Document:

Purchase warrant

 EXHIBIT 10.3 
 WARRANT 
 Dated as of October 15, 2008 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAW OF ANY STATE AND MAY NOT
BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH
LAWS. 
  

			
	 W-4195
	 	Warrant to Purchase up to 375,000
		 	Shares of Common Stock
		 	375,000 shares at $0.40 per share

  
 BIOVEST INTERNATIONAL,
INC. 
 COMMON STOCK PURCHASE WARRANT 
 Void after October 14, 2013 
 BIOVEST INTERNATIONAL, INC. (the “Company”), a Delaware corporation, hereby
certifies that for value received, specifically but without limitation in consideration of forbearance in exercising his rights and/or instituting efforts at collection pursuant to an existing Promissory Note dated September 10, 2007 pending
negotiations regarding the restructure of that Promissory Note, Philip E. Rosensweig (including any transferee, the “Holder”), are entitled to purchase, subject to the terms and conditions hereinafter set forth, at any time or from
time to time beginning on October 15, 2008 (the “Exercise Date”) and ending prior to 5:00 P.M., New York City time, on October 14, 2013 (the “Expiration Date”) up to 375,000 shares of Common Stock at an
exercise price per share of $0.40 per share subject to adjustment as provided herein (the “Purchase Price”). 
 This Warrant
is issued in connection with a forbearance arrangement between the Holder and the Company. 

 1. Definitions. For the purposes of this Warrant, the following terms shall have the meanings
indicated: 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in the
City of New York are authorized or required by law or executive order to close. 
 “Closing Price” shall mean, with respect
to each share of Common Stock for any day, (a) the last reported sale price regular way or, in case no such sale takes place on such day, the average of the closing bid and asked prices regular way, in either case as reported on the principal
national securities exchange on which the Common Stock is listed or admitted for trading or (b) if the Common Stock is not listed or admitted for trading on any national securities exchange, the last reported sale price or, in case no such sale
takes place on such day, the average of the highest reported bid and the lowest reported asked quotation for the Common Stock, in either case as reported on the NASDAQ or a similar service if NASDAQ is no longer reporting such information.

 “Common Stock” means the common stock, no par value, of the Company, and any class of stock resulting from successive
changes or reclassification of such Common Stock. 
 “Company” has the meaning ascribed to such term in the first paragraph
of this Warrant. 
 “Current Market Price” shall be determined in accordance with Subsection 3(b). 
 “Exercise Date” has the meaning ascribed to such term in Subsection 2(c). 
 “Expiration Date” has the meaning ascribed to such term in the first paragraph of this Warrant. 
 “Issued Warrant Shares” means any shares of Common Stock issued upon exercise of the Warrant. 
 “NASDAQ” shall mean the Automatic Quotation System of the National Association of Securities Dealers, Inc. 
 “Person” shall mean any individual, firm, corporation, limited liability company, partnership, trust, incorporated or unincorporated
association, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 
 “Purchase Price” has the meaning ascribed to such term in the first paragraph of this Warrant. 
  

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 “Warrant” shall mean this Warrant and any subsequent Warrant issued pursuant to the
terms of this Warrant. 
 “Warrant Register” has the meaning ascribed to such term in Subsection 6(c). 
 2. Exercise of Warrant 
 (a)
Exercise. This Warrant may be exercised, in whole or in part, at any time or from time to time during the period beginning on the date of issue, September 12, 2008 and ending on the Expiration Date, by surrendering to the Company at its
principal office this Warrant, with the form of Election to Purchase Shares (the “Election to Purchase Shares”) attached hereto as Exhibit A duly executed by the Holder and accompanied by payment of the Purchase Price for the number
of shares of Common Stock specified in such form. 
 Notwithstanding any provisions herein to the contrary, if the Fair Market Value of one
share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant
(or the portion thereof being exercised) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Exercise Notice in which event the Company shall issue to the Holder a number of shares of Common Stock
computed using the following formula: 
  

			
	 X=
	    	Y(A-B)
		    	    A
		
	 Where X =
	    	the number of shares of Common Stock to be issued to the Holder
		
	 Y =
	    	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the portion of this Warrant being exercised (at the date of such
calculation)
		
	 A =
	    	the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)
		
	 B =
	    	the Exercise Price per share (as adjusted to the date of such calculation)

 (b) Partial Exercise. If this Warrant is exercised for less than all of the shares of
Common Stock purchasable under this Warrant, the Company shall cancel this Warrant upon surrender hereof and shall execute and deliver to the Holder a new Warrant of like tenor for the balance of the shares of Common Stock purchasable hereunder.

  

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 (c) When Exercise Effective. The exercise of this Warrant shall be deemed to have been effective
immediately prior to the close of business on the Business Day on which this Warrant is surrendered to and the Purchase Price is received by the Company as provided in this Section 2 (the “Exercise Date”) and the Person in whose name
any certificate for shares of Common Stock shall be issuable upon such exercise, as provided in Subsection 2(b), shall be deemed to be the record holder of such shares of Common Stock for all purposes on the Exercise Date. 
 3. Adjustment of Purchase Price and Number of Shares. The Purchase Price and the number of shares of Common Stock issuable upon exercise of this
Warrant shall be adjusted from time to time upon the occurrence of the following events: 
 (a) Dividend, Subdivision, Combination or
Reclassification of Common Stock. If the Company shall, at any time or from time to time, (i) declare a dividend on the Common Stock payable in shares of its capital stock (including Common Stock), (ii) subdivide the outstanding Common
Stock into a larger number of shares of Common Stock, (iii) combine the outstanding Common Stock into a smaller number of shares of its Common Stock, or (iv) issue any shares of its capital stock in a reclassification of the Common Stock
(including any such reclassification in connection with a consolidation or merger in which the Company is the continuing corporation), then in each such case, the Purchase Price in effect at the time of the record date for such dividend or of
the effective date of such subdivision, combination or reclassification, and the number and kind of shares of capital stock issuable on such date shall be proportionately adjusted so that the Holder of any Warrant exercised after such date shall be
entitled to receive, upon payment of the same aggregate amount as would have been payable before such date, the aggregate number and kind of shares of capital stock which, if such Warrant had been exercised immediately prior to such date, such
Holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification. Any such adjustment shall become effective immediately after the record date of such dividend or the
effective date of such subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event listed above shall occur. If a dividend is declared and such dividend is not paid, the Purchase Price shall again be
adjusted to be the Purchase Price in effect immediately prior to such record date (giving effect to all adjustments that otherwise would be required to be made pursuant to this Section 3 from and after such record date). 
 (b) Determination of Current Market Price. The Current Market Price per share of Common Stock on any date shall be deemed to be the Closing Price
per share of Common Stock on the day immediately preceding the date of determination. If on any such date the shares of Common Stock are not listed or admitted for trading on any national securities exchange or quoted by NASDAQ or a similar service,
then the Current Market Price shall be determined in good faith by the Board of Directors of the Company. 
  

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 (c) De Minimis Adjustments. No adjustment in the Purchase Price shall be made if the amount of
such adjustment would result in a change in the Purchase Price per share of less than 5%, but in such case any adjustment that would otherwise be required to be made shall be carried forward and shall be made at the time of and together with the
next subsequent adjustment, which together with any adjustment so carried forward, would result in a change in the Purchase Price of 5% per share or more. 
 (d) Adjustment of Number of Shares Issuable Upon Exercise. Upon each adjustment of the Purchase Price as a result of the calculations made in Subsection 3(a) this Warrant shall thereafter evidence the right to
receive, at the adjusted Purchase Price, that number of shares of Common Stock (calculated to the nearest one-hundredth) obtained by dividing (x) the product of the aggregate number of shares of Common Stock covered by this Warrant immediately
prior to such adjustment and the Purchase Price in effect immediately prior to such adjustment of the Purchase Price by (y) the Purchase Price in effect immediately after such adjustment of the Purchase Price. 
 (e) Reorganization, Reclassification, Merger and Sale of Assets. If there occurs any capital reorganization or any reclassification of the Common
Stock of the Company, the consolidation or merger of the Company with or into another Person (other than a merger or consolidation of the Company in which the Company is the continuing corporation and which does not result in any reclassification or
change of outstanding shares of its Common Stock) or the sale or conveyance of all or substantially all of the assets of the Company to another Person, then the Holder will thereafter be entitled to receive, upon the exercise of this Warrant
in accordance with the terms hereof, the same kind and amounts of securities (including shares of stock) or other assets, or both, which were issuable or distributable to the holders of outstanding Common Stock of the Company upon such
reorganization, reclassification, consolidation, merger, sale or conveyance, in respect of that number of shares of Common Stock then deliverable upon the exercise of this Warrant if this Warrant had been exercised immediately prior to such
reorganization, reclassification, consolidation, merger, sale or conveyance; and, in any such case, appropriate adjustments (as determined in good faith by the Board of Directors of the Company) shall be made to assure that the provisions hereof
(including provisions with respect to changes in, and other adjustments of, the Purchase Price) shall thereafter be applicable, as nearly as reasonably may be practicable, in relation to any securities or other assets thereafter deliverable upon
exercise of this Warrant. 
 4. Fractional Shares. Notwithstanding an adjustment pursuant to Section 3(d) in the number of
shares of Common Stock covered by this Warrant or any other provision of this Warrant, the Company shall not be required to issue fractions of shares upon exercise of this Warrant or to distribute certificates which evidence fractional shares. In
lieu of fractional shares, the Company may make payment to the Holder, at the time of exercise of this Warrant as herein provided, of an amount in cash equal to such fraction multiplied by the Current Market Price of a share of Common Stock on the
Exercise Date. 
  

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 5. Replacement of Warrants. On receipt by the Company of an affidavit of an authorized
representative of the Holder stating the circumstances of the loss, theft, destruction or mutilation of this Warrant (and in the case of any such mutilation, on surrender and cancellation of such Warrant), the Company at its expense will promptly
execute and deliver, in lieu thereof, a new Warrant of like tenor which shall be exercisable for a like number of shares of Common Stock. If required by the Company, such Holder must provide an indemnity bond or other indemnity sufficient in the
judgment of the Company to protect the Company from any loss which it may suffer if a lost, stolen or destroyed Warrant is replaced. 
 6.
Restrictions on Transfer. 
 (a) The Holder acknowledges that the Warrant and the Common Stock issuable upon the exercise of the
Warrant has not been registered under the Securities Act and may be transferred only pursuant to an effective registration under the Securities Act or pursuant to an applicable exemption from the registration requirements of the Securities Act. The
Holder further acknowledges that the certificates representing the Issued Warrant Shares shall bear the following legend: 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED, ASSIGNED OR TRANSFERRED EXCEPT PURSUANT TO (I) AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT, (II) TO THE EXTENT APPLICABLE, RULE 144 UNDER THE ACT, OR (III) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER THE ACT
IS AVAILABLE. 
 (b) With respect to a transfer that should occur prior to the time that the Warrant or the Common Stock issuable upon the
exercise thereof is registered under the Securities Act, such Holder shall request an opinion of counsel (which shall be rendered by counsel reasonably acceptable to the Company) that the proposed transfer may be effected without registration or
qualification under any Federal or state securities or blue sky law. 
 (c) The Company shall maintain a register (the “Warrant
Register”) in its principal office for the purpose of registering the Warrant and any transfer thereof, which register shall reflect and identify, at all times, the ownership of any interest in the Warrant. Upon the issuance of this Warrant,
the Company shall record the name of the initial purchaser of this Warrant in the Warrant Register as the first Holder. Upon surrender for registration of transfer or 
  

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 exchange of this Warrant together with a properly executed Form of Assignment attached hereto as Exhibit B at the
principal office of the Company, the Company shall, at its expense, execute and deliver one or more new Warrants of like tenor which shall be exercisable for a like aggregate number of shares of Common Stock, registered in the name of the Holder or
a transferee or transferees. 
 (d) In the event that the Company plans to file a registration statement with the U. S. Securities and
Exchange Commission covering shares of common stock of the Company (“Registration Statement”), the Company shall provide written notice to Holder and Holder shall have 30 days to require in writing that all shares of common stock
underlying the Warrant, to the extent vested, be covered in the Registration Statement. Notwithstanding the foregoing, the Company shall have full discretion to determine not to include the shares underlying the warrant in any registration statement
if the Company reasonably determines that such registration may adversely effect the registration statement, the offering described in the registration statement or otherwise adversely affect the Company. 
 (e) The Holder represents that he/she is an “Accredited Investor” as defined in the Act. 
 7. No Rights or Liability as a Stockholder. This Warrant does not entitle the Holder hereof to any voting rights or other rights as a stockholder
of the Company. No provisions hereof, in the absence of affirmative action by the Holder hereof to purchase Common Stock, and no enumeration herein of the rights or privileges of the Holder shall give rise to any liability of such Holder as a
stockholder of the Company. 
 8. Amendment or Waiver. This Warrant and any term hereof may be amended, waived, discharged or
terminated only by and with the written consent of the Company and the Holder. 
 9. Notices. Any notice or other communication (or
delivery) required or permitted hereunder shall be made in writing and shall be by registered mail, return receipt requested, telecopier, courier service or personal delivery to the Company at its principal office and to the Holder at its address as
it appears in the Warrant Register. All such notices and communications (and deliveries) shall be deemed to have been duly given: when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial overnight
courier service; five Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is acknowledged, if telecopied. 
 10. Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law of such State. 
  

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 11. Headings. The headings in this Warrant are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
  

			
	BIOVEST INTERNATIONAL, INC.
		
	By:	 	 /s/Alan M. Pearce

		 	 Name: Alan M. Pearce
 Title: CFO

  
  

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 Exhibit A to Common 
 Stock Purchase Warrant         
 [FORM OF] 
 ELECTION TO PURCHASE SHARES

 The undersigned hereby irrevocably elects to exercise the Warrant to purchase _______ shares of Common Stock, no par value (“Common
Stock”), of BIOVEST INTERNATIONAL, INC. (the “Company”) and hereby makes payment of $_______ therefor. The undersigned hereby requests that certificates for such shares be issued and delivered as follows: 
 ISSUE TO: _____________________________________________________________________________________________ 
 (NAME) 
 ______________________________________________________________________________________________________ 
 (ADDRESS, INCLUDING ZIP
CODE) 
 ______________________________________________________________________________________________________ 
 (SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER) 
  
 DELIVER TO: __________________________________________________________________________________________ 
 (NAME) 
 ______________________________________________________________________________________________________ 
 (ADDRESS, INCLUDING ZIP
CODE) 
 If the number of shares of Common Stock purchased hereby is less than the number of shares of Common Stock covered by
the Warrant, the undersigned requests that a new Warrant representing the number of shares of Common Stock not purchased be issued and delivered as follows: 
 ISSUE TO: _____________________________________________________________________________________________ 
 (NAME OF HOLDER)

  
 ______________________________________________________________________________________________________ 
 (ADDRESS, INCLUDING ZIP
CODE) 
  
 DELIVER TO:
__________________________________________________________________________________________ 
 (NAME OF HOLDER) 
 ______________________________________________________________________________________________________ 
 (ADDRESS, INCLUDING ZIP CODE) 
  

									
	Dated: ___________________________	 		 	[NAME OF HOLDER1]
				
		 		 	By:	 	___________________________________________
		 		 		 		 	 Name:
 Title:

  
  
  

	 1
	 Name of Holder must conform in all respects to name of Holder as specified on the face of the Warrant.

  

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 Exhibit B to Common 
 Stock Purchase Warrant         
 [FORM OF] ASSIGNMENT 
 FOR VALUE RECEIVED,
the undersigned hereby sells, assigns, and transfers unto the Assignee(s) named below all of the rights of the undersigned to purchase Common Stock, no par value (“Common Stock”), of BIOVEST INTERNATIONAL, INC. represented by the Warrant,
with respect to the number of shares of Common Stock set forth below: 
 Name of Assignee
                Address                     No. of
Shares 
  
  
  
  
  
  
  
  
 and does hereby irrevocably
constitute and appoint ____________________________ Attorney to make such transfer on the books of BIOVEST INTERNATIONAL, INC. maintained for that purpose, with full power of substitution in the premises. 
  

									
	Dated: ____________________________	 		 	[NAME OF HOLDER1]
				
		 		 	By:	 	___________________________________________
		 		 		 		 	 Name:
 Title:

  
  
  
  

	1	Name of Holder must conform in all respects to name of Holder as specified on the face of the Warrant. 

  

 10EXHIBIT 10.1

 Exhibit 10.1 
 EXECUTION COPY 
 TENTH AMENDMENT 
 TO 
 SALE AND SERVICING AGREEMENT 
 THIS TENTH AMENDMENT TO THE SALE AND SERVICING AGREEMENT, dated as of July 9, 2008 (this “Amendment”), is entered into by and among
MCG Commercial Loan Funding Trust, as the seller (in such capacity, the “Seller”), and MCG Capital Corporation, as the originator (in such capacity, the “Originator”) and as the servicer (in such
capacity, the “Servicer”), and Three Pillars Funding LLC, as a purchaser (“Three Pillars”), and SunTrust Robinson Humphrey, Inc., as the administrative agent (in such capacity, the
“Administrative Agent”), and Wells Fargo Bank, National Association, as the backup servicer (in such capacity, the “Backup Servicer”) and as trustee (in such capacity, the “Trustee”).

 RECITALS 
 1. The
Seller, the Originator, the Servicer, Three Pillars, the Administrative Agent, the Backup Servicer and the Trustee are parties to the Sale and Servicing Agreement dated as of November 10, 2004 (as amended, supplemented, modified or restated
from time to time, the “Agreement”); and 
 2. Such parties hereto desire to amend the Agreement as hereinafter set forth.

 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows: 
 1. Certain Defined Terms. Capitalized terms that are used herein without definition and that are defined in the
Agreement (including terms incorporated by reference in the Agreement) shall have the same meanings herein as therein defined. 
 2.
Amendments to the Agreement. The Agreement is hereby amended as follows: 
 2.1 Section 1.1 of the Agreement is hereby amended by
amending the definition of “Available Funds” by adding the words “; provided that (i) all amounts paid into the Collection Account pursuant to Section 5.3(c)(iii) which are received on or by the third
Business Day prior to any Payment Date and (ii) any Interest Collections pertaining to any Hedged Fixed Rate Loan for which a swap will be effected on any given Payment Date which are received on or by the third Business Day prior to such
Payment Date shall be included as “Available Funds” for such Payment Date” at the conclusion. 
 2.2 Section 1.1 of the
Agreement is hereby amended by amending the definition of “Fixed Rate Loan Percentage” by adding the words “(excluding Hedged Fixed Rate Loans)” after the words “Fixed Rate Loans” in subclause (i). 

 2.3 Section 1.1 of the Agreement is hereby amended by amending the definition of “Hedge
Notional Amount” by deleting and replacing the reference “Section 5.3(a)” with the reference “Section 5.3”. 
 2.4 Section 1.1 of the Agreement is hereby amended by amending the definition of “Hedge Transaction” by deleting and replacing the reference “Section 5.3(a)” with the reference
“Section 5.3”. 
 2.5 Section 1.1 of the Agreement is hereby amended by adding the following defined term in the
appropriate alphabetical order: 
 “Hedged Fixed Rate Loan”: A Fixed Rate Loan in respect of which the Seller has entered
into a Hedge Transaction pursuant to clause (17) of the definition of Pool Concentration Criteria substantially in a form reasonably satisfactory to the Administrative Agent. 
 2.6 Section 1.1 of the Agreement is hereby amended by amending the definition of “Hedging Agreement” by deleting and replacing the
reference “Section 5.3(a)” with the reference “Section 5.3”. 
 2.7 Section 1.1 of the Agreement is
hereby amended by amending Clause (17) of “Pool Concentration Criteria” by deleting and replacing the reference to “35%” with “45%” and adding the words “provided, however, that if
the sum of the Outstanding Loan Balances of Eligible Loans which are Fixed Rate Loans exceeds 35%, the Seller will be required to enter into Hedge Transactions with respect to a portion of such Fixed Rate Loans having Outstanding Loan Balances in an
aggregate amount not less than the amount of such excess;”. 
 2.8 Section 5.3 of the Agreement is hereby amended by adding the
following new subparagraph: 
 (c) The Seller may enter into Hedge Transactions in connection with Hedged Fixed Rate Loans; provided
that, each such Hedge Transaction shall: 
 (i) be entered into with a Hedge Counterparty and governed by a Hedging Agreement;

 (ii) have a notional amount such that the Hedge Notional Amount shall be at least equal to the Outstanding Loan Balance of
such Hedged Fixed Rate Loan; 
 (iii) provide for two series of payments to be netted against each other, one such series
being payments to be made by the Seller to a Hedge Counterparty (solely on a net basis) by reference to the fixed rate for such Hedged Fixed Rate Loan, and the other such series being payments to be made by the Hedge Counterparty to the Trustee
(solely on a net basis) at a floating rate, the net amount of which shall be paid into the Collection Account (if payable by the Hedge Counterparty) or from the Collection Account to the extent funds are available under Section 2.7(a)(1)
and Section 2.8(1) of this Agreement (if payable by the Seller); provided that (i) in connection with any Hedged Fixed Rate Loan which provides for monthly interest payments, such swap payments shall be made on a monthly
basis, (ii) in connection with any Hedged Fixed Rate Loan which provides 

  

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for quarterly interest payments, such swap payments shall be made on a quarterly basis in connection with the Payment Date following the calendar month in
which the Scheduled Payment with respect to such Hedged Fixed Rate Loans is due and (iii) in connection with any Hedged Fixed Rate Loan which provides for semi-annual interest payments, such swap payments shall be made on a semi-annual basis in
connection with the Payment Date following the calendar month in which the Scheduled Payment with respect to such Hedged Fixed Rate Loans is due; and 
 (iv) remain in effect until either (i) the date of the last Scheduled Payment due to occur under or with respect to such Hedged Fixed Rate Loan or (ii) the Scheduled Termination Date. 
 3. Waiver. In connection with the first swap effected for each Hedged Fixed Rate Loan, each of the parties hereto agree that the requirements set
forth in the definition of Hedging Agreement shall be satisfied with the execution of a “Confirmation” confirming the specific terms of the first swap for each such Hedged Fixed Rate Loan. Except otherwise set forth in the immediately
preceding sentence, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party under the Agreement or any other document, instrument or agreement executed in connection
therewith, nor constitute a waiver of any provision contained therein. 
 4. Conditions to Effectiveness. The effectiveness of the
amendments in Section 2 hereof is subject to each of the parties hereto receiving counterparts of this Amendment, duly executed by all the parties hereto. 
 5. Reaffirmation of Covenants, Representations and Warranties. Upon the effectiveness of this Amendment, each of the Seller, the Originator and the Servicer hereby reaffirms all covenants, representations and
warranties made in the Agreement and the other Transaction Documents and agrees that all such covenants, representations and warranties shall be deemed to have been remade as of the effective date of this Amendment. 
 6. Representations and Warranties. Each of the Seller, the Originator and the Servicer hereby represents and warrants that (i) this Amendment
constitutes a legal, valid and binding obligation of such Person, enforceable against it in accordance with its terms and (ii) upon the effectiveness of this Amendment, no Termination Event shall exist. 
 7. Ratification. All of the provisions of this Amendment are incorporated by reference into the Agreement, as if set forth in full therein. The
Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby. As amended, the Agreement is hereby ratified and reaffirmed by
the parties hereto. 
 8. Counterparts. This Amendment may be executed in any number of counterparts and by the different parties
hereto on separate counterparts (including by facsimile), each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 
  

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 9. Governing Law. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. 
 10. Section Headings. The various
headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Agreement or any provision hereof or thereof. 
  

 -4- 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

  

			
	 MCG COMMERCIAL LOAN FUNDING TRUST, as Seller

		
	By:	 	Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 /s/ Jeanne M. Oller

	Name:	 	Jeanne M. Oller
	Title:	 	Assistant Vice President
	
	 MCG CAPITAL CORPORATION, as Originator and as Servicer

		
	By:	 	 /s/ Michael R. McDonnell

	Name:	 	Michael R. McDonnell
	Title:	 	Chief Financial Officer

  

					
	 Commitment:
 $250,000,000
	 	 THREE PILLARS FUNDING LLC, as a Purchaser

			
		 	By:	 	 /s/ Doris J. Hearn

		 	Name:	 	Doris J. Hearn
		 	Title:	 	Vice President

 [Signatures Continued on Following Page] 
  

 S-1 

			
	 SUNTRUST ROBINSON HUMPHREY, INC., as Administrative Agent

		
	By:	 	 /s/ Steven Pena

	Name:	 	Steven Pena
	Title:	 	Managing Director

 [Signatures Continued on Following Page] 
  

 S-2 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Backup Servicer

		
	By:	 	 /s/ Kristen L. Puttin

	Name:	 	Kristen L. Puttin
	Title:	 	Assistant Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	By:	 	 /s/ Kristen L. Puttin

	Name:	 	Kristen L. Puttin
	Title:	 	Assistant Vice President

  

 S-3

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