants, and (iii) none of the Relevant Jack in the Box Entities and their respective subsidiaries anticipates expenditures relating to
            Environmental Laws.

      

      (uu)            Each of the Relevant Jack in the Box Entities and each of their respective subsidiaries has filed all federal, state, local and foreign tax returns required to be filed through the date hereof, subject to permitted
          extensions, and have paid or caused to be paid all taxes due pursuant to said returns, except for such taxes as are being contested in good faith and by appropriate proceedings diligently conducted and for which adequate reserves are being
          maintained in accordance with GAAP. No tax deficiency has been determined adversely to the Relevant Jack in the Box Entities or any of their respective subsidiaries, nor does any Relevant Jack in the Box Entity have any knowledge of any tax
          deficiencies that have been, or could reasonably be expected to be asserted against the Relevant Jack in the Box Entities or any of their respective subsidiaries, that could, individually or in the aggregate, be expected to have a Material
          Adverse Effect.

      
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      (vv)            Except where a failure to comply with any of the following would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect (i) each “employee benefit plan” (within the meaning of
          Section 3(3) of the Employee Retirement Security Act of 1974, as amended (“ERISA”)) for which the Relevant Jack in the Box Entities or any member of its “Controlled Group” (defined as any organization which
          is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each a “Plan”) has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code; provided that this clause
          (i) shall not apply to any Plan that is a “multiemployer plan,” within the meaning of Section 4001(c)(3) of ERISA; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect
          to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) with respect to each Plan subject to Title IV of ERISA (A) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred
          or is reasonably expected to occur, (B) no “accumulated funding deficiency” (within the meaning of Section 302 of ERISA or Section 412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, (C) the fair market value
          of the assets under each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan) and (D) none of the Relevant Jack in the Box Entities nor any member of their
          Controlled Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in
          respect of a Plan (including a “multiemployer plan,” within the meaning of Section 4001(c)(3) of ERISA); and (iv) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by
          action or by failure to act, which would cause the loss of such qualification.

      (ww)            Other than any restrictions under applicable law, no Guarantor is currently prohibited, directly or indirectly, from paying any dividends to its parent or to the Master Issuer, from making any other distribution on such
          Guarantor’s capital stock, limited liability company or other ownership interests, as applicable, from repaying to its parent or the Master Issuer any loans or advances to such Guarantor from its parent or the Master Issuer or from transferring
          any of such Guarantor’s property or assets to its parent or the Master Issuer, or any other subsidiary of its parent or the Master Issuer.

      (xx)            None of the Relevant Jack in the Box Entities nor any of their respective subsidiaries is, and after giving effect to the offer and sale of the Offered Notes and the application of the proceeds therefrom as described
          under “Use of Proceeds” in each of the Pricing Disclosure Package and the Final Offering Memorandum will be, an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as
          amended (the “1940 Act”), and the rules and regulations of the Commission thereunder. The Master Issuer does not constitute a “covered fund” for purposes of the Volcker Rule promulgated under the Dodd-Frank
          Wall Street Reform and Consumer Protection Act.  Payments on the Offered Notes will not depend primarily on cash flow from self-liquidating financial assets within the meaning of Section 3(a)(79) of the 1934 Act.

      (yy)            The statistical and market-related data included in the Pricing Disclosure Package and the Final Offering Memorandum and the consolidated financial statements of Holdco, the Master Issuer and their respective subsidiaries
          included in the Pricing Disclosure Package and the Final Offering Memorandum are based on or derived from sources that are reliable in all material respects.

      (zz)            The Relevant Jack in the Box Entitles will take reasonable precautions designed to ensure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in Rule 902 under the Securities
          Act) of any Offered Notes or any substantially similar security issued by any Relevant Jack in the Box Entity, within six months subsequent to the date on which the distribution of the Offered Notes has been completed (as notified to the Master
          Issuer by the Initial Purchasers), is made under restrictions and other circumstances reasonably designed not to affect the status of the offer and sale of the Offered Notes in the United States and to U.S. persons contemplated by this Agreement
          as transactions exempt from the registration provisions of the Securities Act, including any sales pursuant to Rule 144A under, or Regulation S of, the Securities Act.

      
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      (aaa)            Immediately after giving effect to the consummation of the transactions contemplated by this Agreement and the other Related Documents, each of the Relevant Jack in the Box Entities will be Solvent.  As used in this
          Agreement, the term “Solvent” means, with respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of such relevant entity are not less than the total amount required to pay
          the liabilities of such relevant entity on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) the relevant entity is able to pay its debts and other liabilities, contingent
          obligations and commitments as they mature and become due in the normal course of business, (iii) assuming the sale of the Offered Notes as contemplated by this Agreement and the completion of the transactions contemplated by the Related
          Documents, the relevant entity is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature, (iv) the relevant entity is not engaged in any business or transaction, and is not about to engage in any
          business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such entity is engaged, and (v) the relevant entity is not otherwise
          insolvent under the standards set forth in any U.S. or non-U.S. federal, state or local statute, law or ordinance, or any judgment, decree, rule, regulation, order or injunction. In computing the amount of such contingent liabilities at any time,
          it is intended that such liabilities will be computed at the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

      
        (bbb)            None of the Relevant Jack in the Box Entities nor any of their respective subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement and the Engagement Letter)
            that could give rise to a valid claim against any of them or the Initial Purchasers for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Offered Notes.

        (ccc)            None of the transactions contemplated by this Agreement (including, without limitation, the use of the proceeds from the sale of the Offered Notes), will violate or result in a violation of Section 7 of the 1934
            Act, or any regulation promulgated thereunder, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System.

      

      (ddd)            None of the Relevant Jack in the Box Entities nor any of their respective affiliates have taken, directly or indirectly, any action designed to or that has constituted or that could reasonably be expected to cause or
          result in the stabilization or manipulation of the price of any security of the Master Issuer or any Guarantor in connection with the offering of the Offered Notes.

      
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        (eee)            The Relevant Jack in the Box Entities and their respective affiliates have not taken any action or omitted to take any action which may result in the loss by any of the Initial Purchasers of the ability to rely
            on any stabilization safe harbor provided by (i) Article 5 of the Market Abuse Regulation (596/2014) or (ii) the UK Financial Conduct Authority (“FCA”) under s.137Q of the Financial Services and Markets
            Act 2000 (“FSMA”).

      

      (fff)            None of the Relevant Jack in the Box Entities nor any of their respective subsidiaries is in violation of or has received notice of any violation with respect to any federal or state law relating to discrimination in the
          hiring, promotion or pay of employees, nor any applicable federal or state wage and hour laws, nor any state law precluding the denial of credit due to the neighborhood in which a property is situated, the violation of any of which could
          reasonably be expected to have a Material Adverse Effect.

      
        (ggg)            None of the Relevant Jack in the Box Entities nor any of their respective subsidiaries, nor any director, officer, manager, member, agent, employee, affiliate or other person acting on behalf of such relevant
            entity, has (i) made any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any domestic governmental official, “foreign official” (as
            defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”)) or employee; (iii) violated or is in violation of any provision
            of the FCPA, the Bribery Act of 2010 of the United Kingdom or any applicable non-U.S. anti-bribery statute or regulation; (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment; or (v) received notice of any
            investigation, proceeding or inquiry by any governmental agency, authority or body regarding any of the matters in clauses (i)-(iv) above; and the Relevant Jack in the Box Entities and their respective subsidiaries and, to the knowledge of such
            relevant entity, the relevant entity’s affiliates, have conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue
            to ensure, continued compliance therewith.

        (hhh)             The operations of the Relevant Jack in the Box Entities and each of their respective subsidiaries are and have been conducted at all times in
            compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all
              jurisdictions where the Relevant Jack in the Box Entities and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or
              guidelines issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any Relevant Jack in the Box Entity or any of
              their respective subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of such relevant entity, threatened.

        
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        (iii)            None of the Relevant Jack in the Box Entities nor any of their respective subsidiaries nor any director, officer, agent, employee, affiliate or other person acting on behalf of such relevant entity is currently
            the target of any  sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and
            the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor is such relevant
            entity located, organized or resident in a country or territory that is the target of Sanctions; the Relevant Jack in the Box Entities and their respective subsidiaries, and their respective directors, officers, agents, employees, affiliates
            and other persons acting on behalf of such relevant entities are in compliance with all applicable Sanctions; and the Relevant Jack in the Box Entities and their respective subsidiaries will not directly or indirectly use the proceeds of the
            offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of or business with any person, or in any country or
            territory, that currently is the subject of any Sanctions or in any other manner that will result in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor or otherwise) of
            Sanctions.

      

      (jjj)            There are no transfer taxes or other similar fees or charges under Federal law or the laws of any state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this
          Agreement or the issuance and sale by the Master Issuer and the Guarantors of the Offered Notes.

      
        (kkk)            None of the Relevant Jack in the Box Entities nor any of their respective affiliates or representatives, have participated in a plan or scheme to evade the registration requirements of the 1933 Act through the
            sale of the Offered Notes pursuant to Regulation S.

        (lll)            None of the Relevant Jack in the Box Entities has knowledge that any other party to any material contract being assigned to a Securitization Entity on the Closing Date has any intention not to perform its
            obligations thereunder in all material respects, except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

        (mmm)         No forward-looking statement (within the meaning of Section 27A of the 1933 Act and Section 21E of the 1934 Act) contained in the Pricing Disclosure Package or the Final Offering Memorandum has been made without a
            reasonable basis or has been disclosed other than in good faith.

        (nnn)            The Manager has provided (i) a 17g-5 Representation to each Rating Agency (as defined
            below); (ii) an executed copy of the 17g-5 Representation delivered to each Rating Agency) has been delivered to the Representative; and (iii) each of the Jack in the Box Parties has complied in all material
              respects with each 17g-5 Representation. For purposes of this Agreement, “17g-5 Representation” means a written representation provided to each Rating Agency, which satisfies the requirements of Rule 17g-5(a)(3)(iii) of under the 1934 Act.

        (ooo)            Each Securitization Entity is, and has always been since its formation, a single-member limited liability company formed in Delaware and properly organized under the laws of Delaware.

        (ppp)            Neither the Jack in the Box Parties nor any of their affiliates have made or will make an election within the meaning of Treasury Regulation § 301.7701-3I to classify any Securitization Entity as an association
            taxable as a corporation for United States federal income tax purposes.

        
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        (qqq)            After giving effect to the Distribution Agreements and the Contribution Agreements, all of the issued and outstanding limited liability company interests of the Holding Company Guarantor will be owned by the
            Manager, and all such limited liability company interests will be duly authorized and validly issued, fully paid and non-assessable and owned of record by the Manager, free and clear of all Liens.

        (rrr)            After giving effect to the Distribution Agreements and the Contribution Agreements, all of the issued and outstanding limited liability company interests of the Master Issuer will be owned by the Holding Company
            Guarantor, and all such limited liability company interests will be duly authorized and validly issued, fully paid and non-assessable and owned of record by Holding Company Guarantor, free and clear of all Liens, except for the Liens arising
            under the Indenture or the Guarantee and Collateral Agreement.

        (sss)            After giving effect to the Distribution Agreements and the Contribution Agreements, all of the issued and outstanding limited liability company interests of each of the Franchisor and JIB Properties will be owned
            by the Master Issuer, and all such limited liability company interests will be duly authorized and validly issued, fully paid and non-assessable and owned of record by the Master Issuer, free and clear of all Liens, except for the Liens arising
            under the Indenture or the Guarantee and Collateral Agreement.

      

      Any certificate signed by any officer of any Relevant Jack in the Box Entity and delivered to the Representative or counsel for the
        Representative or any Relevant Jack in the Box Entity in connection with the offering of the Offered Notes shall be deemed a representation and warranty by such Relevant Jack in the Box Entity, as to matters covered thereby, to the Initial
        Purchasers, and not a representation or warranty by the individual (other than in his or her official capacity).

      3.            Purchase of the Offered Notes by the Initial Purchasers; Agreements to Sell, Purchase and Resell.

       

      

      
        (a)            On the basis of the representations, warranties, covenants and agreements herein contained, and subject to the terms and conditions herein set forth, the Master Issuer agrees to sell to each Initial Purchaser and each
            Initial Purchaser, severally and not jointly, agrees to purchase from the Master Issuer, at a purchase price as agreed separately by each, in writing, among the Master Issuer and the Initial Purchasers, the principal amount of Offered Notes set
            forth opposite their respective names on Schedule I hereto.

        (b)            Each of the Initial Purchasers, severally and not jointly, hereby represents and warrants to the Master Issuer that it will offer the Offered Notes for sale upon the terms and conditions set forth in this Agreement, the
            Pricing Disclosure Package and the Final Offering Memorandum. Each of the Initial Purchasers, severally and not jointly, hereby represents and warrants to, and agrees with, the Master Issuer, on the basis of the representations, warranties and
            agreements of the Jack in the Box Parties, that such Initial Purchaser: (i) is a sophisticated investor with such knowledge and experience in financial and business matters as are necessary in order to evaluate the merits and risks of an
            investment in the Offered Notes; (ii) is purchasing the Offered Notes pursuant to a private sale exempt from registration under the 1933 Act; (iii) in connection with the Exempt Resales, will solicit offers to buy the Offered Notes only from,
            and will offer to sell the Offered Notes only to, the Eligible Purchasers in accordance with this Agreement and on the terms contemplated by the Pricing Disclosure Package and the Final Offering Memorandum; and (iv) will not offer or sell the
            Notes, nor has it offered or sold the Notes by, or otherwise engaged in, any General Solicitation and will not engage in any directed selling efforts within the meaning of Rule 902 under the 1933 Act, in connection with the offering of the
            Offered Notes. The Initial Purchasers have advised the Master Issuer that they will offer the Offered Notes to Eligible Purchasers at an initial price as set forth in Schedule II hereto, plus accrued interest, if any, from the date of issuance
            of the Offered Notes.  Such price may be changed by the Initial Purchasers at any time without notice.

        
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        (c)            Each Initial Purchaser, severally and not jointly, represents and warrants to the Jack in the Box Parties that:

      

      
        (i)            It has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Offered Notes in, from or otherwise involving the United Kingdom, and it has only
            communicated or caused to be communicated and it will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with
            the issue or sale of any Offered Notes, in circumstances in which Section 21(1) of the FSMA does not apply to the Master Issuer; and

        (ii)            It has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Offered Notes to any Retail Investor in the European Economic Area. For the purposes of this
            provision: (a) the expression “Retail Investor” means a person who is one (or more) of the following (1) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”) or (2) a customer within the meaning of Directive 2002/92/EC (as amended, the “Insurance Mediation Directive”), where that customer would not qualify as a
            professional client as defined in point (10) of Article 4(1) of MiFID II or (3) not a qualified investor as defined in the Prospectus Directive; and (b) the expression “offer” includes the communication
            in any form and by any means of sufficient information on the terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe the Offered Notes.

      

      (d)            The Initial Purchasers have not and, prior to the later to occur of (A) the Closing Date and (B) completion of the distribution of the Offered Notes, will not, use, authorize use of, refer to or distribute any material in
          connection with the offering and sale of the Offered Notes other than (i) the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum and the documents listed on Schedule III hereto, (ii) any written
          communication that contains either (x) no “issuer information” (as defined in Rule 433(h)(2) under the 1933 Act) or (y) “issuer information” that was included in the Preliminary Offering Memorandum, the Pricing Disclosure Package, the Final
          Offering Memorandum or the documents listed on Schedule III hereto or (iii) any written communication prepared by such Initial Purchaser and approved by the Master Issuer (or the Manager on its behalf) in writing.

      
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      (e)            Each Initial Purchaser hereby acknowledges that upon original issuance thereof, and until such time as the same is no longer required under the applicable requirements of the 1933 Act, the Offered Notes (and all
          securities issued in exchange therefore or in substitution thereof) shall bear legends substantially in the forms as set forth in the “Transfer Restrictions” section of the Pricing Disclosure Package and the Final Offering Memorandum (along with
          such other legends as the Master Issuer and their counsel deem necessary).

      Each of the Initial Purchasers understands that the Master Issuer and, for purposes of the opinions to be delivered to the Initial
        Purchasers pursuant to Sections 7(d), 7(j) and 7(k) hereof, counsel to the Master Issuer and counsel to the Initial Purchasers, will assume the accuracy and truth of the foregoing representations, warranties and agreements, and the Initial
        Purchasers hereby consent to such reliance.

      4.            Delivery of the Offered Notes and Payment Therefor.  Delivery to the Representative on behalf of the Initial Purchasers of and payment for the Offered Notes shall be made at the office
          of White & Case LLP, at approximately 10:00 A.M., New York City time, on July 8, 2019 (the “Closing Date”).  The place of closing for the Offered Notes and the Closing Date may be varied by agreement
          between the Initial Purchasers and the Master Issuer.

      The Offered Notes will be delivered to the accounts of the Representative, or the Trustee as custodian for The Depository Trust
        Company (“DTC”), against payment by or on behalf of the Representative of the purchase price therefor by wire transfer in immediately available funds, by causing DTC to credit the Offered Notes to the account
        of the Representative at DTC.  The Offered Notes will be evidenced by one or more global securities with respect to each series in definitive form and will be registered in the name of Cede & Co. as nominee of DTC.  The Offered Notes to be
        delivered to the Representative shall be made available to the Initial Purchasers in New York City for inspection and packaging not later than 10:00 A.M., New York City time, on the Business Day next preceding the Closing Date.

      
        5.            Agreements of the Jack in the Box Parties.  The Jack in the Box Parties, jointly and severally, agree with the Initial Purchasers as follows:

      

      
        (a)            The Jack in the Box Parties will furnish to the Initial Purchasers, without charge, within one Business Day of the date of the Final Offering Memorandum, such number of copies of the Final Offering Memorandum as may
            then be amended or supplemented as the Initial Purchasers may reasonably request; provided that such obligation may be satisfied by delivery of the Final Offering Memorandum and any such amendments and
            supplements by electronic means, including by email delivery of a PDF file.

        (b)            The Jack in the Box Parties shall provide to the Initial Purchasers, without charge, during the period from the date of this Agreement until the earlier of (i) 180 days from the date of this Agreement and (ii) such date
            as of which all of the Offered Notes shall have been sold by the Initial Purchasers (such period, the “Offering Period”), as many copies of the Final Offering Memorandum and any supplements and amendments
            thereto, as the Initial Purchasers may reasonably request; provided that such obligation may be satisfied by delivery of the Final Offering Memorandum and any such amendments and supplements by
            electronic means, including by email delivery of a PDF file.

        
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      (c)            The Jack in the Box Parties will prepare the Final Offering Memorandum in a form approved by the Representative and will not make any amendment or supplement to the Pricing Disclosure Package or to the Final Offering
          Memorandum of which the Representative shall not previously have been advised or to which they shall object in a timely manner after being so advised.

      
        (d)            The Jack in the Box Parties will (i) advise the Representative promptly of (x) any Commission order preventing or suspending the use of the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final
            Offering Memorandum or (y) any suspension of the qualification of the Offered Notes or the Guarantees for offering or sale in any jurisdiction and of the initiation or threatening of any proceeding for any such purpose, and (ii) use best
            efforts to prevent the issuance of any such order preventing or suspending the use of the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum or suspending any such qualification and, if any such
            suspension is issued, to obtain the lifting thereof at the earliest possible time.

      

      (e)            Each of the Jack in the Box Parties consents to the use of the Pricing Disclosure Package and the Final Offering Memorandum in accordance with the securities or Blue Sky laws of the jurisdictions in which the Offered
          Notes are offered by the Initial Purchasers and by all dealers to whom Offered Notes may be sold, in connection with the offering and sale of the Offered Notes.

      
        (f)            If, at any time prior to the end of the Offering Period, any event occurs or information becomes known that, in the judgment of any Jack in the Box Party or in the opinion of counsel for the Representative, should be
            set forth in the Pricing Disclosure Package or the Final Offering Memorandum so that the Pricing Disclosure Package or the Final Offering Memorandum, as then amended or supplemented, does not contain an untrue statement of a material fact or
            omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary to supplement or amend the Pricing Disclosure Package or the
            Final Offering Memorandum in order to comply with any law, the Jack in the Box Parties will promptly prepare an appropriate supplement or amendment thereto, and will expeditiously furnish to the Initial Purchasers a reasonable number of copies
            thereof.

        (g)            Promptly from time to time, the Jack in the Box Parties shall take such action as the Representative may reasonably request to qualify the Offered Notes for offering and sale under the securities or Blue Sky laws of
            such jurisdictions as the Representative may request, to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Offered Notes
            and to arrange for the determination of the eligibility for investment of the Offered Notes under the laws of such jurisdictions as the Representative may reasonably request.

        
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        (h)            For a period commencing on the date hereof and ending on the 180th day after the date of the Final Offering Memorandum, the Jack in the Box Parties agree not to, directly or indirectly, (i) offer for sale,
            sell, or otherwise dispose of (or enter into any transaction or device that is designed to, or would be expected to, result in the disposition by any person at any time in the future of) any debt securities of any Jack in the Box Party
            substantially similar to the Offered Notes (“Similar Debt Securities”) or securities convertible into or exchangeable for Similar Debt Securities, sell or grant options, rights or warrants with respect to
            Similar Debt Securities or securities convertible into or exchangeable for Similar Debt Securities, (ii) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks
            of ownership of Similar Debt Securities whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Similar Debt Securities or other securities, in cash or otherwise, (iii) file or cause to be filed a
            registration statement, including any amendments, with respect to the registration of Similar Debt Securities or securities convertible, exercisable or exchangeable into Similar Debt Securities or (iv) publicly announce an offering of any
            Similar Debt Securities or securities convertible or exchangeable into Similar Debt Securities, in each case without the prior written consent of the Representative; provided that this Section 5(h)
            shall not apply to any advances made from time to time pursuant to the Class A-1 Note Purchase Agreement, to be dated on or around July 8, 2019 by and among the Securitization Entities, the Manager, certain Conduit Investors, certain Financial
            Institutions, certain Funding Agents, and Coöperatieve Rabobank, U.A., New York Branch, as L/C Provider and Swingline Lender and Administrative Agent.

        (i)            So long as any of the Offered Notes are outstanding, the Jack in the Box Parties will furnish at their expense to the Representative, and, upon request, to holders of the Offered Notes and prospective purchasers of the
            Offered Notes, the information required by Rule 144A(d)(4) under the 1933 Act (if any).

        (j)            The Master Issuer will apply the net proceeds from the sale of the Offered Notes to be sold by the Master Issuer hereunder substantially in accordance with the description set forth in the Pricing Disclosure Package and
            the Final Offering Memorandum under the caption “Use of Proceeds”.

        (k)            The Jack in the Box Parties and their respective affiliates will not take, directly or indirectly, any action designed to or that has constituted or that could cause the stabilization or manipulation of the price of any
            security of the Jack in the Box Parties in connection with the offering of the Offered Notes.

        (l)            Each Jack in the Box Party will not, and will not permit any of its respective affiliates (as defined in Rule 144) to, resell any of the Offered Notes that have been acquired by any of them, except for Offered Notes purchased by any of the Jack in the Box Parties or any of their respective affiliates and resold in a
            transaction registered under the 1933 Act or in accordance with Rule 144 or other applicable exemption under the 1933 Act.

        (m)            The Jack in the Box Parties will use their best efforts to permit the Offered Notes to be eligible for clearance and settlement in the United States through DTC and in Europe through Euroclear Bank, S.A./N.V., or
            Clearstream Banking, société anonyme.

        (n)            The Jack in the Box Parties will not, and will cause their respective affiliates and representatives not to, engage in any “directed selling efforts” within the meaning of Rule 902 under the 1933 Act.

        
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        (o)            The Jack in the Box Parties will, and will cause their respective affiliates and representatives to, comply with and implement the “offering restrictions” required by Rule 902 under the 1933 Act.

        (p)            The Jack in the Box Parties agree not to sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any “security” (as defined in the 1933 Act) that would be integrated with the sale of the
            Offered Notes in a manner that would require the registration under the 1933 Act of the sale to the Initial Purchasers or the Eligible Purchasers of the Offered Notes. The Jack in the Box Parties will take reasonable precautions designed to
            insure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in Rule 902 under the 1933 Act), of any Offered Notes or any substantially similar security issued by any Jack in the Box Party, within
            one hundred eighty (180) days subsequent to the date on which the distribution of the Offered Notes has been completed (as notified to the Master Issuer by the Representative) is made under restrictions and other circumstances reasonably
            designed not to affect the status of the offer and sale of the Offered Notes in the United States and to U.S. persons contemplated by this Agreement as transactions exempt from the registration provisions of the 1933 Act, including any sales
            pursuant to Rule 144A under, or Regulations D or S of, the 1933 Act.

        (q)            The Master Issuer and the Guarantors agree to comply with all agreements set forth in the representation letters of the Master Issuer and the Guarantors to DTC relating to the approval of the Offered Notes by DTC for
            “book entry” transfer.

        (r)            The Jack in the Box Parties will do and perform all things required to be done and performed under this Agreement by them prior to the Closing Date in order to satisfy all conditions precedent to the Initial Purchasers’
            obligations hereunder to purchase the Offered Notes.

        (s)            During the Offering Period, the Jack in the Box Parties will not solicit any offer to buy from or offer to sell to any person any Offered Notes except through the Representative. To the extent that the Offering Period
            continues beyond the Closing Date, the Representative will provide the Master Issuer and the Manager written notice of the conclusion of the Offering Period.

        (t)            The Jack in the Box Parties (i) shall complete on or prior to the Closing Date all filings and other similar actions required in connection with the creation and
              perfection of security interests in the Collateral as and to the extent required by the Indenture, the Offered Notes, the Guarantees and the other Related Documents and (ii) after the Closing Date, shall complete all filings and other similar
              actions that need not be completed on the Closing Date but which may be required in connection with the creation and perfection or maintenance of security interests in the Collateral as and to the extent required by the Indenture, the Offered
              Notes, the Guarantees and the other Related Documents.

        
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        (u)            The Jack in the Box Parties and their respective affiliates and representatives will not engage in any General Solicitation in connection with the offer and sale of the Offered Notes.

        (v)            The Jack in the Box Parties will take such steps as shall be necessary to ensure that no Relevant Jack in the Box Entity becomes required to register as an “investment company” within the meaning of such term under the
            1940 Act.

        (w)            No Jack in the Box Party will take any action which would result in the loss by any Initial Purchaser of the ability to rely on any stabilization safe harbor provided by applicable United States or European Union law or
            regulation.  Each Jack in the Box Party hereby authorizes the Initial Purchasers to make such public disclosure of information relating to stabilization as is required by applicable law, regulation and guidance.

        (x)            To the extent that the ratings to be provided with respect to the Offered Notes as set forth in the Pricing Disclosure Package by each of S&P Global Ratings (“S&P”) or any
            successor thereto and Kroll Bond Rating Agency, Inc. (“KBRA”) (each, a “Rating Agency”) are conditional upon the furnishing of documents or the taking of any other
            actions by Jack in the Box Parties or any of their respective affiliates, the Jack in the Box Parties and any of their respective affiliates agree to furnish such documents and take any such other action that is requested by any Rating Agency.

        (y)            The Jack in the Box Parties have consented to and consent to the use by the Initial Purchasers of (i) the Pricing Disclosure Package, the Final Offering Memorandum and the documents listed on Schedule III hereto, (ii)
            any written communication that contains either (x) no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) or (y) “issuer information” that was included (including through incorporation by reference) in the Preliminary
            Offering Memorandum or any documents listed on Schedule III hereto, (iii) any written communication prepared by such Initial Purchaser and approved by the Master Issuer in writing, or (iv) any written communication that contains only the terms
            of the Offered Notes and/or other information that was included (including through incorporation by reference) in the Pricing Disclosure Package or the Final Offering Memorandum.

        (z)            The Manager shall comply, and shall cause the Master Issuer to comply, in all material respects with Rule 17g-5 under the 1934 Act and the 17g-5 Representation.

        (aa)            Prior to the Closing Date, the Jack in the Box Parties shall have (i) received consents from each applicable landlord under each Contributed Securitized Lease to be contributed on the Closing Date to the extent the
            terms of such Contributed Securitized Lease require consent from such landlord in order to consummate the assignment from the applicable Parent Company to JIB Properties in order to avoid triggering a default thereunder or (ii) entered into
            other arrangements reasonably satisfactory to the Representative.

        
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        (bb)            The Jack in the Box Parties shall take all necessary and appropriate action to terminate and discharge all of the obligations of the Manager and its affiliates, as of the Closing Date, under the Second Amended and
            Restated Credit Agreement dated as of March 19, 2014, as further amended on November 21, 2014, as further amended on July 1, 2015, as further amended on September 16, 2016, as further amended on March 21, 2018, and as further amended on May 1,
            2019 among Holdco, as borrower, Wells Fargo Bank, National Association, as administrative agent and the lenders and other parties from time to time party thereto (the “Senior Secured Credit Facility”), in accordance with its respective terms thereunder, and to cause the release of all assets of the Manager, any affiliate of the Manager and any other person subject to any lien related to
            the Senior Secured Credit Facility from such lien (including, without limitation, assets of any guarantor under any associated guarantee).

      

      
        6.            Expenses.  Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Jack in the Box Parties, jointly and severally,
            agree, to pay all reasonable expenses, costs, fees and taxes incident to and in connection with: (a) the preparation, printing and distribution of the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering
            Memorandum (including, without limitation, financial statements and exhibits and one or more versions of the Preliminary Offering Memorandum and the Final Offering Memorandum) and all amendments and supplements thereto (including the fees,
            disbursements and expenses of the Jack in the Box Parties’ accountants, experts and counsel); (b) the preparation, printing (including, without limitation, word processing and duplication costs) and delivery of this Agreement, the Indenture,
            the Offered Notes, the Guarantees and the other Related Documents, all Blue Sky memoranda and all other agreements, memoranda, correspondence and other documents printed and delivered in connection therewith and with the Exempt Resales; (c) the
            issuance and delivery by the Master Issuer of the Offered Notes and by the Guarantors of the Guarantees and any taxes payable in connection therewith; (d) the qualification of the Offered Notes for offer and sale under the securities or Blue
            Sky laws of the several states, Canada and any other foreign jurisdictions as the Representative may designate (including, without limitation, the reasonable fees and disbursements of the Initial Purchasers’ counsel relating to such
            registration or qualification); (e) the furnishing of such copies of the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum, and all amendments and supplements thereto, as may be reasonably
            requested for use in connection with the Exempt Resales; (f) the preparation of certificates for the Offered Notes (including, without limitation, printing and engraving thereof); (g) the fees and expenses of the accountants and other experts
            incurred in connection with the delivery of the comfort letters and “agreed upon procedures” letters to the Representative pursuant to the terms of this Agreement; (h) the reasonable fees, disbursements and expenses of outside legal counsel to
            the Representative, the fees of outside accountants, the costs of any diligence service, and the reasonable fees of any other third party service provider or advisor retained by the Representative; (i) the custody of the Offered Notes and the
            approval of the Offered Notes by DTC for “book-entry” transfer (including reasonable fees and expenses of counsel for the Initial Purchasers); (j) the rating of the Offered Notes; (k) the obligations of the Trustee, the Servicer, any agent of
            the Trustee or the Servicer and the counsel for the Trustee or the Servicer in connection with the Indenture, the Offered Notes or the other Related Documents; (l) the performance by the Jack in the Box Parties of their other obligations under
            this Agreement and under the other Related Documents which are not otherwise specifically provided for in this Section 6; (m) all reasonable travel expenses (including expenses related to chartered aircraft) of the Initial Purchasers and their
            officers and employees and any other expenses of the Initial Purchasers in connection with attending or hosting meetings with prospective purchasers of the Offered Notes, and expenses associated with any “road show” presentation to potential
            investors (including any electronic “road show” presentations); (n) compliance with Rule 17g-5 under the 1934 Act; and (o) all sales, use and other taxes (other than income taxes) related to the transactions contemplated by this Agreement, the
            Indenture, the Offered Notes or the other Related Documents.

        
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      7.            Conditions to the Initial Purchasers’ Obligations.  The respective obligations of the Initial Purchasers hereunder are subject to the accuracy, when made and on and as of the Closing
          Date, of the representations and warranties of the Jack in the Box Parties contained herein, to the performance by the Jack in the Box Parties and each of their respective obligations hereunder, and to each of the following additional terms and
          conditions:

      
        (a)            The Final Offering Memorandum (and any amendments or supplements thereto) shall have been printed and copies distributed to the Initial Purchasers as promptly as practicable on or following the date of this Agreement or
            at such other date and time as to which the Initial Purchasers may agree.

        (b)            The Representative shall not have discovered and disclosed to the Jack in the Box Parties on or prior to the Closing Date that the Pricing Disclosure Package or the Final Offering Memorandum, or any amendment or
            supplement to any of the foregoing, contains an untrue statement of a fact which, in the opinion of the Representative after consultation with counsel, is material or omits to state a fact which, in the opinion of such counsel, is material and
            is necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading.

      

      (c)            All corporate proceedings and other legal matters incident to the authorization, form and validity of this Agreement, the Offered Notes, the Indenture, the other Related Documents, the Pricing Disclosure Package and the
          Final Offering Memorandum, and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be satisfactory in all material respects to counsel for the Representative, and the Jack in the Box Parties shall
          have furnished to such counsel all documents and information that they may request to enable them to pass upon such matters.

      
        (d)            The Representative shall have received one or more opinions and a negative assurance letter of White & Case LLP, counsel to the Jack in the Box Parties, each addressed to the Initial Purchasers and dated the Closing
            Date, in form and substance satisfactory to the Representative and its counsel, which opinion(s) shall include, without limitation, customary coverage with respect to certain corporate, non-contravention, security interest, non-consolidation,
            true contribution, true sale and fair summary matters.

        

        

      

      (e)            The Representative shall have received an opinion of in-house counsel to the Jack in the Box Parties, addressed to the Initial Purchasers and dated the Closing Date, in form and substance satisfactory to the
          Representative and its counsel, which opinion shall include the relevant opinions set forth on Exhibit 2-A hereto..

      
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        (f)            The Representative shall have received one or more opinions and a negative assurance letter from Plave Koch PLC, franchise counsel to the Jack in the Box Parties, each addressed to the Initial Purchasers and dated as of
            the Closing Date, in form and substance satisfactory to the Representative and its counsel, which opinion(s) shall include, without limitation, customary coverage with respect to certain franchise law and fair summary matters.

        (g)            The Representative shall have received an opinion of Dentons US LLP, counsel to the Trustee, addressed to the Initial Purchasers and dated as of the Closing Date, in form and substance satisfactory to the Representative
            and its counsel, which opinion shall include the opinions set forth on Exhibit 2-B hereto.

        (h)            The Representative shall have received an opinion and negative assurance letter of Andrascik & Tita LLC, counsel to the Servicer, and an opinion of in-house counsel to the Servicer, each addressed to the Initial
            Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Representative and its counsel, which opinions shall include the relevant opinions set forth on Exhibit 2-C hereto.

        (i)            The Representative shall have received an opinion of in-house counsel to the Back-Up Manager, addressed to the Initial Purchasers and dated as of the Closing Date, in form and substance satisfactory to the
            Representative and its counsel, which opinion shall include the relevant opinions set forth on Exhibit 2-D hereto.

        (j)            The Representative shall have received one or more opinions from Richards, Layton & Finger, P.A., Delaware counsel, each addressed to the Initial Purchasers and dated as of the Closing Date, in form and substance
            satisfactory to the Representative and its counsel, which opinion(s) shall include, without limitation, customary coverage with respect to certain corporate, limited liability company, state law, non-contravention, security interest and
            bankruptcy matters.

        (k)            The Representative shall have received one or more opinions from White & Case LLP, in its capacity as Texas counsel, addressed to the Initial Purchasers and dated as of the Closing Date, in form and substance
            satisfactory to the Representative and its counsel.

        (l)            The Representative shall have received from Weil, Gotshal & Manges LLP, counsel for the Initial Purchasers, a negative assurance letter, dated as of the Closing Date, with respect to the issuance and sale of the
            Offered Notes, the Pricing Disclosure Package, the Final Offering Memorandum and other related matters as the Representative may reasonably require, and the Jack in the Box Parties shall have furnished to such counsel such documents and
            information as such counsel reasonably requests for the purpose of enabling them to pass upon such matters.

        (m)            In addition to the other opinions and letters provided for in this Section 7, the Representative shall have been provided with any other opinions that have been addressed to each Rating Agency in connection with the
            transactions contemplated herein, and such opinions will be addressed to the Initial Purchasers.

        
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        (n)            At the time of execution of this Agreement, the Representative shall have received from KPMG LLP, a “comfort letter”, in form and substance reasonably satisfactory to the Representative, addressed to the Initial
            Purchasers and dated the date hereof (i) confirming that they are independent public accountants with respect to Holdco and its subsidiaries within the meaning of the 1933 Act and the applicable rules and regulations adopted by the Commission
            and the Public Company Accounting Oversight Board and are in compliance with the applicable requirements relating to the qualification of accountants under Rule-01 of Regulation S-X of the Commission and (ii) stating, as of the date hereof (or,
            with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Pricing Disclosure Package, as of a date not more than three days prior to the date hereof), the
            conclusions and findings of such firm with respect to the financial information and (iii) covering such other matters as are ordinarily covered by accountants’ “comfort letters” to underwriters in connection with registered public offerings.

        (o)            With respect to the letter of KPMG LLP referred to in the preceding paragraph and delivered to the Representative concurrently with the execution of this Agreement (the “Initial Letter”),
            KPMG LLP shall have furnished to the Representative a “bring-down letter” of such accountants, addressed to the Initial Purchasers and dated the Closing Date (i) confirming that they are independent public accountants with respect to Holdco and
            its subsidiaries within the meaning of the 1933 Act and the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board and are in compliance with the applicable requirements relating to the
            qualification of accountants under Rule 2-01 of Regulation S-X of the Commission, (ii) stating, as of the Closing Date (or, with respect to matters involving changes or developments since the respective dates as of which specified financial
            information is given in each of the Pricing Disclosure Package or the Final Offering Memorandum, as of a date not more than three days prior to the date of the Closing Date), the conclusions and findings of such firm with respect to the
            financial information and other matters covered by the Initial Letter, and (iii) confirming in all material respects the conclusions and findings set forth in the Initial Letter.

        

        

      

      (p)            At the time of execution of this Agreement, the Representative shall have received from Grant Thorton LLP a letter (the “Initial AUP Letter”), in form and substance satisfactory to
          the Initial Purchasers, addressed to the Initial Purchasers and dated the date hereof, concerning certain agreed-upon procedures performed in respect of the information presented in the Pricing Disclosure Package and the Final Offering Memorandum
          (including the Investor Model Runs (as defined in Schedule III hereto)).

      (q)            With respect to the Initial AUP Letter referred to in the preceding paragraph and delivered to the Representative concurrently with the execution of this Agreement, Grant Thorton LLP shall have furnished to the
          Representative a “bring-down letter”, addressed to the Initial Purchasers and dated the Closing Date stating, as of the Closing Date (or, with respect to matters involving changes or developments since the respective dates as of which specified
          financial information is given in each of the Pricing Disclosure Package or the Final Offering Memorandum, as of a date not more than three (3) days prior to the Closing Date), (i) the conclusions and findings of such firm with respect to the
          matters covered by the Initial AUP Letter, and (ii) confirming in all material respects the conclusions and findings set forth in the Initial AUP Letter.

      
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        (r)            (i) None of the Jack in the Box Parties shall have sustained, since the Audit Date, any material loss or interference with its business or properties from fire, explosion, flood, earthquake, hurricane, accident or other
            calamity, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, other than as set forth in the Pricing Disclosure Package and the Final Offering Memorandum (exclusive of any supplement thereto);
            and (ii) subsequent to the dates as of which information is given in the Pricing Disclosure Package and the Final Offering Memorandum (exclusive of any supplement thereto), there shall not have been any change in the capital stock or limited
            liability company interests, as applicable, or long-term debt of any of the Jack in the Box Parties or any of their respective subsidiaries or any change, or any development involving a prospective change, in or affecting the condition
            (financial or otherwise), results of operations, stockholders’ equity or limited liability company interests, as applicable, properties, management, business or prospects of any of the Jack in the Box Parties or any of their respective
            subsidiaries, individually or taken as a whole, the effect of which, in any such case described above, is, in the judgment of the Representative, so material and adverse as to make it impracticable or inadvisable to proceed with the offering,
            sale or delivery of the Offered Notes on the terms and in the manner contemplated in the Pricing Disclosure Package and the Final Offering Memorandum.

        

        

      

      (s)            Each of the Jack in the Box Parties shall have furnished or caused to be furnished to the Representative dated as of the Closing Date a certificate of Michael J. Snider, Assistant Secretary of Holdco, or other officers
          reasonably satisfactory to the Representative, as to such matters as the Initial Purchasers may reasonably request, including, without limitation, certifications substantially in the form set forth on Schedule IV hereto (subject to such
          modifications as reasonably agreed to by the Representative).

      (t)            The Representative shall have received a letter from each Rating Agency stating that the Offered Notes have received a rating of not less than “BBB” from KBRA and “BBB” from S&P.

      (u)            The Offered Notes shall be eligible for clearance and settlement in the United States through DTC and in Europe through Euroclear Bank, S.A./N.V., or Clearstream Banking, société anonyme.

      (v)            The Jack in the Box Parties and the Trustee, to the extent a party thereto, shall have executed and delivered the Indenture, the Guarantee and Collateral Agreement, the Offered Notes and the other Related Documents. Each
          of the Indenture, the Guarantee and Collateral Agreement, the Offered Notes and the other Related Documents shall have been consummated in accordance with the terms set forth in the Pricing Disclosure Package, the Preliminary Offering Memorandum
          and the Final Offering Memorandum. At the Closing Date, the Distribution and Contribution Transactions shall have been consummated in accordance with the terms and conditions set forth in the Pricing Disclosure Package, the Final Offering
          Memorandum, the Distribution Agreements and the Contribution Agreements.

      (w)            The Representative shall have received true and executed copies of each of the documents specified in clauses (s), (t), (v), (z), (cc) and (ee) of this Section 7.

      
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        (x)            Subsequent to the earlier of the Applicable Time and the execution and delivery of this Agreement there shall not have occurred any of the following: (i) any domestic or international event or act or occurrence has
            materially disrupted, or in the opinion of the Representative will in the immediate future materially disrupt, the market for the securities of any Jack in the Box Party or securities in general; or (ii) trading on the NYSE, or Nasdaq shall
            have been suspended or been made subject to material limitations, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on the NYSE, or Nasdaq or by order of the
            Commission or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance
            services shall have occurred; or (iv) (A) there shall have occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B)
            there shall have been any other calamity or crisis or any change in political, financial or economic conditions if the effect of any such event in (A) or (B), in the judgment of the Representative, makes it impracticable or inadvisable to
            proceed with the offering, sale and delivery of the Offered Notes, on the terms and in the manner contemplated by the Final Offering Memorandum or that, in the judgment of the Representative, could materially and adversely affect the financial
            markets or the markets for the Offered Notes and other debt securities.

        (y)            There shall exist at and as of the Closing Date no condition that would constitute a default (or an event that with notice or the lapse of time, or both, would constitute a default) under the Indenture or a material
            breach under any of the other Related Documents as in effect at the Closing Date (or an event that with notice or lapse of time, or both, would constitute such a default or material breach). On the Closing Date, each of the Related Documents
            shall be in full force and effect, shall conform in all material respects to the description thereof contained in the Pricing Disclosure Package and the Final Offering Memorandum and shall not have been modified.

        (z)            Each of the Jack in the Box Parties shall have furnished to the Initial Purchasers a certificate, in form and substance reasonably satisfactory to the Representative, dated as of the Closing Date, of the Chief Financial
            Officer (or, if such entity has no Chief Financial Officer, of another Authorized Officer) of such entity that such entity will be Solvent immediately after the consummation of the transactions contemplated by this Agreement and the Related
            Documents.

        (aa)            None of (i) the issuance and sale of the Offered Notes pursuant to this Agreement, (ii) the transactions contemplated by the Related Documents or (iii) the use of the Pricing Disclosure Package or the Final Offering
            Memorandum shall be subject to an injunction (temporary or permanent) and no restraining order or other injunctive order shall have been issued; and there shall not have been any legal action, order, decree or other administrative proceeding
            instituted or (to the knowledge of the Jack in the Box Parties) overtly threatened against the Jack in the Box Parties or the Initial Purchasers that could reasonably be expected to adversely impact the issuance of the Offered Notes or the
            Initial Purchasers’ activities in connection therewith or any other transactions contemplated by the Related Documents or the Pricing Disclosure Package.

        
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        (bb)            The Representative shall have received evidence reasonably satisfactory to the Representative and its counsel, that on or before the Closing Date, all existing liens encumbrances, equities or claims (other than
            Permitted Liens) on the Collateral shall have been released and all UCC-1 financing statements and assignments and other instruments required to be filed on or prior to the Closing Date pursuant to the Related Documents have been or are being
            filed.

        (cc)            The Representative shall have received evidence reasonably satisfactory to the Representative and its counsel that all conditions precedent to the issuance of the Offered Notes that are contained in the Indenture have
            been satisfied, including confirmation that the Rating Agency Condition with respect to the Offered Notes has been satisfied.

        (dd)            The representations and warranties of each of the Relevant Jack in the Box Entities (to the extent a party thereto) contained in the Related Documents to which each of the Relevant Jack in the Box Entities is a party
            will be true and correct in all material respects as of the Closing Date.

        (ee)            The Senior Secured Credit Facility shall have been duly terminated and all the obligations of the Manager and its affiliates thereunder shall have been discharged in accordance with its terms and all assets of the
            Parent Companies and/or any other person subject to any lien related to the Senior Secured Credit Facility (including, without limitation, assets of any guarantor under any related guarantee) shall have been released from such lien. The Manager
            shall have delivered to the Initial Purchasers a certificate, along with an instrument acceptable to the Representative, evidencing the release of any lien granted to the creditors thereunder.

        (ff)            On or prior to the Closing Date, the Jack in the Box Parties shall have furnished to the Initial Purchasers such further certificates and documents as the Representative may reasonably request.

      

      All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance
        with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Representative.

      
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      8.            Indemnification and Contribution.

      
        (a)            Each of the Jack in the Box Parties shall, jointly and severally, indemnify and hold harmless each Initial Purchaser, its affiliates, directors, officers, employees and each person, if any, who controls any Initial
            Purchaser within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act (each, an “Initial Purchaser Indemnified Party”), against any and all losses, liabilities, claims, damages and
            expenses whatsoever as incurred (including but not limited to reasonable attorneys’ fees and any and all reasonable and documented expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or
            threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the 1933 Act, the 1934 Act or otherwise, insofar as such
            losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in (A) the Preliminary Offering Memorandum, the
            Pricing Disclosure Package or the Final Offering Memorandum or in any amendment or supplement thereto, (B) in any Blue Sky application or other document prepared or executed by any of the Jack in the Box Parties (or based upon any information
            furnished by any of the Jack in the Box Parties) specifically for the purpose of qualifying any or all of the Offered Notes under the securities laws of any state or other jurisdiction (any such application, document or information being
            hereinafter called a “Blue Sky Application”) or (C) in the documents and information listed on Schedule III hereto or any other materials or information used or provided with the knowledge, authorization
            or permission of any Jack in the Box Party (whether obtained in person, in writing, orally, electronically or otherwise) in connection with the marketing of the offering of the Offered Notes, including any road show or investor presentations
            made to investors by any of the Jack in the Box Parties, whether in person or electronically (all of the foregoing materials described in this clause (C), the “Marketing Materials”), (ii) the omission or
            alleged omission to state in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum, or in any amendment or supplement thereto, or in any Blue Sky Application or in any Marketing Materials, any
            material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) any act or failure to act or any alleged act or failure to act by any Initial Purchaser in
            connection with, or relating in any manner to, the Offered Notes or the offering contemplated hereby, and that is included as part of or referred to in any loss, claim, damage, liability or action or expense arising out of or based upon matters
            covered by clause (i) or (ii) above, or (iv) the violation of any securities laws (including without limitation the anti-fraud provision thereof) of any foreign jurisdiction in which the Offered Notes are offered; provided, however, that the Jack in the Box Parties will not be liable in any such case to the extent but only to the extent that it is determined in a final and non-appealable
            judgment by a court of competent jurisdiction that any such loss, liability, claim, damage or expense arises directly and primarily out of or is based directly and primarily upon any such untrue statement or alleged untrue statement or omission
            or alleged omission made therein in reliance upon and in conformity with written information furnished to any of the Jack in the Box Parties by or on behalf of the Initial Purchasers through the Representative expressly for use in the
            Preliminary Offering Memorandum, the Pricing Disclosure Package, the Final Offering Memorandum, amendment or supplement thereto, Blue Sky Application or Marketing Materials (as the case may be).  The parties agree that such information provided
            by or on behalf of any Initial Purchaser through the Representative consists solely of the Initial Purchaser Information.

      

      
        Each of the Jack in the Box Parties hereby agrees, jointly and severally, to indemnify and hold harmless each Initial Purchaser
          Indemnified Party, against any and all losses, liabilities, claims, damages and expenses whatsoever as incurred (including but not limited to reasonable attorneys’ fees and any and all reasonable and documented expenses whatsoever incurred in
          investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become
          subject, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any website maintained in compliance with Rule 17g-5 under the 1934 Act by or on behalf of any Jack in the Box Party in connection with the
          marketing of the offering of the Offered Notes.

        Except as otherwise provided in Section 8(c), each of the Jack in the Box Parties agrees that it shall, jointly and severally,
          reimburse each Indemnified Party promptly upon demand for any reasonable and documented legal or other expenses incurred by that Initial Purchaser Indemnified Party in connection with investigating or defending or preparing to defend against any
          losses, liabilities, claims, damages or expenses for which indemnity is being provided pursuant to this Section 8(a) as such expenses are incurred.

        
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        The foregoing indemnity agreement will be in addition to any liability which the Jack in the Box Parties may otherwise have,
          including but not limited to other liability under this Agreement.

      

      
        (b)            Each Initial Purchaser, severally and not jointly, shall indemnify and hold harmless each Jack in the Box Party, each of the officers, directors and employees of each Jack in the Box Party, and each other person, if
            any, who controls such Jack in the Box Party within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act (each, a “Jack in the Box Indemnified Party”), against any losses, liabilities,
            claims, damages and expenses whatsoever as incurred (including but not limited to reasonable attorneys’ fees and any and all reasonable and documented expenses whatsoever incurred in investigating, preparing or defending against any litigation,
            commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the 1933 Act, the 1934 Act or otherwise, insofar
            as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained (A) in the Preliminary Offering
            Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum or in any amendment or supplement thereto, (B) in any Blue Sky Application or (C) in any Marketing Materials, or (ii) the omission or alleged omission to state in the
            Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum, or in any amendment or supplement thereto, in any Blue Sky Application or in any Marketing Materials any material fact necessary in order to make
            the statements therein, in the light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance
            upon and in conformity with written information furnished to any of the Jack in the Box Parties by or on behalf of any Initial Purchaser through the Representative expressly for use in the Preliminary Offering Memorandum, the Pricing Disclosure
            Package, the Final Offering Memorandum, amendment or supplement thereto, Blue Sky Application or Marketing Materials (as the case may be, which information the Jack in the Box Parties acknowledge and agree is limited to the Initial Purchaser
            Information); provided, however, that in no case shall any Initial Purchaser be liable or responsible for any amount in excess of the discount received by such
            Initial Purchaser attributable to the Offered Notes to be purchased by such Initial Purchaser under this Agreement.

      

      
        The foregoing indemnity agreement will be in addition to any liability which the Initial Purchasers may otherwise have, including
          but not limited to other liability under this Agreement.

        
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        (c)            Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claims or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made
            against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing of the claim or the commencement thereof (but the failure so to notify an indemnifying party shall not relieve the
            indemnifying party from any liability which it may have under this Section 8 to the extent that it is not materially prejudiced due to the forfeiture of substantive rights or defenses as a result thereof or otherwise has notice of any such
            action, and in any event shall not relieve it from any liability that such indemnifying party may have otherwise than on account of the indemnity agreement hereunder).  In case any such claim or action is brought against any indemnified party,
            and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate, at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the
            indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, that counsel to the indemnifying party shall not (except with the written consent of the indemnified party) also be counsel to the indemnified party.  Notwithstanding the foregoing, the indemnified
            party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall
            have been authorized in writing by one of the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel reasonably satisfactory to such indemnified party to have charge of
            the defense of such action within a reasonable time after notice of commencement of the action, (iii) such indemnified party or parties shall have reasonably concluded, based on advice of
              counsel, that there may be legal defenses available to it or them which are different from or additional to those available to the indemnifying parties, or (iv) the named parties in any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both sets of parties by the same
              counsel would present a conflict due to actual or potential differing interests between them, in any of which events (i) through (iv) such fees and expenses shall be borne by the
              indemnifying parties (and the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties; provided, however, that in no event will the indemnifying parties
              be liable for the fees and expenses of more than one counsel for the indemnified parties for any one action or related group of actions (together with any local counsel in any applicable jurisdiction).  No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this Section 8
              (whether or not the indemnified party is an actual or potential party thereto), unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such claim,
              investigation, action or proceeding and (ii) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party.  No indemnifying party shall be liable for any settlement
              or compromise of, or consent to the entry of judgment with respect to, any such action or claim effected without its consent.

        
          38

          
            

        

        (d)            In order to provide for contribution in circumstances in which the indemnification provided for in Section 8(a) through (c) is for any reason held to be unavailable from any indemnifying party or is insufficient to hold
            harmless a party indemnified thereunder, the Jack in the Box Parties and the Initial Purchasers shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision
            (including any reasonable and documented investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted), but after deducting in the case of
            losses, claims, damages, liabilities and expenses suffered by the Jack in the Box Parties, any contribution received by the Jack in the Box Parties from persons, other than the Initial Purchasers, who may also be liable for contribution,
            including their directors, officers, employees and persons who control the Jack in the Box Parties within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as incurred to which the Jack in the Box Parties and one or more
            of the Initial Purchasers may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Jack in the Box Parties and the Initial Purchasers from the offering and sale of the Offered Notes under this
            Agreement or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Jack in the Box Parties and the Initial
            Purchasers in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations.  The relative benefits received by the Jack in the Box
            Parties and the Initial Purchaser shall be deemed to be in the same proportion as the total proceeds from the offering and sale of the Offered Notes under this Agreement (net of discounts and commissions but before deducting expenses) received
            by the Jack in the Box Parties or their affiliates under this Agreement, on the one hand, and the discounts or commissions received by the Initial Purchasers under this Agreement, on the other hand, bear to the aggregate offering price to
            investors of the Offered Notes purchased under this Agreement, as set forth on the cover of the Final Offering Memorandum.  The relative fault of each of the Jack in the Box Parties (on the one hand) and of the Initial Purchasers (on the other
            hand) shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Jack in the Box
            Parties or their affiliates, on the one hand, or the Initial Purchasers (which the Jack in the Box Parties acknowledge and agree is limited solely to the Initial Purchaser Information), on the other hand, and the parties’ relative intent,
            knowledge, access to information and opportunity to correct or prevent such statement or omission.  The Jack in the Box Parties and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section
            8(d) were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this
            Section 8(d).  The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 8(d) shall be deemed to include any documented legal or other expenses reasonably
            incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any
            claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.  Notwithstanding the provisions of this Section 8(d), (i) no Initial Purchaser shall be required to contribute any amount in excess of the
            amount by which the discounts and commissions received by such Initial Purchaser attributable to the Offered Notes resold by it to Eligible Purchasers under this Agreement exceeds the amount of any damages which such Initial Purchaser has
            otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be
            entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.  For purposes of this Section 8(d), (A) each of the Initial Purchaser Indemnified Parties other than the Initial Purchasers shall have the same
            rights to contribution as the Initial Purchasers, and (B) each director, officer or employee of the Jack in the Box Parties and each person, if any, who controls the Jack in the Box Parties within the meaning of Section 15 of the 1933 Act or
            Section 20 of the 1934 Act shall have the same rights to contribution as the Jack in the Box Parties, subject in each case of (A) and (B) to clauses (i) and (ii) of the immediately preceding sentence.  Any party entitled to contribution will,
            promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution
            may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 8(d) or otherwise.  The obligations of the
            Jack in the Box Parties to contribute pursuant to this Section 8(d) shall be joint and several.

        
          39

          
            

        

        (e)            The Initial Purchasers, severally and not jointly, confirm and the Jack in the Box Parties acknowledge and agree that (i) the statements with respect to the offering of the Offered Notes by the Initial Purchasers set
            forth in the third to last paragraph (relating to overallotment, stabilization and similar activities) of the section entitled “Plan of Distribution” in the Pricing Disclosure Package and the Final Offering Memorandum and (ii) the name of the
            Initial Purchasers set forth on the front and back cover page of the Preliminary Offering Memorandum and the Final Offering Memorandum constitute the only information concerning such Initial Purchasers furnished in writing to the Jack in the
            Box Parties by or on behalf of the Initial Purchasers specifically for inclusion in the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum or in any amendment or supplement thereto or in any Blue
            Sky Application (the “Initial Purchaser Information”).

      

      9.            Defaulting Initial Purchasers.

      (a)            If, on the Closing Date, any Initial Purchaser defaults in its obligations to purchase the Offered Notes that it has agreed to purchase under this Agreement, the remaining non-defaulting Initial Purchasers may in their
          discretion arrange for the purchase of such Offered Notes by the non-defaulting Initial Purchasers or other persons satisfactory to the Master Issuer on the terms contained in this Agreement.  If, within 36 hours after any such default by any
          Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Offered Notes, then the Master Issuer shall be entitled to a further period of 36 hours within which to procure other persons reasonably satisfactory
          to the non-defaulting Initial Purchasers to purchase such Offered Notes on such terms.  In the event that within the respective prescribed periods, the non-defaulting Initial Purchasers notify the Master Issuer that they have so arranged for the
          purchase of such Offered Notes, or the Master Issuer notifies the non-defaulting Initial Purchasers that it has so arranged for the purchase of such Offered Notes, either the non-defaulting Initial Purchasers or the Master Issuer may postpone the
          Closing Date for up to seven full Business Days in order to effect any changes that in the opinion of counsel for the Master Issuer or counsel for the Initial Purchasers may be necessary in the Pricing Disclosure Package, the Final Offering
          Memorandum or in any other document or arrangement, and the Master Issuer agrees to promptly prepare any amendment or supplement to the Pricing Disclosure Package or the Final Offering Memorandum that effects any such changes.  As used in this
          Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless the context requires otherwise, any party not listed in Schedule I hereto that, pursuant to this Section 9, purchases Offered Notes that a defaulting
          Initial Purchaser agreed but failed to purchase.

      
        40

        
          

      

      (b)            If, after giving effect to any arrangements for the purchase of the Offered Notes of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and any persons procured by the Master
          Issuer as provided in paragraph (a) above, the aggregate principal amount of such Offered Notes that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Offered Notes, then the Master Issuer shall have
          the right to require each non-defaulting Initial Purchaser to purchase the principal amount of Offered Notes that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro rata share (based on the
          principal amount of Offered Notes that such Initial Purchaser agreed to purchase hereunder) of the Offered Notes of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made; provided that the non-defaulting Initial Purchasers shall not be obligated to purchase more than 110% of the aggregate principal amount of Offered Notes that they agreed to purchase on the Closing Date pursuant to the terms of
          Section 3.

      (c)            If, after giving effect to any arrangements for the purchase of the Offered Notes of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and any persons procured by the Master
          Issuer as provided in paragraph (a) above, the aggregate principal amount of such Offered Notes that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Offered Notes, or if the Master Issuer shall not exercise
          the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers.  Any termination of this Agreement pursuant to this Section 9 shall be without liability on
          the part of the Jack in the Box Parties, except that the Jack in the Box Parties will continue to be liable for the payment of expenses as set forth in Sections 6 and 13 except with respect to a defaulting Initial Purchaser and except that the
          provisions of Section 8 shall not terminate and shall remain in effect.

      (d)            Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Jack in the Box Parties or any non-defaulting Initial Purchaser for damages caused by its default.

      
        10.            Termination.  The Representative shall have the right to terminate this Agreement at any time prior to the Closing Date, if, at or after the Applicable Time: (i) any domestic or
            international event or act or occurrence has materially disrupted, or in the opinion of the Representative will in the immediate future materially disrupt, the market for the Master Issuer’s securities or securities in general; or (ii) trading
            on the NYSE or Nasdaq shall have been suspended or been made subject to material limitations, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on the NYSE or
            Nasdaq or by order of the Commission or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities
            settlement or clearance services shall have occurred; or (iv) (A) there shall have occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by
            the United States or (B) there shall have been any other calamity or crisis or any change in political, financial or economic conditions if the effect of any such event in (A) or (B), in the judgment of the Representative, makes it
            impracticable or inadvisable to proceed with the offering, sale and delivery of the Offered Notes, on the terms and in the manner contemplated by the Final Offering Memorandum; or (v) any of the events described in Sections 7(r) or 7(x) shall
            have occurred or any other condition described in Section 7 shall fail to have been satisfied or the Initial Purchasers shall decline to purchase the Offered Notes for any reason permitted under this Agreement. Any notice of termination
            pursuant to this Section 10 shall be in writing.

        
          41

          
            

        

        11.            Non-Assignability.  None of the Jack in the Box Parties may assign its rights and obligations under this Agreement. No Initial Purchaser may assign its respective rights and
            obligations under this Agreement, except that an Initial Purchaser shall have the right to substitute any one of its affiliates as the purchaser of the Offered Notes that it has agreed to purchase hereunder (“Substituting
              Initial Purchaser”), by a written notice to the Master Issuer, which notice shall be signed by both the Substituting Initial Purchaser and such affiliate, shall contain such affiliate’s agreement to be bound by this Agreement and shall
            contain a confirmation by such affiliate of the accuracy with respect to it of the representations set forth in Section 3. Upon receipt of such notice, wherever the word “Initial Purchaser” is used in this Agreement (other than in this Section
            11), such word shall be deemed to refer to such affiliate in lieu of the Substituting Initial Purchaser.

        12.            Reimbursement of Initial Purchasers’ Expenses.  If (a) the Master Issuer for any reason fails to tender the Offered Notes for delivery to the Initial Purchasers, or (b) the
            Initial Purchasers decline to purchase the Offered Notes for any reason permitted under this Agreement, the Jack in the Box Parties shall jointly and severally reimburse the Initial Purchasers for all reasonable and reasonably documented
            out-of-pocket expenses (including fees and disbursements of counsel for the Initial Purchasers) incurred by the Initial Purchasers in connection with this Agreement and the proposed purchase of the Offered Notes, and upon demand shall pay the
            full amount thereof to the Initial Purchasers. If this Agreement is terminated pursuant to Section 9 by reason of the default of one or more Initial Purchasers, the Jack in the Box Parties shall not be obligated to reimburse any defaulting
            Initial Purchaser on account of those expenses.

      

      13.            Notices, etc.  All statements, requests, notices and agreements hereunder shall be in writing, and:

      
        (a)            if to any Initial Purchaser, to Guggenheim Securities, LLC, 330 Madison Avenue, New York, New York 10017, Attention: Structured Products Capital Markets (email:  Cory.Wishengrad@guggenheimpartners.com; Marina.Pristupova@guggenheimpartners.com),

            with a copy to the Deputy General Counsel (email: Alex.Sheers@guggenheim.com) and with a copy to Weil, Gotshal & Manges LLP, 767 5th Avenue, New York, New York 10153, Attention: Frank Nocco (email: frank.nocco@weil.com); and

        (b)            if to any of the Jack in the Box Parties, shall be delivered or sent by hand delivery, mail, overnight courier or facsimile transmission to 9330 Balboa Avenue, San Diego, CA 92123, Attention: General Counsel; and with a
            copy to White & Case LLP, 1221 Avenue of the Americas, New York, New York 10020, Attention: David Thatch (email: dthatch@whitecase.com).

      

      Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof.

      
        42

        
          

      

      14.            Persons Entitled to Benefit of Agreement.  This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Jack in the Box Parties and their respective
          successors.  This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except that the representations, warranties, indemnities and agreements of the Jack in the Box Parties contained in this Agreement
          shall also be deemed to be for the benefit of the Initial Purchaser Indemnified Parties and, in the case of Section 8(b) only, the Jack in the Box Indemnified Parties.  Nothing in this Agreement is intended or shall be construed to give any
          person, other than the persons referred to in this Section 14, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein.

      15.            Survival.  The respective indemnities, rights of contribution, representations, warranties and agreements of any of the Jack in the Box Parties and the Initial Purchasers contained
          in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive the delivery of and payment for the Offered Notes and shall remain in full force and effect, regardless of any termination of this
          Agreement or any investigation made by or on behalf of any of them or any person controlling any of them.

      16.            Definition of the Terms “Business Day”, “Affiliate”, and “Subsidiary”.  For purposes of this Agreement, (a) “business day” means any day on which the New York Stock Exchange, Inc.
          is open for trading, and (b) “affiliate” and “subsidiary” have the meanings set forth in Rule 405 under the 1933 Act.

      17.            Governing Law.  This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall
            be governed by and construed in accordance with the laws of the State of New York.

      18.            Submission to Jurisdiction and Venue.  Each of the parties hereto hereby irrevocably and unconditionally:

      (a)                submits for itself and its property in any legal action or proceeding relating to this Agreement or any of the transactions contemplated hereby, or for recognition and enforcement of any
          judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof;

      (b)                consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such
          court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

      (c)                agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
          prepaid, to any party hereto at its address set forth in Section 13 or at such other address of which such party shall have been notified pursuant thereto; and

      
        43

        
          

      

      (d)                agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and waives, to the
          maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 18 any special, exemplary, punitive or consequential damages.

      Each of the Jack in the Box Parties and each of the Initial Purchasers agree that any suit, action or proceeding arising out of or based upon this
        Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives any objection that such party may now or hereafter have to the laying of venue of any
        such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any suit, action or proceeding.

      19.            Waiver of Jury Trial.  Each of the Jack in the Box Parties and the Initial Purchasers hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right
          to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

      
        20.            No Fiduciary Duty.  The Jack in the Box Parties acknowledge and agree that (a) the purchase and sale of the Offered Notes pursuant to this Agreement, including the determination
            of the offering price of the Offered Notes and any related discounts and commissions, is an arm’s-length commercial transaction between the Jack in the Box Parties, on the one hand, and the several Initial Purchasers, on the other hand, (b) in
            connection with the offering, sale and the delivery of the Offered Notes and the process leading thereto, each Initial Purchaser and their respective representatives are and have been acting solely as a principal and is not the agent or
            fiduciary of any Jack in the Box Party, any of its respective subsidiaries or its respective stockholders, creditors, employees or any other party, (c) no Initial Purchaser or any of its respective representatives has assumed or will assume an
            advisory, agency or fiduciary responsibility in favor of any Jack in the Box Party with respect to the offering, sale and delivery of the Offered Notes or the process leading thereto (irrespective of whether such Initial Purchaser or its
            representative has advised or is currently advising the Jack in the Box Parties or any of their respective subsidiaries on other matters) and no Initial Purchaser or its respective representative has any obligation to the Jack in the Box
            Parties with respect to the offering of the Offered Notes except the obligations expressly set forth in this Agreement, (d) the Initial Purchasers and their respective affiliates and representatives may be engaged in a broad range of
            transactions that involve interests that differ from those of the Jack in the Box Parties, (e) any duties and obligations that the Initial Purchasers may have to the Jack in the Box Parties shall be limited to those duties and obligations
            specifically stated herein, and (f) the Initial Purchasers have not provided any legal, accounting, regulatory or tax advice with respect to the offering of the Offered Notes and the Jack in the Box Parties have consulted their own respective
            legal, accounting, regulatory and tax advisors to the extent they deemed appropriate.  The Jack in the Box Parties hereby waive any claims that they each may have against the Initial Purchasers with respect to any breach of fiduciary duty in
            connection with the Offered Notes.

      

      21.            Counterparts.  This Agreement may be executed in one or more counterparts, including by facsimile, scanned PDF and other means of electronic transmission, and, if executed in more
          than one counterpart, the executed counterparts shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument.

      
        44

        
          

      

      22.            Headings.  The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

      
        23.            Severability.  In case any provision of this Agreement shall be deemed invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
            shall not in any way be affected or impaired thereby.

        24.            No Integration.  This Agreement shall be separate and apart from, and shall not supersede, the engagement letter engagement letter dated November 15, 2018, between Holdco and
            Guggenheim Securities, LLC, and the terms of the engagement letter shall remain in full force and effect, except to the extent provided therein.

        
          45

          
            

        

      

      If the foregoing correctly sets forth the agreement among the Master Issuer, the Manager, the Parent Companies, the Guarantors and
        the Initial Purchasers, please indicate your acceptance in the space provided for that purpose below.

      Very truly yours,

      JACK IN THE BOX FUNDING, LLC

      

        

        By: /s/Michael J. Snider                                                                      

              Name: Michael J. Snider

              Title:   Assistant Secretary

      

      

      JACK IN THE BOX INC.

      

        

        By: /s/Michael J. Snider                                             

              Name: Michael J. Snider

              Title:   Assistant Secretary

      

      

      JACK IN THE BOX SPV GUARANTOR, LLC

      

      

      

      

      By: /s/Michael
            J. Snider                                             

                Name: Michael J. Snider

                Title:   Assistant Secretary

      

      

      DIFFERENT RULES, LLC

      

        

        By:/s/Michael J. Snider                                                                                  

              Name: Michael J. Snider

              Title:   Assistant Secretary

      

      

      JACK IN THE BOX PROPERTIES, LLC

      

        

        By: /s/Michael J. Snider                                             

              Name: Michael J. Snider

              Title:   Assistant Secretary

       

      

       

      

       

      

      
        [Signature Page to Purchase Agreement]

      

      
        46

        
          

      

      

      

      

      

      JACK IN THE BOX EASTERN DIVISION L.P.

      

        

        By:  JBX General Partner LLC,

              a Delaware limited liability company,  

              as general partner

        

        

        By:/s/Michael J. Snider                                                

              Name: Michael J. Snider

              Title:   Authorized Person

      

      

      JBX GENERAL PARTNER LLC

        

        

        By:  Jack in the Box Inc.,

              a Delaware corporation,

              as sole member

        

        

        By:/s/Michael J. Snider                                                  

              Name: Michael J. Snider

              Title:   Authorized Person

      

      

      JBX LIMITED PARTNER LLC

      

        

        By:  Jack in the Box Inc.,

              a Delaware corporation,

              as sole member

        

        

        By:  /s/Michael J. Snider                                              

              Name: Michael J. Snider

              Title:   Authorized Person

       

      

       

      

      
        [Signature Page to Purchase Agreement]

      

      
        47

        
          

      

      

      

      

      

      Accepted:

      GUGGENHEIM SECURITIES, LLC,

      

      

      
        

        

        

        

      

      By___/s/Cory Wishengrad___________________

            Name: Cory Wishengrad

          Title:   Senior Managing Director

      

        

        Acting on behalf of itself and as Representative of the Initial Purchasers

       

      

       

      

       

      

      
        [Signature Page to Purchase Agreement]

      

      
        48

        
          

      

      

      

      

      

      	
              SCHEDULE I

            	 	 
	 	
              Principal

            	 
	 	
              Amount of

            	 
	 	
              Series 2019-1 Class A-2-I Notes

            	 
	 	
               to be

            	 
	
              Initial Purchasers

            	
              Purchased

            	 
	
              Guggenheim Securities, LLC                                                                                                                                                    

            	 	
              $

            	
              270,250,000.00

            	 
	
              Morgan Stanley & Co. LLC                                                                                                                                                    

            	 	
              $

            	
              270,250,000.00

            	 
	
              Wells Fargo Securities, LLC                                                                                                                                                    

            	 	
              $

            	
              8,625,000.00

            	 
	
              BofA Securities, Inc.                                                                                                                                                    

            	 	
              $

            	
              8,625,000.00

            	 
	
              Rabo Securities USA, Inc.                                                                                                                                                    

            	 	
              $

            	
              17,250,000.00

            	 
	
                   Total                                                                                                                                                    

            	 	
              $

            	
              575,000,000.00

            	 

      

      

      

      

      	 	
              Principal

            	 
	 	
              Amount of

            	 
	 	
              Series 2019-1 Class A-2-II Notes

            	 
	 	
               to be

            	 
	
              Initial Purchasers

            	
              Purchased

            	 
	
              Guggenheim Securities, LLC                                                                                                                                                    

            	 	
              $

            	
              129,250,000.00

            	 
	
              Morgan Stanley & Co. LLC                                                                                                                                                    

            	 	
              $

            	
              129,250,000.00

            	 
	
              Wells Fargo Securities, LLC                                                                                                                                                    

            	 	
              $

            	
              4,125,000.00

            	 
	
              BofA Securities, Inc.                                                                                                                                                    

            	 	
              $

            	
              4,125,000.00

            	 
	
              Rabo Securities USA, Inc.                                                                                                                                                    

            	 	
              $

            	
              8,250,000.00

            	 
	
                   Total                                                                                                                                                    

            	 	
              $

            	
              275,000,000.00

            	 

      

      

      	 	
              Principal

            	 
	 	
              Amount of

            	 
	 	
              Series 2019-1 Class A-2-III Notes

            	 
	 	
               to be

            	 
	
              Initial Purchasers

            	
              Purchased

            	 
	
              Guggenheim Securities, LLC                                                                                                                                                    

            	 	
              $

            	
              211,500,000.00

            	 
	
              Morgan Stanley & Co. LLC                                                                                                                                                    

            	 	
              $

            	
              211,500,000.00

            	 
	
              Wells Fargo Securities, LLC                                                                                                                                                    

            	 	
              $

            	
              6,750,000.00

            	 
	
              BofA Securities, Inc.                                                                                                                                                    

            	 	
              $

            	
              6,750,000.00

            	 
	
              Rabo Securities USA, Inc.                                                                                                                                                    

            	 	
              $

            	
              13,500,000.00

            	 
	
                   Total                                                                                                                                                    

            	 	
              $

            	
              450,000,000.00

            	 

      
        49

        
          

      

      SCHEDULE II

      

      

      PRICING TERM SHEET

      

      

      JACK IN THE BOX FUNDING, LLC

          Master Issuer

        

      

      Pricing Supplement dated June 28, 2019

      to the Preliminary Offering Memorandum dated June 17, 2019

      

      

      
        $575,000,000 Series 2019-1 3.982% Fixed Rate Senior Secured Notes, Class A-2-I

        $275,000,000 Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class A-2-II

        $450,000,000 Series 2019-1 4.970% Fixed Rate Senior Secured Notes, Class A-2-III

      

      

      

      
        	
                Gross Proceeds to the Master Issuer:

              	 	 	 
	
                Class A-2-I

              	 	
                $

              	
                575,000,000

              	 
	
                Class A-2-II

              	 	
                $

              	
                275,000,000

              	 
	
                Class A-2-III

              	 	
                $

              	
                450,000,000

              	 
	
                Price to Investors:

              	 	 	 	 
	
                Class A-2-I

              	 	 	
                100.00

              	
                %

              
	
                Class A-2-II

              	 	 	
                100.00

              	
                %

              
	
                Class A-2-III

              	 	 	
                100.00

              	
                %

              
	
                Interest/Coupon Rate:

              	 	 	 	 

        

        

        	
                Class A-2-I

              	
                3.982% per annum

              
	
                Class A-2-II

              	
                4.476% per annum

              
	
                Class A-2-III

              	
                4.970% per annum

              
	
                Ratings (S&P):

              	
                “BBB”

              
	
                Ratings (KBRA):

              	
                “BBB”

              
	
                Trade Date:

              	
                 June 28, 2019

              
	
                Closing Date:

              	
                July 8, 2019 (T+5)

              

        

        

        
          50

          
            

        

        	
                Cut-Off Date:

              	 	
                8-Jul-19

              	 
	
                Initial Purchasers:

              	 	
                Guggenheim Securities, LLC; Morgan Stanley & Co. LLC; Wells Fargo Securities LLC; BofA Securities, Inc.; Rabo Securities USA, Inc.

              	 
	
                Anticipated Repayment Date:

              	 	 	 	 
	
                Class A-2-I

              	 	
                Quarterly Payment Date occurring in August 2023

              	 
	
                Class A-2-II

              	 	
                Quarterly Payment Date occurring in August 2026

              	 
	Class A-2-III	 	
                Quarterly Payment Date occurring in August 2029

              	 
	

              	 	 	 	 
	
                Series 2019-1 Legal Final Maturity Date:

              	 	
                Quarterly Payment Date occurring in August 2049

              	 
	 	 	 	 	 
	
                First Quarterly Payment Date:

              	 	
                November 25,2019

                

              	 
	
                Initial Interest Accrual Period:

              	 	
                The initial Interest Accrual Period for the Offered Notes will be 137 days, based on a 360-day year of twelve 30-day months. The interest
                  accrual period for the Series 2019 1 Class A-1 Notes may differ from the Interest Accrual Period for the Series 2019-1 Class A-2 Notes.

              	 
	 	 	 	 
	
                First Quarterly Collection Period:

              	 	
                The first Quarterly Collection Period will be the period from the Closing Date to and including September 29, 2019.

              	 
	 	 	 	 
	
                Series 2019-1 Quarterly Post-ARD

                Contingent Interest:

              	 	
                A per annum rate equal to the rate determined by the Servicer to be the greater of (i) 5.00% per annum and (ii) a rate equal to the amount,
                  if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the Series 2019-1 Anticipated Repayment Date for such Tranche of the United States Treasury Security having a term closest to ten
                  (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2019‐1 Class A-2-I Notes, 2.265%, (2) with respect to the Series 2019‐1 Class A-2-II Notes, 2.670% and (3) with respect to the Series 2019‐1 Class A-2-III Notes, 3.058%,
                  exceeds (b) the Offered Note Rate with respect to such Tranche of the Offered Notes.

              	 

        

        

        
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                Manager’s Weekly Allocation Date

              	 	
                The first Weekly Allocation Date will be no later than August 2, 2019.

              	 
	 	 	 	 
	
                Initial Senior Notes Interest Reserve Deposit

              	 	
                On the Closing Date, the Master Issuer will be required to deposit an amount equal to $15,885,875 into the Senior Notes Interest Reserve
                  Account (the “Initial Senior Notes Interest Reserve Deposit”) and/or arrange for the issuance of an Interest Reserve Letter of Credit for such amount.

              	 
	 	 	 	 	 
	
                Use of Proceeds

              	 	
                The Master Issuer estimates that the net proceeds of this offering after deducting Transaction Expenses will be approximately $1,270 million.
                  The Master Issuer is expected to distribute a portion of such net proceeds to the Holding Company Guarantor and thereafter to Jack in the Box Inc. on the Closing Date to repay in full all outstanding Indebtedness and accrued interest
                  thereon of the Non-Securitization Entities under the Senior Secured Credit Facility and to terminate all commitments thereunder. As of the date hereof, approximately $1,042 million is outstanding under the Senior Secured Credit Facility.

              	 
	 	 	 	 
	 	 	
                The Master Issuer expects the Series 2019-1 Senior Notes Interest Reserve Amount on the Closing Date to be $15,885,875, and on the Closing
                  Date, the Master Issuer will be required to make a deposit of funds into the Senior Notes Interest Reserve Account and/or arrange for the issuance of an Interest Reserve Letter of Credit in an aggregate amount equal to the Initial Senior
                  Notes Interest Reserve Amount from the proceeds of the Offered Notes. Any additional net proceeds may be applied by the Master Issuer to prefund all or a portion of the Senior Notes Quarterly Interest Amount and the Offered Notes
                  Quarterly Scheduled Principal Amount that will be payable on the Quarterly Payment Date in November 2019, contributed by the Master Issuer to one or more other Securitization Entities for working capital purposes, and/or distributed to
                  Jack in the Box Inc. to pay certain transaction-related expenses and for general corporate purposes, which may include a return of capital to Jack in the Box Inc.’s equity holders.

              	 

        

        

        
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                Rule 144A CUSIP/ISIN Numbers:

              	 	 	 	 
	
                Class A-2-I

              	 	
                466365 AA1 / US466365AA18

              	 
	
                Class A-2-II

              	 	
                466365 AB9 / US466365AB90

              	 
	
                Class A-2-III

              	 	
                466365 AC7 / US466365AC73

              	 
	
                Reg S CUSIP/ISIN Numbers

              	 	 	 	 
	
                Class A-2-I

              	 	
                U4688L AA9 / USU4688LAA99

              	 
	
                Class A-2-II

              	 	
                U4688L AB7 / USU4688LAB72

              	 
	
                Class A-2-III

              	 	
                U4688L AC5 / USU4688LAC55

              	 
	
                Distribution:

              	 	
                Rule 144A and Reg S Compliant

              	 
	 	 	 	 	 

      

      
        This Pricing Supplement (this “Pricing Supplement”) is qualified in its entirety by reference to the
          Preliminary Offering Memorandum, dated June 17, 2019, of Jack in the Box Funding, LLC (the “Preliminary Offering Memorandum”). The information in this Pricing Supplement supersedes the information in the
          Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. Capitalized terms used herein and not defined herein have the meanings assigned in the Preliminary Offering Memorandum.

        

        

      

      
        THE NOTES ARE SOLELY THE JOINT AND SEVERAL OBLIGATIONS OF THE MASTER ISSUER (GUARANTEED BY THE GUARANTORS). THE NOTES DO NOT REPRESENT OBLIGATIONS OF
          THE MANAGER OR ANY OF ITS AFFILIATES (OTHER THAN THE MASTER ISSUER AND THE GUARANTORS), OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS, PARTNERS, EMPLOYEES, REPRESENTATIVES OR AGENTS. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL
          AGENCY. THE NOTES REPRESENT NON-RECOURSE OBLIGATIONS OF THE MASTER ISSUER (GUARANTEED BY THE GUARANTORS) AND ARE PAYABLE SOLELY FROM THE COLLATERAL, AND PROSPECTIVE INVESTORS SHOULD MAKE AN INVESTMENT DECISION BASED UPON AN ANALYSIS OF THE
          SUFFICIENCY OF THE COLLATERAL.

        

        

      

      
        THE ISSUANCE AND SALE OF THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY
          STATE SECURITIES LAWS, AND NO SERIES 2019-1 CLASS A-2 NOTEHOLDER WILL HAVE THE RIGHT TO REQUIRE SUCH REGISTRATION. THE NOTES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN RULE 902 UNDER THE 1933 ACT) UNLESS THE
          NOTES ARE REGISTERED UNDER THE 1933 ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS IS AVAILABLE. THE NOTES ARE BEING SOLD ONLY TO (I) PERSONS WHO ARE NOT COMPETITORS AND WHO ARE “QUALIFIED INSTITUTIONAL BUYERS” UNDER RULE 144A UNDER THE
          1933 ACT, (II) PERSONS WHO ARE NOT COMPETITORS AND WHO ARE NOT “U.S. PERSONS” IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S UNDER THE 1933 ACT OR (III) THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER. BECAUSE THE NOTES ARE NOT
          REGISTERED, THEY ARE SUBJECT TO CERTAIN RESTRICTIONS ON RESALE DESCRIBED UNDER “TRANSFER RESTRICTIONS” IN THE PRELIMINARY OFFERING MEMORANDUM.

        

      

    

  

  53

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