Document:

EXECUTION VERSION

 

 

 

June 27, 2014

 

BDCA-CB FUNDING, LLC,

as Pledgor

 

U.S. BANK NATIONAL ASSOCIATION,

as Secured Party

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Securities Intermediary

 

ACCOUNT CONTROL AGREEMENT

 

 

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	INTERPRETATION	1
	 	 	 
	ARTICLE II	APPOINTMENT OF SECURITIES INTERMEDIARY	1
	 	 	 
	ARTICLE III	THE SECURED ACCOUNTS	1
	 	 	 
	ARTICLE IV	THE SECURITIES INTERMEDIARY	4
	 	 	 
	ARTICLE V	INDEMNITY; LIMITATION ON DAMAGES; EXPENSES; FEES	9
	 	 	 
	ARTICLE VI	REPRESENTATIONS AND AGREEMENTS	10
	 	 	 
	ARTICLE VII	ADVERSE CLAIMS	11
	 	 	 
	ARTICLE VIII	TRANSFER	11
	 	 	 
	ARTICLE IX	TERMINATION	11
	 	 	 
	ARTICLE X	MISCELLANEOUS	12
	 	 	 
	ARTICLE XI	NOTICES	13
	 	 	 
	ARTICLE XII	GOVERNING LAW AND JURISDICTION	14
	 	 	 
	ARTICLE XIII	DEFINITIONS	15

 

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ACCOUNT CONTROL AGREEMENT
(this “Agreement”), dated as of June 27, 2014, among BDCA-CB FUNDING, LLC, as pledgor (the “Pledgor”),
U.S. BANK NATIONAL ASSOCIATION, as collateral agent on behalf of the Secured Parties to the Credit Agreement defined below (in
such capacity, the “Secured Party”) and U.S. BANK NATIONAL ASSOCIATION, as securities intermediary (in such
capacity, the “Securities Intermediary”).

 

In consideration of the
mutual agreements hereinafter contained and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

 

INTERPRETATION

 

Section 1.          (a)          Definitions.
Capitalized terms used in this Agreement shall have the meanings specified in Section 13. In addition, all terms used herein
which are defined in the Credit and Security Agreement, dated as of June 27, 2014 (the “Credit Agreement”),
among the Pledgor, as borrower, Business Development Corporation of America, as the collateral manager (the “Collateral
Manager”), the financial institutions from time to time party thereto, as lenders, Citibank, N.A. (“Citi”),
as the administrative agent (the “Administrative Agent”), and the Secured Party, as the collateral agent and
the custodian, or in Article 8 or Article 9 of the UCC and which are not otherwise defined herein are used herein as
so defined.

 

(b)          Rules
of Construction. The rules of construction set forth in Section 1.02 of the Credit Agreement shall apply to this Agreement
as if fully set forth herein.

 

ARTICLE
II

 

APPOINTMENT
OF SECURITIES INTERMEDIARY

 

Section 2.          Each
of the Pledgor and the Secured Party hereby appoints the Securities Intermediary as securities intermediary hereunder. The Securities
Intermediary hereby accepts such appointment.

 

ARTICLE
III

 

 THE
SECURED ACCOUNTS

 

Section 3.          (a)          Establishment
of Secured Accounts. The Securities Intermediary acknowledges and agrees that, at the direction and on behalf of the Pledgor,
it has established and is maintaining on its books and records, in the name of the Pledgor subject to the lien of the Secured Party,
the following: (i) the securities accounts designated as the “Collection Account” with account number 104790895908
(such account, together with any replacements thereof or substitutions therefor, the “Collection Account”),
(ii) the interest collection subaccount designated as the “Interest Collection SubAccount” with account number 172273-201
(such account, together with any replacements thereof or substitutions therefor, the “Interest Collection SubAccount”),
(iii) the principal collection subaccount designated as the “Principal Collection SubAccount” with account number 172273-202
(such account, together with any replacements thereof or substitutions therefor, the “Principal Collection SubAccount”),
(iv) the payment account designated as the “Payment Account” with account number 172273-200 (such account, together
with any replacements thereof or substitutions therefor, the “Payment Account”), and (v) the unfunded reserve
account designated as the “Unfunded Reserve Account” with account number 172273-203 (such account, together with any
replacements thereof or substitutions therefor, the “Unfunded Reserve Account”, and together with the Collection
Account, Interest Collection SubAccount, Principal Collection SubAccount, and Payment Account, the “Secured Accounts”).

 

    	 

    	 

    

 

(b)          Status
of Secured Accounts; Treatment of Property as Financial Assets; Relationship of Parties. The Securities Intermediary hereby
agrees with the Pledgor and Secured Party that: (i) each Secured Account is a “securities account” (within the
meaning of Section 8-501(a) of the UCC) in respect of which the Securities Intermediary is a “securities intermediary”
(within the meaning of Section 8-102(a)(14) of the UCC), (ii) each item of property (whether cash, a security, an instrument
or any other property) credited to any Secured Account shall be treated as a “financial asset” (within the meaning
of Section 8-102(a)(9) of the UCC), provided that nothing herein shall require the Securities Intermediary to credit
to the Secured Accounts or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) an asset in
the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to “maintain” a sufficient
quantity thereof (within the meaning of Section 8-504 of the UCC), and (iii) each Secured Account and any rights or proceeds
derived therefrom are subject to a security interest in favor of the Secured Party arising under the Credit Agreement. The Pledgor
and Secured Party hereby direct the Securities Intermediary, subject to the terms of this Agreement, to identify the Secured Party
on its books and records as the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) with respect
to each Secured Account and the property held therein and the Securities Intermediary agrees to do the same. Notwithstanding any
term hereof or elsewhere to the contrary, it is hereby expressly acknowledged that (x) interests in bank loans or participations
(collectively, “Loan Assets”) may be acquired and delivered by the Pledgor to the Securities Intermediary
from time to time which are not evidenced by, or accompanied by delivery of, a security (as that term is defined in Section 8-102
of the UCC) or an instrument (as that term is defined in Section 9-102(a)(4a) of the UCC), and may be evidenced solely by
delivery to the Securities Intermediary of a facsimile copy of an assignment agreement (each, a “Loan Assignment Agreement”)
in favor of the Pledgor as assignee, (y) any such Loan Assignment Agreement (and the registration of the related Loan Assets
on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Pledgor, and (z) any duty
on the part of the Securities Intermediary with respect to any such Loan Asset (including in respect of any duty it might otherwise
have to maintain a sufficient quantity of such Loan Asset for purposes of Section 8-504 of the UCC) shall be limited to the exercise
of reasonable care by the Securities Intermediary in the physical custody of any such Loan Assignment Agreement that may be delivered
to it. It is acknowledged and agreed that the Securities Intermediary is not under a duty to examine underlying credit agreements
or loan documents to determine the validity or sufficiency of any Loan Assignment Agreement (and shall have no responsibility for
the genuineness or completeness thereof) or for the Pledgor’s title to any related Loan Asset.

 

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(c)          Crediting
Property. The Securities Intermediary will, by book-entry notation, promptly credit to the applicable Secured Account all property
to be credited thereto pursuant to the Credit Agreement.

 

(d)          Form
of Securities, Instruments, etc. All securities and other financial assets credited to any Secured Account that are in registered
form or that are payable to, or to the order of, shall be (i) registered in the name of, or payable to or to the order of,
the Securities Intermediary, (ii) indorsed to, or to the order of, the Securities Intermediary or in blank, or (iii) credited
to another securities account maintained in the name of the Securities Intermediary; and in no case will any financial asset or
security entitlement credited to any Secured Account be registered in the name of, or payable to or to the order of, the Pledgor
or any other Person or indorsed to, or to the order of, the Pledgor or any other Person, except to the extent the foregoing have
been specially indorsed to, or to the order of, the Securities Intermediary or in blank.

 

(e)          Securities
Intermediary’s Jurisdiction. The Securities Intermediary agrees that, for the purposes of the UCC, its “securities
intermediary’s jurisdiction” (within the meaning of Section 8-110(e) of the UCC) shall be the State of New York.

 

(f)          Conflicts
with other Agreements. The Securities Intermediary agrees that, if there is any conflict between this Agreement (or any portion
thereof) and any other agreement (whether now existing or hereafter entered into) relating to any Secured Account, the provisions
of this Agreement shall prevail.

 

(g)          No
Other Agreements. The Securities Intermediary hereby confirms and agrees that:

 

(i)          other
than this Agreement and the Credit Agreement, there are no other agreements entered into between the Securities Intermediary and
the Pledgor or any other Person with respect to any Secured Account or any financial asset or security entitlement credited thereto;

 

(ii)         other
than this Agreement and the Credit Agreement, it has not entered into, and until the termination of this Agreement will not enter
into, any other agreement with any other Person (including the Pledgor) relating to any Secured Account and/or any financial asset
or security entitlement credited thereto (A) pursuant to which it has agreed or will agree to comply with entitlement orders
(as that term is defined in Section 8 102(a)(8) of the UCC) of such other Person, or (B) with respect to the creation
or perfection of any other security interest in any Secured Account or any financial asset or security entitlement credited thereto;
and

 

(iii)        it
has not entered into, and until the termination of this Agreement will not enter into, any agreement with the Pledgor, the Secured
Party or any other Person purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement
orders as set forth in Section 3(h).

 

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(h)          Transfer
Orders, Standing Instructions.

 

(i)          The
Pledgor, the Secured Party, the Administrative Agent and the Securities Intermediary each agree that if at any time the Securities
Intermediary shall receive an “entitlement order” (within the meaning of Section 8-102(a)(8) of the UCC) or any
other order originated by the Secured Party and relating to any Secured Account or any financial assets or security entitlements
credited thereto (collectively, a “Transfer Order”), the Securities Intermediary shall comply with such Transfer
Order without further consent by the Pledgor (or the Collateral Manager on its behalf) or any other Person.

 

(ii)         Notwithstanding
clause (i) above, any time prior to the delivery to and receipt by the Securities Intermediary of a Notice of Exclusive
Control, the Securities Intermediary shall comply with each Transfer Order it receives from the Pledgor (or the Collateral Manager
on its behalf) without the further consent of the Secured Party or any other Person.

 

(iii)        Upon
the opening of business on the Business Day immediately following the Business Day on which a Notice of Exclusive Control is actually
received by the Securities Intermediary in accordance with the notice requirements hereunder, and until such Notice of Exclusive
Control is withdrawn or rescinded by the Secured Party in writing, the Securities Intermediary shall not comply with any Transfer
Order it receives from the Pledgor and shall act solely upon Transfer Orders received from the Secured Party.

 

(iv)        Each
of the Secured Party and the Administrative Agent hereby agrees with the Pledgor that it shall not deliver a Notice of Exclusive
Control or Transfer Order, except after the occurrence and during the continuation of an Event of Default.

 

ARTICLE
IV

 

THE
SECURITIES INTERMEDIARY

 

Section 4.          (a)          Performance
of Duties. The Securities Intermediary may execute any of the powers hereunder or perform any of its duties hereunder directly
or by or through agents, attorneys or employees, provided that the Securities Intermediary shall not be responsible for
any willful misconduct, gross negligence or bad faith on the part of any non-Affiliated agent or non-Affiliated attorney appointed
by it with due care. The Securities Intermediary shall be entitled to consult with counsel selected with due care and to act in
reliance upon the written opinion of such counsel concerning matters pertaining to its duties hereunder, and shall not be liable
for any action taken or omitted to be taken by it in good faith in reliance upon and in accordance with the advice or opinion of
such counsel. Except as expressly provided herein, the Securities Intermediary shall not be under any obligation to exercise any
of the rights or powers vested in it by this Agreement at the request or direction of the Pledgor, the Collateral Manager,
the Secured Party, the Administrative Agent or any other Person.

 

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(b)          No
Change to Secured Accounts. Without the prior written consent of the Pledgor and, so long as any Obligations remain unpaid,
the Secured Party and the Administrative Agent, the Securities Intermediary will not change the account number or designation of
any Secured Account.

 

(c)          Certain
Information. The Securities Intermediary shall promptly notify the Pledgor and the Secured Party if a Responsible Officer of
the Securities Intermediary with direct responsibility for administration of this Agreement has actual knowledge of or receives
written notice that any Person asserts or seeks to assert a lien, encumbrance or adverse claim against any portion or all of the
property credited to any Secured Account. The Securities Intermediary will send copies of all statements, confirmations and other
correspondence relating to each Secured Account (and/or any financial assets or security entitlements credited thereto) simultaneously
to the Pledgor and the Secured Party. The Securities Intermediary will furnish to the Secured Party and the Pledgor, upon written
request, an account statement with respect to each Secured Account.

 

(d)          Subordination.
In the event that the Securities Intermediary has or subsequently obtains by agreement, by operation of law or otherwise a security
interest in any of the Secured Accounts, or any financial asset or security entitlement credited thereto, the Securities Intermediary
hereby subordinates any such security interest therein to the security interest of the Secured Party in the Secured Accounts, in
all property credited thereto and in all security entitlements with respect to such property. Without limitation of the foregoing,
the Securities Intermediary hereby subordinates to such security interest of the Secured Party any and all statutory, regulatory,
contractual or other rights now or hereafter existing in favor of the Securities Intermediary over or with respect to any Secured
Account, all property credited thereto and all security entitlements to such property (including (i) any and all contractual
rights of set-off, lien or compensation, (ii) any and all statutory or regulatory rights of pledge, lien, set-off or compensation,
(iii) any and all statutory, regulatory, contractual or other rights to put on hold, block transfers from or fail to honor
instructions of the Pledgor with respect to any Secured Account, or (iv) any and all statutory or other rights to prohibit
or otherwise limit the pledge, assignment, collateral assignment or granting of any type of security interest in any Secured Account),
except the Securities Intermediary may set off (x) the face amount of any checks that have been credited to any Secured Account
but are subsequently returned unpaid because of uncollected or insufficient funds and (y) reversals or cancellations of payment
orders and other electronic fund transfers.

 

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(e)          Limitation
on Liability. The Securities Intermediary shall not have any duties or obligations, except those expressly set forth herein,
and shall satisfy those duties and obligations expressly set forth herein so long as it acts without fraud, gross negligence, willful
misconduct or bad faith. Without limiting the generality of the foregoing, the Securities Intermediary shall not be subject to
any fiduciary or other implied duties, and the Securities Intermediary shall not have any duty to take any discretionary action
or exercise any discretionary powers. None of the Securities Intermediary, any Affiliate of the Securities Intermediary, or any
officer, agent, stockholder, partner, member, director or employee of the Securities Intermediary or any Affiliate of the Securities
Intermediary shall have any liability, whether direct or indirect and whether in contract, tort or otherwise (i) for any action
taken or omitted to be taken by any of them hereunder or in connection herewith, unless such act or omission constituted a breach
of the terms of this Agreement, gross negligence, willful misconduct or bad faith, or (ii) for any action taken or omitted
to be taken by the Securities Intermediary in accordance with the terms hereof at the express direction of the Secured Party. In
addition, the Securities Intermediary shall have no liability for making any investment or reinvestment of any cash balance in
any Secured Account, or holding amounts uninvested in such accounts, pursuant to the terms of this Agreement. The liabilities of
the Securities Intermediary shall be limited to those expressly set forth in this Agreement. The Securities Intermediary shall
not be deemed to have notice or knowledge of any Event of Default unless a Responsible Officer of the Securities Intermediary has
actual knowledge thereof or unless written notice thereof is received by a Responsible Officer of the Securities Intermediary.
For the avoidance of doubt, to the extent permitted by applicable law, the Securities Intermediary shall not be responsible for
complying with Section 8-505(a) of the UCC. With the exception of this Agreement (and relevant terms used herein and expressly
defined in the Credit Agreement), the Securities Intermediary is not responsible for or chargeable with knowledge of any terms
or conditions contained in any agreement referred to herein, including, but not limited to, the Credit Agreement. The Securities
Intermediary shall in no event be liable for the application or misapplication of funds by any other Person (other than, subject
to Section 4(a), its agents, attorneys and employees), or for the acts or omissions of any such Person (including, without limitation,
those of the Pledgor). The Securities Intermediary shall not be bound to make any investigation into the facts or matters stated
in any certificate, report or other document.

 

(f)          Reliance.
The Securities Intermediary shall be entitled to conclusively rely upon, and shall not incur any liability for relying upon, any
notice, request, opinion, report, certificate, consent, statement, instrument, document or other writing including, but not limited
to, an electronic mail communication delivered to the Securities Intermediary under or in connection with this Agreement and in
good faith believed by it to be genuine and to have been signed or sent by the proper Person. The Securities Intermediary may consult
with legal counsel, independent accountants and other experts selected by it with due care, and shall not be liable for any action
taken or not taken by the Securities Intermediary in good faith and in accordance with the advice of any such counsel, accountants
or experts, unless such action constitutes gross negligence, willful misconduct, bad faith or fraud on the part of the Securities
Intermediary.

 

(g)          Court
Orders, etc. If at any time the Securities Intermediary is served with any judicial or administrative order, judgment, decree,
writ or other form of judicial or administrative process which in any way affects any Secured Account (including, but not limited
to, orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of any Secured
Account or any financial asset or security entitlement in any Secured Account), the Securities Intermediary is authorized to take
such action as legal counsel of its own choosing advises appropriate to comply therewith; and if the Securities Intermediary complies
with any such judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process, the
Securities Intermediary will not be liable to any of the parties hereto or to any other Person even though such order, judgment,
decree, writ or process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.

 

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(h)          Successor
Securities Intermediary.

 

(i)          Merger.
Any Person into whom the Securities Intermediary may be converted or merged, or with whom it may be consolidated, or to whom it
may sell or transfer its trust or other business and assets as a whole or substantially as a whole, or any Person resulting from
any such conversion, sale, merger, consolidation or transfer to which the Securities Intermediary is a party, shall (provided it
is otherwise qualified to serve as the Securities Intermediary hereunder) be and become a successor Securities Intermediary hereunder
and be vested with all of the powers, immunities, privileges and other matters as was its predecessor without the execution or
filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.

 

(ii)         Resignation.
The Securities Intermediary and any successor thereto may at any time resign by giving sixty (60) days’ written notice
by registered, certified or express mail to the Secured Party, the Administrative Agent and the Pledgor; provided that such resignation
shall take effect only upon the effective date of the appointment of a successor Securities Intermediary acceptable to the Secured
Party, the Administrative Agent and the Pledgor, as evidenced by their written consent and the acceptance in writing by such successor
Securities Intermediary of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions
hereof. Subject to the preceding sentence, if on the sixtieth (60th) day after written notice of resignation is delivered
by a resigning party as described above no successor party or temporary successor Securities Intermediary has been appointed in
accordance herewith, the resigning party may petition a court of competent jurisdiction in New York City for the appointment
of a successor.

 

(i)          Compensation
and Reimbursement. The Pledgor agrees: (i) to pay to the Securities Intermediary from time to time, reasonable compensation
for all services rendered by it hereunder; and (ii) to reimburse the Securities Intermediary upon its request for all expenses,
disbursements and advances incurred or made by the Securities Intermediary in accordance with any provision of, or carrying out
its duties and obligations under, this Agreement (including the compensation and fees and the expenses and disbursements of its
agents, any independent accountants and counsel), except any expense, disbursement or advance as may be attributable to gross negligence,
fraud, bad faith or willful misconduct on the part of the Securities Intermediary. Notwithstanding anything to the contrary provided
herein, all amounts payable by the Pledgor to the Securities Intermediary under this Agreement shall be payable only in accordance
with, and subject to, Section 9.01 of the Credit Agreement.

 

(j)          Securities
Intermediary and its Affiliates. U.S. Bank National Association and any of its Affiliates providing services in connection
with the transactions contemplated in the Facility Documents shall have only the duties and responsibilities expressly provided
in its various capacities and shall not, by virtue of it or any Affiliate acting in any other capacity be deemed to have duties
or responsibilities other than as expressly provided with respect to each such capacity. U.S. Bank National Association (or its
Affiliates), in its various capacities in connection with the transactions contemplated in the Facility Documents, including as
Securities Intermediary, may enter into business transactions, including the acquisition of investment securities as contemplated
by the Facility Documents, from which it and/or such Affiliates may derive revenues and profits in addition to the fees stated
in the various Facility Documents without any duty to account therefor.

 

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(k)          Force
Majeure. In no event shall the Securities Intermediary be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including,
without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services, it being understood that the Securities Intermediary shall use reasonable best efforts which are consistent with accepted
practices in the banking industry to maintain performance and, if necessary, resume performance as soon as practicable under the
circumstances.

 

(l)          Perfection.
The Securities Intermediary shall have no responsibility or liability for (i) preparing, recording, filing, re-recording or refiling
any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times,
(ii) the correctness of any such financing statement, continuation statement, document or instrument or other such notice, (iii)
taking any action to perfect or maintain the perfection of any security interest granted to the Secured Party or otherwise, or
(iv) the validity or perfection of any such lien or security interest.

 

(m)          Facsimile
and Electronic Transmissions. The Securities Intermediary agrees to accept and act upon instructions or directions pursuant
to this Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods, provided
that any Person providing such instructions or directions shall provide to the Securities Intermediary an incumbency certificate
listing such designated Persons, which such incumbency certificate shall be amended and replaced whenever a Person is to be added
or deleted from the listing. If the Pledgor elects to give the Securities Intermediary e-mail or facsimile instructions (or instructions
by a similar electronic method), the Securities Intermediary’s understanding of such instructions shall be deemed controlling.
The Securities Intermediary shall not be liable for any losses, costs or expenses arising directly or indirectly from the Securities
Intermediary’s reliance upon and compliance with instructions sent by unsecured e-mail, facsimile transmission or other similar
unsecured electronic methods notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction,
unless such subsequent written instruction expressly revokes such prior instruction and the Securities Intermediary had not yet
commenced compliance with such prior instruction. The Pledgor agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Securities Intermediary, including, without limitation, the risk of the Securities
Intermediary acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

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ARTICLE
V

 

INDEMNITY;
LIMITATION ON DAMAGES; EXPENSES; FEES

 

Section 5.          (a)          Indemnity.

 

(i)          Subject
to Section 5(a)(ii), the Pledgor hereby indemnifies and holds harmless the Securities Intermediary, its Affiliates
and their respective officers, directors, employees, representatives and agents (collectively referred to for the purposes of this
Section 5(a) as the Securities Intermediary), against any loss, claim, damage, expense or liability (including the
costs and expenses of defending against any claim of liability), or any action in respect thereof, to which the Securities Intermediary
may become subject, whether commenced or threatened, insofar as such loss, claim, damage, expense, liability or action arises out
of or is based upon the execution, delivery or performance of this Agreement, but excluding any such loss, claim, damage, expense,
liability or action arising out of the fraud, bad faith, gross negligence or willful misconduct of the Securities Intermediary,
and shall reimburse the Securities Intermediary promptly upon demand for any reasonable and documented out-of-pocket legal or other
expenses reasonably incurred by the Securities Intermediary in connection with investigating or preparing to defend or defending
against or appearing as a third party witness in connection with any such loss, claim, damage, expense, liability or action as
such expenses are incurred (collectively, the “Losses”). No provision of this Agreement shall require the Securities
Intermediary 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, if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. The obligations of the Pledgor
under this clause (a) are referred to as the “Securities Intermediary Indemnity”. The provisions
of this section will survive the termination of this Agreement and the resignation or removal of the Securities Intermediary.

 

(ii)         The
obligation of the Pledgor to pay any amounts in respect of the Securities Intermediary Indemnity shall be subject to the priority
of payments set forth in the Credit Agreement and shall survive the termination of this Agreement and the resignation or removal
of the Securities Intermediary.

 

(iii)        Without
limiting the foregoing, after the delivery of a Notice of Exclusive Control, the Lenders agree to indemnify and hold harmless the
Securities Intermediary, from and against any and all Losses incurred in connection with this Agreement or the Secured Accounts
as a result of the Securities Intermediary complying with the instructions of the Secured Party (except to the extent due to the
Securities Intermediary’s fraud, bad faith, willful misconduct or gross negligence) and the Securities Intermediary shall
be entitled to the benefit of the indemnities in Section 12.04 of the Credit Agreement to the same extent as the Collateral Agent;
provided that such Losses shall not have been reimbursed by the Pledgor.

 

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(b)          Expenses
and Fees. The Pledgor shall be responsible for, and hereby agrees to pay, all reasonable out-of-pocket costs and expenses incurred
by the Securities Intermediary in connection with the establishment and maintenance of each Secured Account, including the Securities
Intermediary’s fees and expenses, any reasonable out-of-pocket costs or expenses incurred by the Securities Intermediary
as a result of conflicting claims or notices involving the parties hereto, including the reasonable fees and expenses of its external
legal counsel, and all other reasonable costs and expenses incurred in connection with the execution, administration or enforcement
of this Agreement, including reasonable attorneys’ fees and costs, whether or not such enforcement includes the filing of
a lawsuit. Notwithstanding anything to the contrary provided herein, all amounts payable by the Pledgor to the Securities Intermediary
under this Agreement shall be payable only in accordance with, and subject to, Section 9.01(a) of the Credit Agreement.

 

(c)          No
Consequential Damages. Notwithstanding anything in this Agreement to the contrary, in no event shall the Securities Intermediary
be liable for special, punitive, indirect, incidental or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits), even if the Securities Intermediary has been advised of such loss or damage and regardless of the form
of action.

 

ARTICLE
VI

 

REPRESENTATIONS
AND AGREEMENTS

 

Section 6.          The
Securities Intermediary represents to and agrees with the Pledgor and the Secured Party that:

 

(a)          Status.
It is duly organized and validly existing under the Laws of the jurisdiction of its organization or incorporation and, if relevant
under such Laws, in good standing.

 

(b)          Powers.
It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver
this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform
its obligations under this Agreement and any other document relating to this Agreement to which it is a party and has taken all
necessary action to authorize such execution, delivery and performance; and this Agreement has been, and each other such document
will be, duly executed and delivered by it.

 

(c)          Obligations
Binding. Its obligations under this Agreement and any other document relating to this Agreement to which it is a party constitute
its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy,
reorganization, insolvency, moratorium or similar Laws affecting creditors’ rights generally and subject, as to enforceability,
to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

 

(d)          Waiver
of Setoffs. The Securities Intermediary hereby expressly waives any and all rights of setoff that such party may otherwise
at any time have under Applicable Law with respect to any Secured Account.

 

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(e)          Ordinary
Course. The Securities Intermediary, in the ordinary course of its business, maintains securities accounts for others and is
acting in such capacity in respect of any Secured Account.

 

(f)          Comply
with Duties. The Securities Intermediary will comply at all times with the duties of a “securities intermediary”
under Article 8 of the UCC.

 

(g)          Participant
of the Federal Reserve Bank of New York. The Securities Intermediary is a member of the Federal Reserve System.

 

(h)          Consents.
All governmental and other consents that are required to have been obtained by the Securities Intermediary with respect to the
execution and delivery of and performance by the Securities Intermediary of this Agreement have been obtained and are in full force
and effect and all conditions of any such consents have been complied with.

 

ARTICLE
VII

 

ADVERSE
CLAIMS

 

Section 7.          Except
for the claims and interest set forth in this Agreement, no Responsible Officer of the Securities Intermediary actually knows
of any claim to, or interest in, any Secured Account or in any financial asset or security entitlement credited thereto. If a Responsible
Officer of the Securities Intermediary with direct responsibility for administration of this Agreement has actual knowledge of
or receives written notice that any Person asserts or seeks to assert a lien, encumbrance or adverse claim (including any writ,
garnishment, judgment, warrant of attachment, execution or similar process) against any Secured Account or in any financial asset
or security entitlement carried therein, the Securities Intermediary will promptly notify the Pledgor and the Secured Party thereof.

 

ARTICLE
VIII

 

TRANSFER

 

Section 8.          Except
as provided in Section 10(d), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred
(whether by way of security or otherwise) by any party without the prior written consent of each other party. Any purported
transfer that is not in compliance with this Section 8 will be void.

 

ARTICLE
IX

 

TERMINATION

 

Section 9.          Except
as provided herein, this Agreement shall remain in full force and effect until the Securities Intermediary receives notice from
the Secured Party of the occurrence of the later of (a) the termination of the Commitments and (b) the payment and satisfaction
in full of the Secured Obligations referred to in the Credit Agreement (other than contingent obligations for which no claim has
been made). Upon the joint written instruction of the Secured Party and the Pledgor, the Intermediary shall close the Accounts
and disburse to the Pledgor the balance of any assets therein, and the security interest in the Accounts shall be terminated.

 

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ARTICLE
X

 

MISCELLANEOUS

 

Section 10.         (a)          Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter
and supersedes all oral communication and prior writings with respect thereto.

 

(b)          Amendments.
No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced
by a facsimile transmission or e-mail correspondence), executed by each of the parties hereto.

 

(c)          Survival.
All representations and warranties made in this Agreement or in any certificate or other document delivered pursuant to or in connection
with this Agreement shall survive the execution and delivery of this Agreement or such certificate or other document (as the case
may be) or any deemed repetition of any such representation or warranty. In addition, the rights of the Securities Intermediary
under Sections 4 and 5, and the obligations of the Pledgor under Section 5, shall survive the
termination of this Agreement.

 

(d)          Benefit
of Agreement. Subject to Section 8, this Agreement shall be binding upon and inure to the benefit of the Pledgor,
the Secured Party and the Securities Intermediary and their respective successors and permitted assigns. The Securities Intermediary
acknowledges and consents to the assignment of this Agreement by the Pledgor to the Collateral Agent for the benefit of the Secured
Parties under the Credit Agreement.

 

(e)          Counterparts.
This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including
by facsimile transmission and e-mail correspondence), each of which will be deemed an original.

 

(f)          No
Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed
to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any
subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.

 

(g)          Headings.
The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken
into consideration in interpreting this Agreement.

 

(h)          Severability.
If any provision of this Agreement, or the application thereof to any party or any circumstance, is held to be unenforceable, invalid
or illegal (in whole or in part) for any reason (in any jurisdiction), the remaining terms of this Agreement, 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 of this Agreement so long as this Agreement 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 Agreement will not substantially impair
the respective expectations of the parties or the practical realization of the benefits that would otherwise be conferred upon
the parties.

 

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(i)          No
Agency. Notwithstanding anything that may be construed to the contrary, it is understood and agreed that the Securities Intermediary
is not, nor shall it be considered to be, an agent, of the Secured Party. In addition, the Securities Intermediary shall not act
or represent itself, directly or by implication, as an agent of the Secured Party or in any manner assume or create any obligation
whatsoever on behalf of, or in the name of, the Secured Party.

 

(j)          Payments
by Pledgor. Any amounts required to be paid pursuant to this Agreement by the Pledgor shall be paid or caused to be paid by
the Pledgor to the applicable Person on the Payment Date following such Person’s demand therefor in accordance with Section
9.01 of the Credit Agreement, provided that such demand is made no later than three (3) Business Days prior to the applicable Payment
Date.

 

(k)          Non-Petition.
The Securities Intermediary hereby agrees not to institute against, or join, cooperate with or encourage any other Person in instituting
against, the Pledgor any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceedings
or other proceedings under federal or state bankruptcy or similar laws until at least one year and one day, or if longer the applicable
preference period then in effect plus one day, after the payment in full of the Advances and the termination of all Commitments
under the Credit Agreement. The provisions of this Section 10(k) shall survive the termination of this Agreement.

 

(l)          Limited
Recourse. Notwithstanding any other provision of this Agreement, the Securities Intermediary hereby agrees that any obligations
of the Pledgor under this Agreement are limited recourse obligations of the Pledgor, payable solely from the Collateral in accordance
with Section 9.01(a) of the Credit Agreement, and following the realization of all of the Collateral, all obligations of the Pledgor
under this Agreement and any claims of a party hereto shall be extinguished and shall not thereafter revive. No recourse shall
be had against any officer, director, employee, member or manager of the Pledgor or its successors or assigns for any amounts payable
under this Agreement. The provisions of this Section 10(l) shall survive the termination of this Agreement.

 

ARTICLE
XI

 

NOTICES

 

Section 11.         (a)          Effectiveness.
Any notice or other communication in respect of this Agreement may be given in any manner set forth in Section 12.02 of the Credit
Agreement.

 

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(b)          Change
of Addresses. Any party hereto may by written notice to each other party hereto, change the address or facsimile number at
which notices or other communications are to be given to it hereunder.

 

ARTICLE
XII

 

GOVERNING
LAW AND JURISDICTION

 

Section 12.         (a)          Governing
Law. This Agreement, each Secured Account and the rights and obligations of the parties under this Agreement, any Secured Account
and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or
relating to this Agreement or any Secured Account and the transactions contemplated hereby shall be governed by and construed in
accordance with the law of the State of New York.

 

(b)          Jurisdiction.
With respect to any suit, action or proceedings relating to this Agreement or any matter among the parties arising under or in
connection with this Agreement (“Proceedings”), each party irrevocably: (i) submits for itself and its
property in any legal action or proceeding relating to this Agreement, 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 in the Borough of Manhattan, the courts
of the United States of America for the Southern District of New York, and the appellate courts of any of them, and (ii) waives
to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such Proceedings
in any such court or that such Proceedings were brought in an inconvenient court and agrees not to plead or claim the same and
further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such
party. Nothing in this Agreement precludes any party from bringing Proceedings in any other jurisdiction, nor will the bringing
of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

 

(c)          Waiver
of Jury Trial Right. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY PROCEEDINGS
RELATING TO THIS AGREEMENT OR FOR ANY COUNTERCLAIM HEREIN OR RELATING HERETO. Each party hereby (i) certifies that no
representative, agent or attorney of any other party has represented, expressly or otherwise, that any other party 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 Agreement by, among other things, the mutual waivers and certifications in this clause (c).

 

(d)          Waiver
of Punitive Damages. To the extent permitted by applicable law, each party hereby
waives any right to claim or recover in any litigation whatsoever involving any person party hereto any special, exemplary, punitive,
indirect, incidental or consequential damages of any kind or nature whatsoever or any damages other than, or in addition to, actual
damages, whether such waived damages are based on statute, contract, tort, common law or any other legal theory, whether the likelihood
of such damages was known and regardless of the form of the claim of action.

 

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(e)          Non-Petition.
Each of the Secured Party and Securities Intermediary hereby agrees not to institute against, or join, cooperate with or encourage
any other Person in instituting against, the Pledgor any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium
or liquidation proceeding or other proceeding under federal or state bankruptcy or similar laws until at least one year and one
day, or, if longer, the applicable preference period then in effect plus one day, after the payment in full of all outstanding
Obligations and the termination of all Commitments; provided that nothing in this Section 12(e) shall preclude, or
be deemed to prevent, any Secured Party (a) from taking any action prior to the expiration of the aforementioned one year and one
day period, or, if longer, the applicable preference period then in effect, in (i) any case or proceeding voluntarily filed or
commenced by the Pledgor or (ii) any involuntary insolvency proceeding filed or commenced against the Pledgor by a Person
other than any such Secured Party, or (b) from commencing against the Pledgor or any properties of the Pledgor any legal action
which is not a bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other
proceeding under federal or state bankruptcy or similar laws.

 

ARTICLE
XIII

 

DEFINITIONS

 

Section 13.         As
used in this Agreement:

 

“Agreement”
has the meaning specified in the preamble.

 

“Collateral
Manager” has the meaning specified in Section 1(a).

 

“Collection
Account” has the meaning specified in Section 3(a).

 

“consent”
includes a consent, approval, action, authorization, exemption, notice, filing, registration or exchange control consent.

 

“Credit Agreement”
has the meaning specified in Section 1(a).

 

“Interest Collection
SubAccount” has the meaning specified in Section 3(a).

 

“Loan Assets”
has the meaning specified in Section 3(b).

 

“Loan Assignment
Agreement” has the meaning specified in Section 3(b).

 

“Losses”
has the meaning specified in Section 5(a).

 

“Notice of Exclusive
Control” means a notice delivered to and received by the Securities Intermediary by the Secured Party in accordance with
Section 11(a) stating that the Secured Party is exercising exclusive control over the Secured Accounts.

 

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“Payment Account”
has the meaning specified in Section 3(a).

 

“Pledgor”
has the meaning specified in the preamble.

 

“Principal Collection
SubAccount” has the meaning specified in Section 3(a).

 

“Proceedings”
has the meaning specified in Section 12(b).

 

“Responsible
Officer” means any officer or other Person who is authorized to act for the Securities Intermediary in matters relating
to, and binding upon, the Securities Intermediary.

 

“Secured Accounts”
has the meaning specified in Section 3(a).

 

“Secured Party”
has the meaning specified in the preamble.

 

“Securities
Intermediary” has the meaning specified in the preamble.

 

“Securities
Intermediary Indemnity” has the meaning specified in Section 5(a).

 

“Transfer Order”
has the meaning specified in Section 3(h)(i).

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York.

 

“Unfunded Reserve
Account” has the meaning specified in Section 3(a).

 

    	16

    	 

    

 

IN WITNESS WHEREOF
the parties have executed this Agreement on the date first set forth above with effect from such date.

 

	 	Pledgor:
	 	 
	 	BDCA-CB FUNDING, LLC
	 	 
	 	By:  Business Development Corporation of America, its sole member
	 	 
	 	By:	/s/ Robert K. Grunewald
	 	 	Name:  Robert K. Grunewald
	 	 	Title: Chief Investment Officer

 

[Signature Page to Account Control Agreement]

 

    	 

    	 

    

 

	 	Secured Party:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ Jeffrey B. Stone
	 	 	Name: Jeffrey B. Stone
	 	 	Title: Vice President
	 	 
	 	Securities Intermediary:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ Jeffrey B. Stone
	 	 	Name:  Jeffrey B. Stone
	 	 	Title: Vice President

 

[Signature Page to Account Control Agreement]

 

    	 

    	 

    

 

	ACKNOWLEDGED AND AGREED TO BY:	 
	 	 
	CITIBANK, N.A., as Administrative Agent	 
	 	 
	By:	/s/ Vincent Nocerino	 
	 	Name: Vincent Nocerino	 
	 	Title: Vice President	 

 

[Signature Page to Account Control Agreement]EXECUTION VERSION

 

COLLATERAL ADMINISTRATION AGREEMENT

 

This COLLATERAL ADMINISTRATION
AGREEMENT, dated as of June 27, 2014 (this “Agreement”), is entered into by and among BDCA-CB FUNDING, LLC,
a limited liability company formed under the laws of the State of Delaware (the “Borrower”), BUSINESS DEVELOPMENT
CORPORATION OF AMERICA, a Maryland corporation, as collateral manager (in such capacity, the “Collateral Manager”),
CITIBANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and U.S. BANK NATIONAL
ASSOCIATION (“U.S. Bank”), as collateral administrator under and for purposes of this Agreement (in such capacity,
the “Collateral Administrator”).

 

WITNESSETH:

 

WHEREAS, pursuant to
the terms of that certain Credit and Security Agreement dated as of June 27, 2014 (the “Credit Agreement”),
by and among the Borrower, the lenders from time to time party thereto, the Administrative Agent, and U.S. Bank, as Collateral
Agent (in such capacity, the “Collateral Agent”) and as custodian (in such capacity, the “Custodian”),
the Borrower has pledged certain collateral (the “Collateral”), which includes, among other things, all of the
Collateral Loans and Eligible Investments as security for the Advances and other Obligations;

 

WHEREAS, the Borrower
wishes to engage U.S. Bank to act as Collateral Administrator to perform certain administrative duties with respect to the Collateral
pursuant to the terms of this Agreement; and

 

WHEREAS, U.S. Bank
is prepared to perform as Collateral Administrator certain specified obligations of the Borrower, or the Collateral Manager, on
its behalf, under the Credit Agreement (and certain other services) as specified herein, upon and subject to the terms of this
Agreement (but without assuming the obligations or liabilities of the Borrower or the Collateral Manager under the Credit Agreement);

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, and other good and valuable consideration the receipt of which is hereby
acknowledged, the parties hereto agree as follows:

 

1.           Definitions.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in the Credit Agreement. The rules
of construction set forth in Section 1.02 of the Credit Agreement shall apply to this Agreement as if fully set forth herein.

 

    	 

    	 

    

 

2.           Powers
and Duties of Collateral Administrator.

 

(a)          The
Borrower hereby appoints U.S. Bank as, and U.S. Bank hereby accepts the appointment to act as, the Collateral Administrator pursuant
to the terms of this Agreement, until the earlier to occur of (i) U.S. Bank’s resignation or removal as the Collateral Administrator
pursuant to Section 7 hereof and (ii) the termination of this Agreement pursuant to Section 6 hereof. In such
capacity, the Collateral Administrator shall assist the Borrower and the Collateral Manager in connection with maintaining a database
of certain characteristics with respect to the Collateral on an ongoing basis as provided herein and in providing to the Borrower
and the Collateral Manager certain reports, schedules and calculations, all as more particularly described in Section 2(b)
below (in each case, such reports, schedules and calculations shall be prepared in such form and content, and in such greater detail,
as may be mutually agreed upon by the parties hereto from time to time and as may be required by the Credit Agreement) based upon
information and data received from the Borrower and/or the Collateral Manager, as required to be prepared and delivered (or which
are necessary to be prepared and delivered in order that certain other reports, schedules and calculations can be prepared and
delivered) under Article VIII of the Credit Agreement. U.S. Bank’s duties and authority to act as Collateral Administrator
hereunder are limited to the duties and authority specifically set forth in this Agreement. By entering into, or performing its
duties under, this Agreement, the Collateral Administrator shall not be deemed to assume any obligations or liabilities of the
Borrower or the Collateral Manager under the Credit Agreement or any other Facility Document, and nothing herein contained shall
be deemed to release, terminate, discharge, limit, reduce, diminish, modify, amend or otherwise alter in any respect the duties,
obligations or Liabilities of the Borrower or the Collateral Manager under or pursuant to the Credit Agreement or any other Facility
Document.

 

(b)          The
Collateral Administrator shall perform the following general functions from time to time:

 

		(i)	Promptly, and in any event within thirty (30) days after the Closing Date, create a collateral
database with respect to the Collateral (the “Collateral Database”);

 

		(ii)	Update the Collateral Database promptly and on an ongoing basis for changes, including for ratings
changes as provided by the Collateral Manager, and to reflect the sale or other disposition of the Collateral Loans included in
the Collateral (the “Portfolio Collateral”) and the addition to the Collateral of additional Collateral Loans
from time to time, in each case based upon, and to the extent of, information furnished to the Collateral Administrator by or on
behalf of the Borrower or the Collateral Manager as may be reasonably required by the Collateral Administrator, or by the agents
for the Obligors from time to time, or based on information maintained by U.S. Bank in its capacity as Collateral Agent under the
Credit Agreement;

 

		(iii)	Provide information contained in the Collateral Database to the Collateral Manager on behalf of
the Borrower, as the Collateral Administrator and the Collateral Manager shall reasonably agree, including by way of reasonable
electronic access (by access to the Collateral Administrator’s internet website) to the reports generated by the Collateral
Administrator pursuant to this Agreement;

 

		(iv)	Track the receipt and daily allocation of cash to the Collection Account (and any subaccount thereto)
with respect to Interest Proceeds and Principal Proceeds and the outstanding balance therein, and any withdrawals therefrom and,
on each Business Day, provide to the Borrower and the Collateral Manager daily reports reflecting such actions to the Covered Accounts
as of the close of business on the preceding Business Day;

 

    	2

    	 

    

 

		(v)	[Reserved].

 

		(vi)	Reasonably cooperate with the Independent Accountants appointed by the Borrower in the preparation
by such accountants of the reports required under Section 8.09 of the Credit Agreement;

 

		(vii)	Not later than three (3) Business Days prior to the day on which each Monthly Report or Payment
Date Report is required to be provided by the Borrower pursuant to Section 8.07 of the Credit Agreement, the Collateral Administrator
shall prepare the relevant report using the information contained in the Collateral Database and provide the results of such calculations
to the Collateral Manager so that the Collateral Manager may confirm such results. Upon approval by the Collateral Manager, the
Collateral Administrator shall deliver the Monthly Report or Payment Date Report, as applicable, in accordance with Section 8.07
of the Credit Agreement; and

 

		(viii)	So long as the same Person serves as the Collateral Administrator hereunder and as the Collateral
Agent under the Credit Agreement, provide such other information with respect to the Collateral as may be routinely maintained
by the Collateral Administrator in performing its ordinary function as the Collateral Agent pursuant to the Credit Agreement, or
as may be required by the Credit Agreement, as the Borrower or the Collateral Manager may reasonably request from time to time.

 

(c)          The
Borrower and the Collateral Manager shall cooperate with the Collateral Administrator in connection with the matters described
herein, including calculations and information relating to the Monthly Reports and the Payment Date Reports or as otherwise reasonably
requested hereunder. Without limiting the generality of the foregoing, the Collateral Manager shall advise in a timely manner the
Collateral Administrator of the results of any determinations required or permitted to be made by it or the Borrower (or Collateral
Manager on its behalf) under the Credit Agreement and supply the Collateral Administrator with such other information as is maintained
by the Collateral Manager that the Collateral Administrator may from time to time request with respect to the Collateral and reasonably
needed to complete the reports and certificates required to be prepared by the Collateral Administrator hereunder or required to
permit the Collateral Administrator to perform its obligations hereunder (including determinations of Market Value, Aggregate Principal
Balance, Concentration Limitations and the Borrowing Base, as applicable) and any other information that may be reasonably required
under the Credit Agreement with respect to a Collateral Loan (including as to its designation as a Covenant Lite Loan, Defaulted
Collateral Loan, DIP Collateral Loan, Noteless Loan, PIK Loan, Partial PIK Loan, Unquoted / Single-Bid Collateral Loan, Credit
Risk Collateral Loan, Ineligible Collateral Loan, Equity Security, Standard Collateral Loan, First Lien Obligation, Floor Obligation,
Specified Eligible Investment, Structured Finance Obligation or Uncertificated Security). Nothing herein shall obligate the Collateral
Administrator to determine independently the correct characterization or categorization of any item of Collateral under the Credit
Agreement (it being understood that any such characterization or categorization shall be based exclusively upon the determination
and notification received by the Collateral Administrator from the Collateral Manager). The Collateral Manager shall review and
verify the contents of the aforesaid reports. To the extent any of the information in such reports conflicts with information,
data or calculations in the records of the Collateral Manager, the Collateral Manager shall notify the Collateral Administrator
of such discrepancy and use reasonable efforts to assist the Collateral Administrator in reconciling such discrepancy. The Collateral
Manager further agrees to send such reports, instructions, statements and certificates to the Borrower for execution. In addition,
the Collateral Manager shall provide prompt notice to the Collateral Administrator upon the Collateral Manager’s obtaining
knowledge of a Collateral Loan becoming a Defaulted Collateral Loan.

 

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(d)          If,
in performing its duties under this Agreement, the Collateral Administrator is required to decide between alternative courses of
action, the Collateral Administrator may request written instructions from the Borrower or the Collateral Manager acting on behalf
of the Borrower as to the course of action desired by it. If the Collateral Administrator does not receive such instructions within
two (2) Business Days after it has requested them, the Collateral Administrator may, but shall be under no duty to, take or refrain
from taking any such courses of action. The Collateral Administrator shall act in accordance with instructions received after such
two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such
instructions. The Collateral Administrator shall be entitled to rely on the advice of legal counsel and independent accountants
in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice.

 

(e)          Nothing
herein shall prevent the Collateral Administrator or any of its Affiliates from engaging in other businesses or from rendering
services of any kind to any Person.

 

3.          Compensation.
The Borrower agrees to pay, and the Collateral Administrator shall be entitled to receive, compensation for, and reimbursement
for all expenses in connection with, the Collateral Administrator’s performance of the duties called for herein and as provided
in the Collateral Agent Fee Letter; provided that such amounts will be payable solely from and pursuant to Section 9.01
of the Credit Agreement.

 

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4.          Limitation
of Responsibility of the Collateral Administrator; Indemnification.

 

(a)          The
Collateral Administrator will have no responsibility under this Agreement other than to render the services expressly called for
hereunder in good faith and without willful misconduct, gross negligence or reckless disregard of its duties hereunder. The Collateral
Administrator shall incur no liability to anyone in acting upon any signature, instrument, statement, notice, resolution, request,
direction, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine
and reasonably believed by it to be signed by the proper party or parties. The Collateral Administrator may exercise any of its
rights or powers hereunder or perform any of its duties hereunder either directly or by or through agents or attorneys, and the
Collateral Administrator shall not be responsible for any misconduct or negligence on the part of any agent (other than an Affiliate
of the Collateral Administrator) or attorney appointed hereunder with due care by it. Neither the Collateral Administrator nor
any of its affiliates, directors, officers, shareholders, agents or employees will be liable to any other parties hereto, the Borrower,
the Collateral Manager or any other Person, except by reason of acts or omissions by the Collateral Administrator constituting
bad faith, willful misconduct, gross negligence or reckless disregard of the Collateral Administrator’s duties hereunder.
The Collateral Administrator shall in no event have any liability for the actions or omissions of the Borrower, the Collateral
Manager, the Custodian (but only if not the same Person as the Collateral Administrator) or any other Person, and shall have no
liability for any inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete
information or data received by it from the Borrower, the Collateral Manager, the Custodian (but only if not the same Person as
the Collateral Administrator) or another Person except to the extent that such inaccuracies or errors are caused by the Collateral
Administrator’s own bad faith, willful misconduct, gross negligence or reckless disregard of its duties hereunder. The Collateral
Administrator shall not be liable for failing to perform or any delay in performing its specified duties hereunder which results
from or is caused by a failure or delay on the part of the Borrower, the Collateral Manager, the Custodian (but only if not the
same Person as the Collateral Administrator) or any other Person in furnishing necessary, timely and accurate information to the
Collateral Administrator. The duties and obligations of the Collateral Administrator and its employees or agents shall be determined
solely by the express provisions of this Agreement and they shall not be under any obligation or duty except for the performance
of such duties and obligations as are specifically set forth herein, and no implied covenants shall be read into this Agreement
against them.

 

(b)          The
Collateral Administrator may rely conclusively on any notice, certificate or other document (including telecopier or other electronically
transmitted instructions, documents or information) furnished to it hereunder and reasonably believed by it in good faith to be
genuine. The Collateral Administrator shall not be liable for any action taken by it in good faith and reasonably believed by it
to be within the discretion or powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is
governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.
The Collateral Administrator shall not be bound to make any investigation into the facts or matters stated in any certificate,
report or other document; provided, however, that, if the form thereof is prescribed by this Agreement, the Collateral
Administrator shall examine the same to determine whether it conforms on its face to the requirements hereof. The Collateral Administrator
shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer of the Collateral
Administrator responsible for the administration of this Agreement. Under no circumstances shall the Collateral Administrator be
liable for indirect, punitive, special or consequential damages under or pursuant to this Agreement, its duties or obligations
hereunder or arising out of or relating to the subject matter hereof. It is expressly acknowledged by the Borrower and the Collateral
Manager that application and performance by the Collateral Administrator of its various duties hereunder (including recalculations
to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data and information
provided to it by the Collateral Manager (and/or the Borrower) with respect to the Collateral, and the Collateral Administrator
shall have no responsibility for the accuracy of any such information or data provided to it by such Persons. Nothing herein shall
impose or imply any duty or obligation on the part of the Collateral Administrator to verify, investigate or audit any such information
or data, or to determine or monitor on an independent basis whether any obligor under the Collateral is in default or in compliance
with the underlying documents governing or securing such securities, from time to time, the role of the Collateral Administrator
hereunder being solely to perform certain mathematical computations and data comparisons and to provide certain reports and other
deliveries, as provided herein. For purposes of monitoring changes in ratings, the Collateral Administrator shall be entitled to
use and rely (in good faith) exclusively upon one or more reputable electronic financial information reporting services, and shall
have no liability for any inaccuracies in the information reported by, or other errors or omissions of, any such services.

 

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(c)          The
Borrower shall, and hereby agrees to, reimburse, indemnify and hold harmless the Collateral Administrator and its affiliates, directors,
officers, shareholders, agents and employees for and from any and all losses, damages, liabilities, demands, charges, costs, expenses
(including the reasonable fees and expenses of counsel and other experts) and claims of any nature in respect of, or arising from
any acts or omissions performed or omitted by the Collateral Administrator, its affiliates, directors, officers, shareholders,
agents or employees pursuant to or in connection with the terms of this Agreement, or in the performance or observance of its duties
or obligations under this Agreement; provided the same are in good faith and without willful misconduct and/or gross negligence
on the part of the Collateral Administrator or without reckless disregard of its duties hereunder. For the avoidance of doubt,
the obligations of the Borrower under this Section 4(c) shall be payable only in accordance with the order specified in
the priorities set forth in Section 9.01 of the Credit Agreement and shall survive the termination of this Agreement and any earlier
resignation or removal of the Collateral Administrator.

 

(d)          Nothing
herein shall obligate the Collateral Administrator to determine independently any characteristic of a Collateral Loan, or to evaluate
or verify the Collateral Manager’s characterization of any Collateral Obligation, including whether any item of Collateral
is a Covenant Lite Loan, Defaulted Collateral Loan, DIP Collateral Loan, Noteless Loan, PIK Loan, Partial PIK Loan, Unquoted /
Single-Bid Collateral Loan, Credit Risk Collateral Loan, Ineligible Collateral Loan, Equity Security, Standard Collateral Loan,
First Lien Obligation, Floor Obligation, Specified Eligible Investment, Structured Finance Obligation or Uncertificated Security,
any such determination being based exclusively upon notification the Collateral Administrator receives from the Collateral Manager
or from (or in its capacity as) the Collateral Agent (based upon notices received by the Collateral Agent from the obligor, trustee
or agent bank under an underlying governing document, or similar source) and nothing herein shall obligate the Collateral Administrator
to review or examine any underlying instrument or contract evidencing, governing or guaranteeing or securing any Collateral Loan
in order to verify, confirm, audit or otherwise determine any characteristic thereof.

 

(e)          Without
limiting the generality of any terms of this Section 4, the Collateral Administrator shall have no liability for any failure,
inability or unwillingness on the part of the Collateral Manager or the Borrower or the Collateral Agent, if not the same Person
as the Collateral Administrator, to provide accurate and complete information on a timely basis to the Collateral Administrator,
or otherwise on the part of any such party to comply with the terms of this Agreement or the Credit Agreement and shall have no
liability for any inaccuracy or error in the performance or observance on the Collateral Administrator’s part of any of its
duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other
failure on the part of any such other party to comply with the terms hereof.

 

    	6

    	 

    

 

5.          No
Joint Venture. Nothing contained in this Agreement (a) shall constitute the Borrower, the Collateral Administrator and
the Collateral Manager as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate
entity, (b) shall be construed to impose any liability as such on any of them or (c) shall be deemed to confer on any
of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

 

6.          Term.
This Agreement shall continue in effect so long as the Credit Agreement remains in effect with respect to the Obligations, unless
this Agreement has been previously terminated in accordance with Section 7 hereof.

 

7.          Termination.

 

(a)          This
Agreement may be terminated without cause by any party upon not less than ninety (90) days’ written notice to each other
party. If at any time, prior to payment in full of all Obligations, the Collateral Administrator shall resign or be removed as
Collateral Agent under the Credit Agreement, such resignation or removal shall be deemed a resignation or removal of the Collateral
Administrator hereunder.

 

(b)          At
the option of the Borrower (with the prior written consent or at the direction of the Administrative Agent), this Agreement may
be terminated upon ten (10) days’ written notice of termination from the Borrower (or the Collateral Manager on behalf of
the Borrower) to the Collateral Administrator if any of the following events shall occur:

 

		(i)	The Collateral Administrator shall, in violation of its duty of care hereunder, default in the
performance of any of its material duties under this Agreement and shall not cure such default within thirty (30) days (or, if
such default cannot be cured in such time, the Collateral Administrator shall not have given within thirty (30) days such assurance
of cure as shall be reasonably satisfactory to the Borrower, the Collateral Manager and the Administrative Agent and cured such
default within the time so assured);

 

		(ii)	A court having jurisdiction in the premises shall enter a decree or order for relief in respect
of the Collateral Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the
Collateral Administrator or for any substantial part of its property, or order the winding up or liquidation of its affairs; or

 

    	7

    	 

    

 

		(iii)	The Collateral Administrator shall commence a voluntary case under applicable bankruptcy, insolvency
or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case under
any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator or similar official of the Collateral Administrator or for any substantial part of its property, or shall make any
general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due.

 

If any of the events
specified in clauses (ii) or (iii) of this Section 7(b) shall occur, the Collateral Administrator shall give
written notice thereof to the Collateral Manager, the Administrative Agent and the Borrower within one (1) Business Day after the
occurrence of such event.

 

(c)          Except
when the Collateral Administrator shall be removed pursuant to subsection (b) of this Section 7 or shall resign pursuant
to subsection (d) of this Section 7, no removal or resignation of the Collateral Administrator shall be effective until
the date as of which a successor collateral administrator reasonably acceptable to the Administrative Agent, the Borrower and the
Collateral Manager shall have agreed in writing to assume all of the Collateral Administrator’s duties and obligations pursuant
to this Agreement and shall have executed and delivered an agreement in form and content reasonably satisfactory to the Administrative
Agent, the Borrower, the Collateral Manager and the Collateral Agent. Upon any resignation or removal of the Collateral Administrator
hereunder, the Borrower shall promptly, and in any case within thirty (30) days after the related notice of resignation or removal,
appoint a qualified successor consented to by the Administrative Agent to act as collateral administrator hereunder and cause such
successor collateral administrator to execute and deliver an agreement accepting such appointment as described in the preceding
sentence. If the Borrower fails to appoint such a qualified successor which duly accepts its appointment by properly executing
and delivering such an agreement within such time, the retiring Collateral Administrator shall be entitled to petition a court
of competent jurisdiction for the appointment of a successor to serve as collateral administrator hereunder and shall be indemnified
pursuant to Section 4(c) for the reasonable costs and expenses thereof.

 

(d)          Notwithstanding
the foregoing, the Collateral Administrator may resign its duties hereunder without any requirement that a successor collateral
administrator be obligated hereunder and without any liability for further performance of any duties hereunder (i) immediately
upon the termination (whether by resignation or removal) of U.S. Bank as Collateral Agent under the Credit Agreement, or (ii) upon
thirty (30) days’ notice to the Collateral Manager and the Administrative Agent upon any reasonable determination by U.S.
Bank that the taking of any action, or performance of any duty, on its part as the Collateral Administrator pursuant to the terms
of this Agreement would be in conflict with or in violation of its duties or obligations as the Collateral Agent under the Credit
Agreement or (iii) upon at least sixty (60) days’ prior written notice of termination to the Collateral Manager, the Administrative
Agent and the Borrower upon the occurrence of any of the following events and the failure to cure such event within such sixty
(60) day notice period: (A) failure of the Borrower to pay any of the amounts specified in Section 3 hereof within sixty
(60) days after such amount is due pursuant to Section 3 hereof (to the extent not already paid to the Collateral Administrator
pursuant to Section 9.01 of the Credit Agreement) or (B) failure of the Borrower to provide any indemnity payment to Collateral
Administrator pursuant to the terms of this Agreement, as the case may be, within sixty (60) days of the receipt by the Borrower
of the written request for such payment or reimbursement (to the extent not already paid to the Collateral Administrator pursuant
to Section 9.01 of the Credit Agreement).

 

    	8

    	 

    

 

(e)          Any
corporation into which the Collateral Administrator may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Collateral Administrator shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Collateral Administrator, shall be the successor
of the Collateral Administrator hereunder without the execution or filing of any paper or any further act on the part of any of
the parties hereto.

 

8.           Representations
and Warranties.

 

(a)          The
Collateral Manager hereby represents and warrants to the Collateral Administrator and the Borrower as follows:

 

		(i)	The Collateral Manager is a corporation duly organized and validly existing under the laws of the
State of Maryland, with full power and authority to own and operate its assets and properties, conduct the business in which it
is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to
which it is a party.

 

		(ii)	The Collateral Manager is in good standing in the State of Maryland. The Collateral Manager is
duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature
of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents
to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified
or in good standing could not reasonably be expected to have a Material Adverse Effect.

 

		(iii)	The execution and delivery by the Collateral Manager of, and the performance of its obligations
under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby
are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by
it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or
at law.

 

    	9

    	 

    

 

		(iv)	None of the execution and delivery by the Collateral Manager of this Agreement or the other Facility
Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or compliance by it with
the terms, conditions and provisions hereof or thereof, will (1) conflict with, or result in a breach or violation of, or constitute
a default under its Constituent Documents, (2) conflict with or contravene (A) any Applicable Law, (B) any indenture, agreement
or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order,
writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (3) result in a breach
or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in any contractual obligation
or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation,
agreement or document relates), except in the case of clause (1) above, where such conflicts, breaches, violations or defaults
could not reasonably be expected to have a Material Adverse Effect.

 

		(v)	The Collateral Manager has obtained, maintained and kept in full force and effect all Governmental
Authorizations and Private Authorizations which are necessary for it to properly carry out its business, except where the failure
to do so could not reasonably be expected to have a Material Adverse Effect, and made all material Governmental Filings necessary
for the execution and delivery by it of the Facility Documents to which it is a party, and the performance by the Collateral Manager
of its obligations under this Agreement and the other Facility Documents to which it is a party, and no material Governmental Authorization,
Private Authorization or Governmental Filing which has not been obtained or made is required to be obtained or made by it in connection
with the execution and delivery by it of any Facility Document to which it is a party or the performance of its obligations under
this Agreement and the other Facility Documents to which it is a party.

 

		(vi)	The Collateral Manager has duly observed and complied in all material respects with all Applicable
Laws relating to the conduct of its business and its assets. The Collateral Manager has preserved and kept in full force and effect
its legal existence. The Collateral Manager has preserved and kept in full force and effect its rights, privileges, qualifications
and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. Without
limiting the foregoing, neither the Collateral Manager nor, to the Collateral Manager’s knowledge, any Affiliate of the Collateral
Manager is (1) a country, territory, organization, person or entity named on an OFAC list; (2) a Person that resides or has a place
of business in a country or territory named on such lists or which is designated as a “NonCooperative Jurisdiction”
by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction;
(3) a “Foreign Shell Bank” within the meaning of the PATRIOT Act, i.e., a foreign bank that does not have a physical
presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation
and supervision; or (4) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United
States Secretary of the Treasury under Sections 311 or 312 of the PATRIOT Act as warranting special measures due to money laundering
concerns. The Collateral Manager is in compliance with all applicable OFAC rules and regulations and also in compliance with all
applicable provisions of the PATRIOT Act.

 

    	10

    	 

    

 

(b)          The
Borrower hereby represents and warrants to the Collateral Administrator and the Collateral Manager as follows:

 

		(i)	The Borrower is a limited liability company formed and validly existing under the laws of the State
of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now
engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it
is a party.

 

		(ii)	The Borrower is in good standing in the State of Delaware. The Borrower is duly qualified to do
business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business,
assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which
it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good
standing could not reasonably be expected to have a Material Adverse Effect.

 

		(iii)	The execution and delivery by the Borrower of, and the performance of its obligations under the
Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within
its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute
its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’
rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

		(iv)	None of the execution and delivery by the Borrower of this Agreement or the other Facility Documents
to which it is a party, the Borrowings or the pledge of the Collateral hereunder, the consummation of the transactions herein or
therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (1) conflict with,
or result in a breach or violation of, or constitute a default under its Constituent Documents, (2) conflict with or contravene
(A) any Applicable Law, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its
assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it
or any of its assets or properties or (3) result in a breach or violation of, constitute a default under, or permit the acceleration
of any obligation or liability in, any contractual obligation or any agreement or document to which it is a party or by which it
or any of its assets are bound (or to which any such obligation, agreement or document relates).

 

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		(v)	The Borrower has obtained, maintained and kept in full force and effect all Governmental Authorizations
and Private Authorizations which are necessary for it to properly carry out its business, except where the failure to do so could
not reasonably be expected to have a Material Adverse Effect, and made all material Governmental Filings necessary for the execution
and delivery by it of the Facility Documents to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge
of the Collateral by the Borrower under this Agreement and the performance by the Borrower of its obligations under this Agreement
and the other Facility Documents to which it is a party, and no material Governmental Authorization, Private Authorization or Governmental
Filing which has not been obtained or made is required to be obtained or made by it in connection with the execution and delivery
by it of any Facility Document to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral
by the Borrower under this Agreement or the performance of its obligations under this Agreement and the other Facility Documents
to which it is a party.

 

		(vi)	The Borrower has duly observed and complied in all material respects with all Applicable Laws relating
to the conduct of its business and its assets. The Borrower has preserved and kept in full force and effect its legal existence.
The Borrower has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where
the failure to do so could not reasonably be expected to result in a Material Adverse Effect. Without limiting the foregoing, neither
the Borrower nor to the Borrower’s knowledge, any Affiliate of the Borrower is (1) a country, territory, organization, person
or entity named on an OFAC list; (2) a Person that resides or has a place of business in a country or territory named on such lists
or which is designated as a “NonCooperative Jurisdiction” by the Financial Action Task Force on Money Laundering, or
whose subscription funds are transferred from or through such a jurisdiction; (3) a “Foreign Shell Bank” within
the meaning of the PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated
with a bank that has a physical presence and an acceptable level of regulation and supervision; or (4) a person or entity that
resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections
311 or 312 of the PATRIOT Act as warranting special measures due to money laundering concerns. The Borrower is in compliance with
all applicable OFAC rules and regulations and also in compliance with all applicable provisions of the PATRIOT Act.

 

    	12

    	 

    

 

(c)          The
Collateral Administrator hereby represents and warrants to the Collateral Manager and the Borrower as follows:

 

		(i)	The Collateral Administrator is a national banking association duly organized, validly existing
and in good standing under the laws of the United States of America and has full organizational power and authority to execute,
deliver and perform this Agreement and all obligations required hereunder and has taken all necessary corporate action to authorize
this Agreement on the terms and conditions hereof, the execution, delivery and performance of this Agreement and all obligations
required hereunder. No consent of any other Person including stockholders or other equity holder and creditors of the Collateral
Administrator, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing
or declaration with, any governmental authority, except those that have been obtained, is required by the Collateral Administrator
in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and the
obligations imposed upon it hereunder. When executed and delivered by the Collateral Administrator and the other parties hereto,
this Agreement will constitute the legal, valid and binding obligations of the Collateral Administrator enforceable against the
Collateral Administrator in accordance with its terms, subject, as to enforcement, (a) 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 Collateral Administrator and (b) to general equitable principles
(whether enforceability of such principles is considered in a proceeding at law or in equity).

 

		(ii)	The execution, delivery and performance of this Agreement and the documents and instruments required
hereunder will not violate any provision of any existing law or regulation binding on the Collateral Administrator, or any order,
judgment, award or decree of any court, arbitrator or governmental authority binding on the Collateral Administrator, or the articles
of association or by-laws, as amended, of the Collateral Administrator or of any mortgage, indenture, lease, contract or other
agreement, instrument or undertaking to which the Collateral Administrator is a party or by which the Collateral Administrator
or any of its assets may be bound, the violation of which would have a material adverse effect on the business, operations, assets
or financial condition of the Collateral Administrator and will not result in, or require, the creation or imposition of any lien
on any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other
agreement, instrument or undertaking the creation or imposition of which would have a material adverse effect on the business operations,
assets or financial condition of the Collateral Administrator.

 

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9.           Amendments.
This Agreement may not be amended, changed, modified or terminated (except as otherwise expressly provided herein) except by the
Collateral Manager, the Borrower and the Collateral Administrator in writing with the prior written consent of the Administrative
Agent.

 

10.         Governing
Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE
OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (WITHOUT
REGARD TO ITS CHOICE OF LAWS RULES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

11.         Submission
to Jurisdiction; Waivers; Etc. Each party hereto hereby irrevocably and unconditionally (a) submits for itself and its property
in any legal action or proceeding relating to this Agreement or the other Facility Documents to which it is a party, 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 in the Borough of Manhattan, the courts of the United States of America for the Southern District of New York, and the appellate
courts of any of them; (b) consents that any such action or proceeding may be brought in any court described in Section 11(a)
and waives to the fullest extent permitted by Applicable Law 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 such party at its address
set forth in Section 13 or at such other address as may be permitted thereunder; (d) agrees that nothing herein shall affect
the right to effect service of process in any other manner permitted by law; and (e) waives, to the maximum extent not prohibited
by law, any right it may have to claim or recover in any legal action or proceeding against any Secured Party arising out of or
relating to this Agreement or the other Facility Documents any special, exemplary, punitive or consequential damages.

 

12.         IMPORTANT
WAIVERS.

 

(a)          EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR FOR ANY
COUNTERCLAIM HEREIN OR THEREIN OR RELATING HERETO OR THERETO, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF THE EQUITYHOLDER, THE BORROWER, THE COLLATERAL MANAGER, THE AGENTS OR ANY OTHER AFFECTED PERSON.
EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER
PROVISION OF EACH OTHER FACILITY DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING
INTO THIS AGREEMENT AND EACH SUCH OTHER FACILITY DOCUMENT. TO
THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY WAIVES ANY RIGHT TO CLAIM OR RECOVER IN ANY LITIGATION WHATSOEVER INVOLVING
ANY INDEMNIFIED PARTY, ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER
OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES, WHETHER SUCH WAIVED DAMAGES ARE BASED ON STATUTE, CONTRACT, TORT,
COMMON LAW OR ANY OTHER LEGAL THEORY, WHETHER THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN AND REGARDLESS OF THE FORM OF THE CLAIM
OF ACTION. NO PARTY OR INDEMNIFIED PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION
OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS IN CONNECTION
WITH ANY FACILITY DOCUMENT OR THE TRANSACTIONS. EACH
PARTY CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY OR AN INDEMNIFIED PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT BUYER OR AN INDEMNIFIED PARTY WOULD NOT SEEK TO ENFORCE ANY OF THE WAIVERS IN THIS SECTION 12 IN THE EVENT OF
LITIGATION OR OTHER CIRCUMSTANCES. THE SCOPE OF SUCH WAIVERS IS INTENDED TO BE ALL–ENCOMPASSING OF ANY AND ALL DISPUTES THAT
MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE FACILITY DOCUMENTS, REGARDLESS OF THEIR LEGAL THEORY.  EACH
PARTY ACKNOWLEDGES THAT THE WAIVERS IN THIS SECTION 12 ARE A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT SUCH
PARTY HAS ALREADY RELIED ON SUCH WAIVERS IN ENTERING INTO THE FACILITY DOCUMENTS, AND THAT SUCH PARTY WILL CONTINUE TO RELY ON
SUCH WAIVERS IN THEIR RELATED FUTURE DEALINGS UNDER THE FACILITY DOCUMENTS. EACH PARTY FURTHER REPRESENTS AND WARRANTS THAT IT
HAS REVIEWED SUCH WAIVERS WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHT TO A JURY TRIAL AND OTHER
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THE
WAIVERS IN THIS SECTION 12 ARE IRREVOCABLE, MEANING THAT THEY MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND SHALL APPLY
TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO ANY OF THE FACILITY DOCUMENTS. IN THE EVENT OF LITIGATION, THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. THE
PROVISIONS OF THIS SECTION 12 SHALL SURVIVE TERMINATION OF THE FACILITY DOCUMENTS AND THE INDEFEASIBLE PAYMENT IN FULL OF THE OBLIGATIONS.

 

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13.         Notices.
Any notice, report or other communication given hereunder shall be delivered in writing, electronically, via facsimile or addressed
to the address for each such party set forth in the Credit Agreement, or to such other address as any party shall have provided
to the other parties in writing. All notices required or permitted to be given hereunder shall be in writing and shall be deemed
given if such notice is mailed by first class mail, postage prepaid, hand delivered, sent by overnight courier service guaranteeing
next day delivery or sent by electronic mail or by telecopy (facsimile) in legible form to the address of such party as provided
above.

 

14.         Successors
and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the successors and assigns of each of the Collateral
Manager, the Borrower and the Collateral Administrator; provided, however, that the Collateral Administrator may
not assign its rights and obligations hereunder without the prior written consent of the Collateral Manager, the Administrative
Agent and the Borrower, except that the Collateral Administrator may delegate to, employ as agent, or otherwise cause any duty
or obligation hereunder to be performed by, any direct or indirect wholly owned subsidiary of the Collateral Administrator or its
successors without the prior written consent of the Collateral Manager, the Administrative Agent or the Borrower (provided
that in such event the Collateral Administrator shall remain responsible for the performance of its duties as the Collateral Administrator
hereunder). Notwithstanding the foregoing, the Collateral Administrator consents to the pledge of its rights under this Agreement
by the Borrower to the Collateral Agent, as provided in the granting language set forth in Section 7.01 of the Credit Agreement.

 

15.         Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together,
shall constitute but one and the same Agreement. Delivery of an executed signature page of this Agreement by facsimile or other
electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

16.         Severability.
Any provision of this Agreement or any other Facility Document which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

 

17.         Conflict
with the Credit Agreement. If this Agreement shall require that any action be taken with respect to any matter and the Credit
Agreement shall require that a different action be taken with respect to such matter, and such actions shall be mutually exclusive,
or if this Agreement should otherwise conflict with the Credit Agreement, the Collateral Administrator shall notify the Collateral
Manager and act in accordance with the Collateral Manager’s instructions.

 

18.         Subordination.
The Collateral Administrator agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be
subordinated to the extent set forth in, and the Collateral Administrator agrees to be bound by the provisions of, the Credit Agreement
(as if it were a party to the Credit Agreement, in the case of any successor Collateral Administrator that is not also serving
as Collateral Agent under the Credit Agreement).

 

19.         Survival.
Notwithstanding anything herein to the contrary, all indemnifications set forth or provided for in this Agreement shall survive
the termination of this Agreement.

 

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20.         No
Petition in Bankruptcy. The Collateral Administrator agrees not to file or join in the filing of an involuntary petition in
bankruptcy against the Borrower for the nonpayment of the Collateral Administrator’s fees or other amounts payable by the
Borrower under this Agreement until the payment in full of all Obligations issued under the Credit Agreement and the expiration
of a period equal to one year and one day or, if longer, the applicable preference period under the Bankruptcy Code plus ten (10)
days following said payment. The provisions of this Section 20 shall survive termination of this Agreement.

 

21.         Limited
Recourse Against Borrower. Notwithstanding any other provision of this Agreement, each of the parties hereto hereby agrees
that any obligations of the Borrower under this Agreement are limited recourse obligations of the Borrower, payable solely from
the Collateral in accordance with Article IX of the Credit Agreement, and following realization of the Collateral, all obligations
of the Borrower under this Agreement and any claims of a party hereto shall be extinguished and shall not thereafter revive. No
recourse shall be had against any officer, director, employee, manager or member of the Borrower or its successors and assigns
for the payment of any amounts payable under this Agreement. The provisions of this Section 18 shall survive the termination
of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

    	16

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Collateral Administration Agreement to be executed and delivered as of the day first above written.

 

	 	BDCA-CB FUNDING, LLC, as Borrower
	 	 
	 	By:   Business Development Corporation of 

America, as its sole member

 

	 	By:	/s/ Robert K. Grunewald
	 	 	Name: Robert K. Grunewald
	 	 	Title: Chief Investment Officer

 

	 	Business Development Corporation 

of America, as Collateral Manager

 

	 	By:	/s/ Robert K. Grunewald
	 	 	Name: Robert K. Grunewald
	 	 	Title: Chief Investment Officer

 

[Signature Page to Collateral Administration
Agreement]

 

    	 

    	 

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as 

Collateral Administrator

 

	 	By:	/s/ Jeffrey B. Stone
	 	 	Name: Jeffrey B. Stone
	 	 	Title: Vice President

 

[Signature Page to Collateral Administration
Agreement]

 

    	 

    	 

    

 

	 	CITIBANK, N.A., as Administrative Agent

 

	 	By:	/s/ Vincent Nocerino
	 	 	Name: Vincent Nocerino
	 	 	Title: Vice President

 

[Signature Page to Collateral Administration
Agreement]

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