Document:

Exhibit 10.30

 

EXECUTION VERSION

 

	          

        SECOND AMENDED AND RESTATED CREDIT AGREEMENT
        

        dated as of August 14, 2020

         

        by and among

         

        BCSF I, LLC,

        as Borrower,

          

        VARIOUS LENDERS,

         

        GOLDMAN SACHS BANK USA,

        as Sole Lead Arranger

        and Syndication Agent

         

        GOLDMAN SACHS BANK USA,

        as Administrative Agent

         

         

        U.S. BANK NATIONAL ASSOCIATION,

        as Collateral Administrator

         

        U.S. BANK NATIONAL ASSOCIATION,

        as Collateral Agent

         

        and

         

        U.S. BANK NATIONAL ASSOCIATION,

        as Collateral Custodian

         

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	SECTION 1. DEFINITIONS AND INTERPRETATION	2
	1.1.	Definitions	2
	1.2.	Accounting
    Terms	49
	1.3.	Interpretation,
    Etc.	49
	1.4.	Assumptions
    as to Collateral Obligations, Etc.	49
	1.5.	Future
    Funding Collateral Obligations	51
	 	 	 
	SECTION
    2. LOANS AND COMMITMENTS	52
	2.1.	Loans
    and Commitments	52
	2.2.	Pro
    Rata Shares; Availability of Funds	54
	2.3.	Use
    of Proceeds	55
	2.4.	Evidence
    of Debt; Register; Lenders' Books and Records; Notes	56
	2.5.	Interest
    on Loans	56
	2.6.	Default
    Interest	57
	2.7.	Fees;
    Etc.	57
	2.8.	Prepayments;
    Commitment Reductions	58
	2.9.	Required
    Principal Payments	60
	2.10.	[Reserved]	60
	2.11.	General
    Provisions Regarding Payments	60
	2.12.	Ratable
    Sharing	61
	2.13.	Making
    or Maintaining Floating Rate Loans	61
	2.14.	Increased
    Costs; Capital Adequacy	63
	2.15.	Taxes;
    Withholding, Etc.	64
	2.16.	Obligation
    to Mitigate	67
	2.17.	Defaulting
    Lenders	67
	2.18.	Removal
    or Replacement of a Lender	68
	 	 	 
	SECTION
    3. CONDITIONS PRECEDENT	69
	3.1.	[Reserved]	69
	3.2.	Conditions
    to Each Credit Extension	69
	3.3.	Effective
Date	70
	 	 	 
	SECTION
    4. REPRESENTATIONS AND WARRANTIES	70
	4.1.	Organization;
    Requisite Power and Authority; Qualification	70
	4.2.	Equity
    Interests; Ownership; Collateral Obligations	70
	4.3.	Due
    Authorization	70
	4.4.	No
    Conflict	71
	4.5.	Governmental
    Consents	71
	4.6.	Binding
    Obligation	71
	4.7.	Adverse
    Proceedings, Etc.	71
	4.8.	Payment
    of Taxes	71
	4.9.	Properties	71
	4.10.	No
    Defaults	72
	4.11.	[Reserved]	72
	4.12.	Investment
    Company Act	72
	4.13.	Federal
    Reserve Regulations; Exchange Act	72
	4.14.	Employee
    Benefit Plans	72
	4.15.	Solvency	72
	4.16.	Compliance
    with Statutes, Etc.	72
	4.17.	Disclosure	73
	4.18.	Sanctioned
    Persons; Anti-Corruption Laws; PATRIOT Act	73

 

     

     

    

 

	SECTION
    5. COVENANTS	73
	5.1.	Compliance
    with Laws, Etc.	73
	5.2.	Maintenance
    of Books and Records	74
	5.3.	Existence
    of Borrower, Etc.	74
	5.4.	Protection
    of Collateral	75
	5.5.	Opinions
    as to Collateral	76
	5.6.	Performance
    of Obligations	76
	5.7.	Negative
    Covenants	77
	5.8.	No
    Consolidation	79
	5.9.	No
    Other Business; Etc.	79
	5.10.	Compliance
    with Investment Management Agreement	79
	5.11.	Certain
    Tax Matters	79
	5.12.	Certain
    Regulations	80
	5.13.	Transaction
    Data Room	80
	5.14.	Financial
    and Other Information; Notices	80
	5.15.	Inspections,
    Etc.	81
	5.16.	Foreign
    Currency Hedges	81
	 	 	 
	SECTION
    6. ACCOUNTS; ACCOUNTINGS AND RELEASES	84
	6.1.	Collection
    of Money	84
	6.2.	Collection
    Accounts	87
	6.3.	Other
    Transaction Accounts	89
	6.4.	Reports
    by Collateral Agent	91
	6.5.	Accountings	92
	6.6.	Additional
    Reports	97
	6.7.	Delivery
    of Pledged Obligations; Custody Documents; Etc.	97
	6.8.	Custodianship
    and Release of Collateral	100
	6.9.	Procedures
    Relating to the Establishment of Transaction Accounts Controlled by the Collateral Agent	102
	 	 	 
	SECTION
    7. APPLICATION OF MONIES	102
	 	 
	SECTION
    8. SALE OF COLLATERAL OBLIGATIONS; SUBSTITUTION; AMENDMENTS	107
	8.1.	Sales
    of Collateral Obligations	107
	8.2.	Trading
    Restrictions	108
	8.3.	Affiliate
    Transactions	110
	8.4.	Purchase
    and Delivery of Collateral Obligations and Other Actions	111
	8.5.	Amendments
    to Underlying Instruments	111
	 	 	 
	SECTION
    9. EVENTS OF DEFAULT	112
	 	 
	SECTION
    10. THE AGENTS	116
	10.1.	Appointment
    of Agents	116
	10.2.	Powers
    and Duties	116
	10.3.	General
    Immunity	117
	10.4.	Agents
    Entitled to Act as Lender	122
	10.5.	Lenders'
    Representations, Warranties and Acknowledgment	122
	10.6.	Right
    to Indemnity	122
	10.7.	Successor
    Administrative Agent and Collateral Agent	123
	10.8.	Collateral
    Documents	124
	10.9.	Withholding
    Taxes	125
	10.10.	Administrative
    Agent May File Bankruptcy Disclosure and Proofs of Claim	125
	 	 	 
	SECTION
    11. MISCELLANEOUS	126
	11.1.	Notices	126
	11.2.	Expenses	127

 

    iii 

     

    

 

	11.3.	Indemnity	128
	11.4.	Set-Off	129
	11.5.	Amendments
    and Waivers	129
	11.6.	Successors
    and Assigns; Participations	131
	11.7.	Independence
    of Covenants	134
	11.8.	Survival
    of Representations, Warranties and Agreements	134
	11.9.	No
    Waiver; Remedies Cumulative	134
	11.10.	Marshalling;
    Payments Set Aside	134
	11.11.	Severability	135
	11.12.	Obligations
    Several; Independent Nature of Lenders' Rights	135
	11.13.	Headings	135
	11.14.	APPLICABLE
    LAW	135
	11.15.	CONSENT
    TO JURISDICTION	135
	11.16.	WAIVER
    OF JURY TRIAL	136
	11.17.	Usury
    Savings Clause	136
	11.18.	Effectiveness;
    Counterparts	137
	11.19.	PATRIOT
    Act	137
	11.20.	Electronic
    Execution of Assignments	137
	11.21.	No
    Fiduciary Duty	137
	11.22.	Judgment
    Currency	138
	11.23.	Confidentiality	138
	11.24.	Effect
    of Amendment and Restatement	139
	 	 	 
	SECTION
    12. SUBORDINATION	140
	 	 
	SECTION
    13. ASSIGNMENT OF INVESTMENT MANAGEMENT AGREEMENT	140
	 	 
	SECTION
    14. COLLATERAL CUSTODIAN	142

 

	APPENDICES: 	A	Commitments
	 	B	Notice Addresses
	 	C-1	Borrower Subsidiaries
	 	C-2	Collateral Obligations
	 	 	 
	SCHEDULES:	A	Financial and Other Information
	 	 	 
	EXHIBITS:	A	Form of Funding Notice
	 	B-1	Form of U.S. Tax Compliance Certificate
	 	 	(For Foreign Lenders that are not Partnerships)
	 	B-2	Form of U.S. Tax Compliance Certificate
	 	 	(For Foreign Participants that are not Partnerships)
	 	B-3	Form of U.S. Tax Compliance Certificate
	 	 	(For Foreign Participants that are Partnerships)
	 	B-4	Form of U.S. Tax Compliance Certificate
	 	 	(For Foreign Lenders that are Partnerships)
	 	C	Form of Assignment Agreement
	 	D	Form of Request for Release of Custody Documents
	 	E	Form of Power of Attorney
	 	F	Form of Tangible Net Worth Certificate
	 	G	Form of Cooperation Agreement

 

    iv 

     

    

 

CREDIT AGREEMENT

 

This SECOND AMENDED AND RESTATED CREDIT
AGREEMENT, dated as of August 14, 2020 is entered into by and among:

 

(a)       BCSF
I, LLC, a Delaware limited liability company (the "Borrower");

 

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

 

(c)       GOLDMAN SACHS BANK USA
("Goldman Sachs"), as syndication agent (in such capacity, the "Syndication Agent") and as sole
lead arranger (in such capacity, the "Arranger");

 

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

 

(e)       U.S.
BANK NATIONAL ASSOCIATION, in its capacity as Collateral Administrator (in such capacity, the "Collateral Administrator");

 

(f)        U.S. BANK NATIONAL ASSOCIATION,
in its capacity as Collateral Agent (in such capacity, the "Collateral Agent"); and

 

(g)       U.S. BANK NATIONAL ASSOCIATION,
in its capacity as Collateral Custodian (in such capacity, the "Collateral Custodian").

 

RECITALS

 

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

 

The Borrower, the Lenders party thereto, the
Syndication Agent, the Arranger, the Administrative Agent, the Collateral Administrator, the Collateral Agent and the Collateral
Custodian are parties to an Amended and Restated Credit Agreement dated as of January 8, 2020 (as amended or otherwise modified
prior to the date hereof, the "Existing Credit Agreement"). The parties to the Existing Credit Agreement desire
to amend the Existing Credit Agreement in certain respects and to restate in its entirety the Existing Credit Agreement, as so
amended, and accordingly, the parties hereto hereby agree to amend the Existing Credit Agreement and restate the Existing Credit
Agreement, as so amended, in its entirety, effective as of the Effective Date (as hereinafter defined).

 

The Borrower Entities and the other Credit
Parties form an affiliated group of Persons, and each Credit Party will derive substantial direct and indirect benefits from the
making of the Loans to the Borrower Entities hereunder (which benefits are hereby acknowledged by each Credit Party party hereto).

 

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

 

    1 

     

    

 

SECTION
1.           DEFINITIONS AND INTERPRETATION

 

1.1.        
Definitions.

 

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

 

"Accounts Securities Intermediary"
means a person acting as Securities Intermediary under the Securities Account Control Agreement.

 

"Acquire" means to purchase,
enter into, Originate, receive by contribution (including from the Sponsor or the Fund) or otherwise acquire. The terms "Acquired",
"Acquiring" and "Acquisition" have correlative meanings.

 

"Additional Documentation"
means, for each Collateral Obligation, all Underlying Instruments for such Collateral Obligation required to be delivered to the
Collateral Custodian in accordance with the Transaction Documents that do not constitute part of the Preliminary Documentation
Package for such Collateral Obligation.

 

"Additional Information Request"
is defined in Section 3.2(a).

 

"Additional Reports" is defined
in Section 6.6.

 

"Adjusted Balance" means,
for any Collateral Obligation at any time, the lower of:

 

(a)       the product of:

 

(1)       the Collateral Obligation
Notional Amount of such Collateral Obligation at such time; and

 

(2)       the Asset Current Price
of such Collateral Obligation at such time; and

 

(b)       such other amount (the
"Initial Specified Balance" for such Collateral Obligation) as may be specified by the Borrower as of the date on which
such Collateral Obligation was first Acquired by a Borrower Entity,

 

provided
that the Adjusted Balance of any Collateral Obligation that does not satisfy the Collateral Obligation Criteria at such time, or
that has an Asset Current Price of less than 60% at such time, shall be zero.

"Adjusted USD LIBOR Rate"
means, for any Interest Period for any Loan, the rate per annum obtained by dividing:

 

(a)       (1) the rate per annum
equal to the rate determined by the Administrative Agent (and notified to the Collateral Administrator) to be the London interbank
offered rate administered by the ICE Benchmark Administration (or any other person which takes over the administration of that
rate) for U.S. Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest
Period displayed on the relevant Screen Page, determined as of approximately 11:00 a.m. (London, England time) on the related Interest
Rate Determination Date; or (2) if the rate referenced in the preceding clause (1) is not available, the rate per annum equal to
the offered quotation rate to first class banks in the London interbank market by a leading bank in the London interbank market
(selected by the Investment Manager in consultation with the Administrative Agent) for U.S. Dollar deposits (for delivery on the
first day of such Interest Period) of amounts in same day funds comparable to the principal amount of the outstanding Loans with
maturities comparable to such Interest Period as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination
Date, by

 

    2 

     

    

 

 

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

 

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

 

"Administrative Agent" is
defined in the preamble.

 

"Administrative Agent Cooperation
Agreement" means an Administrative Agent Cooperation Agreement between a Sponsor Administrative Agent, as Consenting Party,
the Borrower and the Collateral Agent in substantially the form of Exhibit G, duly executed and delivered.

 

"Administrative
Agent Fee Letter" means the Fee Letter dated on or around the Initial Credit Date between Goldman Sachs Bank USA,
as Administrative Agent, and the Borrower Entities with respect to certain fees to be paid from time to time to the Administrative
Agent.

 

"Administrative Expense Cap"
means, for any Payment Date, an amount in USD equal to $100,000; provided, that, for any Payment Date, to the extent that
the full Administrative Expense Cap was not applied on any of the three immediately preceding Payment Dates, such excess amount
shall be added to the Administrative Expense Cap for such Payment Date.

 

"Administrative Expenses"
means amounts (other than any Reserved Expenses) due or accrued with respect to any Payment Date (including all fees, expenses
and indemnities) and payable in the following order to:

 

(a)       the
Bank Parties and the Collateral Administrator Parties under the Bank Party Fee Letter, this Agreement and the other Transaction
Documents;

 

(b)       the
Administrative Agent under the Administrative Agent Fee Letter and the other Transaction Documents;

 

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

 

(d)       the
Independent Manager pursuant to the Constitutive Documents in respect of services provided to the Borrower thereunder;

 

(e)       the
agents and counsel of the Borrower Entities for fees, including retainers, and expenses (including the expenses associated with
complying with FATCA and any other tax compliance regulations); and

 

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

 

"Advance
Rate" means, for each Collateral Obligation (unless, in each case, otherwise agreed between the Borrower and the Administrative
Agent), the applicable percentage set forth below, calculated in each case at the time the Acquisition of such Collateral Obligation
is approved pursuant to Section 8.2:

 

(a)       if
such Collateral Obligation is a BSL that is a First Lien Obligation, 65%;

(b)       if
such Collateral Obligation is a First Lien Obligation that is not a BSL, 62.5%;

 

    3 

     

    

 

(c)       if
such Collateral Obligation is a Senior Unitranche Obligation, 57.5%; provided that, if a First Lien Floor Toggle Period
is in effect at any time, then the Advance Rate with respect to each Senior Unitranche Obligation shall be 52.5% for so long as
such First Lien Floor Toggle Period is in effect (except to the extent that such requirement is expressly waived in writing or
is deemed to have been waived pursuant to Section 8); and

 

(d)       if
such Collateral Obligation is a second lien Collateral Obligation or a Junior Secured Collateral Obligation, 45%.

 

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

 

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

 

"Affiliate" or "Affiliated"
means, with respect to a Person, (a) any other Person who, directly or indirectly, is in control of, or controlled by, or is under
common control with, such Person or (b) any other Person who is a director, officer or employee (1) of such Person, (2) of
any Subsidiary or parent company of such Person or (3) of any Person described in subclause (a) above. For purposes of this definition,
control of a Person shall mean the power, direct or indirect, (x) to vote more than 50% of the securities having ordinary voting
power for the election of directors of any such Person or (y) to direct or cause the direction of the management and policies of
such Person whether by contract or otherwise. With respect to the Borrower Entities, this definition shall exclude the Independent
Manager, its Affiliates and any other special purpose vehicle to which the Independent Manager is or will be providing administrative
services, as a result solely of the Independent Manager acting in such capacity or capacities. For purposes of this definition,
affiliation solely as a result of ownership by a common equity sponsor or fund (or related funds) (in each case so long as not
under the common control of Sponsor or any of its Affiliates) shall not be taken into account for the purpose of clause (kk) of
the definition of "Collateral Obligation Criteria".

 

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

 

"Agent Affiliates" is defined
in Section 11.1(b)(3).

 

"Agent Fee Letter" means
each of (a) the Administrative Agent Fee Letter and (b) the Bank Party Fee Letter.

 

"Agent Fees" is defined in
Section 2.7(a).

 

"Aggregate Amounts Due" is
defined in Section 2.12.

 

"Aggregate Equity Exposure Amount"
means, at any time, the sum of the Equity Exposure Amounts of all Future Funding Collateral Obligations (including all Future Funding
Collateral Obligations that the Borrower Entities have Committed to Acquire but which Acquisitions have not yet settled) at such
time.

 

    4 

     

    

 

"Aggregate Excess Exposure Amount"
means, at any time, the sum of the Excess Exposure Amounts of all Future Funding Collateral Obligations (including all Future Funding
Collateral Obligations that the Borrower Entities have Committed to Acquire but which Acquisitions have not yet settled) at such
time.

 

"Aggregate Exposure Amount"
means, at any time, the sum of the Exposure Amounts for all Future Funding Collateral Obligations (including all Future Funding
Collateral Obligations that the Borrower Entities have Committed to Acquire but which Acquisitions have not yet settled) at such
time.

 

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

 

"Aggregate Realization Application
Amount" means, for each Payment Date during the Amortization Period, an amount equal to the sum of the Individual Realization
Application Amounts for all Collateral Obligations that were the subject of a Disposition or other realization of Principal Proceeds
(in whole or in part) during the related Due Period to the extent not paid pursuant to Section 2.9 prior to such Payment Date.

 

For purposes of this definition, Principal
Proceeds received on a Future Funding Collateral Obligation during the Amortization Period shall not be deemed to be a "realization"
with respect to such Collateral Obligation to the extent that such Principal Proceeds are required to be deposited in, and retained
in, the Future Funding Reserve Account to fund the Exposure Amount with respect to such Collateral Obligation.

 

"Agreed Release Value" means,
for any Collateral Obligation, an amount (in U.S. Dollars) equal to the lesser of (a) 125% of the Historical Borrowing Base Amount
of such Collateral Obligation and (b) 80% of the aggregate outstanding principal amount of such Collateral Obligation on the date
on which such Acquired by a Borrower Entity. The Agreed Release Value for a Collateral Obligation shall be a static number that
shall not change during the term of this Agreement, regardless of any Dispositions (in whole or in part) of or other realization
or recoveries on such Collateral Obligation.

 

"Agreement" means this Amended
and Restated Credit Agreement.

 

"Alternate Rate"
is defined in Section 2.13(a)(2).

 

"Amendment"
is defined in Section 8.5.

 

"Amortization Period" means
the period commencing on the last day of the Phase I Funding Period and ending on the earlier of the Maturity Date and the date
as of which the Commitments have been terminated and all Obligations have been paid in full.

 

"Anti-Corruption Laws" is
defined in Section 4.18.

 

"Applicable Integral Multiple"
means, for each borrowing and Voluntary Prepayment, $1.

 

"Applicable Minimum Amount"
means, for each borrowing and Voluntary Prepayment, $1,000,000, or such lower amount consented to by the Administrative Agent in
its sole discretion.

 

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

 

    5 

     

    

 

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

 

"Asset Amortized Amount"
means, in respect of a Collateral Obligation on any day, an amount equal to the Dollar Equivalent of the Collateral Obligation
Notional Amount of such Collateral Obligation on such day.

 

"Asset Current Price" means,
in respect of a Collateral Obligation on any date, the bid side market value of that Collateral Obligation (expressed as a percentage
of par of the related Collateral Obligation Notional Amount but excluding any accrued interest), as determined by the Calculation
Agent on each Business Day, provided that, if such Collateral Obligation is an Unsettled Sale Asset on such date, then the
"Asset Current Price" for such Collateral Obligation shall be the Expected Settlement Price (expressed as a percentage
of par of the related Collateral Obligation Notional Amount but excluding any accrued interest) thereof at such time; provided,
further that, with respect to any Collateral Obligation that is not a BSL and for which the Asset Current Price cannot be determined
in accordance with the foregoing, then the Asset Current Price of such Collateral Obligation shall be determined by the Administrative
Agent in its commercially reasonable discretion. For the avoidance of doubt, the determination of the Asset Current Price of any
Collateral Obligation shall be subject in each case to the Borrower's Dispute rights set forth in Section 2(c) of the Margining
Agreement.

 

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

 

"Assigned Price" means, in
respect of a Collateral Obligation on any date, the value of such Collateral Obligation (expressed as a percentage of par but excluding
any accrued interest) at the time such Collateral Obligation is Acquired by a Borrower Entity, as determined in good faith by the
Calculation Agent and agreed by the Borrower at such time.

 

If a Borrower Entity has Committed to Acquire
a Collateral Obligation in more than one lot and/or a Collateral Obligation has been added to the Underlying Portfolio in more
than one lot (for example, by Commitments or Acquisitions on separate days), then each lot of such a Collateral Obligation shall
be treated as separate Collateral Obligations for purposes of determining the Assigned Prices therefor.

 

"Assignment Agreement" means:

 

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

 

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

 

    6 

     

    

 

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

 

"AUD" means the lawful currency
of Australia.

 

"Authorized
Officer" means:

 

(a)With respect to each
Borrower Entity, any Officer of such Person or any other Person who is authorized to act for such Person in matters relating to,
and binding upon, such Person (which, in the case of the Investment Manager, shall be an Authorized Officer of the Investment Manager).

 

(b)With respect to the Investment
Manager, any officer, employee or agent of the Investment Manager who is authorized to act for the Investment Manager in matters
relating to, and binding upon, the Investment Manager with respect to the subject matter of the request, certificate or order in
question.

 

(c)With respect to a Collateral
Administrator Party, any officer, employee or agent of such Collateral Administrator Party who is authorized to act for such Collateral
Administrator Party in matters relating to, and binding upon, such Collateral Administrator Party with respect to the subject matter
of the request, certificate or order in question.

 

(d)With
respect to the Account Securities Intermediary or the Collateral Custodian, any officer, employee or agent of such Person
who is authorized to act for such Person in matters relating to, and binding upon, such Person respect to the subject matter of
the request, certificate or order in question.

 

(e)With respect to the Collateral
Agent or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer.

 

(f)With respect to the Administrative
Agent, any officer thereof who has responsibility with respect to the administration of this Agreement.

 

Each party may receive and accept a certification
(which shall include contact information and email addresses) of the authority of any other party as conclusive evidence of the
authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other
party of written notice to the contrary.

 

"Availability Period" means
the period from and including the Closing Date to but excluding the earlier of (a) the last day of the Phase II Funding Period
and (b) the date of the termination of the Commitments in full pursuant to Section 2.8(b) or Section 9.

 

"Balance" means on any date,
with respect to Cash or Eligible Investments in any account, the aggregate of (1) the current balance of Cash, demand deposits,
time deposits, certificates of deposit and federal funds; (2) the principal amount of interest-bearing corporate and government
securities, money market accounts and repurchase obligations; and (3) the purchase price or the accreted value, as applicable,
(but not greater than the face amount) of non-interest-bearing government and corporate securities and commercial paper.

 

"Bank"
means U.S. Bank National Association, a national banking association, in its individual capacity and not as Agent, and any
successor thereto.

 

    7 

     

    

 

"Bank Parties" means the
Bank, in its capacities as Collateral Agent, Collateral Administrator, Collateral Custodian, Account Securities Intermediary and
in its other capacities hereunder and under the other Transaction Documents.

 

"Bank
Party Fee Letter" means the Fee Letter dated on or around the Initial Credit Date among the Bank Parties, the Collateral
Administrator Parties and the Borrower Entities (or the Investment Manager on their behalf) with respect to certain fees to be
paid from time to time to the Bank Parties and the Collateral Administrator Parties and their respective Affiliates in connection
with the transactions contemplated by the Transaction Documents.

 

"Bankruptcy" means, with
respect to a Collateral Obligation, a "Bankruptcy" (as defined in the Credit Definitions) with respect to the related
underlying obligor.

 

"Bankruptcy Code" means Title
11 of the United States Code entitled "Bankruptcy".

 

"Base Rate" means, for any
day, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate
in effect on such day plus 1⁄2 of 1% and (iii) the sum of (a) the applicable Floating Rate (after giving effect to any Floating
Rate "floor") that would be payable on such day for a Loan bearing interest based on such Floating Rate with a one-month
interest period plus (b) 1.0%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate
shall be effective on the effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. The
Agents or Lenders may make commercial loans or other loans at rates of interest at, above or below the Base Rate or any rate referred
to in the definition thereof.

 

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

 

"Bid Disqualification Condition"
means, with respect to any bid submitted by any third party on any date, in the Calculation Agent's commercially reasonable judgment:

 

(a)       either
(x) such third party is ineligible to accept assignment or transfer of the relevant Collateral Obligation or any portion thereof,
as applicable, substantially in accordance with the then-current market practice in the principal market for such relevant Collateral
Obligation, as reasonably determined by the Calculation Agent, or (y) such third party would not, through the exercise of its commercially
reasonable efforts, be able to obtain any consent required under any agreement or instrument governing or otherwise relating to
such Collateral Obligation to the assignment or transfer of such Collateral Obligation or such portion thereof, as applicable,
to it; or

 

(b)       such
bid is not bona fide, including due to (x) the insolvency of the bidder, (y) the inability, failure or refusal of the bidder to
settle the purchase of such Collateral Obligation or any portion thereof, as applicable, or otherwise settle transactions in the
relevant market or perform its obligations generally or (z) with respect to the component of such bid in synthetic form, such bid
not accurately reflecting the transfer of the credit risk of such Collateral Obligation through its maturity.

 

"Board of Directors" means,
with respect to each Borrower Entity, the directors or managers of such Borrower Entity duly appointed by the members of such Borrower
Entity.

 

    8 

     

    

 

"Board of Governors" means
the Board of Governors of the United States Federal Reserve System.

 

"Borrower" is
defined in the preamble.

 

"Borrower Entity" means each
of the Borrower and each Permitted Additional Subsidiary.

 

"Borrower Order" means a
written order or request (which may be a standing order) dated and signed in the name of a Borrower Entity by an Authorized Officer
of such Borrower Entity or by an Authorized Officer of the Investment Manager, as the context may require or permit. An order or
request provided in an email or other electronic communication by an Authorized Officer of a Borrower Entity or by an Authorized
Officer of the Investment Manager shall constitute a Borrower Order, except in each case to the extent the Collateral Agent requests
otherwise in writing.

 

"Borrower
Sale and Contribution Agreement" means the Sale and Contribution Agreement dated on or around the Initial Credit Date
between the Seller and the Borrower.

 

"Borrowing Base"
means, on any date, an amount equal to:

 

(a)       the
aggregate Borrowing Base Values of the Collateral Obligations (including Unsettled Purchase Assets but excluding Unsettled Sale
Assets); plus

 

(b)       an
amount equal to the Dollar Equivalent of the aggregate amount of cash standing to the credit of the Principal Collection Account
and the Future Funding Reserve Account as of such date; minus

 

(c)       the
Dollar Equivalent of the aggregate purchase prices (at their then-current Expected Settlement Prices) for all Unsettled Purchase
Assets as at such date (if any); plus

 

(d)       for
Unsettled Sale Assets on such date, the lower of:

 

(1)       the
sum of the Dollar Equivalent of the Expected Settlement Price for all Unsettled Sale Assets on such date; and

 

(2)       25%
of the aggregate principal amount of the Loans outstanding on such date; minus

 

(e)       for
each Collateral Obligation (including Unsettled Purchase Assets and Unsettled Sale Assets) as to which an Excess Concentration
Amount exists as of such date, the product of:

 

(1)       such
Excess Concentration Amount; and

 

(2)       the
Advance Rate for such Collateral Obligation as of such date,

 

all as determined by the Administrative Agent.

 

"Borrowing
Base Deficiency" means, at any time, the amount (if any) by which the aggregate principal amount of the Loans outstanding
exceeds the Borrowing Base at such time.

 

"Borrowing Base Deficiency Trigger
Event" is defined in the Margining Agreement.

 

"Borrowing Base Value" means,
for each Collateral Obligation on any date, an amount equal to the product of:

 

    9 

     

    

 

(a)the Advance Rate for
such Collateral Obligation as of such date;

 

(b)       the
Adjusted Balance of such Collateral Obligation as of such date; and

 

(c)       the
Initial FX Rate for such Collateral Obligation as of such date.

 

"Breakage Event" is defined
in Section 2.13(c).

 

"BSL" means a Loan Obligation
that:

 

(a)       (i)
is Acquired by the relevant Borrower Entity at a price (calculated as of the date of acquisition or commitment to acquire by such
Borrower Entity) equal to or greater than 93.0% (expressed as a percentage of par of the related Collateral Obligation Notional
Amount but excluding any accrued interest) and (ii) at the time of determination, (1) is a broadly syndicated commercial
loan; (2) is secured by a pledge of collateral, which security interest is validly perfected and either (x) first priority under
applicable law or (y) as determined by the Administrative Agent in its sole and absolute discretion, second priority under applicable
law to another loan of the same obligor that is secured by assets whose value does not constitute a material portion of the value
of all assets of such obligor (subject to liens permitted under the applicable credit agreement that are reasonable and customary
for similar loans, and liens accorded priority by law in favor of the United States or any state or agency); (3) has a collateral
value or enterprise value securing such Loan Obligation (as determined in good faith by the Investment Manager on or about the
time of origination) that is equal to or in excess of (x) the outstanding principal balance of such Loan Obligation plus
(y) the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; (4) has
a senior facility size of $200,000,000 or greater and has an EBITDA for the prior twelve calendar months of $50,000,000 or greater
(after giving pro forma effect to any acquisition in connection therewith); (5) is rated by either S&P or Moody's (or the obligor
is rated by S&P or Moody's) at the time of Acquisition by the applicable Borrower Entity; (6) at least two Pricing Sources
are available; and (7) has a LoanX Depth of 2 or more at such time; or

 

(b)       is
otherwise deemed to be a BSL by the Administrative Agent.

 

"Buffer Asset Value"
is defined in the Margining Agreement.

 

"Business Day" means:

 

(a)       for
all purposes other than as covered by clause (b) below, any day except Saturday, Sunday and any day which shall be in New York,
New York or London, England or the location of the Corporate Trust Office (initially Chicago, Illinois), a legal holiday or a day
on which banking institutions are authorized or required by law or other government action to close; and

 

(b)       with
respect to all notices and determinations in connection with, and payments of principal and interest on, Loans, any day that is
a Business Day described in clause (a) above and that is also a day for trading by and between banks in U.S. Dollar deposits in
the interbank LIBOR market.

 

"Calculation Agent" means
the Administrative Agent. Unless otherwise expressly stated herein, all determinations by the Calculation Agent hereunder shall
be made in its sole and absolute discretion.

 

"Cash" means (a) such coin
or currency of the United States of America as at the time shall be legal tender for payment of all public and private debts and
(b) funds denominated in any other Specified Currencies.

 

    10 

     

    

 

"Cash Trap Event" means an
event that will be deemed to occur at any time if both of the following conditions are satisfied at such time:

 

(a)       a
Borrowing Base Deficiency exists at such time; and

 

(b)       such
Borrowing Base Deficiency is greater than the sum of:

 

(1)       7.5%
of the aggregate principal amount of the Loans outstanding at such time; and

 

(2)       the
aggregate Buffer Asset Value (if any) at such time.

 

For the avoidance of doubt,
more than one Cash Trap Event may occur hereunder.

 

"Cause Event" is defined
in Section 13(g).

 

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

 

"Clean-Up Call Event" means
an event that will be deemed to occur if either:

 

(a)       the
aggregate principal amount of the Loans outstanding at such time is less than 20% of the Total Facility Amount at such time; or

 

(b)       the
number of unique Collateral Obligations in the Collateral Portfolio is less than 10.

 

"Clean-Up Call Prepayment"
is defined in Section 2.9(b).

 

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

 

"Closing
Date" means October 4, 2017.

 

"Code" means
the United States Internal Revenue Code of 1986, as amended.

 

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

 

"Collateral Account" means
a segregated trust account maintained pursuant to Section 6.3(d), and "Collateral Accounts" means all of such
accounts, collectively.

 

"Collateral Administration Agreement"
means a collateral administration agreement dated on or around the Initial Credit Date among the Borrower Entities, the Investment
Manager and the Collateral Administrator Parties.

 

    11 

     

    

 

"Collateral Administrator"
means the Bank, solely in its capacity as Collateral Administrator under the Collateral Administration Agreement, until a successor
Person shall have become the Collateral Administrator pursuant to the applicable provisions of the Collateral Administration Agreement,
and thereafter "Collateral Administrator" shall mean such successor Person.

 

"Collateral Administrator Parties"
means the Collateral Administrator.

 

"Collateral Agent" is defined
in the preamble.

 

"Collateral Agent Exchange Rate"
means, on any day, with respect to any Specified Currency, the rate at which another Specified Currency may be exchanged into such
Specified Currency at the prevailing spot rate of exchange determined by the Collateral Agent to be available to it in a commercially
reasonable manner, in accordance with the Collateral Agent's customary commercial practice from time to time, in the London interbank
exchange market, at the time specified by the Collateral Agent on such date.

 

"Collateral Custodian" is
defined in the preamble.

 

"Collateral Custodian Termination
Notice" is defined in Section 14.

 

"Collateral Deficit" is defined
in the Margining Agreement.

 

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

 

"Collateral Obligation" means
any Loan Obligation that, at the time a Commitment is made to Acquire such obligation by a Borrower Entity, and at all times thereafter,
satisfies each of the Collateral Obligation Criteria (except in each case to the extent any one or more of such criteria are expressly
waived in writing in the manner and to the extent expressly set forth in this Agreement), as determined from time to time by the
Administrative Agent; provided that any Future Funding Collateral Obligation need not satisfy clause (dd) of the Collateral
Obligation Criteria to be considered a "Collateral Obligation" for all purposes hereunder.

 

"Collateral Obligation Criteria"
means, with respect to any obligation, each of the following:

 

(a)       such
obligation has been approved by the Administrative Agent in accordance with the procedures set forth in Section 8;

 

(b)       the required Documentation
Package has been delivered or will be to the Collateral Custodian to the extent required herein;

 

(c)       [reserved];

 

(d)       such
obligation is one as to which the applicable Borrower Entity has good and marketable title, free and clear of all Liens other than
Permitted Liens;

 

(e)       such
obligation is denominated in a Specified Currency and is neither convertible by the issuer thereof into, nor payable in, any currency
other than a Specified Currency;

 

(f)       as
at its Acquisition date, such obligation is not one as to which a Bankruptcy has occurred;

 

    12 

     

    

 

(g)       as
at its Acquisition date, such obligation is not one as to which a Failure to Pay has occurred (giving effect to any applicable
cure periods under the Underlying Instruments);

 

(h)       no
portion of such obligation has been Originated, documented, sold or contributed to a Borrower Entity or charged-off, in each case
other than in accordance with all applicable policies and procedures of the Investment Manager as in effect on the related Acquisition
date;

 

(i)       at
the time of its Acquisition, such obligation is not subject to a Restructuring in which all or a portion of the principal balance
due has been reduced or forgiven;

 

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

 

(k)       [reserved];

 

(l)       such
obligation is governed by the law of the United States or of any state thereof, by English law or by Australian law;

 

(m)       such
obligation is issued by an obligor that is Domiciled in (1) the United States; (2) Australia; (3) the United Kingdom; (4) a
member state of either the European Union or the European Free Trade Association (other than France, Greece, Iceland, Italy, Portugal
or Spain); or (5) any other jurisdiction approved by the Administrative Agent;

 

(n)       its
Acquisition will not result in the imposition of stamp duty or stamp duty reserve tax payable by any Borrower Entity, unless such
stamp duty or stamp duty reserve tax has been included in the purchase price of such obligation;

 

(o)       upon
Acquisition, the obligation is capable of being, and will be, the subject of a first fixed charge, a first priority security interest
or other arrangement having a similar commercial effect in favor of the Collateral Agent for the benefit of the Secured Parties;

 

(p)       (A)
it is capable of being sold or assigned to or held by such Borrower Entity, together with any associated security, without any
breach of applicable selling restrictions or of any contractual provisions and (B) it must permit assignments without the consent
of any obligor, or any other restriction, following an event of default thereunder;

 

(q)       it
must require the consent of at least 66 2⁄3 percent of the lenders to the obligor thereunder for any change that extends the
time for, or reduces, waives or forgives the amount of, any payment of principal or interest on such obligation (for the avoidance
of doubt, excluding any changes originally envisaged in the loan documentation);

 

(r)       such
obligation is an Assignable Loan or a Consent Required Loan and, in each case, no rights of first refusal, rights of first offer,
last looks, drag along rights or tag along rights (in each case however designated or defined, and whether in the underlying instruments
governing such obligation, in any intercreditor agreement or agreement among lenders relating to such obligation or otherwise)
exist in favor of any other holder of such obligation or any other Person;

 

(s)       such
obligation is Registered, unless it is not a "registration-required obligation" as defined in Section 163(f)(2)(A) of
the Code;

 

(t)       such
obligation is an obligation with respect to which the relevant Borrower Entity will receive payments due under the terms of such
obligation and proceeds from disposing of such asset free and clear of withholding tax, other than withholding tax as to which
the obligor or issuer must make additional payments so that the net amount received by such Borrower Entity after satisfaction
of such tax is the amount due to such Borrower Entity before the imposition of any withholding tax;

 

    13 

     

    

 

(u)       such
obligation is not an obligation of Goldman Sachs & Co. or any of its Affiliates;

 

(v)       at the time of its Acquisition,
such obligation does not represent more than 75% of the Total Indebtedness available under the related Underlying Instruments;

 

(w)       at
the time of its Acquisition, such obligation is not a Credit Risk Obligation;

 

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

 

(y)       such
obligation is either Originated by a Borrower Entity or, if not so Originated, is Acquired by a Borrower Entity by assignment,
and such obligation is not a Participation;

 

(z)       such
obligation (if acquired from the Seller) has been acquired by the related Borrower Entity pursuant to the terms of the Sale and
Contribution Agreement (or other agreements between such Borrower Entity and the Seller satisfactory to the Agent in its sole and
absolute discretion) and the Borrower Entities shall have complied with all terms and conditions for Affiliate transactions with
respect thereto set forth herein;

 

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

 

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

 

(cc)       such obligation does not
constitute Margin Stock;

 

(dd)       except
in the case of a Future Funding Collateral Obligation acquired in accordance with Section 1.5, such obligation is not an obligation
pursuant to which any future advances or payments to the borrower or the obligor thereof may be required to be made by any Borrower
Entity (other than to indemnify an agent or representative for lenders pursuant to the Underlying Instruments), unless appropriate
arrangements (acceptable to the Administrative Agent in its sole and absolute discretion, which arrangements may be made by amendment
to this Agreement or any other Transaction Documents) are made by the Borrower to provide a reserve to cover the full amount of
all such future advances or payments;

 

(ee)       such obligation is not,
by its terms, convertible into or exchangeable for an equity security at any time over its life;

 

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

 

(gg)       such obligation is not
a Synthetic Security;

 

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

 

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

 

(jj)       such obligation is not
issued by an issuer (primary obligor) located in a country, which country on the date on which the obligation is Acquired by the
relevant Borrower Entity imposed foreign exchange controls that effectively limit the availability or use of the Specified Currency
in which such obligation is denominated to make when due the scheduled payments of principal thereof and interest thereon;

 

    14 

     

    

 

(kk)       no Credit Party nor any
of their respective Affiliates is, or is an Affiliate of, any obligor on such obligation; and

 

(ll)       such obligation is not
subject to material non-credit related risk (such as the occurrence of a catastrophe), as reasonably determined by the Investment
Manager.

 

provided
that, if such obligation does not satisfy the criteria above, the Administrative Agent may expressly consent to the inclusion of
such obligation in accordance with the procedures set forth in Section 8.

 

"Collateral Obligation Notional Amount"
means, in respect of any Collateral Obligation at any time, the full principal amount (together with all Exposure Amounts) of the
Collateral Obligation owned by the Borrower Entities or Committed to be owned by the Borrower Entities at such time. Notwithstanding
the foregoing, for purposes of any calculation of the Collateral Obligation Notional Amount of a Future Funding Collateral Obligation:

 

(a)       the
determination of the Borrowing Base Value of such Future Funding Collateral Obligation shall exclude any Exposure Amounts; and

 

(b)       where
a price is expressed as a percentage of the Collateral Obligation Notional Amount, including in the definitions of "Asset
Current Price" and "BSL", such percentage shall be calculated with respect to the outstanding principal amount,
excluding any Exposure Amounts.

 

"Collateral Portfolio" means
on any date of determination, all Collateral Obligations then owned by the Borrower Entities and all Collateral Obligations then
Committed to be Acquired by the Borrower Entities.

 

"Collateral Portfolio Calculation
Base" means, on any date, an amount equal to the aggregate Initial Adjusted Balances of all Collateral Obligations that
satisfy the Collateral Obligation Criteria at such date (determined in USD, for each such Collateral Obligation, using its Initial
FX Rate).

 

"Collateral
Portfolio Requirements" means, at any time, requirements that are in compliance at such time if and only if (except
in each case to the extent any one or more of such criteria are expressly waived in writing or are deemed to have been waived in
the manner and to the extent expressly set forth in Section 8), all as calculated by the Administrative Agent:

 

(a)       the
sum of the Initial Adjusted Balances of all Junior Secured Collateral Obligations and Unsecured Collateral Obligations does not
exceed 20.0% of the Collateral Portfolio Calculation Base at such time;

 

(b)       the
sum of the Initial Adjusted Balances of all Unsecured Collateral Obligations does not exceed 0% of the Collateral Portfolio Calculation
Base at such time (unless otherwise consented to by the Lenders in their sole and absolute discretion);

 

(c)       the
sum of the Initial Adjusted Balances of all Collateral Obligations issued by any single issuer and its Affiliates does not exceed
7.5% of the Collateral Portfolio Calculation Base;

 

(d)       the
sum of the Initial Adjusted Balances of all Collateral Obligations in any single Bloomberg Industry Classification System Level
2 industry classification in the Collateral Portfolio does not exceed 20% of the Collateral Portfolio Calculation Base;

 

(e)       the
sum of the Initial Adjusted Balances of all Collateral Obligations maturing more than seven years after the date on which they
were Acquired does not exceed 25% of the Collateral Portfolio Calculation Base;

 

    15 

     

    

 

(f)       the
sum of the Initial Adjusted Balances of all Collateral Obligations issued by the Sponsor or an Affiliate of the Sponsor does not
exceed 20% of the Collateral Portfolio Calculation Base; and

 

(g)       the
sum of the Total Commitment Amounts of all Future Funding Collateral Obligations that are revolving Collateral Obligations at such
time plus the sum of the Exposure Amounts of all Future Funding Collateral Obligations that are delayed draw term loans
at such time does not exceed 10% of the Collateral Portfolio Calculation Base.

 

For purposes of the foregoing,
the Initial Adjusted Balance of each Collateral Obligation will be determined in USD using its Initial FX Rate.

 

"Collection Account" means
each of the Interest Collection Account and the Principal Collection Account.

 

"Commitment" means:

 

(a)       With
respect to the lending facility under this Agreement, the commitment of a Lender to make or otherwise fund a Loan, and "Commitments"
means such commitments of all Lenders in the aggregate. The amount of each Lender's Commitment is set forth on Appendix A or in
the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof (including
increases pursuant to Section 2.1(d) and reductions pursuant to Section 2.8). For the avoidance of doubt, Commitments of the Lenders
hereunder include New Commitments.

 

(b)       With
respect to Collateral Obligations, means a binding commitment pursuant to the Investment Manager's then current policies and procedures
to purchase or sell a loan or bond between the buyer and seller of such loan or bond entered into pursuant to customary documents
in the relevant market. The terms "Commit" and "Committed" have correlative meanings. With respect
to Collateral Obligations contributed to a Borrower Entity, such Borrower Entity will be deemed to have Committed to Acquire such
Collateral Obligation on the date on which such contribution occurs. With respect to Collateral Obligations Originated by a Borrower
Entity, such Borrower Entity will be deemed to have Committed to Acquire such Collateral Obligation on the date on which such Borrower
Entity becomes obligated to, or if earlier in fact does, make or fund such Collateral Obligation.

 

"Commitment Fee Rate" and
"Commitment Fees" are defined in Section 2.7(c).

 

"Compliance Certificate Calculation
Date" means the last day of each calendar quarter.

 

"Confidential Information"
is defined in Section 11.23.

 

"Connection Income Taxes"
means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or
branch profits Taxes.

 

"Consent Required Loan" means
a Loan Obligation that is capable of being assigned or novated with the consent of the borrower or the guarantor, if any, of such
Loan Obligation or any agent, but only if the related Underlying Instruments require such consent to not be unreasonably withheld
(subject to customary and market restrictions on assignment, including a prohibition on assignment to disqualified institutions
and competitors of the related borrower or any direct or indirect equity owner of the borrower).

 

    16 

     

    

 

"Constitutive Documents"
means, with respect to:

 

(a)       the
Borrower, its amended and restated limited liability company agreement dated October 4, 2017;

 

(b)       the
Equity Holder, its Certificate of Formation dated August 15, 2016; and

 

(c)       for
each Permitted Additional Subsidiary, organizational documents in form and substance satisfactory to the Lenders in their sole
and absolute discretion.

 

"Corporate Trust Office"
means, with respect to the Collateral Agent, the principal corporate trust office of the Collateral Agent at:

 

U.S. Bank National Association

190 South LaSalle Street

Chicago, Illinois 60603

Attn: Global Corporate Trust
Service— BCSF I, LLC

Email: BCSF.1@usbank.com

 

"Counterparty" means a counterparty
on a Hedge Agreement.

 

"Credit Date" means the date
of a Credit Extension.

 

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

 

"Credit Extension" means
the making of a Loan.

 

"Credit Party" means each
Borrower Entity, the Equity Holder, the Limited Guarantor and the Sponsor.

 

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

 

"Currency Shortfall" is defined
in Section 7(d).

 

"Current FX Rate"
means:

 

(a)with respect to a Specified
Currency as of any date, the prevailing spot rate of exchange between the Specified Currency and USD as of such date, determined
in good faith by the Calculation Agent in a commercially reasonable manner; provided that if the Specified Currency is USD,
the Current FX Rate will be equal to 1; and

 

(b)with respect to a Collateral
Obligation at any time, the Current FX Rate for the Specified Currency in which such Collateral Obligation is denominated and payable.

 

"Custodial Office" is defined
in Section 14.

 

"Custody Documents" means,
for each Collateral Obligation:

 

(a)       all
Escrowed Assignment Agreement Documents in relation to such Collateral Obligation delivered to the Collateral Custodian pursuant
to Section 6.7(e), (f) and (g); and

 

(b)       all
Underlying Instruments in relation to such Collateral Obligation and other Diligence Information delivered to the Collateral
Custodian pursuant to Section 6.7(e), (f) and (g) and Section 8.2(a) and (b) (in each case, except as otherwise provided in such
sections).

 

    17 

     

    

 

 

"Daily Commitment Fee Calculation
Amount" is defined in Section 2.7(c).

 

"Daily Report" means the
daily report provided to the Collateral Agent pursuant to Section 6.5(a).

 

"Debtor Relief Laws" means,
collectively:

 

(a)       the
Bankruptcy Code; and

 

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

 

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

 

"Defaulted Asset Sale Failure"
mean the failure by a Borrower Entity to use commercially reasonable efforts to Commit to sell any Defaulted Obligation within
45 days of such Collateral Obligation becoming a Defaulted Obligation (unless such Defaulted Obligation has ceased to be a Defaulted
Obligation as set forth in the definition thereof, in which case no Defaulted Asset Sale Failure shall occur with respect to such
Collateral Obligation), provided that:

 

(1)       the
failure to Commit to sell any Defaulted Obligation shall not result in a Defaulted Asset Sale Failure for so long as the relevant
Borrower Entity continues to use commercially reasonable efforts to Commit to sell such Defaulted Obligation after such 45 day
period; and

 

(2)       a
Commitment to sell a Defaulted Obligation to an affiliate of a Borrower Entity shall not constitute a failure by a Borrower Entity
to Commit to sell such Defaulted Obligation.

 

"Defaulted Obligation" means
any Collateral Obligation as to which a Bankruptcy or a Failure to Pay shall have occurred.

 

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

 

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

 

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

 

    18 

     

    

 

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

 

"Derivative Transaction"
means (a) any transaction (including an agreement with respect to any such transaction) (i) that is a rate swap transaction, swap
option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction,
currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit
default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction,
buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security,
commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) that
is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future
becomes, entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and
that is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or
other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or
other benchmarks against which payments or deliveries are to be made or (b) any combination of the transactions referred to in
clause (a).

 

"Designated Principal Proceeds"
is defined in the proviso to the definition of "Interest Proceeds" herein.

 

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

 

"Diligence Information" is
defined in Section 8.2(a)(iii).

 

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

 

"Dispute" is defined in the
Margining Agreement.

 

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

 

"Document Checklist" means,
for any Collateral Obligation, an electronic or hard copy list delivered by the Investment Manager to the Collateral Agent that
identifies such Collateral Obligation, the applicable obligor and each of the documents that shall be delivered to the Collateral
Custodian by the Investment Manager hereunder (including the identification of each item of Diligence Information and Financial
and Other Information to be delivered), and whether each such document is an original or a copy and whether a hard copy will be
delivered to the Collateral Custodian or whether such item will be posted in the Transaction Data Room in lieu of physical delivery
to the Collateral Custodian, and whether an Administrative Agent Cooperation Agreement is required to be provided.

 

"Documentation Package" means,
for each Collateral Obligation, the Preliminary Documentation Package and the Additional Documentation for such Collateral Obligation.

 

"Dollar Equivalent" means,
as to any amount in any Specified Currency at any time, such amount converted to USD at the Current FX Rate for such Specified
Currency at such time.

 

    19 

     

    

 

"Dollars", "USD",
"U.S.$" and the sign "$" mean the lawful money of the United States of America.

 

"Domicile" means, with respect
to any issuer of, or obligor with respect to, a Collateral Obligation:

 

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

 

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

 

The term "Domiciled"
has a correlative meaning.

 

"Draft Amendment Package"
is defined in Section 8.5.

 

"Draft Instrument" means,
with respect to any Originated Collateral Obligation, a substantially final draft of the related loan agreement (or other principal
document under which such Originated Collateral Obligation will be made).

 

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

 

"Effective Date" means August
14, 2020.

 

"Eligible Assignee" means
any Person other than a Natural Person that is (a) a Lender or an Affiliate of such Lender, or (b) a commercial bank, insurance
company, investment or mutual fund or other entity that is an "accredited investor" (as defined in Regulation D under
the Securities Act) and that extends credit or buys loans in the ordinary course of business; provided that no Defaulting
Lender, Credit Party or Affiliate of a Credit Party shall be an Eligible Assignee.

 

"Eligible Investment" means
any investment that, at the time it, or evidence of it, is acquired by a Borrower Entity (directly or through an intermediary or
bailee), is either cash or one or more of the following obligations or securities (in each case denominated in a Specified Currency):

 

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

 

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

 

    20 

     

    

 

(c)       money
market funds domiciled outside of the United States which funds have, at all times, credit ratings "AAAm" by S&P;

 

subject, in each case, to such obligations or securities having
a maturity date not later than the earlier of (A) the date that is 60 days after the date of delivery thereof and (B) the Business
Day immediately preceding the Payment Date immediately following the date of delivery thereof; provided that Eligible Investments
shall not include (1) any interest-only security, any security purchased at a price in excess of 100% of the par value thereof
or any security whose repayment is subject to substantial non-credit related risk as determined in the sole judgment of the Investment
Manager, (2) any security whose rating assigned by S&P includes the subscript "f", "p", "q",
"pi", "r", "sf" or "t" (3) any security that is subject to an Offer or (4) any security
secured by real property. Eligible Investments may include those investments with respect to which the Bank or an Affiliate of
the Bank is an obligor or provides services.

 

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

 

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

 

"EMU Legislation" means the
legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European
Currency.

 

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

 

"Equity Distribution" means
(a) any dividend or other distribution, direct or indirect, on account of any shares of any class of Equity Interests of the Borrower
now or hereafter outstanding; (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition
for value, direct or indirect, of any shares of any class of Equity Interests of the Borrower now or hereafter outstanding; and
(c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares
of any class of Equity Interests of the Borrower.

 

"Equity
Distribution Test" means, with respect to (a) any Equity Distribution at any time pursuant to the terms set forth herein,
(b) any deferred purchase price payments to the Seller in respect of Collateral Obligations previously contributed by the Seller
to the Borrower or (c) any application under subclause (10)(z) of the Principal Priority of Payments on any Payment Date,
a test satisfied if, after giving effect thereto:

 

(1)       no
Default, Event of Default or Collateral Deficit shall have occurred and be continuing or would result or increase therefrom; and

 

(2)       no Borrowing Base
Deficiency shall have occurred and be continuing or would result or increase therefrom.

 

"Equity Exposure Amount"
means, with respect to any Future Funding Collateral Obligation in any Specified Currency at any time, the sum of:

 

(a)       the
product of:

 

(1)       the
Exposure Amount thereof at such time in such Specified Currency; and

 

(2)       100%
minus the Assigned Price thereof; and

 

    21 

     

    

 

(b)       the
product of:

 

(1)       the
Exposure Amount thereof at such time in such Specified Currency;

 

(2)       100%
minus the Advance Rate thereof; and

 

(3)       the
Assigned Price thereof;

 

provided
that, on and after the last day of the Availability Period, and on any date on which a Cash Trap Event has occurred and is then
continuing, the Equity Exposure Amount for such Future Funding Collateral Obligation shall be equal to the Exposure Amount thereof
at such time.

 

"Equity Holder" means the
Fund.

 

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

 

"ERISA" means the Employee
Retirement Income Security Act of 1974.

 

"ERISA Affiliate" means,
as applied to any Person, (a) any corporation which is a member of a controlled group of corporations within the meaning of Section
414(b) of the Code of which that Person is a member; (b) any trade or business (whether or not incorporated) which is a member
of a group of trades or businesses under common control within the meaning of Section 414(c) of the Code of which that Person is
a member; and (c) solely for purposes of Section 302 of ERISA and Section 412 of the Code, any member of an affiliated service
group within the meaning of Section 414(m) or (o) of the Code of which that Person, any corporation described in clause (a) above
or any trade or business described in clause (b) above is a member. Any former ERISA Affiliate of any Person shall continue to
be considered an ERISA Affiliate of such Person within the meaning of this definition with respect to the period such entity was
an ERISA Affiliate of such Person and with respect to liabilities arising after such period for which such Person could be liable
under the Code or ERISA.

 

"ERISA Event" means (a) a
"reportable event" within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to
any Pension Plan (excluding those for which the provision for 30-day notice to the PBGC has been waived by regulation); (b) the
failure to meet the minimum funding standard of Section 412 of the Code with respect to any Pension Plan (whether or not waived
in accordance with Section 412(c) of the Code) or the failure to make by its due date a required installment under Section 430(j)
of the Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (c) the
provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such
plan in a distress termination described in Section 4041(c) of ERISA; (d) the withdrawal by a Borrower Entity, any of its
Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination
of any such Pension Plan resulting in liability to such Borrower Entity, any of its Subsidiaries or any of their respective Affiliates
pursuant to Section 4063 or 4064 of ERISA; (e) the institution by the PBGC of proceedings to terminate any Pension Plan, or the
occurrence of any event or condition which might constitute grounds under ERISA for the termination of, or the appointment of a
trustee to administer, any Pension Plan; (f) the imposition of liability on a Borrower Entity, any of its Subsidiaries or any of
their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c)
of ERISA; (g) the withdrawal of a Borrower Entity, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete
or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential
liability therefore, or the receipt by a Borrower Entity, any of its Subsidiaries or any of their respective ERISA Affiliates of
notice from any Multiemployer Plan that it is in insolvency pursuant to Section 4245 of ERISA, or that it intends to terminate
or has terminated under Section 4041A or 4042 of ERISA; (h) the assertion of a material claim (other than routine claims for benefits)
against any Employee Benefit Plan other than a Multiemployer Plan or the assets thereof, or against a Borrower Entity, any of its
Subsidiaries or any of their respective ERISA Affiliates in connection with any Employee Benefit Plan; (i) receipt from the IRS
of notice of the failure of any Pension Plan (or any other Employee Benefit Plan intended to be qualified under Section 401(a)
of the Code) to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Pension Plan to qualify
for exemption from taxation under Section 501(a) of the Code; or (j) the imposition of a Lien pursuant to Section 430(k) of the
Code or ERISA or a violation of Section 436 of the Code.

 

    22 

     

    

 

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

 

"EUR" and "€"
mean the lawful currency of the Participating Member States introduced in accordance with the EMU Legislation.

 

"Event of Default" is defined
in Section 9.

 

"Excess Concentration Amount"
shall mean, with respect to any Collateral Obligation, the amount by which such Collateral Obligation causes any Collateral Portfolio
Requirement to be out of compliance, all as determined by the Administrative Agent. If any Collateral Portfolio Requirement is
out of compliance and two or more Collateral Obligations contribute to such non-compliance, then the Excess Concentration Amount
shall be calculated in the way that results in the lowest aggregate Excess Concentration Amounts for all Collateral Obligations.

 

"Excess
Exposure Amount" means, with respect to any Future Funding Collateral Obligation in any Specified Currency at any time,
the excess (if any) of (a) the Exposure Amount thereof in such Specified Currency at such time over (b) the Equity Exposure
Amount thereof in such Specified Currency at such time.

 

"Exchange Act" means the
Securities Exchange Act of 1934.

 

"Excluded Asset Refinancing"
means, as to any Collateral Obligation, that the Sponsor, any Credit Party, any of their respective Affiliates or any funds or
accounts managed or advised by them (in each case other than a Borrower Entity), (a) initiates, directs or otherwise causes a repayment
or other refinancing (whether with funds provided by any of them or with the proceeds of any financing provided by any banking
or other financial institution) of such Collateral Obligation or (b) acquires or otherwise funds a material portion of any such
refinancing, in each case without the written consent of the Requisite Lenders.

 

"Excluded Payments" means
all Administrative Expenses payable to a Bank Party or Collateral Administrator Party constituting indemnities, but only to the
extent such indemnities became payable to such Person as a result of or arising out of such Person's gross negligence, bad faith
or willful misconduct in the performance of its obligations under the Transaction Documents to which it is a party.

 

"Excluded Taxes" means any
of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient:
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of
any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof)
or (ii) that are Other Connection Taxes; (b) in the case of a Lender, U.S. withholding Taxes imposed on amounts payable to or for
the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
of which: (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by a Borrower
Entity under Section 2.18) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to
Section 2.15(b), amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender
became a party hereto or to such Lender immediately before it changed its lending office; (c) Taxes attributable to such Recipient's
failure to comply with Section 2.15(c); and (d) any U.S. withholding Taxes imposed pursuant to FATCA.

 

    23 

     

    

 

"Existing Credit Agreement"
is defined in the recitals.

 

"Existing Loans" means the
Loans (as defined in the Existing Credit Agreement) made under the Existing Credit Agreement and outstanding as of the Effective
Date.

 

"Expected Settlement Price"
means, as of any date:

 

(a)       in
respect of any Unsettled Sale Asset, the contractual sale price for such Unsettled Sale Asset to be received by the Borrower Entities
from the purchaser of such Collateral Obligation; provided that, if the sale of such Unsettled Sale Asset remains unsettled
for more than 30 calendar days, then the "Expected Settlement Price" for such Unsettled Sale Asset will be determined
from time to time by the Calculation Agent; and

 

(b)       in
respect of any Unsettled Purchase Asset, the expected purchase price to be paid by a Borrower Entity (based on the applicable Commitment)
for such Unsettled Purchase Asset.

 

"Expense Reserve Account"
means the trust account maintained pursuant to Section 6.3(b).

 

"Expense Reserve Amount"
means $50,000.

 

"Exposure Amount" means,
with respect to any Future Funding Collateral Obligation in any Specified Currency at any time, the excess (if any) of (a) the
Total Commitment Amount thereof in such Specified Currency at such time over (b) the funded principal amount of such Future
Funding Collateral Obligation in such Specified Currency at such time.

 

"Extension Request" is defined
in Section 2.1(e).

 

"Extraordinary Event" means
an event that will occur if (for any reason due to the structure and activities of the Credit Parties and the affiliates thereof
involved in the Transactions under the Transaction Documents):

 

(a)       any
portion of any payment due from any obligor under any Collateral Obligation becoming properly subject to the imposition of U.S.,
U.K. or other withholding tax, which withholding tax is not compensated for by a provision under the terms of such Collateral Obligation
that would result in the net amount actually received by the Borrower Entities (free and clear of taxes, whether assessed against
the obligor thereof or a Borrower Entity) being equal to the full amount that the Borrower Entities would have received had no
such deduction or withholding been required; or

 

    24 

     

    

 

(b)       any
jurisdiction's properly imposing a corporate income tax, municipal business tax, net income, profits, net worth or similar tax
on a Borrower Entity (including any such tax required to be withheld by such person); or

 

(c)       any
jurisdiction's properly imposing a withholding tax on payments by a Subsidiary of a Borrower Entity to such Borrower Entity;

 

(d)       any
Borrower Entity incurs or pays any employee-related liabilities of any Person; or

 

(e)       any
amount is remitted from the Collection Account pursuant to Section 7(d)(5),

 

provided
that either:

 

(x)       (1)
the Dollar Equivalent of an amount equal to (A) the sum of all Extraordinary Expense Amounts (and, for the avoidance of doubt,
whether withheld, paid, incurred or outstanding), minus (B) the sum of (x) all amounts applied to the payment thereof under
the Specified Payment Waterfall Provisions and (y) the aggregate amount of all cash contributions received by the Borrower Entities
after the Initial Credit Date that are applied to the payment of such amounts, exceeds (2) USD 25,000,000; or

 

(y)       the
Dollar Equivalent of the sum of all Extraordinary Expense Amounts that are outstanding at any time exceeds USD 50,000,000 in the
aggregate.

 

"Extraordinary Expense Amounts"
means each of the following:

 

(a)       amounts
withheld (or required to be withheld) from payments to the Borrower Entities that is not compensated for by a "gross-up"
provision as described in clause (a) of the definition of "Extraordinary Event";

 

(b)       the
amount of taxes imposed on a Borrower Entity as described in clause (b) of the definition of "Extraordinary Event";

 

(c)       amounts
withheld (or required to be withheld) from payments to a Borrower Entity by a Subsidiary of such Borrower Entity as described in
clause (c) of the definition of "Extraordinary Event";

 

(d)       the
amounts payable in respect of employees as described in clause (d) of the definition of "Extraordinary Event"; and

 

(e)       amounts
remitted from the Collection Accounts pursuant to Section 7(d)(5).

 

"Failure to Pay" with respect
to a Collateral Obligation shall mean, after the expiration of any applicable grace period (however defined under the terms of
the Collateral Obligation), the occurrence of a non-payment of a payment of interest Scheduled to be Due or principal on the Collateral
Obligation when due, in accordance with the terms of the Collateral Obligation at the time of such failure. As used herein, "Scheduled
to be Due" means, in the case of an interest payment, that such interest payment would be due and payable during the related
calculation period for the Collateral Obligation.

 

"FATCA" means Sections 1471
through 1474 of the Code, as of the date hereof (or any amended or successor version that is substantively comparable and not materially
more onerous to comply with), any current or future regulations or official interpretations thereof.

 

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

 

    25 

     

    

 

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

 

"Final Funding Date" means
the date that is 24 months after the end of the Phase I Funding Period, as such date may be extended as provided herein.

 

"Financial and Other Information"
means, with respect to each Collateral Obligation, all reports, written financial information, requests for amendments, waivers,
supplements or other similar requests and other written information made available by or on behalf of the related obligors or any
administrative agents or servicers (or analogous representatives) to lenders under the related Underlying Instruments.

 

"Financial Asset" is defined
in Section 8-102(a)(9) of the UCC.

 

"Financing Statements" is
defined in Section 9-102(a)(39) of the UCC.

 

"Firm Bid" means, as to any
Collateral Obligation, a good, irrevocable and actionable bid for value given by a creditworthy purchaser to purchase the Collateral
Obligation Notional Amount of such Collateral Obligation (both on a cash basis and synthetically), expressed as a percentage of
such Collateral Obligation Notional Amount, and exclusive of accrued interest, for scheduled settlement substantially in accordance
with the then-current market practice in the principal cash and synthetic markets for such Collateral Obligation, provided
that:

 

(a)       such
bid is accompanied by appropriate contact information for the provider of such bid, including the name of the individual responsible
for such bid together with his or her telephone number, email address or other analogous contact details; and

 

(b)       such
bid is not subject to any Bid Disqualification Condition (and, if any such bid is subject to any Bid Disqualification Condition,
the Calculation Agent shall be entitled to disregard such bid as invalid).

 

All determinations of whether a bid constitutes a Firm Bid shall
be made by the Calculation Agent in its commercially reasonable discretion. No Lender or Agent shall have any obligation to provide
a Firm Bid at any time. No Borrower Entity nor any their Affiliates may provide Firm Bids at any time, unless the Requisite Lenders
shall otherwise expressly agree.

 

"First Lien Floor" means,
at any time, an amount equal to 25.0% of the Collateral Portfolio Calculation Base at such time.

 

"First Lien Floor Toggle Period"
means a period:

 

(a)       that
shall commence if (1) the sum of the Adjusted Balances of all First Lien Obligations at such time is less than the First Lien Floor
at such time and (2) the Administrative Agent shall have notified the Borrower and the Collateral Agent thereof; and

 

(b)       that
shall end if (1) the sum of the Adjusted Balances of all First Lien Obligations at such time is greater than or equal to the First
Lien Floor at such time and (2) the Administrative Agent shall have notified the Borrower and the Collateral Agent thereof (and
the Administrative Agent shall so notify the Borrower and the Collateral Agent thereof promptly upon the condition set forth in
clause (b)(1) being satisfied).

 

    26 

     

    

 

For the avoidance of doubt, more than one
First Lien Floor Toggle Periods may occur under this Agreement.

 

"First
Lien Obligation" means, as determined by the Administrative Agent in its commercially reasonable discretion, a Collateral
Obligation that, as of the date such Collateral Obligation is Acquired by a Borrower Entity, is a Loan Obligation secured by a
first priority perfected lien and which (a) is senior to one or more second lien obligations securing the same collateral of the
related underlying obligors or (b) if there is no such second lien obligation included in the capital structure with respect to
such Collateral Obligation, then such Collateral Obligation shall be deemed to be a Senior Unitranche Obligation unless it satisfies
two or more of the following criteria: (1) the Senior Net Leverage Ratio with respect to such Collateral Obligation is less than
4.5, (2) the loan-to-value ratio (as such term or other similar term is defined in the related Underlying Instruments) of such
Collateral Obligation is less than 45% and (3) the related Underlying Instruments for such Collateral Obligation provide that such
Collateral Obligation bear interest at a spread equal to less than 5.0% (excluding any increase in such interest rate arising
by operation of a default or penalty interest clause, and any reduction or increase pursuant to a contractual pricing grid set
forth in, the related Underlying Instruments) over the applicable index or benchmark rate.

 

"First Payment Date" means
December 15, 2017.

 

"Floating Rate" means, with
respect to any Loan for any Interest Period, an interest rate per annum equal to the Adjusted USD LIBOR Rate for such Interest
Period.

 

Notwithstanding the foregoing, if, in the
determination of any Floating Rate for any Loan for any Interest Period, no rate having a duration equal to such Interest Period
is available on the relevant Screen Page, then the Floating Rate for such Interest Period shall be determined by the Administrative
Agent by interpolating on a linear basis between (1) the applicable rate for the longest period (for which an interest rate is
available on such Screen Page) that is shorter than the Interest Period of that Loan; and (2) the applicable rate for the shortest
period (for which an interest rate is available on such Screen Page) that is longer than the Interest Period of that Loan.

 

The Floating Rate for each Loan will be adjusted
automatically with respect to all Loans then outstanding as of the effective date of any change in the Applicable Reserve Requirement.

 

"Foreign Lender" is defined
in Section 2.15(c).

 

"Fund"
means Bain Capital Specialty Finance, Inc.

 

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

 

"Future Funding Collateral Obligation"
means an obligation or interest pursuant to which any future advances, payments or capital contributions to the borrower, obligor
or issuer thereof may be required to be made by any Borrower Entity (other than to indemnify an agent or representative for lenders
pursuant to the Underlying Instruments), pursuant to the related Underlying Instruments.

 

"Future Funding Reserve Account"
means the segregated trust account maintained pursuant to Section 6.3(g).

 

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

 

"GBP" or "£"
mean the lawful currency of the United Kingdom of Great Britain and Northern Ireland.

 

"general intangibles" is
defined in the UCC.

 

    27 

     

    

 

"Goldman Sachs" is defined
in the preamble.

 

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

 

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

 

"Grantor" is defined in the
Pledge and Security Agreement.

 

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

 

"Hedge Advance Amount" is
defined in Section 5.16(a)(9).

 

"Hedge Agreement" means a
Derivative Transaction (a) that in the judgment of the Administrative Agent is a customary foreign exchange derivative product
(including a forward agreement, a swap or a cross-currency hedge); (b) that is entered into by a Borrower Entity on market terms
as of the related trade date for such transaction; (c) under which a Borrower Entity hedges actual foreign currency risks (including
cross-currency risks); (d) under which the timing of payments and deliveries, and their respective currencies, are reasonably designed
to match the timing and currencies of expected cash flows on one or more Collateral Obligations (and that is reasonably designed
not to require payments by the Borrower Entities of non-USD currencies in amounts exceeding the expected cash flows in those currencies
from the related Collateral Obligations); and (e) is not entered into by a Borrower Entity for speculative purposes.

 

"Hedge Borrower Collateral Account"
means a segregated trust account established by a Borrower Entity in respect of a Hedge Agreement pursuant to Section 6.3(e), into
which the Borrower Entities shall from time to time deposit collateral to secure the obligations of the Borrower Entities to the
related Counterparty with respect to such Hedge Agreement.

 

"Hedge Counterparty Collateral Account"
means a segregated trust account established by a Borrower Entity in respect of a Hedge Agreement pursuant to Section 6.3(f), into
which the related Counterparty shall from time to time deposit collateral to secure the obligations of such Counterparty to the
Borrower Entities with respect to such Hedge Agreement.

 

"Hedge Unwind" and "Hedge
Unwind Condition" are each defined in Section 5.16(g).

 

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

 

    28 

     

    

 

"Historical
Borrowing Base Amount" means, for any Collateral Obligation at any time, an amount (in U.S. Dollars) equal to the
product of:

 

(a)       the
Advance Rate for such Collateral Obligation as of the date on which such Collateral Obligation was Acquired by a Borrower Entity;

 

(b)       the
Collateral Obligation Notional Amount of such Collateral Obligation as at the first day of the Amortization Period (or, if later,
the date on which such Collateral Obligation is first Acquired by a Borrower Entity);

 

(c)       the
Assigned Price of such Collateral Obligation; and

 

(d)       the
Initial FX Rate for such Collateral Obligation.

 

The Historical Borrowing Base Amount for a
Collateral Obligation shall be a static number that shall not change during the term of this Agreement, regardless of any Dispositions
(in whole or in part) of or other realization or recoveries on such Collateral Obligation or any changes in the Advance Rate or
the Assigned Price therefor.

 

"IC Memorandum" means, with
respect to any Originated Collateral Obligation, the investment committee memorandum (or similar document) prepared by or on behalf
of the Investment Manager that supports the applicable Borrower Entity's investment decision to originate such Originated Collateral
Obligation.

 

"Increased Amount Date" is
defined in Section 2.1(d).

 

"Increased-Cost Lenders"
is defined in Section 2.18.

 

"Indemnification
Agreement" means the Indemnification Agreement dated on or around the Initial Credit Date between the Equity Holder,
the Collateral Agent and Goldman Sachs.

 

"Indemnified Liabilities"
means, collectively, any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, fees,
costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and out-of-pocket disbursements
of outside counsel for Indemnitees, including in connection with any investigative, administrative or judicial proceeding or hearing
commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto,
and any reasonable out-of-pocket fees or expenses incurred by Indemnitees in enforcing this indemnity), whether direct or special
and whether based on any federal, state or foreign laws, statutes, rules or regulations, on common law or equitable cause or on
contract or otherwise, that may be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to
or arising out of (a) this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby (including
the Lenders' agreement to make Credit Extensions or the use or intended use of the proceeds thereof), the performance of the Indemnitees
of their respective obligations hereunder or thereunder or the consummation of any transactions contemplated hereby or thereby,
any enforcement of any of the Transaction Documents (including any sale of, collection from, or other realization upon any of the
Collateral) and any reasonable attorneys' fees and expenses of outside counsel for the Indemnitees and court costs and any losses
incurred directly as a result of a successful defense, in whole or in part, of any claim that an Agent breached its standard of
care; or (b) any Fee Letter or any other fee letter delivered by any Agent or any Lender to the Borrower Entities with respect
to the transactions contemplated by this Agreement or any other Transaction Document; provided that "Indemnified Liabilities"
shall not include (i) in the case of any party other than a Bank Party or an Indemnitee related to a Bank Party, (x) any liabilities,
obligations, losses, damages, penalties, claims, actions, judgments, suits, fees, costs, expenses or disbursements to the extent
the same have resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee or a breach of this Agreement
or any other Transaction Document by such Indemnitee, (y) any indirect, consequential, incidental, exemplary or punitive damages,
opportunity cost or lost profits (other than as expressly set forth in this Agreement or in any other Transaction Document), or
(z) fees and out-of-pocket disbursements for more than one outside counsel for each relevant jurisdiction for each Indemnitee as
to any matter for which indemnification is sought or (ii) in the case of a Bank Party or an Indemnitee related to a Bank Party,
(x) any liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, fees, costs, expenses or disbursements
to the extent the same have resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee in the performance
of its duties under the Transaction Documents or (y) any indirect, consequential, incidental, exemplary or punitive damages, opportunity
cost or lost profits (other than as expressly set forth in this Agreement or in any other Transaction Document), provided
that, for the avoidance of doubt, this clause (y) shall not limit the Borrower's indemnity obligations herein in respect of any
such types of damages described above which are successfully asserted against a Bank Party by third parties and are otherwise Indemnified
Liabilities.

 

    29 

     

    

 

"Indemnified Taxes" means:
(a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Borrower
Entities under any Transaction Document; and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

"Indemnitee"
is defined in Section 11.3(a).

 

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

 

"Independent
Manager" means a natural person who (a) for the five-year period prior to his or her appointment as an Independent Manager
has not been, and during the continuation of his or her service as such Independent Manager is not: (1) an employee, director,
stockholder, member, manager, partner or officer of a Borrower Entity or any of its Affiliates (other than his or her service as
an independent director or independent manager of Affiliates of such Borrower Entity that are structured to be "bankruptcy
remote" in a manner substantially similar to such Borrower Entity); (2) a customer or supplier of a Borrower Entity or any
of its Affiliates (other than a supplier of his or her service as an independent director or independent manager of a Borrower
Entity or such Affiliate); or (3) any member of the immediate family of a person described in clause (1) or (2) above; and (b)
has (1) prior experience as an independent director or independent manager for a corporation, limited liability company or limited
partnership whose charter documents required the unanimous consent of all independent directors or independent managers thereof
before such corporation, limited liability company, or limited partnership could consent to the institution of bankruptcy or insolvency
proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy;
and (2) at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective
businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements
or securities.

 

"Individual Realization Application
Amounts" means, for each Collateral Obligation that is the subject of a Disposition or other realization of Principal
Proceeds (in whole or in part) during the Amortization Period, an amount (in U.S. Dollars) equal to the product of:

 

(a)       the
Agreed Release Value for such Collateral Obligation; and

 

    30 

     

    

 

(b)       the
portion of the Original Asset Amount for such Collateral Obligation (expressed as a percentage) that is the subject of such Disposition
or realization.

 

For the avoidance of doubt, the Individual
Realization Application Amount for any Collateral Obligation in connection with a Disposition or realization of Principal Proceeds
may exceed the proceeds from such Disposition or realization.

 

"Ineligible Asset" means
(a) any equity security or any other interest or security that is not eligible for purchase by a Borrower Entity under the Transaction
Documents, whether or not received with respect to a Collateral Obligation, or (b) any interest or security purchased as part of
a "unit" with a Collateral Obligation and that itself is not eligible for purchase by a Borrower Entity under the Transaction
Documents.

 

"Initial Adjusted Balance"
means, for any Collateral Obligation at any time, the lower of:

 

(a)        the
product of:

 

(1) the Collateral Obligation Notional
Amount of such Collateral Obligation at such time; and

 

(2) the Assigned Price of such Collateral
Obligation; and

 

(b)        the
Initial Specified Balance (if any) for such Collateral Obligation),

 

provided
that the Initial Adjusted Balance of any Collateral Obligation that does not satisfy the Collateral Obligation Criteria at such
time, or that has an Asset Current Price of less than 60% at such time, shall be zero.

 

"Initial Credit Date" means
October 4, 2017 or such other date as may be agreed by the Administrative Agent and the Borrower Entities.

 

"Initial FX Rate" means,
with respect to any Collateral Obligation, the Current FX Rate for such Collateral Obligation as at the date on which the Acquisition
of such Collateral Obligation has been approved pursuant to the provisions set forth in the Transaction Documents.

 

If a Borrower Entity has Committed to Acquire
a Collateral Obligation in more than one lot and/or a Collateral Obligation has been added to the Underlying Portfolio in more
than one lot (for example, by Commitments or Acquisitions on separate days), then each lot of such a Collateral Obligation shall
be treated as separate Collateral Obligations for purposes of determining the Initial FX Rates therefor.

 

"Initial
Specified Balance" is defined in the definition of "Adjusted Balance" herein.

 

"instruments" is defined
in the UCC.

 

"Interest Collection Account"
the trust account maintained pursuant to Section 6.2(a).

 

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

 

    31 

     

    

 

"Interest Period" means,
with respect to each Credit Extension:

 

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

 

(b)       each
successive period from and including each Payment Date to but excluding the immediately following Payment Date until the Obligations
(other than contingent obligations for which no claim has been asserted) are repaid in full.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)       all amounts received
by the Borrower Entities under Hedge Agreements, to the extent deemed to be "Interest Proceeds" as provided in Section
5.16; and

 

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

 

provided that:

 

    32 

     

    

 

 

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

 

(2)          the
Investment Manager, by written notice to the Collateral Agent and the Administrative Agent, may from time to time designate amounts
that would otherwise constitute "Interest Proceeds" hereunder to, instead, constitute Principal Proceeds hereunder ("Designated
Principal Proceeds"), provided that, at the time of such designation and after giving effect thereto, sufficient
Interest Proceeds are then on deposit in the Interest Collection Account in the relevant currencies to cover (x) the full amount
of interest that will have accrued on and be payable hereunder in respect of the Loans on the next succeeding Payment Date in accordance
with the Priority of Payments and (y) the aggregate amount of Administrative Expenses will have accrued on and be payable hereunder
on the next succeeding Payment Date in accordance with the Priority of Payments.

 

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

 

"Intermediary" is defined
in Section 6.1.

 

"Investment Company Act"
means the U.S. Investment Company Act of 1940 and the rules, regulations and orders issued by the Securities and Exchange Commission
thereunder.

 

"Investment Management Agreement"
means an investment management agreement dated on or around the Initial Credit Date between the Borrower Entities and the Investment
Manager relating to the Investment Manager's performance on behalf of the Borrower Entities of certain investment management duties
with respect to the Collateral.

 

"Investment
Manager" means Bain Capital Specialty Finance, Inc., in its capacity as "Investment Manager" under the
Investment Management Agreement. Each reference herein to the Investment Manager shall be deemed to constitute a reference as well
to (a) any agent of the Investment Manager and to any other Person to whom the Investment Manager has delegated any of its duties
hereunder in accordance with the terms of the Investment Management Agreement, in each case during such time as and to the extent
that such agent or other Person is performing such duties and (b) to a successor investment manager appointed in accordance with
the Investment Management Agreement.

 

"investment
property" and "investments" are defined in the UCC.

 

"IRS" means the United States
Internal Revenue Service.

 

"Judgment
Currency" and "Judgment Currency Conversion Date" are defined in Section 11.22.

 

"Junior Priority Termination Event"
means, with respect to any Hedge Agreement, any event of default or termination event with respect to which the related Counterparty
is the sole defaulting party or sole affected party, as applicable.

 

"Junior Secured Collateral Obligation"
means a Collateral Obligation that is (a) a secured Loan Obligation secured by a junior lien on substantially all of the collateral
of the underlying obligors or (b) is a Unitranche With Subordinating First-in-First-Out Obligation, all as determined by the Administrative
Agent.

 

"knowledge" of a Person means
the actual knowledge of an Authorized Officer of such Person.

 

    33 

     

    

 

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

 

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

 

"Limited Guarantor" means
the Fund.

 

"Limited Guaranty" means
the Amended and Restated Non-Recourse Carveout Guaranty Agreement dated as of January 8, 2020 between the Limited Guarantor, the
Collateral Agent and Goldman Sachs.

 

"Loan" is defined in Section
2.1(a).

 

"Loan Obligation" means a
commercial loan.

 

"Make-Whole Amount" means,
in connection with any Make-Whole Event:

 

(a)          if
such Make-Whole Event occurs on or prior to the Make-Whole Toggle Date, the aggregate amount of Spread that would have accrued
on a principal amount of Loans equal to the related Make-Whole Calculation Amount for each day during the period from and including
the date on which such Make-Whole Event occurs to but excluding the Scheduled Maturity Date (the "Make-Whole Spread Amount"
for such Make-Whole Event), discounted to present value, all as calculated in good faith by the Administrative Agent; and

 

(b)         if
such Make-Whole Event occurs after the Make-Whole Toggle Date, the Make-Whole Premium Percentage (as at the date of such Make-Whole
Event) of the related Make-Whole Calculation Amount, all as calculated in good faith by the Administrative Agent.

 

"Make-Whole Calculation Amount"
means, for an Make-Whole Event:

 

(a)          in
connection with any Voluntary Prepayment made after the Phase I Funding Period, the principal amount of Loans prepaid in such Make-Whole
Event;

 

(b)         in
connection with any other payment of principal on the Loans out of proceeds of Excluded Asset Refinancings, the principal amount
of the Loans prepaid in such Make-Whole Event;

 

(c)          in
connection with any Voluntary Commitment Reduction, the amount thereof;

 

(d)         in
connection with the acceleration of the Loans and other Obligations, the aggregate principal amount of the Loans outstanding as
at the time of acceleration.

 

"Make-Whole Event" means:

 

(a)          each
Voluntary Prepayment made after the Phase I Funding Period;

 

(b)         each
other payment of principal on the Loans out of proceeds of Excluded Asset Refinancings;

 

(c)          each
Voluntary Commitment Reduction; and

 

(d)         the
acceleration of the Loans and other Obligations pursuant to Section 9,

 

    34 

     

    

 

in each case other than:

 

(1)          a
repayment or prepayment following (x) the imposition of increased costs or other amounts by any Lender under Section 2.14 or 2.15
or (y) the occurrence any event described in Section 2.13(a) (other than the selection of an Alternate Rate under Section 2.13(a)(2))
or Section 2.13(b);

 

(2)          repayment
of Loans in a Clean-Up Call Prepayment;

 

(3)          repayment of Required Principal Amortization Amounts and Individual Realization Application Amounts on the Loans;
and

 

(4)          the repayment of principal
of the Loans pursuant to Section 7(a)(7) or 7(b)(4) of the Priority of Payments.

 

"Make-Whole Premium Percentage"
means, as at any time in any period, the percentage set forth in the table below opposite the reference to such period:

 

	Period	 	Make-Whole Premium

 Percentage	 
	From (but excluding)	 	To (and including)	 	 	 	 
	Closing Date	 	Make-Whole Toggle Date	 	 	N.A.	 
	Make-Whole Toggle Date	 	Second anniversary of the Initial Credit Date	 	 	2.00	%
	Second anniversary of the Initial Credit Date	 	April 30, 2021	 	 	1.00	%
	April 30, 2021	 	Scheduled Maturity Date	 	 	0.00	%

  

"Make-Whole Spread Amount"
is defined in the definition of Make-Whole Amount.

 

"Make-Whole Toggle Date"
means the first anniversary of the Initial Credit Date.

 

"Margin Account" means the
trust account maintained pursuant to Section 6.3(c).

 

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

 

"Margining Agreement" means
the Third Amended and Restated Margining Agreement dated on or around the Effective Date (and as may be further amended, restated,
supplemented or otherwise modified from time to time) between the Borrowers and the Administrative Agent.

 

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

 

"Material Action" means to:
(a) file or consent to the filing of any bankruptcy, insolvency or reorganization petition under any applicable federal, state
or other law relating to a bankruptcy naming a Borrower Entity as debtor or other initiation of bankruptcy or insolvency proceedings
by or against a Borrower Entity, or otherwise seek, with respect to a Borrower Entity, relief under any laws relating to the relief
from debts or the protection of debtors generally; (b) seek or consent to the appointment of a receiver, liquidator, conservator,
assignee, trustee, sequestrator, custodian or any similar official for a Borrower Entity or all or any portion of its properties;
(c) make or consent to any assignment for the benefit of a Borrower Entity's creditors generally; (d) admit in writing the inability
of a Borrower Entity to pay its debts generally as they become due; (e) petition for or consent to substantive consolidation of
a Borrower Entity with any other person; (f) amend or alter or otherwise modify or remove all or any part of Section 1.7 of
the Constitutive Documents of the Borrower or any similar provision of the Constituent Documents of any other Borrower Entity;
or (g) amend, alter or otherwise modify or remove all or any part of the definition of "Independent Manager" or the definition
of "Material Action" (or any similar or analogous term or provision) in the Constitutive Documents of any Borrower Entity.

 

    35 

     

    

 

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

 

"Material Amendment" means
an Amendment that the Administrative Agent believes (after receipt of the related Draft Amendment Package), in its sole and absolute
discretion, to be material. Notwithstanding the foregoing, an Amendment that solely extends the delivery dates for underlying deliverables
(i.e. financial statements, officer certificates and similar documentary items) under the Underlying Instruments for each Collateral
Obligation, in each case up to a maximum of five days, shall not constitute a "Material Amendment" for purposes hereof.

 

"Material Amendment Information"
means, with respect to each Collateral Obligation:

 

(a)       all written information
related to amendments, waivers, modifications or supplements to any Underlying Instrument governing such Collateral Obligation,
including any written requests or written communications related thereto; provided that requests or communications relating
thereto will not constitute "Material Amendment Information" to the extent that such request or communication consists
solely of informal discussions relating to amendments, waivers, modifications or supplements or of administrative matters in connection
therewith; and

 

(b)       copies
of each executed amendment, waiver, modification and supplement to such Underlying Instruments.

 

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

 

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

 

"Maximum
Facility Amount" means, at any time, an amount equal to (a) the Total Facility Amount at such time; minus (b) the
aggregate amount of Voluntary Commitment Reductions made during the Phase I Funding Period after the Effective Date but prior to
such time; minus (c) the aggregate amount necessary to give effect to any Phase II Commitment Reduction; minus (d)
the aggregate principal amount of the Loans repaid during the Phase II Funding Period but prior to such time.

 

    36 

     

    

 

"Minimum Spread Payment"
and "Minimum Spread Payment Date" are defined in Section 2.7(d).

 

"money"
is defined in the UCC.

 

"Monthly Report" means the
monthly report provided to the Collateral Agent pursuant to Section 6.5(b).

 

"Moody's" means Moody's Investors
Service, Inc.

 

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

 

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

 

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

 

"New Commitments" and "New
Loan" are defined in Section 2.1(d).

 

"Non-Consenting Lender" is
defined in Section 2.18.

 

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

 

"Non-Private Asset" means
a Collateral Obligation designated as such pursuant to Section 8.2(a).

 

"Non-USD Currency" means
any currency (other than USD).

 

"Note" means a promissory
note in form and substance satisfactory to the Borrower Entities, the Administrative Agent and the Requisite Lenders.

 

"Obligation Currency" is
defined in Section 11.22.

 

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

 

"OFAC" means the United States
Department of the Treasury's Office of Foreign Assets Control.

 

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

 

    37 

     

    

 

"Officer" means, (a) with
respect to a Borrower Entity, any officer of such Borrower Entity or any other Person authorized thereby to take any and all actions
necessary to consummate the transactions contemplated by the Transaction Documents; (b) with respect to any other entity that is
a partnership, any general partner thereof or any Person authorized by such entity; (c) with respect to any other entity that is
a limited liability company, any member thereof or any Person authorized by such entity; and (d) with respect to the Collateral
Agent, a Trust Officer.

 

"Officer's Certificate" means,
with respect to any Person, a certificate signed by an Authorized Officer of such Person.

 

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

 

"Organizational Documents"
means (a) with respect to any corporation or company, its certificate, memorandum or articles of incorporation, organization or
association and its by-laws; (b) with respect to any limited partnership, its certificate or declaration of limited partnership
and its partnership agreement; (c) with respect to any general partnership, its partnership agreement and (d) with respect to any
limited liability company, its articles of organization and its operating agreement. If any term or condition of this Agreement
or any other Transaction Document requires any Organizational Document to be certified by a secretary of state or similar governmental
official, the reference to any such Organizational Document shall only be to a document of a type customarily certified by such
governmental official. Without limiting the foregoing, the Constitutive Documents of any Person shall constitute Organizational
Documents for such Person.

 

"Original Asset Amount" means,
for any Collateral Obligation, the par amount of such Collateral Obligation Acquired by the Borrower Entities (stated in the Specified
Currency in which such Collateral Obligation is denominated). The Original Asset Amount for a Collateral Obligation shall be a
static number that shall not change during the term of this Agreement, regardless of any Dispositions (in whole or in part) of
or other realization or recoveries on such Collateral Obligation.

 

"Originate" includes direct
primary origination as well as purchase in connection with the distribution by syndication of a Collateral Obligation, participation
in a "club" deal or similar arrangement. The terms "Originated" and "Origination" have
correlative meanings.

 

"Originated Collateral Obligation"
means a Collateral Obligation that a Borrower Entity Commits to Originate.

 

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

 

    38 

     

    

 

"Other Taxes" means any and
all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes or any other excise or property
Taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery, performance, or enforcement
or registration of, from the receipt of perfection of a security interest under, or otherwise with respect to, this Agreement or
any other Transaction Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other
than an assignment made pursuant to Section 2.18).

 

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

 

"Participation" means an
interest in a loan or other debt obligation Acquired indirectly by way of participation from a Selling Institution.

 

"Participation Agreement"
has the meaning assigned to such term in the Margining Agreement.

 

"PATRIOT Act" is defined
in Section 3.1.

 

"Payment Account" the trust
account maintained pursuant to Section 6.3(a).

 

"Payment Date" means each
of the following, as applicable:

 

(a)          the
First Payment Date;

 

(b)         thereafter,
each three-month anniversary of the First Payment Date to, but excluding, the Maturity Date; and

 

(c)          the
Maturity Date.

 

If any such date is not a Business Day, the
Payment Date shall be the next following Business Day.

 

"PBGC" means the Pension
Benefit Guaranty Corporation.

 

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

 

"Permitted Additional Subsidiary"
means a direct wholly owned Subsidiary of a Borrower Entity that is formed with the express consent of the Requisite Lenders (which
consent the Requisite Lenders may give, withhold or condition in their sole and absolute discretion).

 

"Permitted Lien" means, with
respect to the Collateral: (a) security interests, liens and other encumbrances created pursuant to the Transaction Documents;
(b) with respect to agented Collateral Obligations, customary security interests, liens and other encumbrances in favor of the
lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of such obligor under the related
facility; (c) any lien on a Collateral Obligation granted by a Borrower Entity to a Person that acquired a Collateral Obligation
from such Borrower Entity pursuant to participation to secure the payment obligations related to such Collateral Obligation, provided
that the granting of such participation interest is expressly permitted hereunder and under the other Transaction Documents; (d)
the restrictions on transferability imposed by any Underlying Instrument; and (e) with respect to any Counterparty, liens on the
subaccount of the Hedge Borrower Collateral Account created for such Counterparty pursuant hereto in connection with the Hedge
Agreements to which such Counterparty is a party.

 

    39 

     

    

 

"Permitted Repurchases"
is defined in Section 8.3.

 

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

 

"Phase I Funding Period"
means the period from and including the Initial Credit Date to but excluding June 30, 2021, as such period may be extended as provided
herein.

 

"Phase II Commitment Reduction"
is defined in Section 2.8(b).

 

"Phase II Funding Period"
means the period from the last day of the Phase I Funding Period to the Final Funding Date, as such period may be extended as provided
herein.

 

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

 

"Pledge
and Security Agreement" means the Pledge and Security Agreement dated on or around the Initial Credit Date between
the Borrower Entities, the Equity Holder, the other Grantors (if any) and the Collateral Agent.

 

"Pledged
Obligations" means, on any date of determination, the Collateral Obligations and the Eligible Investments owned by the
Borrower Entities that have been Granted to the Collateral Agent under the Transaction Documents.

 

"Power of Attorney" means
the power of attorney dated on or around the Initial Credit Date by the Borrower Entities in favor of the Collateral Agent for
the benefit of the Secured Parties, in substantially the form of Exhibit E hereto.

 

"Preliminary
Documentation Package" means, for each Collateral Obligation, (a) the original executed note (if any) or a faxed copy
thereof along with a certificate from the closing attorney certifying possession of the required Underlying Instruments (for Collateral
Obligations) closed in escrow; (b) in the case of Collateral Obligations acquired by assignment, a copy of each executed document
or instrument evidencing the assignment of such Collateral Obligation to the relevant Borrower Entity; (c) in the case of Collateral
Obligations Originated by the relevant Borrower Entity, a copy of the principal Underlying Instruments governing such Collateral
Obligation; (d) the applicable Escrowed Assignment Agreement Documents; and (e) any applicable Administrative Agent Cooperation
Agreements.

 

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

 

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

 

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

 

"Principal Collection Account"
means the trust account maintained pursuant to Section 6.2(b).

 

    40 

     

    

 

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

 

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

 

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

 

"Principal Proceeds" means,
with respect to any Payment Date, without duplication:

 

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

 

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

 

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

 

(d)         (A)
all amounts transferred to the Principal Collection Account from the Expense Reserve Account during the related Due Period and
(B) any Principal Proceeds and unused proceeds designated for application as Principal Proceeds as expressly provided for herein;

 

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

 

(f)          any
accrued interest purchased after the Closing Date with Principal Proceeds that is received after the First Payment Date;

 

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

 

(h)         all
Designated Principal Proceeds; and

 

(i)           all amounts received
by the Borrower Entities under Hedge Agreements, to the extent deemed to be "Principal Proceeds" as provided in Section
5.16.

 

"Priority of Payments" is
defined in Section 7.

 

"Private Asset" means a Collateral
Obligation designated as such pursuant to Section 8.2(a).

 

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

 

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

 

    41 

     

    

 

"Process Agent" is defined
in Section 11.15.

 

"Proposed Collateral Obligation"
means a Collateral Obligation that the Investment Manager has proposed to be Acquired by a Borrower Entity that:

 

(a)       satisfies
the Reinvestment Criteria at the time of such proposal (other than obtaining the consent of the holders of the Administrative Agent);
and

 

(b)       has
credit, subordination, collateralization and repayment characteristics that are substantially consistent with the overall credit,
subordination, collateralization and repayment characteristics of the Underlying Portfolio.

 

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

 

"Recipient" means Administrative
Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower Entities
hereunder.

 

"Register" is defined in
Section 2.4(b).

 

"Registered" means a debt
obligation that is in registered form within the meaning of Section 881(c)(2)(B)(i) of the Code and the United States Treasury
regulations promulgated thereunder.

 

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

 

"Reinvestment Criteria" means
(a) the criteria set forth in the definitions of "Collateral Obligation" and "Collateral Obligation Criteria"
and (b) the terms and conditions set forth in Sections 8.2 and 8.4.

 

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

 

"Replacement Lender" is defined
in Section 2.18.

 

"Required Hedge Collateral"
is defined in Section 6.2(c)(2).

 

"Required
Principal Amortization Amount" means, for any Payment Date during the Amortization Period, the Aggregate Realization
Application Amount for all Dispositions and realizations of Principal Proceeds on Collateral Obligations that occurred during the
related Due Period; provided that the Required Principal Amortization Amount for the final Payment Date shall be equal to
the aggregate principal amount of the Loans then outstanding.

 

"Requisite
Lenders" means, at any time, Lenders holding more than 50% of the sum of (a) the aggregate principal amount
of the Loans outstanding at such time and (b) the aggregate unused Commitments at such time (but, to the extent there is more than
one Lender at such time, "Requisite Lenders" will not include any Defaulting Lender).

 

    42 

     

    

 

"Reserved Expenses" is defined
in Section 6.3(b).

 

"Restructuring"
means, with respect to a Collateral Obligation, a "Restructuring" (as defined in Section 4.7 of the Credit Definitions)
has occurred in respect of the Collateral Obligation except that, for such purposes, Section 4.7(a)(iv) of the Credit Definitions
shall be amended to include the following at the end thereof: "; or a release of liens or other credit support for the Obligation;
or any other change that materially reduces the level of subordination enhancing the Obligation". For purposes of this Agreement,
the "Multiple Holder Obligation" provisions of the Credit Definitions will not be applicable in determining whether any
such Restructuring occurs.

 

"Sale and Contribution Agreement"
means the Borrower Sale and Contribution Agreement.

 

"Sale Proceeds" means all
amounts representing:

 

(a)          proceeds
from the sale or other disposition of any Collateral Obligation or any other property received by a Borrower Entity;

 

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

 

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

 

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

 

"Sanctions" and "Sanctions
Laws" are defined in Section 4.18.

 

"Scheduled Maturity Date"
means October 5, 2022 (as such date may be extended pursuant to Section 2.1(f)).

 

"Scheduled Maturity Date Extension
Request" is defined in Section 2.1(f).

 

"Schedule
of Collateral Obligations" means the schedule of Collateral Obligations, which shall list each Collateral Obligation Acquired
by the Borrower Entities, delivered pursuant to Section 3 on the Initial Credit Date, or any other schedule substantially
in the same form, and supplemented, in either case, by additional information regarding Collateral Obligations Acquired by the
Borrower Entities, in each case as amended from time to time to reflect the release of Collateral Obligations and the inclusion
of Collateral Obligations pursuant to the terms and conditions hereof.

 

"Screen
Page" means the LIBOR01 page of the Thompson Reuters Screen (or any replacement Thomson Reuters page which displays
that rate) (or on the appropriate page of such other information service which publishes that rate from time to time in place of
Thompson Reuters).

 

If any such page or service ceases to be available,
the Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Investment
Manager.

 

    43 

     

    

 

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

 

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

 

"securities"
is defined in the UCC.

 

"Securities Account Control Agreement"
means the Amended and Restated Securities Account Control Agreement dated on or around the Effective Date between the Borrower
Entities and the Bank, as Collateral Agent, the Bank, as Securities Intermediary, and the Administrative Agent.

 

"Securities Intermediary"
is defined in Section 8-102(a)(14) of the UCC.

 

"Security Entitlement" is
defined in Section 8-102(a)(17) of the UCC.

 

"Seller" means, under the
Borrower Sale and Contribution Agreement, the Fund.

 

"Selling Institution" means
an institution from which a Participation would be Acquired.

 

"Senior Net Leverage Ratio"
means, with respect to a First Lien Obligation, as of the date such Collateral Obligation is Acquired by a Borrower Entity, (x)
the "Senior Net Leverage Ratio" or comparable term set forth in the Underlying Instruments for such First Lien Obligation
or (y) if the Underlying Instruments for such First Lien Obligation do not define (or otherwise provide a means of calculating)
the "Senior Net Leverage Ratio" or comparable term, then the ratio obtained by dividing (1) the funded first lien
senior secured indebtedness which is senior to, or pari passu with, such obligation (less cash and cash equivalents) over
(2) the EBITDA of the related obligors on such First Lien Obligation as calculated by the Investment Manager using information
from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the related
obligors pursuant to the related Underlying Instruments for such Collateral Obligation.

 

"Senior Unitranche Obligation"
means a unitranche obligation for which the first-in-first out portion (or any analogous arrangement among lenders that creates
a contractual subordination) comprises an amount less than or equal to 25% of the aggregate principal amount of such obligation
as of its issue date (or at any time thereafter). For the avoidance of doubt, a Unitranche With Subordinating First-in-First-Out
Obligation shall not be a Senior Unitranche Obligation.

 

"Solvent" means, with respect
to any Credit Party, that as of the date of determination, (a) the sum of such Credit Party's debt (including contingent liabilities)
does not exceed the value (both at fair value and present fair saleable value) of such Credit Party's present assets; (b) such
Credit Party's capital is not unreasonably small in relation to its business as contemplated on the Closing Date or with respect
to any transaction contemplated to be undertaken after the Closing Date; (c) such Credit Party is able to pay its debts as such
debts mature; and such Person is "solvent" within the meaning given that term and similar terms under the Bankruptcy
Code and other Debtor Relief Laws. For purposes of this definition, the amount of any contingent or unliquidated debt at any time,
such debt shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities
meet the criteria for accrual under FASB Accounting Standards Codification Topic 450-20).

 

"S&P"
means Standard & Poor's Financial Services LLC.

 

    44 

     

    

 

"Specified Change" means
any Amendment with respect to a Collateral Obligation that has the effect of:

 

(a)          deferring
the payment of cash interest;

 

(b)         delaying
or extending the stated maturity of such Collateral Obligation by more than 24 months; or delaying or extending the date of any
scheduled principal payment that (A) reduces such scheduled distribution by more than the greater of (x) 20% and (y) $250,000;
(B) postpones such scheduled distribution by more than two payment periods or eliminates such scheduled distribution; or (C) causes
the weighted average life of such Collateral Obligation to increase by more than 10% (each as determined by the Administrative
Agent);

 

(c)          increasing
or reducing the interest rate by more than 1.0% (excluding any increase in an interest rate arising by operation of a default or
penalty interest clause under a Collateral Obligation and any reduction or increase pursuant to a contractual pricing grid set
forth in the related Underlying Instruments as in effect on the date on which such Collateral Obligation was Acquired by a Borrower
Entity);

 

(d)          releasing
collateral or any guarantor or other obligor thereon, other than as may be expressly permitted in the Underlying Instruments (as
set forth therein at the time the Borrower Entities first Acquired such Collateral Obligation);

 

(e)          changing
any financial covenant; changing any defined term used in the calculation of any financial covenant; or changing any other defined
term that is materially adverse to the rights and remedies of the Lenders (as determined by the Administrative Agent in its sole
and absolute discretion);

 

(f)           reducing
or forgiving any principal thereof;

 

(g)         subordinating
the payment obligations of an obligor on such Collateral Obligation to any other indebtedness, or subordinating the liens on a
material portion of the collateral securing such Collateral Obligation, or making any other change (including through a change
in the capital structure of the obligors on such Collateral Obligation or the transfer of assets from an obligor on such Collateral
Obligation) that has the effect of structurally subordinating such Collateral Obligation to other indebtedness or liabilities,
in each case other than as expressly permitted in the related Underlying Instruments (as set forth therein at the time the Borrower
Entities first Acquired such Collateral Obligation);

 

(h)         altering
the pro rata allocation, sharing of distributions or waterfall of payment required by the Underlying Instruments of a Collateral
Obligation as between the term lenders and any revolving lenders with respect thereto;

 

(i)           changing
any of the provisions of an Underlying Instrument specifying the number or percentage of lenders required to effect any of the
foregoing; or

 

(j)           otherwise
having a material adverse impact on the value of such Collateral Obligation as determined in good faith by the Administrative Agent.

 

"Specified Credit Party"
means a Credit Party other than the Limited Guarantor.

 

"Specified Currency" means
(1) each of AUD, EUR, GBP and USD and (2) such other currencies offered by the Accounts Securities Intermediary as the Borrower
and the Administrative Agent may agree in writing with written notice to the Collateral Agent and the Account Securities Intermediary.
The "Specified Currency" applicable to any obligation, payment or Collateral Obligation means:

 

    45 

     

    

 

(a)          in
respect of any obligation or payment to be made hereunder or under any of the other Transaction Documents or in connection herewith
or therewith, the currency in which such obligation or payment is denominated as may be approved by the Collateral Agent; and

 

(b)         in
respect of any Collateral Obligation, the currency (if any) in which such Collateral Obligation is denominated and payable as may
be approved by the Collateral Agent.

 

"Specified Information"
is defined in Section 5.14.

 

"Specified Payment Amounts"
means, with respect to any Payment Date, all Extraordinary Expense Amounts that the Investment Manager has designated in writing
to the Collateral Agent and the Administrative Agent, prior to the related Determination Date, as the "Specified Payment Amounts"
(if any) for such Payment Date.

 

"Specified Payment Waterfall Provisions"
means subclause (15) of the Interest Priority of Payments and subclause (12) of the Principal Priority of Payments.

 

"Specified Person" is defined
in Section 10.7(b).

 

"Sponsor"
means Bain Capital Specialty Finance, Inc.

 

"Sponsor Administrative Agent"
means the Borrower or any of its affiliates, including the Sponsor or any of their respective affiliates, in each case that has
any right (however designated) to consent to, approve, reject, register or otherwise impose conditions on the assignment or other
transfer of any Collateral Obligation or other asset included in the Collateral, whether as administrative agent, servicer, registrar,
principal or in any other capacity (in each case other than as the registered owner of such Collateral Obligation, in its capacity
as such owner); provided that in each case that the Sponsor has control, directly or indirectly, over such entity.

 

"Sponsor Affiliate" means
each Credit Party and each other Affiliate of the Sponsor.

 

"Spread" means, for each
day:

 

(a)          prior
to March 22, 2020, 2.50% per annum;

 

(b)         on
and after March 22, 2020 but prior to the Effective Date, 3.25% per annum; and

 

(c)          on
and after the Effective Date, 3.00% per annum.

 

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

 

"Structured Finance Obligation"
means any obligation secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial
assets of any obligor, including collateralized debt obligations and mortgage-backed securities.

 

"Subordinate Interests" means
the rights of the Borrower Entities and the Equity Holder in and to the Collateral.

 

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

 

    46 

     

    

 

"Successor Investment Manager"
means a replacement Investment Manager appointed in the manner and to the extent provided in the Investment Management Agreement.

 

"Successor
Management Fees" means any management fees payable to a successor Investment Manager as agreed between the Borrower
Entities, the Administrative Agent and any such successor Investment Manager.

 

"Syndication Agent" is defined
in the preamble.

 

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

 

"Tangible Net Worth Certificate"
means a certificate duly executed by the Borrower and the Sponsor in the form of Exhibit F.

 

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

 

"Tax Jurisdiction" means
the Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, Curaçao or Ireland.

 

"Terminated Lender" is defined
in Section 2.18.

 

"Total Commitment Amount"
means, with respect to any Future Funding Collateral Obligation in any Specified Currency at any time, the sum of each relevant
Borrower Entity's maximum funding commitment thereunder in such Specified Currency (funded and unfunded).

 

"Total Facility Amount" means,
at any date, (a) $425,000,000 plus (b) the aggregate amount of New Commitments that have become effective after the Effective Date
but on or prior to such date.

 

"Total Indebtedness" means,
in respect of any Collateral Obligation, the aggregate principal amount of all of the borrowing facilities available to the obligor
under the terms of the relevant Underlying Instruments, all as determined by the Administrative Agent. For purposes of determining
the Total Indebtedness available in respect of any Collateral Obligation: (1) for Collateral Obligations that are, in accordance
with then-prevailing market practice, typically bought and sold together, the respective aggregate principal amount of the borrowing
facilities available to the obligor under the facilities evidenced by the relevant Underlying Instruments shall be aggregated (and,
for the avoidance of doubt, the respective aggregate principal amounts of all revolving facilities, term loan "A" tranches,
term loan "B" tranches and similar loan tranches issued under a single credit agreement shall be aggregated); (2) the
respective principal amounts of lines of credit and delayed draws that, in accordance with then-prevailing market practice, trade
with any Collateral Obligation shall be aggregated; and (3) the respective principal amount of any borrowing facilities that are,
under then prevailing market practice, considered add-on facilities in respect of any Collateral Obligation shall be aggregated
with the principal amount of such Collateral Obligation (regardless of whether such facilities are "tax fungible" with
such Collateral Obligation); provided that, in the case of clauses (1), (2) and (3) above, such facilities are pari passu
in terms of repayment seniority and, with respect to appropriate price adjustments, buyers are typically indifferent between such
facilities.

 

    47 

     

    

 

 

"Transaction
Accounts" means (a) the Interest Collection Account, the Payment Account, the Collateral Account, the Principal
Collection Account, the Expense Reserve Account, the Margin Account and the Future Funding Reserve Account; and (b) with respect
to each Borrower Entity other than the Borrower, such other accounts in the name of such Borrower Entity, in each case subject
to the lien of the Collateral Agent and subject to the Securities Account Control Agreement in favor of the Collateral Agent, as
may be necessary or advisable for the operations of such Borrower Entity, in each case subject to the consent of the Administrative
Agent in its sole and absolute discretion.

 

"Transaction Data Room" means
a password-protected electronic data room established by the Borrower Entities or the Investment Manager on its behalf, access
to which shall be available and provided at all times to the Collateral Agent, on behalf of the Secured Parties, and the Administrative
Agent.

 

"Transaction Document" means
any of this Agreement, the Notes (if any), the Fee Letters, the Collateral Administration Agreement, the Sale and Contribution
Agreement and Transfer Supplements, the Administrative Agent Cooperation Agreements, the Limited Guaranty, the Indemnification
Agreement, the Collateral Documents, the Investment Management Agreement, the Hedge Agreements and all other documents, certificates,
instruments or agreements executed and delivered by or on behalf of a Credit Party for the benefit of any Agent or any Lender in
connection herewith on or after the Closing Date.

 

"Transfer Date" means each
Conveyance Date under the Sale and Contribution Agreements.

 

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

 

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

 

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

 

"Underlying
Instruments" means, with respect to any Collateral Obligation, (a) the indenture, credit agreement or other agreement
pursuant to which such Collateral Obligation has been issued or created, (b) each other agreement that governs the terms of or
secures the obligations represented by such Collateral Obligation or of which the holders of such Collateral Obligation are the
beneficiaries and (c) all related closing documents.

 

"Underlying Portfolio" means
the portfolio of Collateral Obligations (including Unsettled Sale Assets) or Unsettled Purchase Assets, as applicable, owned by
the Borrower Entities or Committed to be owned by the Borrower Entities from time to time.

 

"Unitranche With Subordinating First-in-First-Out
Obligation" means a unitranche obligation for which the first-in-first out portion (or any analogous arrangement among
lenders that creates a contractual subordination) comprises more than 25% of the aggregate principal amount of such obligation
as of its issue date (or at any time thereafter). For the avoidance of doubt, a Senior Unitranche Obligation shall not be a Unitranche
With Subordinating First-in-First-Out Obligation.

 

    48 

     

    

 

"Unsecured Collateral Obligation"
means a Collateral Obligation that is unsecured.

 

"Unsettled Purchase Asset"
means, as of any date, an asset that a Borrower Entity has Committed to Acquire and in respect of which the Acquisition by such
Borrower Entity has not yet settled.

 

"Unsettled Sale Asset" means,
as of any date, a Collateral Obligation that a Borrower Entity has Committed to sell and in respect of which the sale by such Borrower
Entity has not yet settled.

 

"Upfront Fee" is defined
in Section 2.7(b).

 

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

 

"U.S. Person" is defined
in Regulation S under the Securities Act.

 

"U.S.
Tax Compliance Certificate" is defined in Section 2.15(c).

 

"Valuation Report" is defined
in Section 6.5(c).

 

"Warranty
Transferred Assets" is defined in Section 6.1 of the Borrower Sale and Contribution Agreement.

 

1.2.        
Accounting Terms.

 

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

 

1.3.        
Interpretation, Etc.

 

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

 

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

 

(c)       References
to:

 

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

 

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

 

    49 

     

    

 

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

 

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

 

1.4.        
Assumptions as to Collateral Obligations, Etc.

 

(a)       In
connection with all calculations required to be made pursuant to this Agreement with respect to Distributions on any Pledged Obligations,
or any payments on any other assets included in the Collateral, and with respect to the income that can be earned on Distributions
on such Pledged Obligations and on any other amounts that may be received for deposit in the Transaction Accounts, the provisions
set forth in this Section 1.4 shall be applied.

 

(b)       All
calculations with respect to Distributions on the Pledged Obligations shall be made by the Investment Manager on the basis of information
as to the terms of each such Pledged Obligation and upon report of payments, if any, received on such Pledged Obligation that are
furnished by or on behalf of the issuer of or borrower with respect to such Pledged Obligation and, to the extent they are not
manifestly in error, such information or report may be conclusively relied upon in making such calculations. To the extent they
are not manifestly in error, any information or report received by the Investment Manager (other than those prepared by the Investment
Manager), the Collateral Administrator Parties, the Collateral Agent or the Administrative Agent with respect to the Collateral
Obligations may be conclusively relied upon in making such calculations.

 

(c)       For
each Due Period, the Distribution on any Pledged Obligation (other than a Defaulted Obligation, which shall be, until any
Distribution is actually received by a Borrower Entity from such Defaulted Obligation, assumed to have a Distribution of zero)
shall be the minimum amount, including coupon payments, accrued interest, scheduled Principal Payments, if any, by way of sinking
fund payments which are assumed to be on a pro rata basis or other scheduled amortization of principal, return of principal, and
redemption premium, if any, assuming that any index applicable to any payments on a Pledged Obligation that is subject to change
is not changed, that, if paid as scheduled, will be available in the Interest Collection Account or the Principal Collection Account,
at the end of the Due Period net of withholding or similar taxes to be withheld from such payments (but taking into account payments
made in respect of such taxes that result in the net amount actually received by a Borrower Entity (free and clear of taxes, whether
assessed against such obligor thereof, the counterparty with respect thereto, or such Borrower Entity) being equal to the full
amount that such Borrower Entity would have received had no such deduction or withholding been required).

 

(d)       All
calculations under this Agreement shall be in U.S. Dollars unless otherwise specified. For purposes of this Agreement, unless otherwise
specified, calculations with respect to all amounts or assets received, held or required to be paid in a currency other than U.S.
Dollars shall be made on the basis of the Dollar Equivalent thereof.

 

(e)       No
Agent warrants, nor accepts responsibility, nor shall have any liability with respect to, in each case in the absence of its gross
negligence, bad faith or willful misconduct of its duties hereunder, the administration, submission or any other matter related
to (1) the Floating Rates, the Base Rates, the Prime Rate or, in each case, any comparable or successor rate thereto or (2) the
Screen Pages or any successors or replacements thereto, it being understood that the Administrative Agent shall determine the interest
rates applicable hereunder as expressly provided herein, in each case in the absence of its bad faith, gross negligence or willful
misconduct of its duties hereunder.

 

(f)       To
the extent of any ambiguity in the interpretation of any definition or term contained in this Agreement or to the extent more than
one methodology can be used to make any of the determinations or calculations set forth therein, the Collateral Administrator Parties
shall be entitled to request direction from the Investment Manager (which shall be subject to confirmation by the Administrative
Agent) as to the interpretation and/or methodology to be used, and the Collateral Administrator Parties shall follow such direction,
and together with the Collateral Agent, shall be entitled to conclusively rely thereon without any responsibility or liability
therefor.

 

    50 

     

    

 

(g)       Any
direction or Borrower Order required hereunder relating to the Acquisition, sale, disposition or other transfer of Collateral may
be in the form of a trade ticket, confirmation of trade, instruction to post or to commit to the trade or similar instrument or
document or other written instruction (including by email or other electronic communication or file transfer protocol) from the
Borrower Entities (or the Investment Manager) on which the Collateral Agent may rely.

 

(h)       For
purposes of (1) the Schedule of Collateral Obligations or a list of Collateral Obligations prepared in accordance with this Agreement,
(2) the Daily Reports, (3) the Valuation Reports, (4) the Monthly Reports, (5) the Additional Reports prepared in accordance with
this Agreement and (6) preparing any other reports hereunder, Collateral Obligations Committed to be Acquired by a Borrower
Entity shall be treated as owned or Acquired by such Borrower Entity (with the Collateral Agent deemed to have a perfected security
interest or charge in such Collateral Obligation) and Collateral Obligations Committed to be sold by a Borrower Entity shall be
treated as having been sold by such Borrower Entity and shall not be treated as owned by such Borrower Entity.

 

(i)       Unless
otherwise stated herein or in the other Transaction Documents or the context otherwise requires, all determinations and calculations
of the Borrowing Base (and any component thereof), as of each date of determination thereof shall be made by the Calculation Agent
in its sole and absolute discretion, subject to the Borrower's Dispute rights as set forth in the Margining Agreement.

 

1.5.        
Future Funding Collateral Obligations.

 

Notwithstanding anything herein to the contrary,
each Acquisition and holding by the Borrower Entities of Future Funding Collateral Obligations otherwise permitted hereunder shall
be subject to the following terms and conditions:

 

(a)       The
Advance Rate for each Future Funding Collateral Obligation shall be 50% (and no Future Funding Collateral Obligation shall be a
second lien Collateral Obligation or a Junior Secured Collateral Obligation).

 

(b)       At
the time a Borrower Entity Acquires a Future Funding Collateral Obligation:

 

(1)       cash
shall be on deposit in the Future Funding Reserve Account in the relevant Specified Currency in an amount equal to the Aggregate
Equity Exposure Amount at such time (determined on a pro forma basis after giving effect to such Acquisition);

 

(2)       after
giving effect to such Acquisition, the remaining amount of Loans available to be borrowed under this Agreement shall not be less
than the Dollar Equivalent of the Aggregate Excess Exposure Amounts of all such Future Funding Collateral Obligations (including
all Future Funding Collateral Obligations that the Borrower Entities have Committed to Acquire but which Acquisitions have not
yet settled) at such time;

 

(3)       such
Acquisition shall otherwise comply with all of the terms and conditions set forth in this Agreement and the other Transaction Documents;
and

 

(4)       after
giving effect to such Acquisition, clause (g) of the Collateral Portfolio Requirements will be satisfied (or, if any such requirement
was not satisfied immediately prior to such Acquisition, no additional Excess Concentration Amounts with respect to any Future
Funding Collateral Obligations will arise after giving effect to the Acquisition).

 

    51 

     

    

 

(c)       On
the last day of the Availability Period, the Borrower shall cause to be on deposit in the Future Funding Reserve Account an amount
equal to the Aggregate Exposure Amount at such time (in the relevant Specified Currencies).

 

(d)       If
at any time the Borrower makes a borrowing of Loans or makes a withdrawal from the Future Funding Reserve Account and in each case
the proceeds thereof will be used to fund Exposure Amounts under a Future Funding Collateral Obligation, the Borrower shall, as
a condition to such borrowing or such withdrawal, deliver to the Administrative Agent and the Collateral Agent a duly executed
funding notice delivered by or on behalf of the obligors on such Future Funding Collateral Obligation.

 

SECTION
2. LOANS AND COMMITMENTS

 

2.1.        
Loans and Commitments.

 

(a)       Loans.

 

(1)       During
the Phase I Funding Period, subject to the terms and conditions hereof, each Lender severally agrees to make revolving loans to
the Borrower in an aggregate amount up to but not exceeding such Lender's Commitment as then in effect; provided that, after
giving effect to the making of any such Loan, the aggregate outstanding principal amount of the Loans does not exceed the
lesser of (x) the Maximum Facility Amount at such time and (y) the Borrowing Base at such time. Amounts borrowed pursuant
to this Section 2.1(a)(1) may be repaid and reborrowed during the Phase I Funding Period.

 

(2)       During
the Phase II Funding Period, subject to the terms and conditions hereof, each Lender severally agrees to make loans on a delayed
draw basis to the Borrower in an aggregate amount up to but not exceeding such Lender's Commitment as then in effect; provided
that, after giving effect to the making of any such Loan, the aggregate outstanding principal amount of the Loans does not
exceed the lesser of (x) the Maximum Facility Amount at such time and (y) the Borrowing Base at such time. Amounts borrowed
pursuant to this Section 2.1(a)(2), once repaid, may not be reborrowed.

 

(3)       Each
loan made under clauses (1) and (2) above is referred to herein as a "Loan". Unless otherwise consented to by
the Administrative Agent, Loans shall not occur more frequently than five times per calendar month. All Existing Loans shall remain
outstanding as of the Effective Date and shall be Loans for all purposes of this Agreement and the other Transaction Documents.

 

(4)       Notwithstanding
the other provisions of this Section 2.1, no Loan may be borrowed hereunder (unless the proceeds thereof will be used exclusively
to fund Exposure Amounts under a Future Funding Collateral Obligation) unless, after giving effect to such borrowing, the remaining
amount of Loans available to be borrowed under this Agreement shall not be less than the Dollar Equivalent of the Aggregate Excess
Exposure Amounts of all such Future Funding Collateral Obligations (including all Future Funding Collateral Obligations that the
Borrower Entities have Committed to Acquire but which Acquisitions have not yet settled) at such time.

 

(b)       Borrowing
Mechanics for Loans.

 

(1)       Loans
shall be in an aggregate minimum amount equal to the Applicable Minimum Amount and integral multiples equal to the Applicable Integral
Multiple in excess of that amount (or such lesser amount as shall constitute the entire Commitment then available).

 

(2)       Subject
to Section 2.1(c), whenever the Borrower desires that Lenders make Credit Extensions, the Borrower shall deliver to the Administrative
Agent (with a copy to the Collateral Agent and the Collateral Administrator) a fully executed Funding Notice no later than 10:00
a.m. (New York City time) at least three Business Days in advance of the proposed Credit Date or in each case such period shorter
as may be agreed by the Requisite Lenders and the Administrative Agent.

 

    52 

     

    

 

(3)      For each Credit Extension,
the Administrative Agent shall notify the Borrower, the Collateral Agent, the Collateral Administrator and each Lender of the principal
amount of the Loans to be made, along with each Lender's respective Pro Rata Shares thereof (which Pro Rata Shares shall be equal
to the Loan amount that each Lender will be obligated to fund to the Borrower on the related Credit Date). Such notice shall be
provided by the Administrative Agent with reasonable promptness, but not later than 10:00 a.m. (New York City time) on such Credit
Date.

 

(4)      For each Credit Extension,
each Lender shall make the amount of its Loans available to the Administrative Agent not later than 12:00 p.m. (New York City time)
on the related Credit Date by wire transfer of same day funds in USD at the principal office designated by the Administrative Agent.
Upon satisfaction or waiver of the conditions precedent specified herein, the Administrative Agent shall make the proceeds of the
Loans available to the Borrower on such Credit Date by causing an amount of same day funds (in the same currency received from
the Lenders) to be deposited in the Principal Collection Account for application of such proceeds in accordance with Section 2.3
or as otherwise agreed between the Administrative Agent and the Borrower.

 

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

 

(c)       Notices.
Each Funding Notice shall be executed by an Authorized Officer of the Borrower in a writing delivered to the Administrative Agent.
In lieu of delivering a Funding Notice, the Borrower may give Administrative Agent telephonic notice by the required time of any
proposed borrowing; provided that each such notice shall be promptly confirmed in writing by delivery of the applicable
Funding Notice to the Administrative Agent on or before the close of business on the date that the telephonic notice is given;
provided that a Funding Notice for all Loans made on the Initial Credit Date may, in the Administrative Agent's sole and
absolute discretion, be deemed to have been provided by other documentation satisfactory to the Administrative Agent. In the event
of a discrepancy between the telephone notice and the written Funding Notice, the written Funding Notice shall govern. Neither
the Administrative Agent nor any Lender shall incur any liability to the Borrower in acting upon any telephonic notice referred
to above that the Administrative Agent believes in good faith to have been given by a duly authorized officer or other person authorized
on behalf of the Borrower or for otherwise acting in good faith.

 

(d)       Commitment
Increases.

 

(1)       The
Borrower may, by written notice to the Administrative Agent given during the Phase I Funding Period, from time to time request
an increase to the existing Commitments (any such increase, "New Commitments") by an amount not in excess of $250,000,000
in the aggregate and not less than U.S.$50,000,000 in the case of each such increase (or such lesser amount which shall be approved
by Administrative Agent or such lesser amount that shall constitute the difference between U.S.$250,000,000 and all such New Commitments
obtained prior to such date), and integral multiples of U.S.$1,000,000 in excess of that amount. Each such notice shall specify
the date (each, an "Increased Amount Date") on which the Borrower proposes that the New Commitments shall be effective,
which shall be a date not less than 10 Business Days after the date on which such notice is delivered to the Administrative Agent
or such shorter period of time as consented to by the Administrative Agent. Each such New Commitment shall be subject to consent
of the Administrative Agent and the Lenders in their sole and absolute discretion.

 

    53 

     

    

 

(2)       Such
New Commitments shall become effective as of such Increased Amount Date, provided that (A) the Administrative Agent and
the Lenders shall have consented to such New Commitments in their sole and absolute discretion; (B) no Default or Event of Default
shall exist on such Increased Amount Date before or after giving effect to such New Commitments; (C) each of the conditions set
forth in Section 3.2 shall be satisfied as if such Increased Amount Date were a Credit Date; (D) the Borrower shall make any payments
required pursuant to Section 2.7 and the Fee Letters in connection with such New Commitments; and (E) the Borrower shall deliver
or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with
any such transaction.

 

(3)       On
any Increased Amount Date on which New Commitments are effected, subject to the satisfaction of the foregoing terms and conditions,
(A) each New Commitment shall be deemed for all purposes a "Commitment" and each Loan made thereunder (a "New
Loan") shall be deemed, for all purposes, a "Loan". The terms and provisions of the New Commitments shall be
identical to the terms and conditions of the Commitments, and the terms and conditions of the New Loans shall be identical to the
terms and conditions of the Loans.

 

(e)       Extension
of Funding Period, Etc. At any time, so long as no Event of Default has occurred and is continuing, upon not less than 10 Business
Days' written notice to the Administrative Agent (a "Extension Request"), the Borrower may request that the Lenders
extend the Phase I Funding Period, the Phase II Funding Period, the Availability Period and the Amortization Period, each to a
date no later than one year after the last day of such period as in effect on the Closing Date. Upon receipt of any such Extension
Request, the Administrative Agent will promptly notify the Lenders thereof. If and only if each Lender agrees to the extension
requested by the Borrower in such Extension Request (which each Lender may grant or withhold in its sole and absolute discretion),
the applicable periods shall be so extended.

 

(f)       Extension
of Scheduled Maturity Date. At any time, so long as no Event of Default has occurred and is continuing, upon not less than
10 Business Days' written notice to the Administrative Agent (a "Scheduled Maturity Date Extension Request"),
the Borrower may request that the Lenders extend the Scheduled Maturity Date as the in effect to no later than October 5, 2023.
Upon receipt of any such Scheduled Maturity Date Extension Request, the Administrative Agent will promptly notify the Lenders thereof.
If and only if each Lender agrees to the extension requested by the Borrower in such Scheduled Maturity Date Extension Request
(which each Lender may grant or withhold in its sole and absolute discretion), the Scheduled Maturity Date shall be so extended.

 

2.2.        
Pro Rata Shares; Availability of Funds

 

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

 

(b)       Availability
of Funds. Unless the Administrative Agent shall have been notified by any Lender prior to the applicable Credit Date that such
Lender does not intend to make available to the Administrative Agent the amount of such Lender's Loan requested on such Credit
Date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such Credit
Date and the Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to the Borrower a
corresponding amount on such Credit Date. If the Administrative Agent has made such corresponding amount available to the Borrower
but such corresponding amount is not in fact made available to the Administrative Agent by such Lender, then the Administrative
Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each
day from such Credit Date until the date such amount is paid to the Administrative Agent, at the customary rate set by the Administrative
Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. If such Lender does not
pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent shall promptly
notify the Borrower and the Borrower shall on or prior to the next Payment Date pay such corresponding amount to the Administrative
Agent together with interest thereon, for each day from such Credit Date until the date such amount is paid to the Administrative
Agent, at the interest rate otherwise payable hereunder. If (1) the Administrative Agent declines to make a requested amount available
to the Borrower until such time as all applicable Lenders have made payment to the Administrative Agent, (2) a Lender fails to
fund to the Administrative Agent all or any portion of the Loans required to be funded by such Lender hereunder prior to the time
specified in this Agreement and (3) such Lender's failure results in the Administrative Agent failing to make a corresponding amount
available to the Borrower on the applicable Credit Date, then such Lender shall not receive interest hereunder with respect to
the requested amount of such Lender's Loans for the period commencing with the time specified in this Agreement for receipt of
payment by the Borrower through and including the time of the Borrower's receipt of the requested amount and the Borrower shall
have no obligation to pay interest on any amounts not so advanced. Nothing in this Section 2.2(b) shall be deemed to relieve any
Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that the Borrower may have against any
Lender as a result of any default by such Lender hereunder.

 

    54 

     

    

 

2.3.        
Use of Proceeds.

 

The proceeds of the Loans made hereunder shall
be used solely:

 

(a)       to
Acquire Collateral Obligations (and, pending such Acquisitions, to deposit funds into the Principal Collection Account) and to
fund Exposure Amounts under a Future Funding Collateral Obligation;

 

(b)       to
fund the Borrower's payment of the costs and expenses payable hereunder and under the Fee Letters (including the Upfront Fees payable
on the Initial Credit Date);

 

(c)       on
the Initial Credit Date, to deposit an amount equal to the Expense Reserve Amount into the Expense Reserve Account;

 

(d)       to
make deposits in one or more of the Transaction Accounts as separately agreed by the Borrower and the Administrative Agent (notice
of which shall be provided to the Collateral Agent); and

 

(e)       to
make Equity Distributions to the Equity Holder or to make deferred purchase price payments to the Seller in respect of Collateral
Obligations previously contributed by the Seller to the Borrower, provided in each case that:

 

(1)       the
Borrower and the Administrative Agent have mutually determined, in their respective commercially reasonable judgment, that the
Equity Distribution Test is satisfied with respect to each such Equity Distribution or other payments; and

 

(2)       to
the extent such Equity Distribution or payment would otherwise be made out of proceeds of Loans made hereunder, and at such time
the Borrower Entity is Committed to Acquire one or more Collateral Obligations but such Collateral Obligations have not yet settled,
then such Equity Distribution or payment shall be deferred until the settlement of such Collateral Obligations or such Equity Distribution
or payment is otherwise agreed between the Borrower and the Administrative Agent.

 

    55 

     

    

 

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

 

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

 

(b)       Register.
The Administrative Agent (or its agent or sub-agent appointed by it) shall maintain at its Principal Office a register for the
recordation of the names and addresses of the Lenders, and principal amounts (and stated interest) of the Loans owing to, each
Lender pursuant to the terms hereof from time to time (the "Register"). The Register shall be available for inspection
by the Borrower or any Lender (with respect to (1) any entry relating to such Lender's Loans and (2) the identity of the other
Lender's (but not any information with respect to such other Lenders' Loans)) at any reasonable time and from time to time upon
reasonable prior notice. The Administrative Agent shall record, or shall cause to be recorded, in the Register the Loans in accordance
with the provisions of Section 11.6, and each repayment or prepayment in respect of the principal amount of the Loans, and any
such recordation shall be conclusive and binding on the Borrower and each Lender, absent manifest error; provided that failure
to make any such recordation, or any error in such recordation, shall not affect any Lender's Commitments or the Borrower's Obligations
in respect of any Loan. The Borrower hereby designates the Administrative Agent to serve as the Borrower's non-fiduciary agent
solely for purposes of maintaining the Register as provided in this Section 2.4, and the Borrower hereby agrees that, to the extent
the Administrative Agent serves in such capacity, the Administrative Agent and its officers, directors, employees, agents, sub-agents
and affiliates shall constitute "Indemnitees".

 

(c)       Notes.
If so requested by any Lender by written notice to the Borrower (with a copy to the Administrative Agent) at least two Business
Days prior to the Initial Credit Date, or at any time thereafter, the Borrower shall execute and deliver to such Lender
(and/or, if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant to Section
11.6) on the Initial Credit Date (or, if such notice is delivered after the Initial Credit Date, promptly after the Borrower's
receipt of such notice) a Note or Notes to evidence such Lender's Loans. If Notes are delivered to any Lender, the Borrower may
establish commercially reasonable procedures for replacing lost or stolen Notes.

 

2.5.        
Interest on Loans.

 

(a)       Interest
Accruals. Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the
date made through repayment (whether by acceleration or otherwise) thereof at the Floating Rate applicable such Interest Period
for such Loan plus the Spread.

 

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

 

(c)       Day-Count
Fractions, Etc.

 

(1)       Interest
payable pursuant to Section 2.5(a) shall be computed on the basis of a 360-day year, in each case for the actual number of days
elapsed in the period during which it accrues, except that any interest accruing at a Base Rate shall be computed on the basis
of a 365-day year. In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period
applicable to such Loan shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable
to such Loan shall be excluded; provided that, if a Loan is repaid on the same day on which it is made, one day's interest
shall be paid on that Loan.

 

    56 

     

    

 

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

 

2.6.        
Default Interest.

 

Upon the occurrence and during the continuance
of an Event of Default, the principal amount of all Loans then outstanding and, to the extent permitted by applicable law, any
interest thereon, Commitment Fees, Minimum Spread Payment and Make-Whole Amounts owing hereunder, shall bear interest (including
post-petition interest in any proceeding under Debtor Relief Laws) payable on demand at a rate that is 2.0% per annum in
excess of the interest rate otherwise payable hereunder with respect to the Loans. Payment or acceptance of the increased rates
of interest provided for in this Section 2.6 is not a permitted alternative to timely payment and shall not in and of itself constitute
a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of any Secured Party.

 

2.7.        
Fees; Etc.

 

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

 

(b)       Upfront
Fees. The Borrower shall pay to each Lender, on the Initial Credit Date, a fee (the "Upfront Fee") in the
amount set forth in the GS Fee Letter as the "Upfront Fee". Such Upfront Fee will be in all respects fully earned, due
and payable on the Initial Credit Date and non-refundable and non-creditable thereafter.

 

(c)       Commitment
Fees. The Borrower agrees to pay to Lenders commitment fees (the "Commitment Fees") on the Daily Commitment
Fee Calculation Amount as in effect from time to time for the period from and including the Closing Date to but excluding the last
day of the Availability Period at a rate per annum equal to the Commitment Fee Rate as in effect from time to time. Commitment
Fees shall be calculated on the basis of a 360-day year and the actual number of days elapsed and shall be payable in arrears pursuant
to the Priority of Payments or as otherwise expressly stated herein. As used herein:

 

"Commitment Fee Rate" means:

 

(x)       on each day during the
Phase I Funding Period, 0.30% per annum; and

 

(y)      on each day during the
Phase II Funding Period, the Spread per annum.

 

"Daily Commitment Fee
Calculation Amount" means, for each day, an amount equal to the aggregate undrawn amount of the Commitments on such day.

 

(d)       Minimum
Spread Payments. On the date of each Voluntary Commitment Reduction, on the last day of the Phase I Funding Period and (if
it occurs during the Phase I Funding Period) the Maturity Date (each such date, a "Minimum Spread Payment Date"),
the Borrower shall pay to the Administrative Agent for the account of the Lenders a fee (each such fee, a "Minimum Spread
Payment") in an amount equal to the excess (if any) of:

 

    57 

     

    

 

(1)       the product
of:

 

(A)       the
Spread as in effect from time to time during such period;

 

(B)       the
Minimum Spread Calculation Percentage as in effect from time to time during such period

 

(C)       the
Total Facility Amount as in effect at such time; and

 

(D)       the
number of days elapsed between the Closing Date and such Minimum Spread Payment Date divided by 360; over

 

(2)       the sum
of:

 

(A)       the
aggregate amount of interest paid on the Loans (determined as if the Floating Rate were equal to zero) from the Closing Date to
but excluding the related Minimum Spread Payment Date;

 

(B)       all Minimum
Spread Payments theretofore paid hereunder; and

 

(C)       all Make-Whole
Spread Amounts theretofore paid hereunder.

 

"Minimum Spread Calculation
Percentage" means, for each day:

 

(a)       prior
to the Effective Date, 75%; and

 

(b)       on
and after the Effective Date, 80%.

 

Minimum
Spread Payments shall not be subject to the Priority of Payments but instead shall be made solely out of (first) Interest Proceeds
and (if Interest Proceeds are insufficient) Principal Proceeds then on deposit in the Collection Accounts, with any remaining
unpaid amounts to be paid out of Interest Proceeds and Principal Proceeds thereafter received in the Transaction Accounts until
paid in full, and all amounts that continue to be owing on and after the next Payment Date shall be payable under the Priority
of Payments.

 

(e)       Make-Whole
Payments. On each date on which a Make-Whole Event occurs, the Borrower shall pay to the Lenders the related Make-Whole Amount.
Make-Whole Amounts shall be payable pursuant to the Priority of Payments or as otherwise expressly stated herein.

 

2.8.        
Prepayments; Commitment Reductions.

 

(a)       Voluntary
Prepayments.

 

(1)       Any
time and from time to time, the Borrower may prepay any Loans on any Business Day in whole or in part (each, a "Voluntary
Prepayment"), in an aggregate minimum amount not less than the Applicable Minimum Amount and integral multiples in excess
of that amount equal to the related Applicable Integral Multiple; provided that:

 

(x)       no
Default or Event of Default has occurred and is continuing or would result therefrom; and

 

(y)       sufficient
amounts are on deposit in the Principal Collection Account in USD to pay the principal of the Loans to be prepaid together with
the other amounts that will be owing in connection therewith (including any related Minimum Spread Payments and Make-Whole Amount).

 

    58 

     

    

 

(2)       All
such prepayments shall be made, upon not less than three Business Days prior written or telephonic notice in advance of the proposed
Voluntary Prepayment date (or such shorter period of time as agreed to by the Administrative Agent and the Borrower), in each case
given to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Administrator) by 12:00 p.m. (New
York City time) on the date required and, if given by telephone, promptly confirmed by delivery of written notice thereof to the
Administrative Agent (and the Administrative Agent will promptly transmit a copy of such written notice to each Lender). Each notice
of a Voluntary Prepayment shall specify the Loans to be prepaid, the principal amount to be prepaid and the related prepayment
date (which shall be a Business Day). Upon the giving of any such notice, the principal amount of the Loans specified in such notice
shall become due and payable on the prepayment date specified therein, unless such notice is conditional in accordance with its
terms or is revoked by the Business Day prior to the prepayment date specified therein.

 

(b)       Commitment
Reductions.

 

(1)      On the last day of the
Phase I Funding Period (and determined after giving effect to borrowings, if any, made on such date), the Commitments shall immediately
and without further action be reduced (the "Phase II Commitment Reduction") to the lesser of:

 

(x)       125%
of the aggregate principal amount of the Loans outstanding on the last day of the Phase I Funding Period; and

 

(y)       the
Maximum Facility Amount as in effect at the end of the Phase I Funding Period.

 

(2)      Each Lender's Commitment
shall terminate immediately and without further action on the last day of the Availability Period.

 

(3)      The Borrower may, upon
not less than three Business Days' prior written notice to the Administrative Agent (which written notice the Administrative Agent
will promptly transmit by electronic means to each applicable Lender), at any time and from time to time during the Availability
Period, terminate in whole or permanently reduce in part the Commitments in an amount up to the amount by which the Commitments
exceed the aggregate outstanding principal amount of the Loans at the time of such proposed termination or reduction (each, a "Voluntary
Commitment Reduction"); provided that

 

(x)       any
such partial reduction of the Commitments shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000
in excess of that amount (or such lesser amount as agreed to by the Administrative Agent and the Borrower);

 

(y)       no
Default or Event of Default has occurred and is continuing or would result therefrom; and

 

(z)       sufficient
amounts are on deposit in the Principal Collection Account in USD to pay the other amounts that will be owing in connection therewith
(including any related Minimum Spread Payments and Make-Whole Amount).

 

(4)      The
Borrower's notice to the Administrative Agent under clause (3) above shall designate the date (which shall be a Business Day)
of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Commitments
shall be effective on the date specified in the Borrower's notice and shall reduce the Commitment of each Lender proportionately
to its pro rata share thereof.

 

    59 

     

    

 

(c)       Other
Amounts. Each payment of principal of the Loans in connection with a Voluntary Prepayment shall be accompanied the related
Make-Whole Amount, the amount of accrued interest on the portion of the Loans so prepaid and (if such payment is made other than
on the last day of an interest period) any related breakage costs payable under Section 2.13(c). Each Voluntary Commitment Reduction
shall be accompanied by payment of the related Minimum Spread Payment, the related Make-Whole Amount and the amount of Commitment
Fees accrued on the portion of the Commitments so reduced.

 

(d)       Non-Waterfall
Payments. Voluntary Prepayments and payment of amounts under clause (c) above shall not be subject to the Priority of Payments
but instead shall be made solely out of Principal Proceeds or Interest Proceeds then on deposit in the Collection Account; provided
that Interest Proceeds shall not be applied to make Voluntary Prepayments or pay amounts under clause (c) above unless, after giving
effect to such payment, there shall be sufficient Interest Proceeds available in the Interest Collection Account to make all payments
of interest in accordance with the Priority of Payments on the next Payment Date, with any remaining unpaid amounts to be
paid out of Principal Proceeds and Interest Proceeds thereafter received in the Transaction Accounts until paid in full, and all
amounts that continue to be owing on and after the next Payment Date shall be payable under the Priority of Payments.

 

2.9.        
Required Principal Payments.

 

(a)       Scheduled
Amortization.

 

(1)      Principal
of the Loans will be repayable on each Payment Date in accordance with the Priority of Payments (including, for each Payment Date
during the Amortization Period, the related Required Principal Amortization Amounts).

 

(2)      Without
limiting clause (1) above, during the Amortization Period, at the time of each Disposition of or other realization of Principal
Proceeds on a Collateral Obligation, the Borrower shall repay principal of the Loans in an aggregate amount equal to the related
Individual Realization Application Amount.

 

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

 

(b)       Clean-Up.
Upon the occurrence of a Clean-Up Call Event, the Borrower shall pay all outstanding Administrative Expenses and prepay the Loans
in full (a "Clean-Up Call Prepayment").

 

(c)       Non-Waterfall
Payments. Payments of Individual Realization Application Amounts under clause (a)(2) above and the Clean-Up Call Prepayment
under clause (b) above shall not be subject to the Priority of Payments but instead shall be made solely out of Principal Proceeds
or Interest Proceeds then on deposit in the Collection Account; provided that Interest Proceeds shall not be applied to
pay such amounts unless, after giving effect to such payment, there shall be sufficient Interest Proceeds available in the Interest
Collection Account to make all payments of interest in accordance with the Priority of Payments on the next Payment Date, with
any remaining unpaid amounts to be paid out of Principal Proceeds and Interest Proceeds thereafter received in the Transaction
Accounts until paid in full, and all amounts that continue to be owing on and after the next Payment Date shall be payable under
the Priority of Payments.

 

    60 

     

    

 

2.10.     
[Reserved].

 

2.11.     
General Provisions Regarding Payments.

 

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

 

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

 

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

 

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

 

2.12.     
Ratable Sharing.

 

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

 

    61 

     

    

 

2.13.     
Making or Maintaining Floating Rate Loans.

 

(a)       Inability
to Determine Applicable Interest Rate.

 

(1)       If
the Administrative Agent or any Lender shall have determined (which determination shall be final and conclusive and binding upon
all parties hereto), on any Interest Rate Determination Date with respect to any Loans, that by reason of circumstances affecting
the relevant interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans
on the basis provided for in the definition of "Floating Rate", the Administrative Agent shall on such date give notice
to the Borrower and each Lender of such determination, whereupon (i) such Loans shall bear interest at the applicable Base Rate
plus the Spread per annum until such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances
giving rise to such notice no longer exist, and (ii) any Funding Notice given by the Borrower with respect to such Loans shall
be deemed to be rescinded by the Borrower or, at the election of the Borrower, a request that such Loans be made bearing interest
based on the applicable Base Rate instead of such Floating Rate.

 

(2)       If
at any time the Administrative Agent determines (which determination shall be final and conclusive and binding upon all parties
hereto) that (i) the circumstances set forth in clause (a)(1) have arisen and such circumstances are unlikely to be temporary or
(ii) the circumstances set forth in clause (a)(1) have not arisen but the supervisor for the administrator of the U.S. Dollar London
interbank offered rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement
identifying a specific date after which the U.S. Dollar London interbank offered rate shall no longer be used for determining interest
rates for loans, then the Administrative Agent and the Borrower shall endeavor to determine an alternate rate of interest to U.S.
Dollar London interbank offered rate that is materially economically similar to U.S. Dollar London interbank offered rate and that
gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the
United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest ("Alternate
Rate") and such other related changes to this Agreement as may be applicable. Until (x) an Alternate Rate shall be determined
in accordance with this clause (2) or (y) if the Administrative Agent and the Borrower are unable to determine an alternate rate
within six months of the determination pursuant to (a)(1) or a(2), as applicable, (i) such Loans shall bear interest at the applicable
Base Rate plus the Spread per annum until such time as the Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, and (ii) any Funding Notice given by the Borrower with respect to such
Loans shall be deemed to be rescinded by the Borrower or, at the election of the Borrower, a request that such Loans be made bearing
interest based on the applicable Base Rate instead of such Floating Rate.

 

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

 

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(c)       Compensation
for Breakage or Non-Commencement of Interest Periods. The Borrower shall compensate each Lender, upon written request by such
Lender (which request shall set forth the basis for requesting such amounts), for all reasonable losses, expenses and liabilities
(including any interest paid or payable by such Lender to Lenders of funds borrowed by it to make or carry its Loans and any loss,
expense or liability sustained by such Lender in connection with the liquidation or re-employment of such funds but excluding loss
of anticipated profits), which such Lender may sustain as a result of any of the following (each, a "Breakage Event"):

 

(1)       if
for any reason (other than a default by such Lender) a borrowing of any Loan does not occur on a date specified therefor
in a Funding Notice or a telephonic request for borrowing;

 

(2)       if
any prepayment or other principal payment of any of the Loans on a date prior to the last day of an Interest Period applicable
to that Loan; or

 

(3)       if
any prepayment of any of its Loans is not made on any date specified in a notice of prepayment given by the Borrower.

 

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

 

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

 

2.14.     
Increased Costs; Capital Adequacy.

 

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

 

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

 

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

 

2.15.     
Taxes; Withholding, Etc.

 

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

 

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

 

(c)       Evidence
of Exemption from U.S. Withholding Tax. Each Lender that is a "United States person" (as such term is defined in
Section 7701(a)(30) of the Code) (a "U.S. Lender") shall deliver to the Administrative Agent and the Borrower
on or prior to the Initial Credit Date (or, if later, on or prior to the date on which such Lender becomes a party to this
Agreement) two copies of IRS Form W-9 (or any successor form), properly completed and duly executed by such Lender, certifying
that such U.S. Lender is entitled to an exemption from United States backup withholding tax, or otherwise prove that it is entitled
to such an exemption. Each Lender that is not a "United States person" (as such term is defined in Section 7701(a)(30)
of the Code) (a "Foreign Lender") shall, to the extent it is legally entitled to do so, deliver to the Borrower
and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is
applicable: (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Transaction Document, two executed copies of IRS Form W-8BEN or W-8BEN-E, as
applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest"
article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, two executed copies
of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant
to the "business profits" or "other income" article of such tax treaty; (2) two executed copies of IRS Form
W-8ECI; (3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit B-1 to the effect that such Foreign Lender is not a "bank"
within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code
(a "U.S. Tax Compliance Certificate") and (y) two executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable;
or (4) to the extent a Foreign Lender is not the beneficial owner, two executed copies of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-2
or Exhibit B-3, two executed copies of IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;
provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender
are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially
in the form of Exhibit B-4 on behalf of each such direct and indirect partner. Each Lender required to deliver any forms, certificates
or other evidence with respect to United States federal income tax withholding matters pursuant to this Section 2.15(c) hereby
agrees, from time to time after the initial delivery by such Lender of such forms, certificates or other evidence, whenever a lapse
in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any material respect,
that such Lender shall promptly deliver to the Administrative Agent for transmission to the Borrower two new copies of IRS Form
W-9 (or any successor form) properly completed and duly executed by such Lender, and such other documentation required under the
Code and reasonably requested by the Borrower to confirm or establish that such Lender is not subject to deduction or withholding
of United States federal income tax or backup withholding tax with respect to payments to such Lender under the Transaction Documents,
or notify the Administrative Agent and the Borrower of its inability to deliver any such forms, certificates or other evidence.

 

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(d)       FATCA.
Each Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time
or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or
the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct
and withhold from such payment.

 

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

 

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

 

(g)       Lender
Indemnity. Each Lender shall severally indemnify each Agent for (1) Taxes for which additional amounts are required to
be paid pursuant to Section 2.15(b) arising in connection with payments made under this Agreement or any other Transaction Document
(including any such Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15) attributable to such
Lender (but only to the extent that the Borrower has not already indemnified such Agent therefor and without limiting the obligation
of the Borrower to do so); (2) any Taxes attributable to such Lender's failure to comply with the provisions of Section 11.6(g)(1)
relating to the maintenance of a Participant Register and (3) any Excluded Taxes attributable to such Lender, in each case, that
are payable or paid by the Administrative Agent in connection with any Transaction Document and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall
be conclusive absent manifest error. Such payment shall be due within ten days of such Lender's receipt of such certificate. Each
Lender hereby authorizes the Collateral Agent or the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under any Transaction Document or otherwise payable by such Agent to such Lender from any other source against
any amount due to an Agent under this paragraph (g).

 

(h)       Refunds.
If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which
it has been indemnified pursuant to this Section 2.15 (including additional amounts pursuant to this Section 2.15), it shall pay
to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section
2.15 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified
party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such
indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant
to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) if such indemnified
party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph
(h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h)
the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph
shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to
its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

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2.16.     
Obligation to Mitigate.

 

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

 

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2.17.     
Defaulting Lenders.

 

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

 

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

 

2.18.     
Removal or Replacement of a Lender.

 

Anything contained herein to the contrary
notwithstanding, if:

 

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

 

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

 

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

 

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

 

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

 

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

 

(3)       such
assignment does not conflict with applicable law;

 

(4)       in
the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant
to Section 2.15, such assignment will result in a reduction in such compensation or payments thereafter; and

 

(5)       if
such Terminated Lender is a Non-Consenting Lender, each Replacement Lender shall consent, at the time of such assignment, to each
matter in respect of which such Terminated Lender was a Non-Consenting Lender.

 

Upon
the prepayment of all amounts owing to any Terminated Lender, such Terminated Lender shall no longer constitute a "Lender"
for purposes hereof; provided that any rights of such Terminated Lender to indemnification hereunder shall survive as to
such Terminated Lender. Each Lender agrees that if the Borrower exercises its option hereunder to cause an assignment by such Lender
as a Non-Consenting Lender or Terminated Lender, such Lender shall, promptly after receipt of written notice of such election,
execute and deliver all documentation necessary to effectuate such assignment in accordance with Section 11.6. If a Lender
does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice,
each Lender hereby authorizes and directs the Administrative Agent to execute and deliver such documentation as may be required
to give effect to an assignment in accordance with Section 11.6 on behalf of a Non-Consenting Lender or Terminated Lender and any
such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment pursuant
to Section 11.6. Any removal of Goldman Sachs or its successor as a Defaulting Lender pursuant to this Section shall also constitute
the removal of Goldman Sachs or its successor as the Administrative Agent pursuant to Section 11.7.

 

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SECTION
3. CONDITIONS PRECEDENT

 

3.1.        
[Reserved].

 

3.2.        
Conditions to Each Credit Extension.

 

(a)       Conditions
Precedent. The obligation of each Lender to make any Loan on any Credit Date, including the Initial Credit Date, are
subject to the satisfaction, or waiver in accordance with Section 11.5, of the following conditions precedent:

 

(1)       the Administrative Agent
and the Lenders shall have received a fully executed and delivered Funding Notice relating thereto;

 

(2)       the
principal amount of the Loans to be made in such Credit Extension shall not exceed the undrawn Commitments as at the related Credit
Date; and, after giving effect to such Credit Extension, the aggregate outstanding principal amount of the Loans does not
exceed the lesser of (x) the Maximum Facility Amount and (y) the Borrowing Base at such time;

 

(3)       as
of such Credit Date, the representations and warranties contained herein and in the other Transaction Documents shall be true and
correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, except
to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and
warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each
case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof; and

 

(4)       as
of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit
Extension that would constitute a Default, an Event of Default or a Cash Trap Event.

 

Any Agent or the Requisite Lenders shall be
entitled, but not obligated to, request and receive, prior to the making of any Credit Extension, additional information reasonably
satisfactory to the requesting party confirming the satisfaction of any of the foregoing if, in the good faith judgment of such
Agent or the Requisite Lender such request is warranted under the circumstances and such information is requested from the Borrower
in writing (an "Additional Information Request") no later than 5:00 p.m. (New York City time) on the date the
applicable Funding Notice is received.

 

(b)       Deemed
Representations. Each borrowing of a Loan hereunder shall constitute a representation and warranty by the Borrower as of the
applicable Credit Date that the conditions contained in Section 3.2(a) have been satisfied except as otherwise acknowledged by
the Administrative Agent.

 

3.3.        
Effective Date.

 

The obligation of each Lender to enter into
this Agreement (and the amendment and restatement of the Existing Credit Agreement to be effected hereby) is subject to the satisfaction,
or waiver in accordance with Section 11.5, of the following conditions on or before the Effective Date:

 

(a)          
Executed Counterparts. The Administrative Agent shall have received counterparts of this Agreement, the Margining
Agreement and the Securities Account Control Agreement executed by the parties thereto.

 

(b)          
Future Funding Reserve Account. The Administrative Agent shall have received evidence of the establishment of the
Future Funding Reserve Account.

 

(c)          
Deposit of Aggregate Equity Exposure Amount. The Administrative Agent shall have received evidence that the Collateral
Agent, at the direction of the Borrower (or the Investment Manager) has transferred to the Future Funding Reserve Account, from
the Principal Collection Account, Cash in the relevant Specified Currencies in an amount equal to the Aggregate Equity Exposure
Amount at such time.

 

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(d)       Legal
Fees. The Borrower shall have paid all fees, charges and disbursements due under the Transaction Documents, together with the
fees and expenses of Milbank LLP, special New York counsel for the Administrative Agent and the fees and expenses of Alston &
Bird LLP, counsel to the Collateral Agent, incurred in connection with the preparation and execution of this Agreement and the
transactions contemplated hereby.

 

SECTION
4. REPRESENTATIONS AND WARRANTIES

 

In order to induce the Agents and the Lenders
to enter into this Agreement and to induce the Lenders to make each Credit Extension to be made thereby, the Borrower represents
and warrants to each Agent and Lender, on the Closing Date, on the Effective Date and on each Credit Date, that the following statements
are true and correct:

 

4.1.        
Organization; Requisite Power and Authority; Qualification.

 

Each Credit Party (a) is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization, (b) has all requisite power and authority to
own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Transaction
Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and
in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations,
except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected
to have, a Material Adverse Effect.

 

4.2.        
Equity Interests; Ownership; Collateral Obligations

 

(a)       The
Equity Interests of each Borrower Entity have been duly authorized and validly issued and are fully paid and non-assessable. As
of the Closing Date, other than any capital commitments or other rights of a member or other equity holder as of the Closing Date
to make capital contributions to the Borrower, there is no existing option, warrant, call, right, commitment or other agreement
to which any Borrower Entity is a party requiring, and there is no membership interest or other Equity Interests of any Borrower
Entity outstanding which upon conversion or exchange would require, the issuance by such Borrower Entity of any additional membership
interests or other Equity Interests of it or other Securities convertible into, exchangeable for or evidencing the right to subscribe
for or purchase, a membership interest or other Equity Interests of such Person.

 

(b)       Appendix
C-1 correctly sets forth the ownership interest of the Borrower in its Subsidiaries as of the Effective Date.

 

(c)       Appendix
C-2 correctly sets forth a true, correct and complete list of all Collateral Obligations owned by the Borrower Entities as of the
Effective Date.

 

4.3.        
Due Authorization

 

The execution, delivery and performance of
the Transaction Documents have been duly authorized by all necessary action on the part of each of Credit Party that is a party
thereto.

 

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4.4.        
No Conflict

 

The
execution, delivery and performance by each Credit Party of the Transaction Documents to which it is a party and the consummation
of the transactions contemplated by the Transaction Documents do not and will not (a) violate (1) in any material respect, any
provision of any law or any governmental rule or regulation applicable to it, (2) any of its Organizational Documents or (3) in
any material respect any order, judgment or decree of any court or other agency of government binding on it or its properties;
(b) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any of its material
contractual obligations; (c) result in or require the creation or imposition of any Lien upon any of its properties or assets (other
than Permitted Liens); or (d) require any approval of stockholders, members or partners or any approval or consent of any Person
under any contractual obligation, except for such approvals or consents which will be obtained on or before the Initial Credit
Date and disclosed in writing to Lenders.

 

4.5.        
Governmental Consents

 

The
execution, delivery and performance by each Credit Party of the Transaction Documents to which it is a party and the consummation
of the transactions contemplated by the Transaction Documents do not and will not require any registration with, consent or approval
of, or notice to, or other action to, with or by, any Governmental Authority, except for filings and recordings with respect to
the Collateral to be made, or otherwise delivered to Collateral Agent for filing and/or recordation, as of the Initial Credit Date
or those the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect.

 

4.6.        
Binding Obligation

 

Each Transaction Document to which each Credit
Party is a party has been duly executed and delivered by such Credit Party and is the legally valid and binding obligation of such
Credit Party, enforceable against such Credit Party in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating
to enforceability.

 

4.7.        
Adverse Proceedings, Etc.

 

There are no Adverse Proceedings, individually
or in the aggregate, that could reasonably be expected to have a Material Adverse Effect.

 

4.8.        
Payment of Taxes.

 

Except as otherwise permitted hereunder, all
U.S. federal and other material Tax returns and reports covering the Credit Parties required to be filed by any of them have been
timely filed, and all U.S. federal and other material Taxes which are due and payable and all assessments, fees and other governmental
charges upon the Credit Parties and upon their respective properties, assets, income, businesses and franchises which are due and
payable have been paid when due and payable. There is no proposed material Tax assessment against any Credit Party that is not
being actively contested by such Credit Party in good faith and by appropriate proceedings.

 

4.9.        
Properties

 

Each Grantor has good, sufficient and legal
title to its properties and assets. Except as permitted by this Agreement, all such properties and assets are free and clear of
Liens other than Permitted Liens. No Grantor owns or leases any real estate.

 

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4.10.     
No Defaults

 

No Credit Party is in default in the performance,
observance or fulfillment of any of the obligations, covenants or conditions contained in any of its material contractual obligations,
and no condition exists which, with the giving of notice or the lapse of time or both, could constitute such a default, except
where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material
Adverse Effect.

 

4.11.     
[Reserved].

 

4.12.     
Investment Company Act

 

(a)       The
Fund has elected to be regulated as a "business development company" within the meaning of the Investment Company Act.

 

(b)       Except
as set forth in Section 4.12(a) with respect to the Fund, no Credit Party is required to be registered as an investment company
under the Investment Company Act.

 

(c)       The
business and other activities of the Credit Parties, including the making of the Loans hereunder, the application of the proceeds
thereof and repayment thereof by the Borrower Entities and the consummation of the transactions contemplated by the Transaction
Documents, do not result in a violation or breach in any material respect of the provisions of the Investment Company Act or any
rules, regulations or orders issued by the Securities and Exchange Commission thereunder, in each case that are applicable to the
Credit Parties.

 

4.13.     
Federal Reserve Regulations; Exchange Act

 

No Credit Party is engaged principally, or
as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. No
portion of the proceeds of any Credit Extension shall be used in any manner, whether directly or indirectly, that causes or could
reasonably be expected to cause, such Credit Extension or the application of such proceeds to violate Regulation T, Regulation
U or Regulation X or any other regulation of the Board of Governors or to violate the Exchange Act.

 

4.14.     
Employee Benefit Plans

 

Neither the Equity Holder, the Borrower nor
any of its Subsidiaries maintains or contributes to any Employee Benefit Plan, and no ERISA Event has occurred that reasonably
would be expected to result in material liability to the Credit Parties. The assets of Credit Parties are not treated as "plan
assets" for purposes of Section 3(42) of ERISA.

 

4.15.     
Solvency

 

Each Credit Party is and, upon the incurrence
of any Obligation by any Credit Party on any date on which this representation and warranty is made, will be, on a consolidated
basis with its consolidated group (if applicable), Solvent.

 

4.16.     
Compliance with Statutes, Etc.

 

No Credit Party (a) is in violation of
any applicable laws that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (b) is
subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or
any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic
or foreign, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

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4.17.     
Disclosure

 

No representation or warranty of any Credit
Party contained in any Transaction Document or in any other documents, certificates or written statements (other than projections,
forward-looking information, general economic data, industry information or information relating to third parties) furnished to
any Agent or Lender by or on behalf of any Credit Party for use in connection with the transactions contemplated hereby contains
(after taking into account all updates, modifications and supplements to such information) any untrue statement of a material fact
or omits to state a material fact (known to the Borrower, in the case of any document not furnished by it) necessary in order to
make the statements contained herein or therein not misleading in light of the circumstances in which the same were made. There
are no facts actually known to any Credit Party (other than matters of a general economic nature) that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect and that have not been disclosed herein or in such
other documents, certificates and statements furnished to the Administrative Agent or the Lenders for use in connection with the
transactions contemplated hereby, after giving effect to the delivery of any Financial and Other Information and any and all updates
and deliveries to the Administrative Agent or Lenders from time to time.

 

4.18.     
Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act

 

No Credit Party nor any of its directors,
officers or, to the knowledge of the Borrower, employees, agents, advisors or Affiliates is subject to any sanctions or economic
embargoes administered or enforced by the U.S. Department of State or the U.S. Department of Treasury (including the Office of
Foreign Assets Control) or any other applicable sanctions authority (collectively, "Sanctions", and the associated
laws, rules, regulations and orders, collectively, "Sanctions Laws"). Each Credit Party and their respective directors,
officers and, to the knowledge of the Borrower, employees, agents, advisors and Affiliates is in compliance, in all material respects,
with (a) all Sanctions Laws, (b) the United States Foreign Corrupt Practices Act of 1977 and any other applicable anti-bribery
or anti-corruption laws, rules, regulations and orders (collectively, "Anti-Corruption Laws") and (c) the
PATRIOT Act and any other applicable terrorism and money laundering laws, rules, regulations and orders.

 

No part of the proceeds of the Loans will
be used, directly or, to the knowledge of the Borrower, indirectly, (A) or the purpose of financing any activities or business
of or with any Person or in any country or territory that at such time is the subject of any Sanctions or (B) for any payments
to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation
of any Anti-Corruption Law.

 

SECTION
5. COVENANTS

 

The Borrower covenants and agrees that, so
long as any Commitment is in effect and until payment in full of all Obligations (other than contingent obligations for which no
claim has been asserted), the Borrower shall perform, and shall cause each of its Subsidiaries to perform, all covenants set forth
in this Section 5.

 

5.1.        
Compliance with Laws, Etc.

 

The
Borrower will (and will cause its Subsidiaries to) comply in all material respects with applicable laws, rules, regulations,
writs, judgments, injunctions, decrees, awards and orders with respect to it, its business and its properties. The Borrower will
(and will cause its Subsidiaries to) comply in all material respects with all material contracts and all other material contractual
and other obligations. Without limiting the generality of the foregoing, the Borrower will (and will cause each of its Subsidiaries
to) conduct its business and other activities (x) in compliance in all material respects with all provisions of the Investment
Company Act and the rules, regulations or orders issued by the Securities and Exchange Commission thereunder that apply to the
Borrower (or such Subsidiary, as the case may be) and (y) so as not to cause a violation in any material respect by the Fund or
any other Credit Party of the Investment Company Act or the rules, regulations or orders issued by the Securities and Exchange
Commission thereunder.

 

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5.2.        
Maintenance of Books and Records.

 

Each Borrower Entity shall maintain and implement
administrative and operating procedures reasonably necessary in the performance of its obligations under the Transaction Documents
to which it is a party, and each Borrower Entity shall keep and maintain, or cause its Board of Directors to keep or maintain at
all times, or cause to be kept and maintained at all times in the registered office of such Borrower Entity specified in its respective
Constitutive Documents, all documents, books, records, accounts and other information as are required under applicable law.

 

5.3.        
Existence of Borrower, Etc.

 

(a)       Each
Borrower Entity shall take all reasonable steps to maintain its identity as a separate legal entity from that of its members. Each
Borrower Entity shall keep its principal place of business at the address specified on Appendix B. Each Borrower Entity will always
maintain at least one Independent Manager.

 

(b)       Each
Borrower Entity shall:

 

(1)       be
member managed;

 

(2)       file
its own tax returns, if any, as may be required under applicable law (to the extent (x) not part of a consolidated group filing
a consolidated return or returns or (y) not treated as a division for tax purposes of another taxpayer) and pay any taxes so required
to be paid under applicable law;

 

(3)       not
commingle its assets with assets of any other person;

 

(4)       conduct
its business in its own name and strictly comply with all organizational formalities necessary to maintain its separate existence
(and the Borrower hereby represents that all such formalities have been complied with since the Borrower's formation);

 

(5)       maintain
books and records separate from any other Person;

 

(6)       maintain
separate financial statements (it being understood that, if a Borrower Entity's financial statements are part of a consolidated
group with its Affiliates, then any such consolidated statements shall contain a note indicating the Borrower Entity's separateness
from any such Affiliates and that its assets are not available to pay the debts of such Affiliate);

 

(7)       pay
its own liabilities only out of its own funds;

 

(8)       maintain
an arm's-length relationship with its Affiliates;

 

(9)       hold
itself out as a separate Person (except to the extent treated as a disregarded entity for U.S. tax purposes), and not hold out
its credit or assets as being available to satisfy the obligations of others;

 

(10)       pay
its fair and reasonable share of overhead for shared office space, if any;

 

(11)       use
separate stationery, invoices and checks and not of any other entity (unless such entity is clearly designated as being the such
Borrower Entity's agent);

 

(12)       not
pledge its assets as security for the obligations of any other person;

 

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(13)       correct
any known misunderstanding regarding its separate identity;

 

(14)       maintain
adequate capital in light of its contemplated business purpose, transactions and liabilities and pay its operating expenses and
liabilities from its own assets;

 

(15)       not
take any Material Action without the written consent of the Independent Manager; and

 

(16)       not
have any employees.

 

(c)       Each
Borrower Entity shall cause each of its Subsidiaries to adhere to the requirements of paragraphs (a) and (b) above, mutatis
mutandis.

 

5.4.        
Protection of Collateral.

 

(a)       Each
Borrower Entity shall from time to time execute and deliver all such supplements and amendments hereto and all such Financing Statements,
continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be reasonably
necessary to secure the rights and remedies of the Secured Parties hereunder and under the other Transaction Documents (provided
that the Borrower Entities shall be entitled to rely on any Opinion of Counsel delivered pursuant to Section 5.5 and any Opinion
of Counsel with respect to the same subject matter delivered pursuant to Section 3 (each such Opinion of Counsel, a "Lien
Opinion") to determine what actions are reasonably necessary, and shall be fully protected in so relying on such a Lien
Opinion, unless the Borrower Entities have knowledge that the procedures described in any such Lien Opinion are no longer adequate
to maintain such perfection and priority) and to:

 

(1)       Grant
more effectively all or any portion of the Collateral;

 

(2)       maintain
or preserve the lien (and the priority thereof) under the Collateral Documents and the other Transaction Documents to which it
is a party or to carry out more effectively the purposes hereof and thereof;

 

(3)       perfect,
publish notice of or protect the validity of any Grant made or to be made by the Collateral Documents;

 

(4)       enforce
any of the Pledged Obligations or other instruments or property included in the Collateral;

 

(5)       preserve
and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties in the Collateral and
the Collateral Agent against the claims of all persons and parties;

 

(6)       pay
any and all taxes levied or assessed upon all or any part of the Collateral and use its commercially reasonable efforts to minimize
taxes and any other costs arising in connection with its activities; and

 

(7)       give,
execute, deliver, file and/or record any Financing Statement, notice, instrument, document, agreement or other papers that may
be necessary or desirable to create, preserve, perfect or validate the security interest granted pursuant to the Collateral Documents
or under the other Transaction Documents or to enable the Collateral Agent to exercise and enforce its rights hereunder and thereunder
with respect to such pledge and security interest, and hereby authorizes the Collateral Agent to file Financing Statements listing
'all assets' of the debtor in the collateral description of such Financing Statements.

 

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The Borrower Entities hereby designate the
Collateral Agent as the agent and attorney-in-fact for the Borrower Entities to file, upon Borrower Order, any Financing Statement,
continuation statement or other instrument required pursuant to this Section 5.4; provided that such appointment shall not
impose upon the Collateral Agent any of the Borrower Entities' obligations under this Section 5.4. The Borrower Entities shall
cause to be filed one or more continuation statements under the applicable UCC (it being understood that the Borrower Entities
(and to the extent the Collateral Agent takes any action, the Collateral Agent) shall be entitled to rely upon an Opinion of Counsel,
including a Lien Opinion, as to the need to file such Financing Statements and continuation statements, the dates by which such
filings are required to be made and the jurisdictions in which such filings are required to be made).

 

(b)       The
Collateral Agent shall not (1) except in accordance with Section 6.8(a), (b) or (c), as applicable, remove any portion of the Collateral
that consists of Cash or is evidenced by an instrument, certificate or other writing (A) from the jurisdiction in which it was
held at the date the most recent Lien Opinion was delivered pursuant hereto or (B) from the possession of the Person who held it
on such date or (2) cause or permit ownership or the pledge of any portion of the Collateral that consists of book entry securities
to be recorded on the books of a Person (A) located in a different jurisdiction from the jurisdiction in which such ownership or
pledge was recorded at such date or (B) other than the Person on whose books such ownership or pledge was recorded at such date,
unless the Collateral Agent shall have first received an Opinion of Counsel to the effect that the lien and security interest created
by this Agreement with respect to such property will continue to be maintained after giving effect to such action or actions.

 

5.5.        
Opinions as to Collateral.

 

On or before September 15 in each calendar
year, commencing in the calendar year following the Closing Date, the Borrower Entities shall furnish to the Collateral Agent and
the Administrative Agent a New York law opinion (and a law opinion for each other jurisdiction that is relevant to the Collateral
Agent's security interest in the Collateral) relating to the security interests granted by the Grantors to the Collateral Agent
under the Transaction Documents, stating that, as of the date of each such opinion, the lien and security interest created by the
Transaction Documents with respect to the Collateral remain in effect and that no further action (other than as specified in any
such opinion) needs to be taken to ensure the continued effectiveness of such lien over the next year.

 

5.6.        
Performance of Obligations.

 

(a)       If
an Event of Default shall have occurred and be continuing, no Borrower Entity nor the Investment Manager shall take any action
that would release any principal obligor from any of such principal obligor's covenants or obligations under any Underlying
Instrument, except in connection with the restructuring, default, waiver or amendment of any Collateral; provided that the
Requisite Lenders shall have consented to such action.

 

(b)       The
Borrower Entities may contract with other Persons, including the Investment Manager and the Collateral Administrator Parties, for
the performance of actions and obligations to be performed by the Borrower Entities hereunder by such Persons and the performance
of the actions and other obligations with respect to the Collateral of the nature set forth in the Investment Management Agreement
by the Investment Manager and the Collateral Administration Agreement by the Collateral Administrator Parties. Notwithstanding
any such arrangement, the Borrower Entities shall remain primarily liable with respect thereto. In the event of any such contract,
the performance of such actions and obligations by such Persons shall be deemed to be performance of such actions and obligations
by the relevant Borrower Entities; and each Borrower Entity will punctually perform, and use its commercially reasonable efforts
to cause the Investment Manager or such other Person to perform, all of their obligations and agreements contained in the Investment
Management Agreement, the Collateral Administration Agreement or such other agreement.

 

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(c)       Each
Borrower Entity agrees to comply in all material respects with all requirements applicable to it set forth in any Opinion of Counsel
obtained pursuant to any provision of this Agreement including satisfaction of any event identified in any Opinion of Counsel as
a prerequisite for the obtaining or maintaining by the Collateral Obligation of a perfected security interest in any Collateral
Obligation, Eligible Investment or other Collateral that is of first priority, free of any adverse claim or the legal equivalent
thereof, as applicable.

 

5.7.        
Negative Covenants.

 

(a)       No
Borrower Entity will:

 

(1)       sell,
transfer, assign, participate, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (by security
interest, lien (statutory or otherwise), preference, priority or other security agreement or preferential arrangement of any kind
or nature whatsoever or otherwise) (or permit such to occur or suffer such to exist), any part of the Collateral, except for Permitted
Liens or as otherwise expressly permitted by the Transaction Documents;

 

(2)       claim
any credit on, or make any deduction from, the principal or interest payable or amounts distributable in respect of the Loans (other
than amounts withheld in accordance with the Code or any other applicable law) or assert any claim against any present or future
Lender by reason of the payment of any taxes levied or assessed upon any part of the Collateral (other than taxes levied or assessed
in respect of amounts required to be deducted or withheld from the principal or interest payable in respect of the Obligations);

 

(3)       (A)
incur or assume or guarantee any indebtedness or any contingent obligations, other than the Obligations and the other agreements
and transactions expressly contemplated hereby and thereby or (B) issue any additional securities (other than the issuance of its
equity on the Closing Date), it being understood that receipt of additional capital contributions by the Borrower from the Equity
Holder (without issuance of additional securities or interests in the Borrower) is not prohibited by this clause (B);

 

(4)       (A)
permit the validity or effectiveness of the Collateral Documents or any other Transaction Document or any Grant thereunder to be
impaired, or permit the liens under the Transaction Documents to be amended, hypothecated, subordinated, terminated or discharged,
or permit any Person to be released from any covenants or obligations with respect to the Transaction Document, except as may be
expressly permitted hereby, (B) permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (including
any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever or otherwise,
other than the liens under any the Transaction Documents) to be created on or extend to or otherwise arise upon or burden the Collateral
or any part thereof, any interest therein or the Proceeds thereof, in each case other than Permitted Liens or (C) take any action
that would cause the liens under the Transaction Documents not to constitute a valid perfected security interest in the Collateral
that is of first priority, free of any adverse claim or the legal equivalent thereof, as applicable, except for Permitted Liens
or as otherwise may be expressly permitted hereby (or in connection with a disposition of Collateral required hereby);

 

(5)       make
or incur any capital expenditures, except as reasonably required to perform its functions in accordance with the terms of the Transaction
Documents;

 

(6)       become
liable in any way, whether directly or by assignment or as a guarantor or other surety, for the obligations of the lessee under
any lease (other than in accordance with the Transaction Documents);

 

(7)       enter
into any transaction with any Affiliate other than (A) the Transaction Documents and (B) transactions on terms that are no less
favorable than those obtainable in an arm's length transaction with a wholly unaffiliated Person and on terms that are fair and
equitable to the Borrower Entities under all the facts or circumstances under applicable law;

 

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(8)       maintain
any bank accounts or securities accounts other than the Transaction Accounts;

 

(9)       change
its name without (A) receiving the prior written consent of Requisite Lenders, (B) delivering to the Collateral Agent and Administrative
Agent notice thereof and (C) receiving an Opinion of Counsel that such name change will not adversely affect the Collateral Agent's
lien or the interest under the Collateral Documents of the Secured Parties or the Collateral Agent;

 

(10)     fail
to pay any tax, assessment, charge or fee with respect to the Collateral, or fail to defend any action, if such failure to pay
or defend will adversely affect the priority or enforceability of the lien over the Collateral created by the Transaction Documents;

 

(11)     other
than the Transaction Documents and agreements involving Acquisitions and sales relating to the Collateral Portfolio having customary
purchase and sale terms, enter into any agreement or contract with any Person unless such contract or agreement contains "limited
recourse" and "non-petition" provisions, (x) which limited recourse provisions provide that the obligations of the
Borrower Entities are limited recourse obligations, payable solely from the Collateral in accordance with the terms of this Agreement
and the other Transaction Documents and (y) which non-petition provisions provide that, prior to the date that is one year and
one day after all Obligations have been paid in full (or, if longer, the applicable preference period under applicable insolvency
law), such Person shall not take any action or institute any proceeding against any Borrower Entity under any insolvency law applicable
to it or which would be reasonably likely to cause it to be subject to, or seek protection of, any such insolvency law; provided
that such Person shall be permitted to become a party to and to participate in any Proceeding or action under any such insolvency
law that is initiated by any other Person other than one of its Affiliates;

 

(12)     amend
any Transaction Document without the prior written consent of the Requisite Lenders;

 

(13)     amend
any limited recourse or non-petition provisions of any agreement;

 

(14)     register
as, or Acquire any assets or business or take any action that shall cause it or the pool of Collateral to be required to be registered
as, an investment company under the Investment Company Act;

 

(15)     enter
into any transaction other than on arm's length terms and at market rates other than as expressly permitted pursuant to this Agreement
and the other Transaction Documents;

 

(16)     have
any Subsidiaries, other than wholly owned Subsidiaries that are (x) other Borrower Entities and (y) Permitted Additional
Subsidiaries;

 

(17)     without,
in each instance, the disclosure thereof in reasonable detail to the Administrative Agent and the consent of the Requisite Lenders
thereto, engage in any transaction with any Person that would constitute a conflict of interest between the interests of the Borrower
Entities (and the rights and interests of the Lenders with respect to the Borrower Entities), on one hand, and such Person, on
the other hand (provided that the Borrower Entities' entry into and performance of their obligations under the Transaction
Documents shall not be deemed to be a transaction that would constitute a conflict of interest with the other parties to the Transaction
Documents); or

 

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(18)     pay
distributions on its equity interests other than in accordance with the terms of this Agreement and its Constitutive Documents.

 

(b)       No
Borrower Entity nor the Investment Manager on their behalf shall sell, transfer, exchange or otherwise dispose of Collateral, or
enter into or engage in any business with respect to any part of the Collateral except as expressly permitted or required by the
Transaction Documents.

 

5.8.        
No Consolidation.

 

No Borrower Entity shall consolidate or merge
with or into any other Person or, other than the security interest Granted to the Collateral Agent pursuant to the Transaction
Documents, convey or transfer its properties and assets substantially as an entirety to any Person.

 

5.9.        
No Other Business; Etc.

 

The Borrower shall not engage in any business
or activity other than borrowing the Loans pursuant to this Agreement and Acquiring, owning, holding, selling, pledging, contracting
for the management of and otherwise dealing with Collateral Obligations and other Collateral in connection therewith and such other
activities which are necessary, required or advisable to accomplish the foregoing; provided that the Borrower shall be permitted
to enter into any additional agreements expressly permitted by this Agreement, including Hedge Agreements. No other Borrower Entity
shall engage in any business or activity other than holding Collateral Obligations, pledging such Collateral Obligations under
the Collateral Documents and entering into, performing its obligations under, the Transaction Documents to which it is a party
and other documents and agreements contemplated thereby and/or incidental thereto. No Borrower Entity shall amend, or permit the
amendment of, its Constitutive Documents without prior written consent of the Requisite Lenders.

 

5.10.     
Compliance with Investment Management Agreement.

 

Each Borrower Entity agrees to perform all
actions required to be performed by it, and to refrain from performing any actions prohibited under, the Investment Management
Agreement. Each Borrower Entity also agrees to take all actions as may be necessary to ensure that all of such Borrower Entity's
representations and warranties made pursuant to the Investment Management Agreement are true and correct in all material respects
as of the date thereof and continue to be true and correct in all material respects for so long as any Loans are outstanding. Each
Borrower Entity further agrees not to authorize or otherwise to permit the Investment Manager to act in contravention of the representations,
warranties and agreements of the Investment Manager under the Investment Management Agreement. No Borrower Entity nor the Investment
Manager shall terminate the Investment Management Agreement or select a replacement investment manager, in each case without the
prior consent of the Administrative Agent (which the Administrative Agent may withhold in its sole and absolute discretion), provided
that the Investment Manager may resign its role as Investment Manager in accordance with the terms and conditions expressly set
forth in the Investment Management Agreement.

 

5.11.     
Certain Tax Matters.

 

(a)       Each
Borrower Entity will pay all U.S. federal income and other material Taxes imposed upon it or any of its properties or assets or
in respect of any of its income before any penalty or fine accrues thereon, and all claims for sums that have become due and payable
and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall
be incurred with respect thereto unless the same are being contested in good faith by appropriate proceedings which stay the enforcement
of such Lien and for which adequate reserves in accordance with GAAP are being maintained by such Borrower Entity.

 

(b)       For
so long as the Borrower is treated as a partnership for U.S. federal income tax purposes, it shall not allow (and not recognize
the validity of) any transfers of its membership interests (or any other interest treated as equity in the Borrower for U.S. federal
income tax purposes) to a person that is not a "United States person" within the meaning of Section 7701(a)(30) of the
Code.

 

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5.12.     
Certain Regulations.

 

Each
of the Borrower Entities and the Investment Manager understands that Executive Orders issued by the President of the United States
of America, Federal regulations administered by OFAC and other federal laws prohibit, among other things, U.S. persons or persons
under jurisdiction of the United States from engaging in certain transactions with, the provision of certain services to, and making
certain investments in, certain foreign countries, territories, entities and individuals, and that the lists of prohibited countries,
territories, entities and individuals can be found on, among other places, the OFAC website at www.treas.gov/ofac.
Accordingly, each of the Borrower Entities and the Investment Manager covenant that it has, and each of the Borrower Entities and
the Investment Manager represents that it has, policies and procedures designed to comply with the prohibitions and restrictions
mandated by OFAC and all other sanctions laws and regulations in the jurisdictions in which the Investment Manager operates. None
of the Borrower Entities, any of their Affiliates, the Investment Manager, any of its Subsidiaries or, to the best of the
Investment Manager's knowledge, any of their respective owners, directors or officers over which the Investment Manager has control
is, or is acting on behalf of, a country, territory, entity or individual named on such lists; and none of the Borrower Entities,
any of their Affiliates, the Investment Manager, any of its Subsidiaries or, to the best of the Investment Manager's knowledge,
owners, directors or officers over which the Investment Manager has control is a natural person or entity with whom dealings with
U.S. persons or persons under the jurisdiction of the United States are prohibited under any OFAC regulation or other applicable
federal law or acting on behalf of such a person or entity. To the best of the Investment Manager's knowledge, no Borrower Entity
owns, and the Investment Manager will not knowingly cause any Borrower Entity to own or Acquire, any security issued by, or interest
in, any country, territory, or entity whose direct ownership by U.S. persons or persons under the jurisdiction of the U.S. would
be or is prohibited under any OFAC regulation or other applicable federal law.

 

5.13.     
Transaction Data Room

 

The Borrower Entities shall at all times maintain
a Transaction Data Room, and shall cause to be maintained therein electronic copies of all documents and other information required
by this Agreement and other Transaction Documents to be maintained therein.

 

5.14.     
Financial and Other Information; Notices.

 

(a)       Specified
Information. The Borrower Entities shall deliver the documents and information detailed in Schedule A (the "Specified
Information") to the Administrative Agent and the Lenders on or prior to the date required pursuant to Schedule A.

 

(b)       Notice
of Default. Promptly upon any Borrower Entity obtaining knowledge (1) of any condition or event that constitutes a Default
or an Event of Default or that notice has been given to a Borrower Entity with respect thereto; or (2) of the occurrence of any
event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect, a certificate
of an Authorized Officer specifying the nature and period of existence of such condition, event or change, or specifying the notice
given and action taken by any such Person and the nature of such claimed Default, Event of Default, default, event or condition,
and what action the Borrower Entities have taken, are taking and propose to take with respect thereto.

 

(c)       Notice
of Litigation. Promptly upon any Borrower Entity obtaining knowledge of (1) any Adverse Proceeding not previously disclosed
in writing by the Borrower to Lenders, or (2) any material development in any such Adverse Proceeding that, in the case of either
clause (1) or (2), if adversely determined could be reasonably expected to have a Material Adverse Effect, or seeks to enjoin or
otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the transactions contemplated
hereby, written notice thereof together with such other information as may be reasonably available to the Borrower Entities to
enable Lenders and their counsel to evaluate such matters.

 

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5.15.     
Inspections, Etc.

 

(a)       Each
Credit Party will permit any authorized representatives designated by the Administrative Agent or any Lender to visit and inspect
any of the properties of any Credit Party to inspect, copy and take extracts from its financial and accounting records, and to
discuss its affairs, finances and accounts with its officers and independent public accountants, all upon reasonable advance notice
and at such reasonable times during normal business hours and as often as may reasonably be requested; provided that, in
the absence of an Event of Default, (x) the Credit Parties shall not be required to reimburse the Administrative Agent and Lenders
for more than one inspection in any period of twelve consecutive fiscal months and (y) there shall be no more than one inspection
in any period of twelve consecutive fiscal months.

 

(b)       Without
limiting paragraph (a) above, each Credit Party will permit the Administrative Agent and any designee thereof from time to time
to inspect the Collateral Obligations and related Underlying Instruments selected by the Requisite Lenders in their sole and absolute
discretion and, in connection therewith, to investigate any or all of the following with respect to any Collateral Obligation:

 

(1)   all matters relating
to the title of Borrower Entities with respect to such Collateral Obligations;

 

(2)       the
perfection of the Collateral Agent's security interest in the Collateral under the Collateral Documents; and

 

(3)       the
existence of any litigation or other similar proceeding relating to the Collateral Obligations to which a Credit Party is a party,
either as plaintiff or defendant,

 

in each case at such times during normal business hours, upon
reasonable advance notice to the Borrower and subject to applicable law and the rights of the relevant Credit Party under the applicable
Underlying Instruments.

 

(c)       Each
Credit Party will, upon the request of the Requisite Lenders, participate in a meeting of the Administrative Agent and the Lenders:

 

(1)       once
during each calendar year, to be held at the Investment Manager's corporate offices (or at such other location as may be requested
by the Administrative Agent or the Requisite Lenders that is reasonably acceptable to the Borrower) at such time as may be agreed
to by the Borrower, the Administrative Agent and the Requisite Lenders; and

 

(2)       if an Event of Default
has occurred and is then continuing, at such other times as may be reasonably requested by any Lender, to be held at the Investment
Manager's corporate offices (or at such other location as may be requested by such Lender that is reasonably acceptable to the
Borrower).

 

(d)       Each
inspection, investigation, visitation or other meeting referred to in clause (b) and (c) above shall be at the Lenders' own cost
and expense; provided that, if an Event of Default has occurred and is continuing, then each such inspection, investigation,
visitation or other meeting will be at the expense of the Borrower.

 

5.16.     
Foreign Currency Hedges.

 

(a)       So
long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Entities may from time to time
enter into one or more Hedge Agreements to hedge actual foreign currency exposures of the Borrower Entities (and not for speculative
purposes) on Collateral Obligations denominated in Non-USD Currencies, in each case having a notional amount (determined as of
the date on which such Hedge Agreements are entered into) up to but not exceeding the Collateral Obligation Notional Amount of
such Non-USD Currency Collateral Obligations, provided that (x) the Borrower identifies to the Administrative Agent, at
the time each such Hedge Agreement is entered into, the Collateral Obligation or Collateral Obligations being hedged thereby and
(y), unless Goldman Sachs Bank USA is the Counterparty:

 

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(1)   each Hedge Agreement
must be pursuant to documentation (including, for the avoidance of doubt, all master agreements, schedules, credit support documents,
confirmations of transactions and any related agreements) and otherwise be on terms, satisfactory to the Administrative Agent in
its sole and absolute judgment;

 

(2)   the Administrative Agent
shall have consented in writing to the entry into such Hedge Agreement (which consent the Administrative Agent may withhold in
its sole and absolute discretion);

 

(3)   without limiting the
foregoing, each Hedge Agreement (if not entered into with Goldman Sachs or an affiliate thereof) must permit the novation of such
Hedge Agreement at any time (and in no event later than three Business Days after written notice requesting such novation from
the Administrative Agent) from the related Counterparty to Goldman Sachs or a designee thereof for a novation price equal to the
amount that would be payable by, or to, the relevant Borrower Entity if such Hedge Agreement were terminated due to an event of
default or termination event for which such Borrower Entity were the sole defaulting party or sole affected party, as applicable;

 

(4)       each
Hedge Agreement shall require that copies of all notices and demands (including notices of the occurrence of any event of default
or termination event for which a Borrower Entity is a defaulting party or an affected party) given by each Counterparty under each
Hedge Agreement be provided to the Administrative Agent at the same time such notices and demands are given to the Borrower Entities;

 

(5)       each
Hedge Agreement shall require that copies of all notices and demands (including notices of the occurrence of any event of default
or termination event for which a Counterparty is a defaulting party or an affected party) given by each Borrower Entity under each
Hedge Agreement be provided to the Administrative Agent at the same time such notices and demands are given to the relevant Counterparties;

 

(6)       each
Hedge Agreement shall prohibit the termination thereof by the Counterparty thereunder unless such Counterparty shall have given
to the Administrative Agent not less than five Business Days' prior written notice of its intent to terminate, which notice shall
provide a description in reasonable detail of the event(s) of default and/or termination event(s) giving rise to such termination
right;

 

(7)       each
Counterparty shall be irrevocably instructed to make all payments on all Hedge Agreements to the Transaction Accounts as more fully
provided for herein;

 

(8)  each Hedge Agreement
shall contain "limited recourse" and "non-petition" provisions, (x) which limited recourse provisions provide
that the obligations of the Borrower Entities thereunder are limited recourse obligations, payable solely from (A) amounts on deposit
in the applicable subaccount of the Hedge Borrower Collateral Account with respect to such Hedge Agreement and (B) the Collateral
in accordance with the terms of this Agreement and the other Transaction Documents and (y) which non-petition provisions provide
that, prior to the date that is one year and one day after all Obligations have been paid in full (or, if longer, the applicable
preference period under applicable insolvency law), the related Counterparty shall not take any action or institute any proceeding
against any Borrower Entity under any insolvency law applicable to it or which would be reasonably likely to cause it to be subject
to, or seek protection of, any such insolvency law; provided that such Person shall be permitted to become a party to and
to participate in any Proceeding or action under any such insolvency law that is initiated by any other Person other than one of
its Affiliates;

 

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(9)   no Hedge Agreement shall
contain any defaults or termination events (in each case however described) that would permit the termination thereof at the option
of the related Counterparty at will, or based on or triggered off of changes in market conditions or on the level of, or changes
in, the mark to market value of such Hedge Agreement; and

 

(10)     each
Hedge Agreement shall permit (but shall not require) the Administrative Agent or any designee thereof to meet all or any portion
of any margin call or other obligation to post collateral, or any other payment obligation, under such Hedge Agreement, all on
behalf of the Borrower Entities (any amount so paid by the Administrative Agent or its designee, a "Hedge Advance Amount").

 

Each Hedge Advance Amount shall be payable
on demand, and each Hedge Advance Amount and, to the extent permitted by applicable law, any interest thereon shall bear interest
(including post-petition interest in any proceeding under Debtor Relief Laws) payable on demand at a rate that is 2.0% per annum
in excess of the interest rate otherwise payable hereunder with respect to the Loans. For the avoidance of doubt, the Borrower
and Goldman Sachs Bank USA may enter into Hedge Agreements that do not require the posting of margin (to the extent permitted by
applicable law).

 

(b)       Each
Borrower Entity shall at all times enforce all Hedge Agreements in accordance with their respective terms, and no Borrower Entity
shall enter into any amendments, modifications or supplements to, or waivers of, any Hedge Agreement without in each instance the
prior written consent of the Administrative Agent (which the Administrative Agent may withhold in its sole and absolute discretion).
Notwithstanding the foregoing, no Borrower Entity may terminate a Hedge Agreement at any time without the prior written consent
of the Administrative Agent.

 

(c)       Amounts
received by the Borrower Entities on the Hedge Agreements from time to time shall be deemed to be "Interest Proceeds"
or "Principal Proceeds" (or otherwise allocated) as follows:

 

(1)       all
ordinary course receipts shall be deemed to be "Interest Proceeds" or "Principal Proceeds" as determined in
good faith and in a commercially reasonable manner by the Borrower (or, if an Event of Default has occurred and is continuing,
by the Administrative Agent in its sole and absolute judgment) and notified to the Collateral Agent, the Collateral Administrator
and the Administrative Agent;

 

(2)       all
termination payments shall be deemed to be "Principal Proceeds" unless otherwise determined by the Administrative Agent
in its sole and absolute judgment;

 

(3)       all
interest on overdue amounts (including on overdue termination payments) shall be deemed to be "Interest Proceeds";

 

(4)       amounts
received from Counterparties as collateral under Hedge Agreements will not constitute Interest Proceeds or Principal Proceeds as
and when deposited in the relevant Hedge Counterparty Collateral Account, provided that any such collateral will constitute
Interest Proceeds or Principal Proceeds, as provided above, upon the Borrower Entities' application of such collateral to ordinary
course payments, termination payments or interest in accordance with the terms of such Hedge Agreements; and

 

(5)       any
other amounts received by the Borrower Entities under the Hedge Agreements shall be deemed to be "Interest Proceeds"
unless otherwise agreed by the Borrower and the Administrative Agent.

 

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(d)       So
long as no Default, Event of Default, Collateral Deficit or Borrowing Base Deficiency shall have occurred and then be continuing
or would result or increase therefrom, ordinary course payments by the Borrower Entities may be made out of the Collection Accounts
on the dates on which such payments are due under the terms of the Hedge Agreements (to the extent of amounts then on deposit in
the Collection Accounts) as expressly provided herein.

 

(e)       Termination
payments (and payments of interest thereon) by the Borrower Entities may be made only (1) out of amounts on deposit in the Hedge
Borrower Collateral Account with respect to such Hedge Agreement as expressly provided herein and (2) otherwise on Payment Dates
pursuant to the Priority of Payments.

 

(f)       So
long as no Default, Event of Default, Collateral Deficit or Borrowing Base Deficiency shall have occurred and then be continuing
or would result or increase therefrom, the Borrower Entities may from time to time collateralize Hedge Agreements (to the extent
required under the terms of the Hedge Agreements) by transferring amounts on deposit in the Collection Accounts to the applicable
Hedge Borrower Collateral Accounts (in each case to the extent of amounts then on deposit in the Collection Accounts) as expressly
provided herein.

 

(g)       The
Borrower Entities may unwind Hedge Agreements on terms agreed between the Borrower and the applicable Counterparty (each, a "Hedge
Unwind") at any time and from time to time to the extent that the Borrower determines that the then outstanding Hedge
Agreements (1) do not provide a commercially reasonable hedge against foreign currency-related exposures of the Borrower Entities
or (2) have notional amounts that exceed the Collateral Obligation Notional Amounts of the respective Collateral Obligations then
hedged thereby (each of clause (1) and clause (2), a "Hedge Unwind Condition"); and, if the Administrative Agent
determines that a Hedge Unwind Condition exists, notifies the Borrower thereof and requests that the Borrower Entities effect Hedge
Unwinds to lessen or cure such Hedge Unwind Condition, then the Borrower Entities shall effect such Hedge Unwinds promptly.

 

SECTION
6. ACCOUNTS; ACCOUNTINGS AND RELEASES.

 

6.1.        
Collection of Money.

 

Except as otherwise expressly provided herein,
the Collateral Agent may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance
of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Collateral Agent pursuant
to this Agreement and the other Transaction Documents, including all payments due on the Collateral, in accordance with the terms
and conditions of such Collateral. The Collateral Agent shall segregate and hold all such money and property received by it in
the Transaction Accounts in trust for the Secured Parties and shall apply it as provided in this Agreement and the other Transaction
Documents.

 

The accounts established by the Collateral
Agent pursuant to this Agreement may include any number of subaccounts deemed necessary by the Collateral Agent or requested by
the Investment Manager for convenience in administering the Transaction Accounts and the Collateral Obligations (including, for
the avoidance of doubt, separate subaccounts for each Specified Currency).

 

Each Transaction Account shall be established
and maintained (a) with a federal or state-chartered depository institution with a short-term rating of at least "A-1"
by S&P (or a long-term rating of at least "A+" by S&P if such institution has no short-term rating) and if such
institution's short-term rating falls below "A-1" by S&P (or its long-term rating falls below "A+" by S&P
if such institution has no short-term rating), the assets held in such Transaction Account shall be transferred within 60 calendar
days to another institution that has a short-term rating of at least "A-1" by S&P (or which has a long-term rating
of at least "A+" by S&P if such institution has no short-term rating) or (b) with respect to securities accounts,
in segregated trust accounts with the corporate trust department of a federal or state-chartered deposit institution subject to
regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulation Section 9.10(b). Such institution
shall have a combined capital and surplus of at least U.S.$200,000,000.

 

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The Accounts Securities Intermediary may employ,
as subcustodians for any Pledged Obligations (and Interest Proceeds and Principal Proceeds thereon) denominated in a non-USD Specified
Currency, subcustodians and other securities depositories, clearing agencies and clearing systems (each, an "Intermediary"
and, collectively, "Intermediaries"). The Accounts Securities Intermediary shall identify on its books as belonging to
the applicable Borrower Entity (subject to the lien of U.S. Bank National Association, as Collateral Agent on behalf of the Secured
Parties) any of the Pledged Obligations of such Borrower Entity held by an Intermediary. The Accounts Securities Intermediary may
hold any such Pledged Obligations (and related Interest Proceeds and Principal Proceeds) with one or more Intermediaries in each
case in a single account with such Intermediary that is identified as belonging to the Accounts Securities Intermediary for the
benefit of its customers; provided that the records of the Accounts Securities Intermediary with respect to any such Pledged Obligations
and related Interest Proceeds and Principal Proceeds which are property of a Borrower Entity maintained in such account shall identify
by book-entry those Pledged Obligations and proceeds thereof as belonging to such Borrower Entity. On the Closing Date, the Accounts
Securities Intermediary is hereby directed to open sub-accounts of the Collateral Account, the Interest Collection Account and
the Principal Collection Account in respect of AUD, EUR and GBP. Upon notice by the Borrower that the Administrative Agent and
the Borrower have agreed in writing to a non-USD Specified Currency other than AUD, EUR and GBP, the Collateral Agent and the Accounts
Securities Intermediary shall open and are hereby directed to open any necessary accounts or sub-accounts in such currency and,
if necessary or advisable, enter into amendments to the Securities Account Control Agreement to perfect the security interest of
the Collateral Agent in such other non-USD accounts (or sub-accounts). Neither the Collateral Agent or the Accounts Securities
Intermediary shall be required to open any Transaction Account (or receive any Interest Proceeds or Principal Proceeds) in any
Non-USD Currencies other than AUD, EUR and GBP.

 

All investment or application of funds in
accordance with Section 6.3 shall be made pursuant to a Borrower Order (which may be in the form of standing instructions) provided
by an Authorized Officer of the Investment Manager. The Borrower shall at all times direct the Collateral Agent or the Accounts
Securities Intermediary, as applicable to, and, upon receipt of such Borrower Order, the Collateral Agent or the Accounts Securities
Intermediary shall, invest or cause the investment of, pending application in accordance with Section 6.3, all funds received into
the Transaction Accounts (other than the Payment Account and the Collateral Account) during a Due Period (except when such funds
shall be required to be disbursed hereunder), and amounts received in prior Due Periods and retained in any Transaction Account,
as so directed, in Eligible Investments. If, prior to the occurrence of an Event of Default, the Borrower shall not have given
any such investment directions, the Collateral Agent shall seek instructions from the Borrower within three Business Days after
transfer of such funds to the applicable Transaction Account. If the Collateral Agent does not thereupon receive written instructions
from the Borrower within five Business Days after transfer of such funds to such Transaction Account, it shall invest and reinvest
the funds held in such Transaction Account, as fully as practicable, but only in one or more Eligible Investments maturing (as
selected by the Investment Manager in a writing delivered to the Collateral Agent) no later than (x) in the case of a Transaction
Account other than the Future Funding Reserve Account, the third Business Day prior to the next Payment Date unless such Eligible
Investments are issued by the Bank, in which event such Eligible Investments may mature up to the Business Day preceding such Payment
Date and (y) in the case of the Future Funding Reserve Account, the Business Day immediately following the date of investment.
After the occurrence and during the continuance of an Event of Default, the Collateral Agent shall invest and reinvest, or cause
the investment or reinvestment of, such monies as fully as practicable in Eligible Investments (as selected by the Investment Manager
in a writing delivered to the Collateral Agent) maturing not later than the earlier of (1) 30 days after the date of such investment
or (2) the third Business Day prior to the next Payment Date unless such Eligible Investments are issued by the Bank, in which
event such Eligible Investments may mature up to the Business Day preceding such Payment Date. In the absence of any direction
from the Investment Manager the Collateral Agent shall invest amounts held as USD and on deposit in each Transaction Account in
the "U.S. Bank Money Market Deposit Account" (or other standing Eligible Investments selected by the Investment Manager).
All interest and other income from such Eligible Investments shall be deposited into the applicable Transaction Accounts and transferred
to the Interest Collection Account, and any gain realized from such investments or any loss shall be credited to the Interest Collection
Account, and any loss resulting from such investments or any loss resulting from a negative interest rate for a Specified Currency
shall be charged to the Interest Collection Account. Except as otherwise provided herein, the Collateral Agent shall not in any
way be held liable by reason of any insufficiency of funds in any Transaction Account resulting from any loss relating to any such
investment or any loss resulting from a negative interest rate for a Specified Currency; and the Collateral Agent shall not be
under any obligation to invest any funds held hereunder except as otherwise expressly set forth herein.

 

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If any amounts received by any Borrower Entity
(other than the Borrower) are to be included as Interest Proceeds or Principal Proceeds for distribution on a Payment Date or other
application by the Collateral Agent permitted by this Agreement and the other Transaction Documents, the Borrower shall cause such
other Borrower Entities to remit to the Collateral Agent on the Borrower's behalf any such Interest Proceeds or Principal Proceeds
received by such entity, which remittance shall, for amounts intended to be distributed on a Payment Date, occur not later than
the Business Day immediately succeeding the end of the related Due Period (or, to the extent that any such amounts are intended
for any other application under this Agreement and the other Transaction Documents, such remittance shall occur sufficiently in
advance of such anticipated application as may be reasonably necessary). For the avoidance of doubt, any such amounts received
by such other Borrower Entities on or prior to the Determination Date shall be treated as having been received during the related
Due Period, notwithstanding the remittance to the Collateral Agent as instructed by and in consultation with the Investment Manager
of such amounts occurs following such Determination Date as described above. The Collateral Agent shall not have any liability
for any failure to remit Interest Proceeds or Principal Proceeds on a Payment Date (or otherwise apply any such amounts in accordance
with this Agreement and the other Transaction Documents) due to a failure or delay on the part of any such other Borrower Entity
to timely remit such amounts to the Collateral Agent on behalf of the Borrower.

 

If a Borrower Entity receives Cash denominated
in currency that is not a Specified Currency (regardless of source), the Collateral Agent, when and as directed by the Borrower
(or the Investment Manager on its behalf), shall convert such amounts into USD at the prevailing spot rate of exchange at the time
of such conversion. The Borrower Entities shall bear all risks of investing in Pledged Obligations denominated in a foreign currency.
It is understood and agreed that any foreign exchange transaction effected by the Collateral Agent may be entered with the Bank
or its affiliates acting as principal or otherwise through customary banking channels. The Collateral Agent shall be entitled at
all times to comply with any legal or regulatory requirements applicable to currency or foreign exchange transactions. The Borrower
acknowledges that the Collateral Agent or any affiliates of the Collateral Agent involved in any such foreign exchange transactions
may make a margin or banking income from foreign exchange transactions entered into pursuant to this section for which they shall
not be required to account to the Borrower or any of its Affiliates. The Collateral Agent shall have no liability for any losses
included in or resulting from the rates obtained in any such exchange transaction in the absence of its gross negligence, willful
misconduct or bad faith of its duties hereunder.

 

The Collateral Agent, within one Business
Day after becoming aware of the receipt of any Distribution or other Proceeds that is not Cash, shall so notify the Investment
Manager on behalf of the Borrower Entities and the Borrower Entities shall, within 10 Business Days of receipt of such notice from
the Collateral Agent, sell such Distributions or other Proceeds for Cash in an arm's length transaction and deposit the Proceeds
thereof in the Interest Collection Account or Principal Collection Account, as relevant, for investment pursuant to Section 6.2;
provided that no Borrower Entity need sell such Distributions or other Proceeds if it delivers an Officer's Certificate
to the Collateral Agent certifying that such Distributions or other Proceeds constitute Collateral Obligations or Eligible Investments
and that all steps necessary to cause the Collateral Agent to have a perfected lien therein that is of first priority, free of
any adverse claim or the legal equivalent thereof (subject to Permitted Liens), as applicable, have been taken.

 

The Collateral Agent shall give the Borrower
and the Administrative Agent notice as soon as practicable under the circumstances if it becomes aware that any Transaction Account
or any funds on deposit therein, or otherwise to the credit of any Transaction Account, shall become subject to any writ, order,
judgment, warrant of attachment, execution or similar process. The Borrower Entities shall not have any legal, equitable or beneficial
interest in any Transaction Account other than in accordance with the provisions of this Agreement and the Securities Account Control
Agreement. At all times, all Transaction Accounts shall remain at an institution that satisfies the requirements of Section 6.1.

 

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6.2.        
Collection Accounts.

 

(a)       Interest
Collection Account. The Borrower shall, on or prior to the Initial Credit Date, establish at the Accounts Securities Intermediary
a segregated trust account in the name "BCSF I, LLC, subject to the lien of U.S. Bank National Association, as Collateral
Agent on behalf of the Secured Parties", which shall be designated as the Interest Collection Account, which shall be held
by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement into which the Borrower shall,
from time to time, deposit all Interest Proceeds except as otherwise provided in this Section 6. In addition, the Borrower may,
but under no circumstances shall be required to, deposit or cause to be deposited from time to time such monies in the Interest
Collection Account as it deems, in its sole discretion, to be advisable.

 

To the extent that any Interest Proceeds are
received in a Specified Currency other than USD, the Collateral Agent will cause such Interest Proceeds to be deposited in the
subaccount of the Interest Collection Account established for such currency (or in such other account as the Collateral Agent may
have established to hold such currency for purposes of this Agreement and the other Transaction Documents); provided that,
it is understood and agreed that, notwithstanding the establishment of such subaccounts on or prior to the Initial Credit Date,
such subaccounts shall not be available for the receipt of Interest Proceeds until such time as the Accounts Securities Intermediary
notifies the Borrower and the Collateral Agent that such subaccounts are operational and available to receive such funds (and neither
the Account Securities Intermediary nor the Collateral Agent shall have any liability for any failure or delay in the receipt of
such funds). On the Determination Date preceding each Payment Date (or at any time at the direction of the Administrative Agent,
if an Event of Default has occurred and is continuing), the Collateral Agent shall cause, at the direction of the Investment Manager,
(or if no such direction is provided by the Investment Manager, at the direction of the Administrative Agent) all amounts in each
Specified Currency in the Interest Collection Account and such subaccounts (and in each other such account) received during the
related Due Period to be converted to USD, and shall cause the USD proceeds of such conversion to be deposited in the Interest
Collection Account for application on such Payment Date pursuant to the terms and conditions set forth herein. For the avoidance
of doubt, Interest Proceeds received during a Due Period and committed to be converted by the related Determination Date as described
above shall continue to be treated as having been received in such Due Period, notwithstanding that the settlement of the currency
exchange may occur after such Determination Date (provided that such settlement occurs no later than the Business Day immediately
preceding the related Payment Date).

 

All monies deposited from time to time in
the Interest Collection Account pursuant to this Agreement shall be held in trust by the Collateral Agent as part of the Collateral
and shall be applied to the purposes provided herein.

 

Subject to 6.3(a), all property in the Interest
Collection Account, together with any securities in which funds included in such property are or will be invested or reinvested
during the term of this Agreement, and any income or other gain realized from such investments, shall be held by the Accounts Securities
Intermediary in the Interest Collection Account as part of the Collateral subject to disbursement and withdrawal solely as provided
in this Section 6.2 and Section 6.3(a).

 

(b)       Principal
Collection Account. The Borrower shall, prior to the Initial Credit Date, establish at the Accounts Securities Intermediary
a segregated trust account in the name "BCSF I, LLC, subject to the lien of U.S. Bank National Association, as Collateral
Agent on behalf of the Secured Parties", which shall be designated as the Principal Collection Account, which shall be held
by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. Any and all funds at any time
on deposit in, or otherwise to the credit of, the Principal Collection Account shall be held in trust by the Collateral Agent for
the benefit of the Secured Parties.

 

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The proceeds of all Loans made hereunder (unless
expressly permitted to be otherwise applied in accordance with the terms and conditions of this Agreement), all Principal Proceeds
and amounts transferred from the Margin Account pursuant to Section 6.3(c) shall be deposited into the Principal Collection Account.
All such funds, together with any Eligible Investments made with such funds, shall be held by the Accounts Securities Intermediary
in the Principal Collection Account as part of the Collateral subject to disbursement and withdrawal solely as provided in this
Section 6.2(b) and Section 6.3(a) below. Any income or other gain realized from Eligible Investments in the Principal Collection
Account shall be transferred to the Interest Collection Account and disbursed and withdrawn in accordance with Section 6.2.

 

So long as no Event of Default shall have
occurred and be continuing hereunder, upon the receipt of a Borrower Order, the Accounts Securities Intermediary shall reinvest
funds on deposit in the Principal Collection Account in Collateral Obligations as permitted under and in accordance with the requirements
of Section 8 and such Borrower Order.

 

In addition, the Borrower may, so long as
(i) each Collateral Portfolio Requirement would be satisfied on a pro forma basis after giving effect to such transfer, (ii) no
Default or Event of Default has occurred or would result therefrom, (iii) there is no Borrowing Base Deficiency at such time and
after giving effect thereto and (iv) the Administrative Agent has consented to (which the Administrative Agent may grant or withhold
in its sole and absolute judgement), provide a Borrower Order to the Accounts Securities Intermediary to transfer U.S. Dollars
on deposit in the Principal Collection Account to the Margin Account in accordance with such Borrower Order (it being understood
that funds may not be converted from a non-U.S. Dollar Specified Currency to U.S. Dollars in connection with any such transfer
to the Margin Account).

 

To the extent that any Principal Proceeds
are received in AUD, EUR or GBP, the Collateral Agent will cause such Principal Proceeds to be deposited in the subaccount of the
Principal Collection Account established for such currency (or in such other account as the Collateral Agent may have established
to hold such currency for purposes of this Agreement and the other Transaction Documents); provided that, it is understood and
agreed that, notwithstanding the establishment of such subaccounts on or prior to the Initial Credit Date, such subaccounts shall
not be available for the receipt of Principal Proceeds until such time as the Accounts Securities Intermediary notifies the Borrower
and the Collateral Agent that such subaccounts are operational and available to receive such funds (and neither the Account Securities
Intermediary nor the Collateral Agent shall have any liability for any failure or delay in the receipt of such funds). On the Determination
Date preceding each Payment Date (or at any time at the direction of the Administrative Agent, if an Event of Default has occurred
and is continuing), the Collateral Agent shall cause, at the direction of the Investment Manager (or if no such direction is provided
by the Administrative Agent, at the direction of the Administrative Agent) all amounts in each Specified Currency in the Principal
Collection Account and such subaccounts (and in each other such account) received during the related Due Period to be converted
to USD, and shall cause the USD proceeds of such conversion to be deposited in the Principal Collection Account for application
on such Payment Date pursuant to the terms and conditions set forth herein. For the avoidance of doubt, Principal Proceeds received
during a Due Period and committed to be converted by the related Determination Date as described above shall continue to be treated
as having been received in such Due Period, notwithstanding that the settlement of the currency exchange may occur after such Determination
Date (provided that such settlement occurs no later than the Business Day immediately preceding the related Payment Date). Pursuant
to a Borrower Order, the Investment Manager may from time to time direct the Collateral Agent to convert any such non-USD amounts
into USD and for the proceeds of such conversion to be deposited in the Principal Collection Account for application pursuant to
the terms and conditions set forth herein, and at any time, if an Event of Default has occurred and is continuing, the Collateral
Agent may (at the direction of the Administrative Agent) convert any or all of such non-USD amounts into USD for application hereunder.

 

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(c)       Hedge
Agreement Payments. So long as no Default, Event of Default, Collateral Deficit or Borrowing Base Deficiency shall have occurred
and then be continuing or would result or increase therefrom, the Investment Manager on behalf of a Borrower Entity may by Borrower
Order direct the Collateral Agent to, and upon receipt of such Borrower Order the Collateral Agent shall, on any Business Day during
any Interest Period:

 

(1)       pay
from amounts on deposit in the Collection Accounts ordinary course payments (but not termination payments or interest thereon)
then due and payable by the Borrower Entities under the terms of the Hedge Agreements; and

 

(2)       transfer
from amounts on deposit in the Collection Accounts to the applicable Hedge Borrower Collateral Accounts such amounts as may be
then required under the terms of the Hedge Agreements ("Required Hedge Collateral") to collateralize the Borrower
Entities' obligations thereunder.

 

6.3.        
Other Transaction Accounts.

 

(a)      
Payment Account. The Borrower shall, on or prior to the Initial Credit Date, establish at the Accounts Securities
Intermediary a segregated trust account in the name "BCSF I, LLC, subject to the lien of U.S. Bank National Association, as
Collateral Agent on behalf of the Secured Parties", which shall be designated as the Payment Account, which shall be held
by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. Any and all funds at any time
on deposit in, or otherwise to the credit of, the Payment Account shall be held in trust by the Collateral Agent for the benefit
of the Secured Parties.

 

Except as provided in the Priority of Payments
and in this Section 6.3, the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of,
the Payment Account shall be to pay the interest on and the principal of and other amounts owing in respect of the Loans in accordance
with the provisions of this Agreement and, upon Borrower Order to pay Administrative Expenses (which Borrower Order shall be deemed
to be provided for Administrative Expenses identified in the Valuation Report) and other amounts specified in the Priority of Payments
in accordance with the Priority of Payments and Section 12.

 

The Collateral Agent shall cause the transfer
to the Payment Account, for application pursuant to the Priority of Payments, on the first Business Day preceding each Payment
Date, or, if such funds are permitted to be available in the Interest Collection Account or the Principal Collection Account, as
the case may be, on the Business Day preceding each Payment Date pursuant to Section 6.1 of any amounts then held in Cash as in
(1) the Interest Collection Account and (2) the Principal Collection Account (other than Cash that the Investment Manager is permitted
to and elects to retain in such account for subsequent reinvestment in Collateral Obligations) and any Reinvestment Income on amounts
in the Principal Collection Account, other than Proceeds received after the end of the Due Period with respect to such Payment
Date.

 

(b)       Expense
Reserve Account. The Borrower shall, on or prior to the Initial Credit Date, establish at the Accounts Securities Intermediary
a segregated trust account in the name "BCSF I, LLC, subject to the lien of U.S. Bank National Association, as Collateral
Agent on behalf of the Secured Parties", which shall be designated as the Expense Reserve Account, which shall be held by
the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement, into which the Borrower shall
deposit the Expense Reserve Amount as required pursuant to Section 2.3 and any funds required to be deposited therein pursuant
to the Priority of Payments. Any and all funds at any time on deposit in, or otherwise to the credit of, the Expense Reserve Account
shall be held in trust by the Collateral Agent for the benefit of the Secured Parties. Pursuant to Borrower Order, the Collateral
Agent may at any time withdraw funds deposited in the Expense Reserve Account (x) to pay for any fees or expenses incurred by or
on behalf of the Borrower Entities in connection with the structuring and consummation of the transactions contemplated hereby
(the "Reserved Expenses") and (y) to pay for accrued and unpaid Administrative Expenses. Amounts in the Expense
Reserve Account will be invested in overnight funds that are Eligible Investments in accordance with the written instructions of
the Investment Manager (which may be in the form of standing instructions). On the Business Day prior to the Maturity Date, the
Collateral Agent shall remit the balance on deposit in the Expense Reserve Account to the Principal Collection Account for application
as Principal Proceeds.

 

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(c)       Margin
Account. The Borrower shall, on or prior to the Initial Credit Date, establish at the Accounts Securities Intermediary a segregated
trust account in the name "BCSF I, LLC, subject to the lien of U.S. Bank National Association, as Collateral Agent on behalf
of the Secured Parties", which shall be designated as the Margin Account, which shall be held by the Accounts Securities Intermediary
in accordance with the Securities Account Control Agreement, into which the Borrower shall deposit cash in U.S. dollars from time
to time as required pursuant to the Margining Agreement. Any and all funds at any time on deposit in, or otherwise to the credit
of, the Margin Account shall be held in trust by the Collateral Agent for the benefit of the Secured Parties. The only withdrawals
from the Margin Account shall be (1) if at any time any Event of Default has occurred and is continuing, for application under
the Enforcement Priority of Payments at the direction of the Requisite Lenders and (2) if no Default, Event of Default, Collateral
Deficit or Borrowing Base Deficiency has occurred and is then continuing or would result or increase therefrom, for transfer to
the Principal Collection Account or remittance to the Equity Holder as provided in the Margining Agreement. On the Business Day
prior to the Maturity Date, the Collateral Agent shall remit the balance on deposit in the Margin Account to the Principal Collection
Account for application as Principal Proceeds.

 

(d)       Collateral
Account. The Borrower shall, on or prior to the Initial Credit Date, establish at the Accounts Securities Intermediary a segregated
trust account in the name "BCSF I, LLC, subject to the lien of U.S. Bank National Association, as Collateral Agent on behalf
of the Secured Parties", which shall be designated as the Collateral Account, which shall be held by the Accounts Securities
Intermediary in accordance with the Securities Account Control Agreement into which the Borrower shall from time to time deposit
Collateral. All Collateral deposited from time to time in the Collateral Account pursuant to this Agreement shall be held in trust
by the Collateral Agent as part of the Collateral and shall be applied to the purposes provided herein provided that, it
is understood and agreed that, notwithstanding the establishment of such subaccounts on or prior to the Initial Credit Date, any
subaccounts for a Specified Currency other than USD shall not be available for the receipt of Collateral until such time as the
Accounts Securities Intermediary notifies the Borrower and the Collateral Agent that such subaccounts are operational and available
to receive such funds (and neither the Account Securities Intermediary nor the Collateral Agent shall have any liability for any
failure or delay in the receipt of such Collateral). Funds in the Collateral Account will remain uninvested.

 

(e)       Hedge
Borrower Collateral Account. The Borrower shall, on or prior to the Initial Credit Date, establish at the Accounts Securities
Intermediary a segregated trust account in the name "BCSF I, LLC, subject to the lien of U.S. Bank National Association, as
Collateral Agent on behalf of the Secured Parties", which shall be designated as the Hedge Borrower Collateral Account and
which shall be held by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. At the
time a Borrower Entity enters into any Hedge Agreement, the Collateral Agent shall, upon Borrower Order, create a subaccount of
the Hedge Borrower Collateral Account with respect to the related Counterparty. The only deposits of funds into any subaccount
of the Hedge Borrower Collateral Account shall be (1) deposits of Required Hedge Collateral from time to time pursuant to Section
6.2(b) with respect to the related Hedge Agreements and (2) deposits therein expressly required pursuant to the Priority of Payments.
Any and all funds at any time on deposit in, or otherwise to the credit of, the Margin Account shall be held in trust by the Collateral
Agent for the benefit of the related Counterparties and the Secured Parties.

 

The only withdrawals from the subaccount of
the Hedge Borrower Collateral Account with respect to a Counterparty shall be:

 

(1)       if
the amount on deposit in such subaccount exceeds the amount required to be on deposit therein pursuant to the terms of the related
Hedge Agreement, to be transferred to the Principal Collection Account for application as Principal Proceeds;

 

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(2)       if
a related Hedge Agreement is terminated (in whole or in part), other than pursuant to a Junior Priority Termination Event, and
an amount is owing by a Borrower Entity to such Counterparty under such Hedge Agreement, for payment of the related termination
claim (and interest thereon) to such Counterparty; and

 

(3)       if
a related Hedge Agreement is terminated (in whole or in part) pursuant to a Junior Priority Termination Event, to be transferred
to the Principal Collection Account for application as Principal Proceeds on the next succeeding Payment Date.

 

(f)       Hedge
Counterparty Collateral Accounts. The Borrower shall, on or prior to the Initial Credit Date, establish at the Accounts Securities
Intermediary a segregated trust account in the name "BCSF I, LLC, subject to the lien of U.S. Bank National Association, as
Collateral Agent on behalf of the Secured Parties", which shall be designated as the Hedge Counterparty Collateral Account
and which shall be held by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. At
the time a Borrower Entity enters into any Hedge Agreement, the Collateral Agent shall, upon Borrower Order, create a subaccount
of the Hedge Counterparty Collateral Account with respect to the related Counterparty. The only deposits of funds into any subaccount
of the Hedge Counterparty Collateral Account shall be deposits of collateral from time to time posted by the related Counterparty
with respect to the its Hedge Agreements. Any and all funds at any time on deposit in, or otherwise to the credit of, the Margin
Account shall be held in trust by the Collateral Agent for the benefit of the related Counterparties and the Secured Parties.

 

The only withdrawals from the subaccount of
the Hedge Counterparty Collateral Account with respect to a Counterparty shall be:

 

(1)       if
the amount on deposit in such subaccount exceeds the amount required to be on deposit therein pursuant to the terms of the related
Hedge Agreement, to be transferred to the related Counterparty;

 

(2)       if
a related Hedge Agreement is terminated (in whole or in part) and an amount is owing by such Counterparty to a Borrower Entity
under such Hedge Agreement, for payment (by transfer to the Principal Collection Account) of the related termination claim (and
interest thereon) to such Borrower Entity; and

 

(3)       if
a related Hedge Agreement is terminated in whole (but not in part) and no amount is owing by such Counterparty to a Borrower Entity
under such Hedge Agreement, to be transferred to the related Counterparty.

 

(g)       Future
Funding Reserve Account. The Borrower shall, on or prior to the Effective Date, establish at the Accounts Securities Intermediary
a segregated trust account in the name "BCSF I, LLC, subject to the lien of U.S. Bank National Association, as Collateral
Agent on behalf of the Secured Parties", which shall be designated as the Future Funding Reserve Account, which shall be held
by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. At or prior to the Acquisition
of a Future Funding Collateral Obligation, funds in an amount equal to the Equity Exposure Amount of such obligation shall be deposited
by or on behalf of the Borrower pursuant to a Borrower Order into the Future Funding Reserve Account in the relevant Specified
Currency. All Principal Proceeds in each Specified Currency in respect of Future Funding Collateral Obligations received upon the
receipt of such Principal Proceeds shall be deposited into the Future Funding Reserve Account.

 

The only permitted withdrawals from or applications
of funds on deposit in, or otherwise to the credit of, the Future Funding Reserve Account in any Specified Currency shall be (i)
at the direction of the Investment Manager, to fund or pay Exposure Amounts on the Future Funding Collateral Obligations in such
Specified Currency as and when required under the terms of such Future Funding Collateral Obligations (after, or concurrently upon,
providing to the Administrative Agent the related funding notice received under the Underlying Instrument of such Future Funding
Collateral Obligation) (ii) to the extent of any excess of the funds on deposit in the Future Funding Reserve Account in such Specified
Currency over the sum of the Exposure Amounts under all Future Funding Collateral Obligations in such Specified Currency, transfer
such excess, upon Borrower Order, either (x) to the Principal Collection Account for application as Principal Proceeds in such
Specified Currency to be applied in accordance with the Priority of Payments (or as otherwise required hereunder, including for
application as Individual Realization Application Amounts) or (y) so long as (A) there is no Borrowing Base Deficiency or Collateral
Deficit at such time and after giving effect thereto and (B) the Equity Distribution Test shall be satisfied on a pro forma
basis after giving effect thereto, to be applied as directed by the Borrower in such Borrower Order and (iii) if an Event of
Default shall have occurred and then be continuing, to be applied under the Enforcement Priority of Payments.

 

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To
the extent that any amounts to be deposited in the Future Funding Reserve Account are denominated in AUD, EUR or GBP, the
Collateral Agent will cause such amounts to be deposited in the subaccount of the Future Funding Reserve Account established for
such currency (or in such other account as the Collateral Agent may have established to hold such currency for purposes of this
Agreement and the other Transaction Documents). The Borrower shall not convert (or cause to be converted) amounts on deposit in
the Future Funding Reserve Account (or any subaccount or other such account) from one Specified Currency into another Specified
Currency without the consent of the Administrative Agent. If an Event of Default has occurred and is continuing at any time, the
Collateral Agent may (at the direction of the Administrative Agent but not otherwise) convert any or all of such non-USD amounts
into USD for application hereunder.

 

6.4.        
Reports by Collateral Agent.

 

The Collateral Agent shall make available
in a timely fashion to the Borrower and the Investment Manager any information regularly maintained by the Collateral Agent and
the Collateral Administrator that the Borrower or the Investment Manager may from time to time reasonably request with respect
to the Pledged Obligations or the Transaction Accounts reasonably needed to complete the Valuation Report and the Monthly Report
or to provide any other information reasonably available to the Collateral Agent by reason of its acting as Collateral Agent hereunder
and required to be provided by Section 6.5 or to permit the Investment Manager to perform its obligations under the Investment
Management Agreement. The Collateral Agent or the Collateral Administrator shall, in a timely fashion, forward to the Investment
Manager copies of notices and other writings received by it, in its capacity as Collateral Agent or the Collateral Administrator,
as applicable, hereunder, from the obligor or other Person with respect to any Collateral Obligation or from any Clearing Agency
with respect to any Collateral Obligation advising the holders of such obligation of any rights that the holders might have with
respect thereto (including notices of calls and redemptions thereof) as well as all periodic financial reports received from such
obligor or other Person with respect to such obligation and Clearing Agencies with respect to such obligor. The Borrower and the
Investment Manager shall likewise cooperate by providing in a timely fashion to the Collateral Agent and the Collateral Administrator
such information in such party's possession as maintained or reasonably available to it hereunder in respect of the Pledged Obligations
or otherwise reasonably necessary to permit the Collateral Agent or the Collateral Administrator, as applicable, to perform its
duties hereunder and, with respect to the Collateral Administrator, under the Collateral Administration Agreement.

 

The Collateral Administrator shall, based
upon information provided by the Investment Manager, prepare and deliver to the Administrative Agent on each Business Day a trade
reconciliation statement setting forth a list of each Commitment by a Borrower Entity to Acquire or Dispose of any Collateral Obligation
that has not yet settled, including for each such Commitment the identity of the seller or purchaser of such Collateral Obligation,
the date of the related trade ticket, the expected settlement date and such other information relating thereto as the Administrative
Agent may reasonably request.

 

Nothing in this Section 6.4 shall be construed
to impose upon the Collateral Agent or the Collateral Administrator any duty to prepare any report or statement required under
Section 6.5 or to calculate or compute information required to be set forth in any such report or statement other than information
regularly maintained by the Collateral Agent by reason of its acting as Collateral Agent hereunder.

 

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6.5.        
Accountings.

 

(a)           Daily.
On each Business Day, commencing on the second Business Day following the Initial Credit Date (including each day on which a Monthly
Report or a Valuation Report is delivered), the Borrower shall compile, or cause to be compiled, a report (the "Daily Report")
and then provide or make available such Daily Report by or electronic mail to the Collateral Agent, the Collateral Administrator
Parties, the Investment Manager, the Administrative Agent and the Lenders, provided that a Daily Report may be provided
to any such party by posting such Daily Report on the Collateral Agent's website and providing access thereto to such parties.
Each Daily Report shall contain the following information and instructions with respect to the Collateral, determined as of the
close of business on the immediately preceding Business Day:

 

(i)           the
Aggregate Principal Amount of the Collateral Obligations and the Eligible Investments then owned by the Borrower Entities;

 

(ii)          for
each Collateral Obligation and Eligible Investment then owned by the Borrower Entities:

 

(1)       the
owner of such Collateral Obligation or Eligible Investment;

 

(2)       the
Principal Balance; currency; the annual interest rate (including the basis for such rate); maturity date (including the later date
if such maturity date is extended); issuer; where such issuer is organized; and the CUSIP, LIN or other security identifier, if
any, thereof; and

 

(3)       whether
such Collateral Obligation is a Future Funding Collateral Obligation and, if so, the related Equity Exposure Amount and Exposure
Amount;

 

(iii)         a
list of each Collateral Obligation that each Borrower Entity has Committed to Acquire but for which the related settlement has
not yet occurred (and, for each, the purchase price to be payable by such Borrower Entity for such Collateral Obligation);

 

(iv)         a
list of each Collateral Obligation that each Borrower Entity has Committed to sell but for which the related settlement has not
yet occurred (and, for each, the purchase price to be received by such Borrower Entity for such Collateral Obligation);

 

(v)          the
Balance on deposit in each Specified Currency in each Transaction Account (and, for the avoidance of doubt, each sub-account thereof);

 

(vi)         for
each Hedge Agreement then outstanding:

 

(1)       the
related Counterparty;

 

(2)       each
payment or exchange made thereunder during the then current or immediately prior Due Period;

 

(3)       each
payment or exchange required to be made thereunder thereafter;

 

(4)       all
overdue amounts (if any) thereunder;

 

(5)       the
notional amount(s) thereof, the scheduled payment or exchange dates thereunder and the formulas for calculating payments thereunder;
and

 

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(6)       all
amounts on then deposit (if any) in the related Hedge Counterparty Collateral Account and the related Hedge Borrower Collateral
Account; and

 

(vii)        such
other information as the Administrative Agent may reasonably request regarding the Collateral.

 

(b)          Monthly.
Commencing in November 2017, (i) in the case of a month in which there is no Payment Date, not later than the 15th day
of such month (or, if such day is not a Business Day, the next succeeding Business Day) and (ii) in the case of a month in which
there is a Payment Date, one Business Day prior to such Payment Date, the Borrower shall compile, or cause to be compiled, a report
(the "Monthly Report") and the Borrower shall then provide or make available such Monthly Report to the Collateral
Agent, the Collateral Administrator Parties, the Investment Manager, the Administrative Agent and each Lender, provided
that a Monthly Report may be provided to any such party by posting such Monthly Report on the Collateral Agent's website and providing
access thereto to such parties. For the avoidance of doubt, any Monthly Report to be provided in a month in which there is a Payment
Date may be combined with the related Valuation Report. The Monthly Report shall contain the following information and instructions
with respect to the Collateral, determined as of (1) in the case of a month in which there is no Payment Date, the last Business
Day of the immediately preceding month and (2) in the case of a month in which there is a Payment Date, the Determination Date
for such Payment Date:

 

With respect to the Collateral Portfolio:

 

(i)           the
Aggregate Principal Amount of the Collateral Obligations and the Eligible Investments;

 

(ii)          the
Principal Balance, currency, annual interest rate (including the basis for such rate), maturity date (including the later date
if such maturity date is extended), issuer of each Collateral Obligation and Eligible Investment and where the issuer of each Collateral
Obligation and Eligible Investment is organized, as the case may be; the CUSIP, LIN or any other security identifier, if any, of
each Collateral Obligation and Eligible Investment, as the case may be;

 

(iii)          an
indication as to the classification of such Collateral Obligation (i.e., first lien, etc.); and whether such Collateral Obligation
has been designated as a "Private Asset" or a "Non-Private Asset" pursuant to the terms of this Agreement;

 

(iv)         the
owner of such Collateral Obligation;

 

(v)          the
nature, source and amount of any Proceeds in each of the Transaction Accounts including the Interest Proceeds and Principal Proceeds
(stating separately the amount of Sale Proceeds), received since the date of determination of the last Monthly Report, all in the
Specified Currencies in which such amounts are denominated;

 

(vi)         the
number, identity and, if applicable, principal amount of any Collateral that was released for sale or other disposition (specifying
the category of permitted sales under which it falls) and the number, identity and, if applicable, par value of Collateral Acquired
by the Borrower Entities since the date of determination of the last Monthly Report (or, in the case of the first Monthly Report,
since the Initial Credit Date);

 

(vii)        [reserved];

 

(viii)       the
Acquisition or sale price of each item of Collateral Acquired by each Borrower Entity, in each case since the date of determination
of the last Monthly Report (or, in the case of the first Monthly Report, since the Initial Credit Date) and the identity of the
purchasers or sellers thereof, if any, which are Affiliated with the Borrower or the Investment Manager;

 

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(ix)          (A)
the identity and Principal Balance of each Collateral Obligation that was upgraded or downgraded since the most recent Monthly
Report (or, in the case of the first Monthly Report, since the Initial Credit Date) and (B) the Aggregate Principal Amount of Collateral
Obligations that were (1) upgraded and (2) downgraded, respectively since the most recent Monthly Report (or, in the case of the
first Monthly Report, since the Initial Credit Date);

 

(x)           for
each Hedge Agreement then outstanding:

 

(1)       the
related Counterparty;

 

(2)       each
payment or exchange made thereunder during the then current or immediately prior Due Period;

 

(3)       each
payment or exchange required to be made thereunder thereafter;

 

(4)       all
overdue amounts (if any) thereunder;

 

(5)       the
notional amount(s) thereof, the scheduled payment or exchange dates thereunder and the formulas for calculating payments thereunder;
and

 

(6)       all
amounts on then deposit (if any) in the related Hedge Counterparty Collateral Account and the related Hedge Borrower Collateral
Account;

 

(xi)          whether
such Collateral Obligation is a Future Funding Collateral Obligation and, if so, the related Equity Exposure Amount and Exposure
Amount; and

 

(xii)         such
other information as the Collateral Agent, Investment Manager, the Administrative Agent or the Requisite Lenders may reasonably
request regarding the Loans and the Collateral therefor.

 

Upon receipt of each Monthly Report, the Collateral
Agent shall compare the information contained therein to the information contained in its records with respect to the Collateral
and shall, within three Business Days after receipt of such Monthly Report, notify the Borrower and the Investment Manager if the
information contained in the Monthly Report does not conform to the information maintained by the Collateral Agent in its records
and detail any discrepancies. If any discrepancy exists, the Collateral Agent and the Borrower, or the Investment Manager on behalf
of the Borrower, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Borrower shall
appoint, within five Business Days, an Independent accountant to review such Monthly Report and the Collateral Agent's records
to determine the cause of such discrepancy. If such review reveals an error in the Monthly Report or the Collateral Agent's records,
the Monthly Report or the Collateral Agent's records shall be revised accordingly and, as so revised, shall be utilized in making
all calculations pursuant to this Agreement.

 

(c)           Payment
Date Accounting. The Borrower shall compile or cause to be compiled a report (the "Valuation Report") and
the Borrower shall then provide, or cause to be provided, such Valuation Report by facsimile, overnight courier or electronic mail
to the Collateral Agent (who shall make such Valuation Report available to the Administrative Agent and the Lenders by access to
its website or by first class mail upon written request therefor) not later than one Business Day prior to the related Payment
Date (or, with respect to the Maturity Date, on the Payment Date). The Valuation Report shall contain the following information:

 

(i)            the
Aggregate Principal Amount of the Collateral Obligations as of the close of business on such Determination Date, after giving effect
to (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds
in substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the release of any Collateral Obligations
during such Due Period;

 

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(ii)          the
aggregate outstanding principal balance of the Loans (in Dollars and as a percentage of the original aggregate outstanding principal
balance of the Loans at the beginning of the Due Period), the amount of principal payments to be made on the Loans on the next
Payment Date, the amount of any overdue interest and the aggregate outstanding principal balance of the Loans as a Dollar figure
and as a percentage of the original aggregate outstanding principal balance, in each case after giving effect to the principal
payments, if any, for such Payment Date;

 

(iii)         the
amount of interest payable to the Lenders for such Payment Date and the amount of Interest Proceeds and Principal Proceeds payable
to the Equity Holder (in each case determined as of the related Determination Date);

 

(iv)         the
amount of Principal Proceeds (in USD terms) to be applied pursuant to clause (1) of the Principal Priority of Payments (in each
case determined as of the related Determination Date);

 

(v)          the
Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date);

 

(vi)         for
the Interest Collection Account:

 

(1)       the
Balance on deposit in the Interest Collection Account at the end of the related Due Period, in each Specified Currency and the
Balance in Dollars after the conversion under Section 6.2(a);

 

(2)       the
amounts payable from the Interest Collection Account (through a transfer to the Payment Account) pursuant to subclauses (1) through
(16) of the Interest Priority of Payments and subclauses (1) through (13) of the Principal Priority of Payments for such Payment
Date; and

 

(3)       the
Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date
(determined as of the related Determination Date);

 

(vii)        for
the Principal Collection Account:

 

(1)       the
Balance on deposit in the Principal Collection Account at the end of the related Due Period, in each Specified Currency and the
Balance in Dollars after the conversion under Section 6.2(b);

 

(2)       the
amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds
pursuant to the Interest Priority of Payments and as Principal Proceeds pursuant to the Principal Priority of Payments for such
Payment Date (in each case determined as of the related Determination Date); and

 

(3)       the
Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date
(determined as of the related Determination Date), in each Specified Currency;

 

(viii)       the
amount of unpaid interest, if any, with respect to any Loans (in each case determined as of the related Determination Date);

 

(ix)          the
Principal Payments received during the related Due Period, in each Specified Currency;

 

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(x)           the
Principal Proceeds received during the related Due Period, in each Specified Currency;

 

(xi)          the
Interest Proceeds received during the related Due Period, in each Specified Currency;

 

(xii)         the
amounts payable pursuant to each subclause of the Interest Priority of Payments and the Principal Priority of Payments on the related
Payment Date (in each case determined as of the related Determination Date);

 

(xiii)        [reserved];

 

(xiv)       the
identity of any Collateral Obligations and other properties that were released for sale or other disposition, indicating whether
such Collateral Obligation or other property is an Ineligible Asset and whether such Collateral Obligation or Ineligible Asset
was sold or disposed of since the last Valuation Report;

 

(xv)         for
each Hedge Agreement then outstanding:

 

(1)       the
related Counterparty;

 

(2)       each
payment or exchange made thereunder during the then current or immediately prior Due Period;

 

(3)       each
payment or exchange required to be made thereunder thereafter;

 

(4)       all
overdue amounts (if any) thereunder;

 

(5)       the
notional amount(s) thereof, the scheduled payment or exchange dates thereunder and the formulas for calculating payments thereunder;
and

 

(6)       all
amounts on then deposit (if any) in the related Hedge Counterparty Collateral Account and the related Hedge Borrower Collateral
Account; and

 

(xvi)       such
other information as the Collateral Agent, Investment Manager or the Administrative Agent may reasonably request regarding the
Loans and the Collateral therefor.

 

(d)          Payment
Date Instructions. Each Valuation Report shall constitute instructions to the Collateral Agent to withdraw on the related Payment
Date from the Payment Account and pay or transfer the amounts set forth in such report in the manner specified, and in accordance
with the priorities established, in the Priority of Payments.

 

(e)           Valuation
Report/Monthly Report/Daily Report. Notwithstanding any provision to the contrary contained in this Agreement, (i) the
Borrower may prepare (or cause to be prepared) a separate Daily Report for each of the Collateral Obligations and Eligible
Investments owned by the Borrower and each other Borrower Entity, and any such reports provided for any Business Day shall
collectively constitute the "Daily Report" for such day; and (ii) in the case of a month in which there is a
Payment Date, the Borrower, or the Collateral Administrator on behalf of the Borrower, need not compile a separate Monthly
Report and Valuation Report but may in lieu thereof compile a combined report that contains the information, determined as of
the Determination Date, required by Section 6.5(b) and Section 6.5(c). Such combined report shall otherwise be subject to all
of the requirements set forth in the first paragraphs of Section 6.5(b) and Section 6.5(c). Except as otherwise expressly
stated, information in such reports (i) as to any asset shall be in the Specified Currency of such asset and (ii) in respect
of any test or other reporting item relating to assets in the aggregate, shall be reported in USD (and converted as necessary
at the Collateral Agent Exchange Rate on the related determination date for such report).

 

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(f)           Distribution
of Reports. The Collateral Agent will make the Monthly Report and the Valuation Report available via its internet website.
In addition, the Collateral Agent shall provide information in respect of cash balances to the Administrative Agent via SWIFT.
The Collateral Agent's internet website shall initially be located at "www.usbank.com/cdo". Assistance in using the website
can be obtained by contacting the Collateral Agent's Corporate Trust Office. Parties that are unable to use the above distribution
options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating
such. The Collateral Agent shall have the right to change the way such statements are distributed in order to make such distribution
more convenient and/or more accessible to the above parties and the Collateral Agent shall provide timely and adequate notification
to all above parties regarding any such changes. As a condition to access to the Collateral Agent's internet website, the Collateral
Agent may require registration and the acceptance of a disclaimer. The Collateral Agent shall be entitled to rely on but shall
not be responsible for the content or accuracy of any information provided in the Monthly Report and the Valuation Report which
the Collateral Agent disseminates in accordance with this Agreement and may affix thereto any disclaimer it deems appropriate in
its reasonable discretion.

 

6.6.        
Additional Reports.

 

In addition to the information and reports
specifically required to be provided pursuant to the terms of this Agreement, the Borrower (at its expense), or the Investment
Manager on behalf of the Borrower, shall compile and the Borrower shall then provide the Administrative Agent and the Lenders (upon
request of the Requisite Lenders), with all information or reports delivered to the Collateral Agent hereunder, and such additional
information as the Administrative Agent or the Requisite Lenders may from time to time reasonably request and the Borrower shall
reasonably determine may be obtained and provided without unreasonable burden or expense (the "Additional Reports").
Such a request from a Lender (or its designee) may be submitted directly to the Collateral Agent and then such request shall be
forwarded to the Borrower for processing.

 

6.7.        
Delivery of Pledged Obligations; Custody Documents; Etc.

 

(a)          The
Collateral Agent shall credit all Collateral Obligations and Eligible Investments Acquired by the Borrower in accordance with this
Agreement and Cash to the relevant Transaction Account established and maintained pursuant to this Section 6, as to which in each
case the Collateral Agent and the Borrower shall have entered into the Securities Account Control Agreement.

 

(b)          Each
time that a Borrower Entity, or the Investment Manager on behalf of such Borrower Entity, shall direct or cause the Acquisition
of any Collateral Obligation or Eligible Investment, such Borrower Entity or the Investment Manager on behalf of such Borrower
Entity shall, if such Collateral Obligation or Eligible Investment has not already been transferred to the relevant Transaction
Account, cause such Collateral Obligation or Eligible Investment to be delivered. The security interest of the Collateral Agent
in the funds or other property utilized in connection with such Acquisition shall, immediately and without further action on the
part of the Collateral Agent, thereupon be released. The security interest of the Collateral Agent shall nevertheless come into
existence and continue in such Collateral Obligation or Eligible Investment so Acquired, including all rights of the Borrower Entities
in and to any contracts related to and proceeds of such Collateral Obligation or Eligible Investment.

 

(c)          Without
limiting the foregoing, each Borrower Entity, or the Investment Manager on behalf of such Borrower Entity, will use its commercially
reasonable efforts to direct the Accounts Securities Intermediary to take such different or additional action as may be necessary
in order to maintain the perfection or priority of the security interest in the event of any change in applicable law or regulation,
including Articles 8 and 9 of the UCC.

 

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(d)          In
addition to the steps specified in subclauses (b) and (c) above, each Borrower Entity or the Investment Manager (at the sole cost
and expense of the Borrower Entities) on behalf of the such Borrower Entity will use commercially reasonable efforts to take all
actions necessary or advisable under the laws of the applicable jurisdiction of organization of such Borrower Entity to protect
the security interest of the Collateral Agent.

 

(e)           For
each Collateral Obligation owned by a Borrower Entity on the Initial Credit Date, such Borrower Entity shall:

 

(1)           prepare,
execute and deliver (and procure execution by the other parties required to execute and deliver the same) to the Collateral Custodian,
on the Initial Credit Date, the Escrowed Assignment Agreement Documents for such Collateral Obligation, to be held by the Collateral
Custodian pending the assignment of Collateral Obligation in connection with the exercise of remedies by the Collateral Agent or
the Requisite Lenders under the Transaction Documents; provided that such Escrowed Assignment Agreement Documents shall
be provided in electronic form (to the Transaction Data Room) on the Initial Credit Date with originals to be sent to the Collateral
Custodian within 10 days after the Initial Credit Date.

 

(2)          direct
all the obligors and agents, as applicable, on all Collateral Obligations to make all payments under the relevant Underlying Instruments
in respect of such Collateral Obligations directly to the applicable Transaction Accounts;

 

(3)          deliver
copies of a Document Checklist for such Collateral Obligation, all related Underlying Instruments and other related Custody Documents
to the Collateral Custodian on behalf of the Secured Parties; provided that:

 

(i)        (x)
with respect to Collateral Obligations other than Originated Collateral Obligations, items referenced in clause (a) of the definition
of "Underlying Instruments" shall be delivered on the Initial Credit Date and (y) with respect to Originated Collateral
Obligations, items in clause (a) of the definition of "Underlying Instruments" shall be delivered within five Business
Days of the Initial Credit Date;

 

(ii)       items
referenced in clause (b) of the definition of "Underlying Instruments" shall be delivered promptly upon receipt by the
Investment Manager; and

 

(iii)      items
referenced in clause (c) of the definition of "Underlying Instruments" shall be delivered upon request by the Requisite
Lenders to the extent that the Investment Manager has received such items.

 

To the extent not otherwise provided in clause
(3) above, the Preliminary Documentation Package for each Collateral Obligation shall be delivered on or prior to the date on which
the Borrower Entities fund the Acquisition of such Collateral Obligation (whether with funds on deposit in the Transaction Accounts
or with the proceeds of any borrowing under the Transaction Documents); and the Additional Documentation shall be delivered within
five Business Days after the date on which the Borrower Entities fund the Acquisition of such Collateral Obligation.

 

For all purposes hereof and the other Transaction
Documents, the Borrower Entities and the Investment Manager will be deemed to have satisfied their obligations to deliver such
Document Checklists, all Underlying Instruments and other related Custody Documents under this clause (e) to the Collateral Custodian
to the extent such material has been made available to the Collateral Agent in the Transaction Data Room, except that any original
executed note as described in clause (a) of the definition of Preliminary Documentation Package and Escrowed Assignment Agreement
Documents shall be physically delivered to the Collateral Agent.

 

(f)       For
each Collateral Obligation Acquired by a Borrower Entity after the Initial Credit Date, such Borrower Entity shall:

 

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(1)           prepare,
execute and deliver (and procure execution by the other parties required to execute and deliver the same) to the Collateral Custodian,
on the date on which such Borrower Entity Acquires such Collateral Obligation:

 

(x)       the
Escrowed Assignment Agreement Documents for such Collateral Obligation, to be held by the Collateral Custodian pending the assignment
of Collateral Obligation in connection with the exercise of remedies by the Collateral Agent or the Requisite Lenders under the
Transaction Documents; provided that:

 

(i)            except
as set forth in clause (ii) below, such Escrowed Assignment Agreement Documents shall be provided in electronic form on the date
on which such Borrower Entity Acquires such Collateral Obligation with originals to be sent to the Collateral Custodian within
10 days after the date of such Acquisition; and

 

(ii)           such
Escrowed Assignment Agreement Documents may be provided (in both electronic and original form) within 30 Business days after the
Acquisition of such Collateral Obligation if:

 

(A)       at
the time of such Acquisition, the aggregate Asset Amortized Amount of all Collateral Obligations (including such Acquired Collateral
Obligation) for which Escrowed Assignment Agreement Documents are being delivered, but have not yet been delivered, under this
clause (ii) (the "In Transit Collateral Obligations" at such time) is less than or equal to 2% of the Total Facility
Amount at such time; and

 

(B)       the
Borrower provides to the Administrative Agent, the Collateral Agent and the Collateral Custodian, at the time of such Acquisition,
a list of each In Transit Collateral Obligation at such time, setting forth for each such Collateral Obligation its date of Acquisition
and the Asset Amortized Amount thereof; and

 

(y)       if
any Sponsor Administrative Agent is party to the related Underlying Instruments and such Sponsor Administrative Agent has not theretofore
executed and delivered an Administrative Agent Cooperation Agreement that covers such Collateral Obligation, an Administrative
Agent Cooperation Agreement executed and delivered by such Sponsor Administrative Agent and the other parties thereto;

 

(2)          direct
all the obligors and agents, as applicable, on all Collateral Obligations to make all payments under the relevant Underlying Instruments
in respect of such Collateral Obligations directly to the applicable Transaction Accounts;

 

(3)           make
available a Document Checklist for such Collateral Obligation, copies of all related Underlying Instruments and other related Custody
Documents to the Collateral Custodian on behalf of the Secured Parties; provided that:

 

(i)        (x)
with respect to Collateral Obligations other than Originated Collateral Obligations, items referenced in clause (a) of the definition
of "Underlying Instruments" shall be delivered on the date on which such Borrower Entity Acquires such Collateral Obligation
and (y) with respect to Originated Collateral Obligations, items referenced in clause (a) of the definition of "Underlying
Instruments" shall be delivered within five Business Days after the date on which such Borrower Entity Acquires such Collateral
Obligation;

 

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(ii)       items
referenced in clause (b) of the definition of "Underlying Instruments" shall be delivered promptly upon receipt by the
Investment Manager; and

 

(iii)      items
referenced in clause (c) of the definition of "Underlying Instruments" shall be delivered upon request by the Requisite
Lenders to the extent that the Investment Manager has received such items;

 

(4)           no
later than thirty days after the date of Acquisition of such Collateral Obligation, deliver copies of (x) with respect to an Originated
Collateral Obligation, a copy of the executed principal Underlying Instruments governing such Collateral Obligation showing the
relevant Borrower Entity as the lender of record on the Collateral Obligation and (y) with respect to a Collateral Obligation Acquired
by Participation, a copy of each executed document or instrument evidencing the assignment of such Collateral Obligation to the
Selling Institution or a copy of the executed principal Underlying Instruments governing such Collateral Obligation, as applicable,
in each case showing the relevant Selling Institution as the lender of record on such Collateral Obligation; and

 

(5)           from
time to time, upon the reasonable request therefor from the Administrative Agent, the relevant Borrower Entity shall use commercially
reasonable efforts to provide copies of a trade ticket, confirmation of trade, instruction to commit to the trade or similar instrument
or document, or other relevant document evidencing such Borrower Entity's Commitment to Acquire an Unsettled Purchase Asset.

 

To the extent not otherwise provided in clause
(3) above, the Preliminary Documentation Package for each Collateral Obligation shall be delivered on or prior to the date on which
the Borrower Entities fund the Acquisition of such Collateral Obligation (whether with funds on deposit in the Transaction Accounts
or with the proceeds of any borrowing under the Transaction Documents); and the Additional Documentation shall be delivered within
five Business Days after the date on which the Borrower Entities fund the Acquisition of such Collateral Obligation.

 

For all purposes hereof and the other Transaction
Documents, the Borrower Entities and the Investment Manager will be deemed to have satisfied their obligations to deliver such
Document Checklists, all Underlying Instruments and other related Custody Documents under this clause (f) to the Collateral Custodian
to the extent such material has been made available to the Collateral Agent in the Transaction Data Room, except that any original
executed note as described in clause (a) of the definition of Preliminary Documentation Package and Escrowed Assignment Agreement
Documents shall be physically delivered to the Collateral Agent.

 

(g)          From
time to time at the reasonable request of the Requisite Lenders, each Borrower Entity agree to execute and deliver to the Collateral
Custodian new or refreshed Escrowed Assignment Agreement Documents for all or such portion of the Collateral Obligations as the
Requisite Lenders may specify in such request (it being understood that no more than one request may be made in any calendar year
unless an Event of Default shall have occurred and be continuing at the time of such request).

 

6.8.        
Custodianship and Release of Collateral.

 

(a)           Subject
to Section 8, each Borrower Entity may, by Borrower Order delivered to the Collateral Agent at least two Business Days prior
to the settlement date for any sale of a Collateral Obligation or Ineligible Asset, direct the Collateral Agent to release
such Collateral Obligation and, upon receipt of such Borrower Order, if the Borrower has certified that the sale of such
Collateral Obligation or Ineligible Asset is in compliance with the restrictions on sale and the other terms in Section 8
(which certification shall be deemed to have been provided upon delivery of the related Borrower Order) and the
Administrative Agent has consented to such sale pursuant to Section 8, the Collateral Agent shall deliver (or cause the
delivery of) any such Collateral Obligation, if in physical form, duly endorsed to the broker or purchaser designated in such
Borrower Order or against receipt of the sales price therefor as set forth in such Borrower Order; provided that the
Collateral Agent may deliver (or cause the delivery of) any such Collateral Obligation in physical form for examination in
accordance with street delivery custom, and the Lien of the Collateral Agent shall be automatically released from such
Collateral Obligation or Ineligible Asset without further action upon receipt of the Sale Proceeds.

 

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(b)          Subject
to Section 8, each Borrower Entity may, by Borrower Order delivered to the Collateral Agent at least two Business Days prior to
the date set for redemption or payment in full of a Pledged Obligation or other item of Collateral and certifying that such Collateral
Obligation is being redeemed or paid in full, direct the Collateral Agent, or at the Collateral Agent's instructions, the Accounts
Securities Intermediary, to deliver such Collateral Obligation, if in physical form, duly endorsed, to cause it to be presented,
or otherwise appropriately deliver or present such security or debt obligation, to the appropriate paying agent therefor or other
Person responsible for payment thereon on or before the date set for redemption or payment, in each case against receipt of the
redemption price or payment in full thereof. If an Event of Default has occurred and is continuing at the time of such direction,
the Collateral Agent, if so directed by the Requisite Lenders, shall disregard such direction.

 

(c)           Subject
to Section 8, each Borrower Entity may, by Borrower Order, delivered to the Collateral Agent at least two Business Days prior to
the date set for an exchange, tender or sale, certifying that a Collateral Obligation is subject to an Offer and setting forth
in reasonable detail the procedure for response to such Offer, direct the Collateral Agent or, at the Collateral Agent's instructions,
the Accounts Securities Intermediary, to deliver such security or debt obligation, if in physical form, duly endorsed, or, if such
security is a Collateral Obligation for which a Security Entitlement has been created in a Transaction Account, to cause it to
be delivered, or otherwise appropriately deliver or present such security or debt obligation, in accordance with such Borrower
Order, in each case against receipt of payment therefor, and the Lien of the Collateral Agent shall be automatically released from
such Collateral Obligation without further action upon receipt of the applicable exchange, tender or Sale Proceeds. If an Event
of Default has occurred and is continuing at the time of such direction, the Collateral Agent, if so directed by the Requisite
Lenders, shall disregard such direction.

 

(d)          The
Collateral Agent shall deposit any proceeds received from the disposition of a Pledged Obligation of the Borrower in the Principal
Collection Account and/or the Interest Collection Account, as the case may be, unless directed to simultaneously applied to the
purchase of substitute Collateral Obligations or Eligible Investments as permitted under and in accordance with this Section 6
and Section 8.

 

(e)          Upon
satisfaction of any of the conditions set forth in this Section 6.8 for the sale or release of a Collateral Obligation in whole,
the Investment Manager shall, by delivery to the Collateral Agent of a request for release substantially in the form of Exhibit
D (with a copy to the Lenders) (which may be delivered concurrently with the Borrower Order delivered pursuant to Section 6.7(a)),
direct the release of the related Custody Documents for such Collateral Obligation which are held by the Collateral Agent in physical
custody pursuant to Section 6.6. Upon receipt of such direction, the Collateral Agent shall release the related Custody Documents
to the Investment Manager (or as otherwise provided in the related release request) and the Investment Manager will not be required
to return the related Custody Documents to the Collateral Agent. Written instructions as to the method of shipment and shipper(s)
the Collateral Agent is directed to utilize in connection with the transmission of Custody Documents in the performance of the
Collateral Agent's duties hereunder shall be delivered by the Investment Manager to the Collateral Agent prior to any shipment
of any Custody Documents hereunder. If the Collateral Agent does not receive such written instruction from the Investment Manager,
the Collateral Agent shall be authorized and indemnified as provided herein to utilize a nationally recognized courier service.
The Investment Manager shall arrange for the provision of such services at the sole cost and expense of the Borrower and shall
maintain such insurance against loss or damage to the Custody Documents as the Investment Manager deems appropriate.

 

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6.9.        
Procedures Relating to the Establishment of Transaction Accounts
Controlled by the Collateral Agent.

 

(a)           Notwithstanding
the terms of Part 5 of Article 8 of the UCC but subject to Section 6.7 and Section 14, to the extent applicable, with respect to
Collateral Obligations delivered to the Collateral Agent, any custodian acting on its behalf, or the Bank acting as Accounts Securities
Intermediary pursuant to the provisions of this Agreement, such Person shall be obligated to receive and hold until released pursuant
to the terms of this Agreement and the Collateral Documents the items delivered or caused to be delivered to it by the Borrower
Entities or the Investment Manager, and to hold the same in its custody in accordance with the terms of this Agreement and the
Collateral Documents but shall have no further obligation with respect to, or be obligated to take (or to determine whether there
has been taken) any action in connection with the delivery of such Collateral Obligations. Without limiting the foregoing, in no
instance shall the Collateral Agent, any such custodian or the Bank acting as Accounts Securities Intermediary be under any duty
or obligation to examine the underlying credit agreement, loan agreement, participation agreement, indenture, trust agreement or
similar instrument that may be applicable to any Collateral Obligation in order to determine (or otherwise to determine under applicable
law) whether sufficient actions have been taken and documents delivered (including any requisite obligor or agent bank consents,
notices or filings) in order to properly assign, transfer, or otherwise convey title to such Collateral Obligations.

 

In connection with the delivery of any Collateral
Obligation, the Borrower Entities or the Investment Manager shall send to the Collateral Agent and the Collateral Administrator
Parties a trade ticket or transmittal letter (in form and content mutually reasonably acceptable to them), which shall, at a minimum
(in addition to other appropriate information with regard to the subject Collateral Obligation as may be mutually agreed upon between
the Collateral Administrator Parties and the Investment Manager), (i) specify the Acquisition price for such Collateral Obligation,
and (ii) identify the Collateral Obligation and its material amount, payment and interest rate terms. Each of the Collateral Agent,
any custodian acting on its behalf, the Collateral Administrator Parties and the Bank acting as Accounts Securities Intermediary
shall be entitled to assume the genuineness, validity and enforceability of each such note, certificate, instrument and agreement
delivered to it in connection with the delivery of a Collateral Obligation, and to assume that each is what it purports on its
face to be, and to assume the genuineness and due authority of all signatures appearing thereon.

 

(b)          Nothing
in this Section 6 shall impose upon the Accounts Securities Intermediary the duties, obligations or liabilities of the Collateral
Agent; and nothing herein shall impose upon the Collateral Agent the duties, obligations or liabilities of the Accounts Securities
Intermediary.

 

SECTION
7. APPLICATION OF MONIES

 

Notwithstanding any other provision in this
Agreement, but subject to the other subsections of this Section 7 and Section 12, on each Payment Date, the Collateral Agent shall
disburse amounts transferred to the Payment Account from the applicable Transaction Accounts as follows and for application by
the Collateral Agent in accordance with the following priorities (collectively, the "Priority of Payments"):

 

(a)           Interest
Priority of Payments. On each Payment Date (unless an Event of Default has occurred and is then continuing) the Collateral
Agent shall disburse amounts transferred to the Payment Account pursuant to Sections 6.3(a) constituting Interest Proceeds (as
set forth on the Valuation Report for such Payment Date) for application (in the currencies in which such payments are denominated)
in accordance with the following priorities (the "Interest Priority of Payments"):

 

(1)           to the payment of taxes
of any Borrower Entity, if any, and any governmental fee, including all filing, registration and annual return fees payable by
them (in each case, excluding any Specified Payment Amounts for such Payment Date);

 

(2)           to
the payment of accrued and unpaid Administrative Expenses constituting fees of the Bank Parties under the Transaction
Documents and reimbursement of expenses (including indemnity payments) of the Bank Parties pursuant to the terms of the
Transaction Documents; provided that total payments pursuant to this subclause (2) shall not exceed, on any Payment Date, an
amount equal to a percentage of the Aggregate Principal Amount of the Collateral Portfolio equal to an annual rate of 0.025%
per annum, measured as of the beginning of the Due Period preceding such Payment Date;

 

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(3)           to the payment (in the
order set forth in the definition of Administrative Expenses), of (a) first, remaining accrued and unpaid Administrative Expenses
(other than indemnity payments) of the Borrower Entities including other amounts payable by the Borrower Entities to the Investment
Manager under the Investment Management Agreement (excluding any Successor Management Fees), and to the Bank Parties constituting
Administrative Expenses (including indemnity payments) not paid pursuant to subclause (2) above, and (b) second, remaining accrued
and unpaid Administrative Expenses of the Borrower Entities constituting indemnity payments; provided that such payments pursuant
to this subclause (3) shall not exceed an amount equal on any Payment Date (when taken together with any Administrative Expenses
(other than those paid and applied to the cap amount specified in clause (2) above) paid during the period since the preceding
Payment Date or, in the case of the First Payment Date, the Initial Credit Date) to the Administrative Expense Cap for such Payment
Date;

 

(4)           to
pay any Successor Management Fees to any Successor Investment Manager;

 

(5)          (a) first, to
the payment of Hedge Advance Amounts and interest thereon; and second (b) pari passu, to the payment of accrued and
unpaid interest, Commitment Fees, Minimum Spread Payments, Make-Whole Amounts (if any) and other amounts due and payable on the
Loans (in each case other than principal of the Loans) and to the payment of any amounts due to any Counterparty under any Hedge
Agreement other than amounts due as a result of the termination (or partial termination) of such Hedge Agreement;

 

(6)          so long as no Default,
Event of Default, Collateral Deficit or Borrowing Base Deficiency shall have occurred and then be continuing or would result or
increase therefrom, to deposit funds in the Hedge Borrower Collateral Accounts to the extent then required under the terms of the
Hedge Agreements;

 

(7)           if a Borrowing Base Deficiency
Trigger Event has occurred, to the repayment of principal of the Loans until the related Borrowing Base Deficiency is eliminated;

 

(8)           if a Cash Trap Event
has occurred and is continuing, (x) during the Availability Period, all remaining amounts to the Principal Collection Account until
such Cash Trap Event is no longer continuing; and (y) during the Amortization Period, to the outstanding principal of the Loans
and the other Obligations until the Obligations are paid in full;

 

(9)           if a Clean-Up Call Event
has occurred and is continuing, pari passu to the outstanding principal of the Loans and the other Obligations until the Obligations
are repaid in full and to the payment of any amounts due to any Counterparty under any Hedge Agreement pursuant to an early termination
(or partial termination) (in each case other than pursuant to a Junior Priority Termination Event) of such Hedge Agreement;

 

(10)         if a Collateral Deficit
exists, to the Margin Account until such Collateral Deficit has been cured;

 

(11)         if
a Borrowing Base Deficiency exists on such Payment Date, an amount equal to the Borrowing Base Deficiency (x) during the Availability
Period, to the Principal Collection Account until such Borrowing Base Deficiency no longer exists; and (y) during the Amortization
Period, to the outstanding principal of the Loans and the other Obligations until the Obligations are paid in full;

 

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(12)         to
the payment of any amounts due to any Counterparty under any Hedge Agreement pursuant to an early termination (or partial termination)
(in each case other than pursuant to a Junior Priority Termination Event) of such Hedge Agreement;

 

(13)         to
the payment, first, pari passu, of any accrued and unpaid fees and expenses of the Bank Parties; second, in the order set
forth in the definition of Administrative Expenses, of any accrued and unpaid Administrative Expenses of the Borrower Entities
(including, for the avoidance of doubt, (a) indemnities and amounts payable by the Borrower Entities to the Bank Parties and (b)
indemnities and amounts payable by the Borrower Entities to the Investment Manager under the Investment Management Agreement (other
than any Successor Management Fee)), in each case to the extent not paid pursuant to subclauses (2), (3) and (4) above; and third,
to a deposit to the Expense Reserve Account until the amount on deposit therein is equal to the Expense Reserve Amount;

 

(14)         first,
to the payment of any amounts due to any Counterparty under any Hedge Agreement not otherwise paid pursuant to subclause (5), (8)
or (12) above; and second to deposit funds in the Hedge Borrower Collateral Accounts to the extent required under the terms of
the Hedge Agreements and not otherwise deposited pursuant to subclause (6) above;

 

(15)         to
the payment of the Specified Payment Amounts (if any) for such Payment Date; and

 

(16)         the balance of Interest
Proceeds to the Borrower for distribution to the Equity Holder as a dividend payment thereon or as a final distribution in redemption
thereof, as applicable or, if the Investment Manager so directs, to be treated as Designated Principal Proceeds hereunder.

 

(b)          Principal
Priority of Payments. On each Payment Date (unless an Event of Default has occurred and is then continuing), in each case after
giving effect to the application of the Interest Priority of Payments on such Payment Date, the Collateral Agent shall disburse
amounts transferred to the Payment Account pursuant to Section 6.3(a) constituting Principal Proceeds (as set forth on the Valuation
Report for such Payment Date) for application (in the currencies in which such payments are denominated) in accordance with the
following priorities (the "Principal Priority of Payments"):

 

(1)           to the payment of the
amounts referred to in subclauses (1) through (6) of the Interest Priority of Payments (in the order of priority set forth therein),
but only to the extent not paid in full thereunder;

 

(2)           if
such Payment Date is during the Amortization Period, pari passu to the payment of principal of the Loans in an amount equal
to the Required Principal Amortization Amount for such Payment Date and to the payment of any amounts due to any Counterparty under
any Hedge Agreement pursuant to an early termination (or partial termination) (in each case other than pursuant to a Junior Priority
Termination Event) of such Hedge Agreement;

 

(3)           if
such Payment Date is on the Maturity Date, pari passu to the payment of principal of the Loans until the Loans are repaid
in full and to the payment of any amounts due to any Counterparty under any Hedge Agreement pursuant to an early termination (or
partial termination) (in each case other than pursuant to a Junior Priority Termination Event) of such Hedge Agreement;

 

(4)           if
a Borrowing Base Deficiency Trigger Event has occurred, to the repayment of principal of the Loans until the related Borrowing
Base Deficiency is eliminated;

 

(5)           if
a Cash Trap Event has occurred and is continuing, (x) during the Availability Period, all remaining amounts to the Principal
Collection Account (for application on subsequent dates); and (y) during the Amortization Period, to the outstanding
principal of the Loans and the other Obligations until the Obligations are paid in full;

 

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(6)           if a Clean-Up Call Event
has occurred and is continuing, pari passu to the outstanding principal of the Loans and the other Obligations until the Obligations
are repaid in full and to the payment of any amounts due to any Counterparty under any Hedge Agreement pursuant to an early termination
(or partial termination) (in each case other than pursuant to a Junior Priority Termination Event) of such Hedge Agreement;

 

(7)           if a Collateral Deficit
exists, to the Margin Account until such Collateral Deficit has been cured;

 

(8)           if
a Borrowing Base Deficiency exists on such Payment Date (determined on a pro forma basis after giving effect to the application
of amounts on deposit in the Principal Collection Account under the remaining provisions of the Principal Priority of Payment on
such Payment Date), an amount equal to such Borrowing Base Deficiency (x) during the Availability Period, to the Principal Collection
Account (for application on subsequent dates); and (y) during the Amortization Period, to the outstanding principal of the Loans
and the other Obligations until the Obligations are paid in full;

 

(9)           to
the payment of any amounts due to any Counterparty under any Hedge Agreement pursuant to an early termination (or partial termination)
(in each case other than pursuant to a Junior Priority Termination Event) of such Hedge Agreement;

 

(10)         if
such Payment Date is prior to the Maturity Date, all remaining Principal Proceeds to (as determined by the Investment Manager)
(x) the Acquisition of Collateral Obligations or to the Principal Collection Account for investment in Eligible Investments pending
Acquisition of Collateral Obligations at a later date, in each case in accordance with this Agreement; (y) to the repayment of
the Loans in a Voluntary Prepayment pursuant to Section 2.8; and (z) if the Equity Distribution Test is satisfied, for further
application under subclauses (11) through (13) below;

 

(11)         to
the amounts referred to in subclauses (13) and (14) of the Interest Priority of Payments (in the order of priority set forth therein),
but only to the extent not paid in full thereunder;

 

(12)         to the payment of the
Specified Payment Amounts (if any) for such Payment Date, in each case to the extent not paid pursuant to the Interest Priority
of Payments; and

 

(13)         to
the Borrower for distribution to the Equity Holder as a dividend payment thereon or as a final distribution in redemption thereof,
as applicable.

 

(c)           Enforcement
Priority of Payments. If an Event of Default has occurred and is continuing, all Interest Proceeds, Principal Proceeds and
any other available funds in the Transaction Accounts will be distributed in the following order of priority (the "Enforcement
Priority of Payments"):

 

(1)           to the payment (a) first,
of the amounts referred to in subclauses (1) through (4) of the Interest Priority of Payments (in the order of priority set forth
therein); and (b) second to the Bank Parties constituting Administrative Expenses (including indemnity payments, but excluding
Excluded Payments) not paid pursuant to subclause (a) above due to the application of the caps set forth in subclauses (2) and
(3) of the Interest Priority of Payments;

 

(2)           to the payment
(a) first, pari passu, of accrued and unpaid interest, Commitment Fees, Minimum Spread Payments, Make-Whole
Amounts (if any), Hedge Advance Amounts and interest thereon and other amounts due and payable on the Loans (in each case
other than principal of the Loans) and of any amounts due to any Counterparty under any Hedge Agreement other than amounts
due as a result of the termination (or partial termination) of such Hedge Agreement, (b) second, pari passu, of
principal of the Loans, until the Loans have been repaid in full, and of any amounts due to any Counterparty under any Hedge
Agreement pursuant to an early termination (or partial termination) (in each case other than pursuant to a Junior Priority
Termination Event) of such Hedge Agreement, (c) third, to the payment of any other Obligations the outstanding, and
(d) fourth, to the amounts referred to in subclauses (6) and (12) of the Interest Priority of Payments (in the order
of priority set forth therein);

 

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(3)           to the payment of all
Extraordinary Expense Amounts (if any) not theretofore paid; and

 

(4)          the balance of such funds,
if any, to the Borrower for distribution to the Equity Holder as a final distribution in redemption thereof, as applicable.

 

(d)          Other
Provisions. Without limiting the foregoing:

 

(1)           Not later than 12:00 p.m., (New
York City time), on the Business Day preceding each Payment Date, the Borrower shall, pursuant to Section 6.3(a), direct the Collateral
Agent to transfer into the Payment Account Cash (to the extent of funds then on deposit in the other Transaction Accounts) an amount
sufficient to pay the amounts described in the Priority of Payments required to be paid on such Payment Date.

 

(2)           If
on any Payment Date the amount available in the Payment Account from amounts received in the related Due Period is insufficient
to make the full amount of the disbursements required by the statements furnished by the Borrower pursuant to Section 6.6, the
Collateral Agent shall make the disbursements called for in the order and according to the priority set forth under the Priority
of Payments, subject to Section 12 of the Agreement, to the extent funds are available therefor and such failure to pay shall not
be an Event of Default unless specifically set forth herein.

 

(3)           If
the Borrower does not have a sufficient amount of funds in USD on deposit in the applicable Transaction Accounts that will be needed
(1) to pay to the Lenders all of the amounts required to be paid on such Payment Date and/or (2) to pay any Administrative Expenses
or other amounts required to be paid on such Payment Date (a "Currency Shortfall"), then, so long as no Default
or Event of Default shall have occurred and be continuing, the Borrower shall convert (or shall direct the Collateral Agent to
convert) amounts held in the Transaction Accounts in other Specified Currencies into USD in an amount necessary to cure such Currency
Shortfall. Each such conversion shall occur no later than one Business Day prior to such Payment Date and shall be made at the
relevant Collateral Agent Exchange Rate for such Specified Currency on such date. If for any reason the Borrower shall have failed
to effect any such currency conversion by the Business Day prior to such Payment Date, then the Administrative Agent shall be entitled
to effect such currency conversions on behalf of the Borrower.

 

(4)          Notwithstanding
anything to the contrary contained herein, amounts on deposit in the Expense Reserve Account may be applied to the payment of Administrative
Expenses of the Borrower Entities on days other than Payment Dates; and other payments expressly permitted to be made hereunder
on dates other than Payment Dates, or otherwise than in accordance with the Priority of Payments, may be made to the extent so
expressly provided herein.

 

(5)           Notwithstanding
anything to the contrary contained herein, the Borrower shall be permitted to make payments to the Borrower's member in or
with respect to any taxable year of the member (or any calendar year, as relevant) in amounts not to exceed 115% of the
amounts that are required to be distributed by such member to its shareholders to: (i) allow such member (or its direct or
indirect owner) to satisfy the minimum distribution requirements imposed by Section 852(a) of the Code to maintain its
eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable
year such member's (or its direct or indirect owner's) liability for federal income taxes imposed on (y) such member's (or
its direct or indirect owner's) investment company taxable income pursuant to Section 852(b)(1) of the Code and (z) such
member's (or its direct or indirect owner's) net capital gain pursuant to Section 852(b)(3) of the Code, or (iii) reduce to
zero such member's (or its direct or indirect owner's) liability for federal excise taxes for any taxable year imposed
pursuant to Section 4982 of the Code; provided that:

 

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(x)       the Borrower shall have
given not less than 10 Business Days' prior written notice thereof to the Collateral Agent and the Administrative Agent, specifying
in such notice the proposed date of such distribution and the amount thereof, which notice shall specify the relevant Transaction
Account from which such funds are to be withdrawn and shall include a direction to the Collateral Agent to release and remit such
amounts on the relevant date; and

 

(y)       before and after giving
effect to such distribution, no Default, Event of Default, Extraordinary Event, Collateral Deficit or Borrowing Base Deficiency
shall be have occurred and then be continuing or shall result therefrom; and

 

(z)       the aggregate Dollar
Equivalent of the amount of all distributions made under this clause (5):

 

(A)          in any single Due Period
does not exceed U.S.$6,250,000; and

 

(B)          in the aggregate after
the Closing Date does not exceed U.S.$13,500,000.

 

SECTION
8. SALE OF COLLATERAL OBLIGATIONS; SUBSTITUTION; AMENDMENTS

 

8.1.        
Sales of Collateral Obligations.

 

(a)           Sales.
No Borrower Entity nor the Investment Manager on their behalf may Dispose (or direct the Collateral Agent, on behalf of any Borrower
Entity, to Dispose) of any Collateral Obligation unless:

 

(1)           the
sale transaction is on arm's length terms and the sale price is at least 80% of the aggregate outstanding principal amount of the
portion of such Collateral Obligation that is being sold; or

 

(2)           the
Administrative Agent has consented thereto (in its sole and absolute discretion).

 

(b)          Limit
on Affiliate Sales. Notwithstanding the foregoing, unless otherwise consented to by the Requisite Lenders, the Aggregate Principal
Amount of all Collateral Obligations (other than Warranty Transferred Assets) sold pursuant hereto to the Equity Holder or an Affiliate
thereof shall not in aggregate exceed 20% of the Net Purchased Loan Balance measured as of the date of such sale; provided
that the Aggregate Principal Amount of all Revalued Assets (other than Warranty Transferred Assets) sold pursuant to Section 8.1(b)
to the Equity Holder or an Affiliate thereof shall not in any twelve-month period exceed 15% of the Net Purchased Loan Balance
measured as of the date of such sale or dividend.

 

(c)           Application
of Sale Proceeds and Principal Proceeds. During and after the Availability Period, all Sale Proceeds and Principal Proceeds
shall be applied in accordance with the Priority of Payments applicable thereto on the next succeeding Payment Date. During the
Availability Period, amounts received in the Principal Collection Account, or deposited in the Principal Collection Account under
the Principal Priority of Payments, may be applied to the Acquisition of Collateral Obligations (or may be deposited in or retained
in the Principal Collection Account for investment in Eligible Investments pending Acquisition of Collateral Obligations) in each
case in accordance with this Agreement. After the Availability Period, no Principal Proceeds may be reinvested by a Borrower Entity
in Collateral Obligations at any time.

 

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(d)          Sales
of Eligible Investments. Except as otherwise expressly provided herein, none of the Borrower Entities or the Investment Manager
may at any time sell or permit the sale of (or direct the Collateral Agent to sell) any Eligible Investment (other than an Rule
2a7 money market fund) if the applicable Borrower Entity or the Investment Manager determines that such Eligible Investment will
sell at a price that is below such Borrower Entity's purchase price of such Eligible Investment.

 

(e)           Collateral
Acquisition and Disposition Terms. Any transaction involving the Acquisition or sale of Collateral effected under this Agreement
shall be conducted on terms no less favorable to a Borrower Entity than terms prevailing in the market (as determined by the Investment
Manager in its business judgment, such judgment not to be called into questions by the occurrence of subsequent events). All sales
of Collateral Obligations or any portion thereof pursuant to this Section 8.1 shall be for Cash on a non-recourse basis to the
relevant Borrower Entity.

 

(f)           Sales
Prior to Stated Maturity. On or prior to the date that is two Business Days prior to the Scheduled Maturity Date, but no earlier
than the date that is 90 Business Days prior to the Scheduled Maturity Date, the Investment Manager shall direct the Collateral
Agent in writing to sell, and the Collateral Agent shall sell, all Collateral Obligations and other securities to the extent necessary
such that no Collateral Obligations or other securities will be expected to be held by a Borrower Entity on or after such date,
and the Collateral Agent shall sell such Collateral Obligations and such other securities in accordance with the direction of the
Investment Manager. The settlement dates for any such sales of Collateral Obligations and other securities shall be no later than
two Business Days prior to the Scheduled Maturity Date.

 

(g)          Reinvestment
in Collateral Obligations. Whenever the Investment Manager is required to use commercially reasonable efforts to direct the
reinvestment of Sale Proceeds or Principal Proceeds on behalf of a Borrower Entity under this Section 8.1, such reinvestment shall
be subject to market conditions and the availability and suitability of available investments.

 

(h)          Certain
Lender Consents after Event of Default, Etc. Following the occurrence and continuation of an Event of Default or the occurrence
and continuation of Cause under the Investment Management Agreement (and after the application of any cure or grace periods), the
Investment Manager shall obtain the written consent of the Requisite Lenders before acting on behalf of, or otherwise directing,
any Borrower Entity, the Collateral Agent or any other person in connection with a sale of Collateral Obligations pursuant to any
provision of this Agreement.

 

8.2.        
Trading Restrictions.

 

(a)           In
connection with the Acquisition of a Collateral Obligation (whether by purchase, origination, receipt of contribution thereof (including
from the Sponsor or the Fund) or otherwise) and prior to entering into a Commitment to Acquire such Collateral Obligation, each
Borrower Entity (and the Investment Manager on behalf of such Borrower Entity), shall comply with the following procedure:

 

(i)           each
proposed Acquisition of a Collateral Obligation shall be submitted in writing for approval to the Administrative Agent, and each
such submission shall either:

 

(x)       certify
that such Collateral Obligation will upon its Acquisition satisfy each of the elements in the definition of such term and satisfies
each of the Collateral Portfolio Requirements; or

 

(y)       identify
each the element in the definition of "Collateral Obligation" that is not met (with a description in reasonable
detail of each such deviation) and each of the Collateral Portfolio Requirements that would not be met after giving effect to
such Acquisition;

 

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(ii)           (x)        the Administrative
Agent shall specify whether, as to the Lenders, such Collateral Obligation is a "Private Asset" or a "Non-Private
Asset" (in the Lenders' sole and absolute discretion); (y) the Investment Manager shall specify whether, as to the Borrower
Entities and its Affiliates, such Collateral Obligation is a "Private Asset" or a "Non-Private Asset" (in its
sole and absolute discretion); and (z) if and only if both the Lenders and the Investment Manager have designated such Collateral
Obligation as a "Private Asset", then such Collateral Obligation shall be designated as a "Private Asset" hereunder
(and, in all other cases, such Collateral Obligation shall be designated as a "Non-Private Asset" hereunder);

 

(iii)          the
following information with respect to such Collateral Obligation (collectively, the "Diligence Information"),
together with a Document Checklist for such Collateral Obligation, shall have been delivered to the Collateral Custodian and made
available to the Lenders (it being understood that compliance with any applicable confidentiality restrictions will be required
before such delivery, and the Investment Manager will use its best efforts to enable the Lenders to deliver applicable confidentiality
agreements or otherwise to comply with such restrictions):

 

(w)      (1)
with respect to Collateral Obligations that are not Originated Collateral Obligations, copies of all related documents referenced
in clause (a) of the definition of "Underlying Instrument" relating to such Collateral Obligation and (2) with respect
to Originated Collateral Obligations, copies of all related Draft Instruments and the IC Memorandum relating to such Collateral
Obligations;

 

(x)       solely
to the extent in the Investment Manager's possession, with respect to Collateral Obligations that are not Originated Collateral
Obligations, copies of all related documents referenced in clauses (b) and (c) of the definition of "Underlying Instrument"
relating to such Collateral Obligation (provided that such documents shall not be deemed to be Custody Documents hereunder);

 

(y)       solely
to the extent in the Investment Manager's possession, all appraisal or valuation reports conducted by third parties as may be reasonably
requested by the Requisite Lenders (provided that such documents shall not be deemed to be Custody Documents hereunder);
and

 

(z)       solely
to the extent in the Investment Manager's possession, all other information customary and typical in performing a detailed credit
analysis and as may be reasonably requested by the Requisite Lenders, including corporate organization charts of the obligors (to
the extent available to the Investment Manager) and information concerning the relationship of such obligor to the Borrower Entities
and the Investment Manager and their respective Affiliates (provided that such documents shall not be deemed to be Custody
Documents hereunder);

 

(iv)         upon
receipt of the request for approval and all Diligence Information, within five Business Days, the Administrative Agent (with the
consent of the Requisite Lenders) shall either (x) approve the Acquisition of such Collateral Obligation (and, in connection
with such approval, determine the Market Value, Assigned Price, Advance Rate, Original Asset Amount and Initial FX Rate for such
Collateral Obligation as of the approval date for such Collateral Obligation), or (y) reject the Acquisition of such Collateral
Obligation;

 

(v)          at
the time of such Acquisition, the Borrower Entities shall comply with their respective obligations under Section 6.7(e) or (f),
as applicable;

 

(vi)         solely
in the case of a Collateral Obligation Acquired by the Borrower in the form of a capital contribution from the Fund to the
Borrower (but where no cash purchase price is exchanged in consideration thereof), the Borrower shall deliver to the
Administrative Agent a copy of the Purchase Notice with respect to such Collateral Obligation duly completed and executed by
the Borrower and the Fund, as Seller, in accordance with the Sale and Contribution Agreement;

 

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(vii)       unless
otherwise expressly consented to by the Requisite Lenders, each Collateral Portfolio Requirement will be satisfied (of, if any
such requirement was not satisfied immediately prior to such Acquisition or Commitment to be Acquired, such requirement or test
will be maintained or improved after giving effect to the Acquisition); and

 

(viii)       if
such Collateral Obligation is a Future Funding Collateral Obligation, the Borrower shall have deposited into the Future Funding
Reserve Account an amount equal to the Equity Exposure Amount for such Collateral Obligation, in each case in the relevant Specified
Currency.

 

For all purposes hereof and the other Transaction
Documents, the Borrower Entities and the Investment Manager will be deemed to have satisfied their obligations to deliver Diligence
Information to the Collateral Custodian under clause (iv) above to the extent such material has been made available to the Collateral
Agent in the Transaction Data Room.

 

Upon reasonable request by the Borrower, the
Calculation Agent shall from time to time provide to the Borrower its good faith estimate of the expected Assigned Price of any
potential Collateral Obligation.

 

The Requisite Lenders will be deemed to have
waived any of the requirements in the definition of "Collateral Obligation", any deviation from the Collateral Portfolio
Requirements and the Advance Rate applicable to Senior Unitranche Obligations in the event the First Lien Floor is not satisfied,
in each case, if (and only if) (1) each such deviation or non-compliance is expressly disclosed to the Lenders in writing pursuant
to Section 8.2(a)(i) and (2) after receipt of such writing, the Requisite Lenders have expressly consented in writing to the Acquisition
of such Collateral Obligation hereunder. For the avoidance of doubt, no Collateral Obligations shall be Acquired by any Borrower
Entity unless consent of the Requisite Lenders (in their sole and absolute discretion) has been obtained therefor.

 

(b)          In
connection with the holding of a Collateral Obligation by a Borrower Entity, and for as long as such Collateral Obligation remains
part of the Collateral Portfolio, such Borrower Entity, or the Investment Manager on its behalf, shall use commercially reasonable
efforts to provide:

 

(i)            upon
request of the Requisite Lenders, as soon as practically available, to the Collateral Custodian (to be held by the Collateral Custodian
hereunder on behalf of the Secured Parties as "Custody Documents") all amendments, modifications and supplements of and
all waivers in respect of each Underlying Instrument; and

 

(ii)           in
connection with the delivery of any items as described in clause (1) above, an updated Document Checklist for such Collateral Obligation.

 

(c)           Notwithstanding
anything to the contrary herein, for the avoidance of doubt, there shall be no reinvestment in any Collateral Obligations after
the end of the Availability Period.

 

(d)          Notwithstanding
anything to the contrary herein, no Borrower Entity (nor the Investment Manager on its behalf) will at any time Commit to Acquire
any Collateral Obligation unless at the time of such Commitment the Borrower, in its commercially reasonable judgment, believes
there is or will be an amount of funds on deposit in the Principal Collection Account in the relevant currency, together with amounts
that may be borrowed hereunder in compliance with the terms and conditions set forth herein, that is equal to or greater than the
full amount required by the relevant Borrower Entity to Acquire such Collateral Obligation and to fund the Future Funding Reserve
Account (if applicable) with respect thereto (and all other Collateral Obligations that the Borrower Entities have Committed to
Acquire but have not yet settled).

 

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(e)            In
connection with the Acquisition of any Collateral Obligation after the Initial Credit Date, the Borrower (or the Investment Manager
on its behalf) shall deliver to the Collateral Agent an Officer's Certificate certifying that such Acquisition complies with this
Section 8.2 (determined as of the date that the applicable Borrower Entity Commits to make the purchase); provided
that such requirement shall be satisfied, and such certification shall be deemed to have been made in respect of such Acquisition,
by the delivery to the Collateral Agent of a Borrower Order or other direction or a trade ticket in respect thereof that is provided
by an Authorized Officer of the Investment Manager.

 

8.3.            Affiliate
Transactions.

 

No Borrower Entity will have the right or
ability to sell to an Affiliate any Collateral Obligation except for (a) required repurchase obligations or other permitted
transactions pursuant to Section 8.1(a) and the Sale and Contribution Agreement (any such repurchase, "Permitted
Repurchases"), or (b) sales to Affiliates conducted on terms and conditions consistent with those of an arm's length
transaction at fair market value, provided that (i) each such transaction is in compliance with the Investment Advisers
Act and (ii) the Borrower has provided notice to the Lenders setting forth the price at which such Collateral Obligation is
proposed to be sold. No Borrower Entity will have the right or ability to Acquire Collateral Obligations from any Affiliate except
for Acquisitions from Affiliates conducted on terms and conditions consistent with those of an arm's length transaction at fair
market value. The Collateral Agent shall have no obligation to verify compliance with this Section 8.3.

 

8.4.            Purchase
and Delivery of Collateral Obligations and Other Actions.

 

(a)            Investment
in Collateral Obligations. The Investment Manager on behalf of the Borrower Entities shall seek to invest the net proceeds
of borrowings hereunder in Collateral Obligations in accordance with the provisions hereof and of the other Transaction Documents.
Subject to the provisions of this Section 8.4, all or any portion of such net proceeds may be applied prior to the end of
the Availability Period to Acquire a Collateral Obligation or one or more Eligible Investments for inclusion in the Collateral
upon:

 

(i)            in
the case of an Acquisition of a Collateral Obligation, compliance with the conditions to Acquire such Collateral Obligation on
this Section 8; and

 

(ii)            receipt
by the Collateral Agent of a Borrower Order with respect thereto directing the Collateral Agent to pay out the amount specified
therein against delivery of the Collateral Obligations or Eligible Investments specified therein.

 

(b)            Investment
in Eligible Investments. Any portion of the net proceeds of any Loans hereunder that is not invested in Collateral Obligations
at 3:00 p.m., New York City time, on any Business Day during the Availability Period shall, on the next succeeding Business Day
or as soon as practicable thereafter, be invested in Eligible Investments as directed by the Investment Manager in writing (which
may be in the form of standing instructions).

 

(c)            Schedule
of Collateral Obligations. The Borrower shall cause to be delivered to the Collateral Agent, the Collateral Administrator Parties,
the Administrative Agent and the Lenders, as promptly as practicable on or after each Acquisition of Collateral Obligations, either
an amended Schedule of Collateral Obligations or a list of Collateral Obligations setting forth all Collateral Obligations Acquired
by the Borrower Entities on or prior to such date, which schedule or list shall supersede any prior Schedule of Collateral Obligations
delivered hereunder and which schedule or list shall include all Collateral Obligations held as of such date.

 

8.5.            Amendments
to Underlying Instruments.

 

(a)            In
the performance of its obligations hereunder, so long as no Event of Default shall have occurred and be continuing, the Borrower
(or the Investment Manager on its behalf) may enter into any amendment or waiver of, or supplement to, any Underlying Instrument
(each, an "Amendment"); provided that:

 

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(1)            the
Borrower shall deliver to the Administrative Agent the then-most recent available draft documentation in connection therewith (each,
a "Draft Amendment Package") (it being understood that posting such Draft Amendment Package to the Transaction
Data Room does not constitute delivery for such purposes); and

 

(2)            if
an Event of Default has occurred and is continuing, if such Amendment is a Material Amendment or otherwise constitutes a Specified
Change, the Administrative Agent shall have consented thereto in its sole and absolute discretion.

 

Without limiting the other remedies that the
Administrative Agent or the Lenders may otherwise have hereunder or under the other Transaction Documents, the Asset Current Price
of each Collateral Obligation that is the subject of Material Amendment or otherwise constitutes a Specified Change, which Amendment
is consented to by a Borrower Entity or the Investment Manager on its behalf without the consent of the Administrative Agent, shall
be zero unless the Administrative Agent otherwise agrees in its sole and absolute discretion.

 

(b)            The
Borrower shall deliver executed copies of all Amendments to the Administrative Agent within three Business Days of execution thereof,
which executed documentation shall be consistent in all material respect with the documentation included in the Draft Amendment
Package, unless otherwise consented to by Administrative Agent in its sole and absolute discretion.

 

SECTION 9. EVENTS
OF DEFAULT

 

If any one or more of the following conditions
or events shall occur (each, an "Event of Default"):

 

(a)            Failure
to Make Payments When Due. Failure by the Borrower to pay:

 

(1)            any
principal of any Loan at the Maturity Date or any Hedge Advance Amount when made; or

 

(2)            on
any Payment Date during the Amortization Period, principal of the Loans in an amount equal to the Required Principal Amortization
Amount for such Payment Date (or, in the case of a default in payment resulting solely from an administrative error or omission
by the Collateral Agent, such default continues for a period of two or more Business Days after the Collateral Agent receives written
notice of or a Trust Officer has knowledge of such administrative error or omission); or

 

(3)            any
amount payable in connection with a Clean-Up Call Prepayment pursuant to Section 2.9(b) within five Business Days of
the occurrence of the related Clean-Up Call Event; or

 

(4)            when
due any installment of principal of any Loan (in each case, whether by notice of Voluntary Prepayment or otherwise, but excluding
payments referred to in clauses (1) through (3) above or prepayments for which notice of such prepayment was conditional
or notice of such prepayment was revoked by the Borrower) within two Business Days after the notice of prepayment was submitted;
or

 

(5)            any
interest on any Loan, any Commitment Fee, any Minimum Spread Payment, any Make-Whole Amount or any fee or any other amount due
hereunder within five Business Days after the date due (or, in the case of a default in payment resulting solely from an administrative
error or omission by the Collateral Agent, such default continues for a period of seven or more Business Days after the Collateral
Agent receives written notice of or a Trust Officer has knowledge of such administrative error or omission); or

 

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(6)            the
failure on any Payment Date to disburse amounts available in the Payment Account in excess of $1,000 in accordance with the Priority
of Payments and continuation of such failure for a period of 10 Business Days (provided that, if such failure results solely
from an administrative error or omission by the Collateral Agent, such default continues for a period of 10 or more Business Days
after the Collateral Agent receives written notice of or a Trust Officer has knowledge of such administrative error or omission);

 

provided that, for each of clauses (2) and
(3) above, if (A) amounts on deposit in the Transaction Accounts are not available in sufficient amounts to fund the
repayment of any amount referred to therein in accordance with the terms of this Agreement; (B) the Borrower or the Equity
Holder have the right, at such time, under their respective organizational documents to call capital from their members or partners
in amount sufficient to fund such amounts in whole; (C) the Borrower and the Equity Holder, as applicable, make such capital
call; and (D) the Borrower provides evidence thereof to the Administrative Agent and the Lenders reasonably satisfactory to
the Lenders (all within one Business Day after the occurrence of the non-payment set forth in such clause, determined without regard
to any grace period expressly set forth in such clause), then (in lieu of the grace period, if any, that would otherwise apply
to such non-payment) a grace period of ten Business Days after the occurrence of such non-payment shall apply; or

 

(b)            Breach
of Certain Obligations and Covenants. Failure of any Credit Party:

 

(1)            to
deliver cash to the Margin Account or Principal Collection Account, or prepay Loans, or Acquire Collateral Obligations, or sell
Collateral Obligations, in each case within the time set forth in the Margining Agreement; or

 

(2)            to
perform or comply with any term or condition contained in Section 2.3, Section 5.3, Section 5.7, Section 5.8,
Section 5.9, Section 5.10, Section 5.11 or Section 8; or

 

(c)            Breach
of Representations, Etc. Any representation, warranty, certification or other statement made in writing or deemed made by or
on behalf of any Credit Party in any Transaction Document or in any statement or certificate at any time given by or on behalf
of any Credit Party in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material
respect as of the date made or deemed made and such failure shall not have been remedied or waived within 30 days after the earlier
of (1) an Authorized Officer of such Credit Party obtaining knowledge of such false statement or (2) receipt by the Borrower
and the Investment Manager of notice from the Administrative Agent or any Lender of such false statement; or

 

(d)            Other
Defaults Under Transaction Documents.

 

(1)            Any
Borrower Entity shall at any time be a defaulting party or a sole affected party under any Hedge Agreement, or any Hedge Advance
Amount shall at any time arise; or

 

(2)            Any
Credit Party shall default in the performance of or compliance with any term contained herein or any of the other Transaction Documents,
other than any such term referred to in any other paragraph of this Section 9, and such default shall not have been remedied
or waived within 10 Business Days after the earlier of (1) an Authorized Officer of such Credit Party obtaining knowledge
of such default or (2) receipt by the Borrower and the Investment Manager of notice from the Administrative Agent or any Lender
of such default; or

 

    	 	115	 

     

    

 

(e)            Involuntary
Bankruptcy; Appointment of Receiver, Etc. (1) A court of competent jurisdiction shall enter a decree or order for relief
in respect of any Credit Party in an involuntary case under any Debtor Relief Laws now or hereafter in effect, which decree or
order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (2) an involuntary
case shall be commenced against any Credit Party under any Debtor Relief Laws now or hereafter in effect; or a decree or order
of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian
or other officer having similar powers over any Credit Party, or over all or a substantial part of its property, shall have been
entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of any Credit
Party for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued
against any substantial part of the property of any Credit Party, and any such event described in this clause (e) shall continue
for 30 days without having been dismissed, bonded or discharged; or

 

(f)            Voluntary
Bankruptcy; Appointment of Receiver, Etc. (1) Any Credit Party shall have an order for relief entered with respect to
it or shall commence a voluntary case under any Debtor Relief Laws now or hereafter in effect, or shall consent to the entry of
an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law,
or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial
part of its property; or any Credit Party shall make any assignment for the benefit of creditors; or (2) any Credit Party
shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or
the board of directors (or similar governing body) of any Credit Party (or any committee thereof) shall adopt any resolution or
otherwise authorize any action to approve any of the actions referred to herein or in clause (e) above; or

 

(g)            Dissolution.
Any order, judgment or decree shall be entered against any Credit Party decreeing the dissolution or split up of such Credit Party
and such order shall remain undischarged or unstayed for a period in excess of 30 days; or

 

(h)            Collateral
Documents, Etc. At any time after the execution and delivery thereof, (1) any Collateral Document ceases to be in full
force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction
in full of the Obligations in accordance with the terms hereof) or shall be declared null and void, or the Collateral Agent shall
not have or shall cease to have a valid and perfected Lien in any Collateral purported to be covered by the Collateral Documents
with the priority required by the relevant Collateral Document, in each case for any reason other than the failure of the Collateral
Agent or any other Secured Party to take any action within its control; or (2) any Credit Party shall contest the validity
or enforceability of any Transaction Document in writing or deny in writing that it has any further liability, including with respect
to future advances by Lenders, under any Transaction Document to which it is a party or shall contest the validity or perfection
of any Lien in any Collateral purported to be covered by the Collateral Documents; or

 

(i)            Investment
Company. Any Borrower Entity or the pool of Collateral becomes an "investment company" required to be registered
under the Investment Company Act and such status remains unremedied for 45 days; or the execution, delivery or performance of or
consummation of the transactions contemplated under the Transaction Documents constitutes a violation in any material respect of
the provisions of the Investment Company Act; or

 

(j)            ERISA.
The Equity Holder, the Borrower or any of its Subsidiaries establishes any Employee Benefit Plan or Multiemployer Plan or an ERISA
Event occurs that reasonably could be expected to result in a Material Adverse Effect with respect to any Credit Party; or

 

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(k)            Financial
Covenants; Etc.

 

(1)            on
and after the Effective Date, the Sponsor shall on any date fail to have a tangible net worth (defined, for purposes of this Agreement,
as the aggregate amount of tangible assets of the Sponsor minus the aggregate amount of liabilities of the Sponsor, in each
case determined in accordance with generally accepted accounting principles) at all times of at least $650,000,000 plus
50% of additional paid in capital received by the Sponsor; or

 

(2)            at
any time after the Closing Date, the Sponsor or any Borrower Entity changes any of its allocation policies in a manner that could
reasonably be likely to have a Material Adverse Effect or that otherwise could be materially adverse to the rights or remedies
of the Lenders or the Administrative Agent (other than any changes that the Administrative Agent has been notified of and consented
to, in the Administrative Agent's sole and absolute discretion); or

 

(3)            on
and after the Effective Date, the net asset value (defined, for purposes of this Agreement, as all assets of the Sponsor minus
all liabilities of the Sponsor, in each case calculated as of the relevant date of determination and in accordance with generally
accepted accounting principles) of the Sponsor (x) calculated as of the end of any applicable calendar quarter has declined
by at least 20% as compared to the Sponsor's net asset value as of the end of the immediately preceding calendar quarter or (y) calculated
as of the end of any applicable calendar year has declined by at least 35% as compared to the Sponsor's net asset value as of the
end of the immediately preceding calendar year, in each case, as calculated by the Sponsor in accordance with its internal valuation
policies.

 

(l)            Investment
Manager-Related Events, Etc. A Cause Event shall occur; or the Investment Manager shall for any reason tender its resignation,
or be removed with or without cause, under the Investment Management Agreement; or

 

(m)            Information
Delivery. The Borrower fails to comply with any obligation to deliver Specified Information, and with respect to a failure
that is capable of being remedied, such failure shall continue unremedied for a period of two or more days; or

 

(n)            Subsidiaries.
Any Borrower Entity (other than the Borrower) ceases to be a direct wholly owned Subsidiary of the Borrower; or

 

(o)            Defaulted
Asset Sale Failure. A Defaulted Asset Sale Failure shall occur; or

 

(p)            Extraordinary
Event. An Extraordinary Event shall occur; or

 

(q)            Change
in Control. Failure of the Equity Holder at any time to hold, directly, 100% of the issued and outstanding equity interests
of the Borrower; or

 

(r)            Participation
Default. The occurrence of a "Participation Default" under and as defined in the Participation Agreement;

 

THEN, (1) upon the occurrence of any Event of Default
described in Section 9 (e) or 9(f), automatically, and (2) upon the occurrence and during the continuance of any
other Event of Default, at the request of (or with the consent of) the Requisite Lenders, upon notice to the Borrower by the Administrative
Agent (A) the Commitments, if any, of each Lender shall immediately terminate and (B) each of the following shall immediately
become due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby
expressly waived by each Credit Party:

 

(A)            the
unpaid principal amount of and accrued interest on the Loans, and

 

(B)            all
other Obligations,

 

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and the Administrative Agent may cause the Collateral Agent
to enforce any and all Liens and security interests created pursuant to and subject to the terms and limitations of the Collateral
Documents.

 

For the avoidance of doubt, any failure of
any Reinvestment Criteria to be satisfied on any date shall not constitute, in itself, a Default or Event of Default under any
Transaction Document.

 

SECTION 10. THE
AGENTS

 

10.1.            Appointment
of Agents.

 

(a)            Goldman
Sachs is hereby appointed Syndication Agent hereunder, and each Lender hereby authorizes Goldman Sachs to act as Syndication Agent
in accordance with the terms hereof and the other Transaction Documents. The Syndication Agent, without consent of or notice to
any party hereto, may assign any and all of its rights or obligations hereunder to any of its Affiliates. As of the Initial Credit
Date, Goldman Sachs, in its capacity as Syndication Agent, shall not have any obligations but shall be entitled to all benefits
of this Section 10. The Syndication Agent may resign from such role at any time, with immediate effect, by giving prior written
notice thereof to the Administrative Agent and the Borrower.

 

(b)            Goldman
Sachs is hereby appointed the Administrative Agent hereunder and under the other Transaction Documents and each Lender hereby authorizes
Goldman Sachs to act as the Administrative Agent in accordance with the terms hereof and the other Transaction Documents.

 

(c)            U.S.
Bank National Association is hereby appointed the Collateral Agent hereunder and under the other Transaction Documents to which
the Collateral Agent is a party, and each Lender hereby authorizes it to act as Collateral Agent in accordance with the terms hereof
and thereof.

 

(d)            Each
Agent hereby agrees to act in its capacity as such upon the express provisions contained herein and the other Transaction Documents
to which it is a party, as applicable. The provisions of this Section 10 are solely for the benefit of Agents and the Lenders
and no Credit Party shall have any rights as a third party beneficiary of any of the provisions of this Section 10. In performing
its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed
to have assumed any obligation towards or relationship of agency or trust with or for any Credit Party. No implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into any Transaction Document or otherwise exist against any
Agent. It is understood and agreed that the use of the term "agent" herein or in any Transaction Documents (or any other
similar term) with reference to the Administrative Agent, the Collateral Agent, the Collateral Administrator or the Accounts Securities
Intermediary is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of
any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative
relationship between contracting parties. The permissive authorizations, entitlements, powers and rights granted to the Agents
in the Transaction Documents shall not be construed as duties.

 

10.2.            Powers
and Duties.

 

Each Lender irrevocably authorizes each Agent
to take such action on such Lender's behalf and to exercise such powers, rights and remedies hereunder and under the other Transaction
Documents to which it is a party as are specifically delegated or granted to such Agent by the terms hereof and thereof, together
with such powers, rights and remedies as are reasonably incidental thereto. Each Agent shall have only those duties and responsibilities
that are expressly specified herein and the other Transaction Documents to which it is a party, and each Agent shall not be liable
except for the performance of such duties and responsibilities as are express specified herein and therein. Each Agent may exercise
such powers, rights and remedies and perform such duties by or through its agents or employees, and no Agent shall be responsible
for any misconduct or negligence on the part of any such agent or employee appointed by it with due care. No Agent shall have,
by reason hereof or any of the other Transaction Documents, a fiduciary relationship in respect of any Lender or any other Person;
and nothing herein or any of the other Transaction Documents, expressed or implied, is intended to or shall be so construed as
to impose upon any Agent any obligations in respect hereof or any of the other Transaction Documents except as expressly set forth
herein or therein.

 

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The Agents shall not be liable for any action
taken or not taken by them (1) at the direction of the Borrower or the Investment Manager as provided in this Agreement or
the other Transaction Documents, (2) with the consent of or at the request or direction of the Requisite Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as the Agents shall believe in good faith shall be necessary,
to give such request or direction hereunder), or, solely with respect to the Collateral Agent, the Collateral Administrator or
the Collateral Custodian with the consent of or at the direction of the Administrative Agent or (3) in the absence of their
own gross negligence, bad faith or willful misconduct in the performance of their duties, in each case as determined by a court
of competent jurisdiction by a final non-appealable judgment.

 

The Lenders hereby direct each of the Agents,
as applicable, to execute and deliver the Transaction Documents to which they are a party, respectively, on or prior to the Initial
Credit Date and to execute and deliver additional Transaction Documents from time to time (upon written direction by the Requisite
Lenders). It is hereby expressly acknowledged and agreed that, in taking any of the foregoing actions, the Agents are not responsible
for the terms or contents of such agreements, or for the validity or enforceability thereof, or the sufficiency thereof for any
purpose. Whether or not so expressly stated therein, in entering into, or taking (or forbearing from) any action under pursuant
to, the Transaction Documents, the Agents each shall have all of the rights, immunities, indemnities and other protections granted
to them under this Agreement (in addition to those that may be granted to them under the terms of such other agreement or agreements).

 

10.3.            General
Immunity.

 

(a)            No
Agent shall be responsible to any Person for the execution, effectiveness, genuineness, validity, enforceability, collectability
or sufficiency hereof or any other Transaction Document or for any representations, warranties, recitals or statements made herein
or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates
or any other documents furnished or made by any Agent to Lenders or by or on behalf of any Credit Party to any Agent or any Lender
in connection with the Transaction Documents and the transactions contemplated thereby or for the financial condition or business
affairs of any Credit Party or any other Person liable for the payment of any Obligations, nor shall any Agent be required to ascertain
or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in
any of the Transaction Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of
any Event of Default, Default, Collateral Deficit or Borrowing Base Deficiency or to make any disclosures with respect to the foregoing.
Anything contained herein to the contrary notwithstanding, the Administrative Agent shall not have any liability arising from confirmations
of the amount of outstanding Loans or the component amounts thereof.

 

(b)            No
Agent nor any of its officers, partners, directors, employees or agents shall be liable for any action taken or omitted by any
Agent under or in connection with any of the Transaction Documents except to the extent caused by such Agent's gross negligence,
bad faith or willful misconduct, in each case as determined by a final, non-appealable judgment of a court of competent jurisdiction.
Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection
herewith or any of the other Transaction Documents or from the exercise of any power, discretion or authority vested in it hereunder
or thereunder unless and until such Agent shall have received instructions in respect thereof from the Requisite Lenders (or such
other Lenders as may be required to give such instructions hereunder) or, solely with respect to the Collateral Agent, the Collateral
Administrator or the Collateral Custodian instructions in respect thereof from the Administrative Agent and, upon receipt of such
instructions from the Requisite Lenders (or such other Lenders, as the case may be) or the Administrative Agent, such Agent shall
be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance
with such instructions, including for the avoidance of doubt refraining from any action that, in its opinion or the opinion of
its counsel, may be in violation of the automatic stay under any Debtor Relief Law. Without prejudice to the generality of the
foregoing, (1) each Agent shall be entitled to rely, and shall be fully protected in relying, upon any resolution, officer's
certificate, opinion of counsel, certificate of auditors or any other certificate, statement, communication, instrument, opinion,
report, notice, request, consent, order, appraisal, bond or other paper or document believed by it in good faith to be genuine
and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying
on opinions and judgments of attorneys (who may be attorneys for such Agent or any Credit Party), accountants, experts and other
professional advisors selected by it with due care; and (2) no Lender or any other person shall have any right of action whatsoever
against any Agent as a result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other
Transaction Documents in accordance with the instructions of the Requisite Lenders (or such other Lenders as may be required to
give such instructions hereunder) or the Administrative Agent. For all purposes herein and the Transaction Documents, the Collateral
Agent may accept and act upon instructions and consents provided by the Administrative Agent as if such instructions and consents
were provided by the Requisite Lenders directly.

 

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(c)            Each
Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Transaction
Document by or through any one or more sub-agents appointed by such Agent, provided that the Administrative Agent may do
so only with the consent of the Borrower (not to be unreasonably withheld). Each Agent and any such sub-agent may perform any and
all of its duties and exercise its rights and powers by or through their respective Affiliates (each also a "sub-agent").
The exculpatory, indemnification and other provisions of this Section 10 shall apply to any Affiliates, receivers, delegates
or sub-agents of the Agents and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein (in the case of the Syndication Agent) as well as any other activities as the Agents. All of the rights, benefits,
and privileges (including the exculpatory and indemnification provisions) of this Section 10 shall apply to any such sub-agent,
receiver or delegate and to the Affiliates of any such sub-agent, receiver or delegate, and shall apply to their respective activities
as sub-agent, receiver or delegate as if such sub-agent, receiver or delegate and its respective Affiliates were named herein.
Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by the Agents and each receiver and delegate,
(1) such sub-agent, receiver or delegate shall be a third party beneficiary under this Agreement with respect to all such
rights, benefits and privileges (including exculpatory rights and rights to indemnification) and shall have all of the rights and
benefits of a third party beneficiary, including an independent right of action to enforce such rights, benefits and privileges
(including exculpatory rights and rights to indemnification) directly, without the consent or joinder of any other Person, against
any or all of Credit Parties and the Lenders, (2) such rights, benefits and privileges (including exculpatory rights and rights
to indemnification) shall not be modified or amended without the consent of such sub-agent, receiver or delegate, and (3) such
sub-agent, receiver or delegate shall only have obligations to the respective Agent and not to any Credit Party, Lender or any
other Person and no Credit Party, Lender or any other Person shall have any rights, directly or indirectly, as a third party beneficiary
or otherwise, against such sub-agent, receiver or delegate. The Agents shall not be responsible for the conduct of such sub-agents,
receivers, delegates or attorneys appointed by them with due care.

 

(d)            No
Agent shall be deemed to have knowledge of any Default, Event of Default or Make-Whole Event unless and until written notice describing
such circumstance or event is given to an Authorized Officer of such Agent by the Borrower or a Lender and states that it is a
notice of such circumstance or event. In the absence of receipt of such notice, each Agent may conclusively assume that there is
no Default, Event of Default or Make-Whole Event. Upon receipt of any such notice, the relevant Agent shall have no duty or obligation
in connection therewith unless and until directed by the Requisite Lenders (or such other number or percentage of the Lenders as
shall be necessary, or as the Agents shall believe in good faith shall be necessary, to give such direction hereunder) or, with
respect to directions to the Collateral Agent, the Collateral Administrator or the Collateral Custodian, the Administrative Agent.
No Agent shall have any duty to take any action to determine whether any such circumstance or event has occurred. Except as expressly
provided herein, delivery of reports, documents and other information to any Agent is for informational purposes only and such
Agent's receipt of the foregoing shall not constitute constructive knowledge of any event or circumstance or any information contained
therein or determinable from information contained therein or any other related document. Except with respect to written notices
of Defaults and Events of Default of which an Authorized Officer of the applicable Agent has actual knowledge, information contained
in notices, reports or other documents delivered to such Agent and other publicly available information shall not constitute actual
or constructive knowledge. In the absence of receipt of such notice or actual knowledge, the applicable Agent may conclusively
assume that there is no Default or Event of Default. Knowledge of notices or other documents delivered to any Agent in any capacity
shall not constitute knowledge of or delivery to (1) such Agent in any other capacity under the Transaction Documents or to
any Affiliate or other division of such Agent or (2) any other Agent. The Collateral Agent, the Collateral Administrator and
the Collateral Custodian shall not have any duty, obligation or liability to access the Transaction Data Room unless directed to
do so by the Requisite Lenders or the Administrative Agent. In addition, the Bank Parties shall have no obligation to determine
or verify whether a Collateral Deficit or Borrowing Base Deficiency has occurred or is existing, and shall be entitled to conclusively
rely on a notice of the occurrence thereof from the Administrative Agent.

 

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(e)            The
powers conferred on the Collateral Agent under the Transaction Documents are solely to protect the Secured Parties' interests in
the Collateral, shall not impose any duty upon the Collateral Agent to exercise any such powers and are subject to the provisions
of this Agreement. Neither the Collateral Agent nor any of its officers, directors, employees or agents shall be responsible for
any act or failure to act, except for gross negligence, bad faith or willful misconduct, in each case as determined by a final,
non-appealable judgment of a court of competent jurisdiction. The Collateral Agent shall not have any responsibility for taking
any necessary steps to protect, preserve or exercise rights against any Person with respect to any of the Collateral (except to
the extent expressly required in this Agreement and the other Transaction Documents to which it is a party) and the Collateral
Agent shall be relieved of all responsibility for the Collateral upon surrendering it to the Borrower in accordance with the terms
and conditions set forth herein and in the other Transaction Documents.

 

(f)            Notwithstanding
any provision of this Agreement or the other Transaction Documents to the contrary, no Agent shall have any obligation to take
any discretionary action under this Agreement or any Transaction Document and before taking or omitting any action to be taken
or omitted by an Agent under the terms of this Agreement and the other Transaction Documents, such Agent may seek the written direction
of the Requisite Lenders or, solely with respect to direction to a Bank Party or a Collateral Administrator Party or the Collateral
Custodian, the Administrative Agent (which written direction may be in the form of an e-mail), and such Agent shall be entitled
to rely (and shall be fully protected in so relying) upon such direction. The Agents shall not be liable with respect to any action
taken or omitted to be taken in good faith by it in accordance with such direction. In absence of such direction with respect to
any action or inaction, such Agent shall be entitled to refrain from such action unless and until such Agent shall have received
such direction, and such Agent shall not incur liability to any Person by reason of so refraining. In the absence of an express
statement in the Transaction Documents regarding which Lender shall direct in any circumstance, the direction of the Requisite
Lenders shall apply and be sufficient for all purposes. Any provision of this Agreement or the other Transaction Documents authorizing
any Agent to take any action shall not obligate such Agent to take such action.

 

(g)            No
Agent shall have any obligation whatsoever to any Lender or to any other Person to assure that the Collateral exists or is owned
by the Person purporting to own it or is cared for, protected, or insured or has been encumbered or that the Liens granted to the
Collateral Agent herein or pursuant to the Transaction Documents have been properly or sufficiently or lawfully created, perfected,
protected, or enforced, or are entitled to any particular priority. No Agent shall be responsible for or have a duty to ascertain
or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence,
priority or perfection of the Collateral Agent's Lien thereon, or any certificate prepared by any Credit Party in connection therewith,
nor shall any Agent be responsible or liable for any failure to monitor or maintain any portion of the Collateral or to protect
against any diminution in value of the Collateral.

 

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(h)            No
Agent shall be under any obligation to ascertain or to inquire as to the observance or performance of any of the agreements contained
in, or conditions of, this Agreement or any other Transaction Document, or to inspect the properties, books or records of the Borrower,
any Affiliate thereof or any other Person. Without limiting the generality of the foregoing, in no event shall any Agent have any
responsibility or liability with respect to any instrument, certificate or report furnished pursuant to the Transaction Documents,
or with respect to any calculations not expressly to be determined by such Agent.

 

(i)            No
Agent shall ever be required to use, risk or advance its own funds or otherwise incur financial liability in the performance of
any of its duties or the exercise of any of its rights and powers under this Agreement or under the other Transaction Documents
(and, without limiting the foregoing, no Agent, in its capacity as such, shall have any obligation to grant any credit extension
or to make any advance hereunder). In no event shall any Agent be liable, directly or indirectly, for any special, punitive, indirect
or consequential damages (including lost profits), even if such Agent has been advised of the possibility of such damages and regardless
of the form of action. No Agent shall be responsible for delays or failures in performance resulting from acts beyond its control.
Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations
superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes, terrorist attacks
or other disasters.

 

(j)            Each
Agent shall be fully justified in failing or refusing to take any action under any Transaction Document unless it shall first receive
written direction of the Requisite Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the
Agents shall believe in good faith shall be necessary, to give such advice or concurrence hereunder or thereunder) or, solely with
respect to a Bank Party or a Collateral Administrator Party, the Administrative Agent (and shall not be liable for any loss or
expense that arises as a result of its failure to act while awaiting such advice or concurrence) and, if it so requests, it shall
first be indemnified to its satisfaction by the Requisite Lenders (or such other Lenders) against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take, or omitting to take any such action.

 

(k)            Each
Agent shall be entitled to consult with and rely upon advice of counsel concerning legal matters and such advice shall be full
protection and authorization for any action taken or omitted by such Agent in good faith thereon.

 

(l)            In
connection with the delivery of any information to any Agent by the Investment Manager, a Borrower Entity or any other Person to
be used by such Agent in connection with the preparation or distribution of calculations or reports or the performance or other
duties under the Transaction Documents, such Agent is entitled to conclusively rely on the accuracy of any such information and
shall not be required to investigate or reconfirm its accuracy and shall not be liable in any manner whatsoever for any errors,
inaccuracies or incorrect information resulting from the use in good faith of such information.

 

(m)            If
any Agent shall require any information to perform its duties under the Transaction Documents, the Borrower shall provide, or shall
instruct the Investment Manager to provide, such information to such Agent promptly upon request, in each case so long as such
information is within the possession of the Borrower or the Investment Manager and is able to be delivered without breaching any
obligations of confidentiality or other contractual or similar restrictions.

 

(n)            At
any time and from time to time, the Collateral Agent may request information from the Administrative Agent as to the identity of
the Requisite Lenders or any other Lender, and the Administrative Agent will endeavor to provide such information reasonably promptly.
The Collateral Agent shall be entitled to fully rely on such information from the Administrative Agent and the Collateral Agent
shall have no duty, obligation or liability with respect to the identity or amount of Loans held by any Lender or the calculation
of the Requisite Lenders. Without limiting the foregoing, the Collateral Agent shall be entitled to request and receive from the
Administrative Agent all necessary information in respect of each Lender for purposes of making distributions to such Lender hereunder.
The Collateral Agent shall have no liability for any failure or delay in taking any action hereunder as a result of a failure or
delay on the part of the Administrative Agent (or the related Lender) to provide such information to the Collateral Agent.

 

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(o)            Each
Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to such Agent and conforming to the requirements of this Agreement.

 

(p)            No
Agent shall be liable for an error of judgment made in good faith unless it shall be finally proved that the Agent was negligent
in ascertaining the pertinent facts.

 

(q)            No
Agent shall have any duty (1) to see to any recording, filing, or depositing of this Agreement or any Transaction Documents
referred to herein or any Financing Statement or continuation statement evidencing a security interest, or to see to the maintenance
of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (2) to see to
any insurance or (3) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or
encumbrance of any kind owing with respect to, assessed or levied in connection with this Agreement (except as set forth in Section 2.15).

 

(r)            No
Agent nor any of its officers or employees shall be required to ascertain whether any borrowing hereunder (or any amendment or
termination of this Agreement) has been duly authorized or is in compliance with any other agreement to which a Borrower Entity
is a party (whether or not the Agent is also a party to such other agreement).

 

(s)            No
Agent shall be required to give any bond or surety in respect of the execution of this Agreement.

 

(t)            No
Agent shall be obligated to monitor or confirm, on a continuing basis or otherwise, any Person's compliance with the covenants
described herein or with respect to any reports or other documents filed under this Agreement or any other related document.

 

(u)            No
Agent shall be under any obligation to exercise any of the rights vested in it by this Agreement or to enforce any remedy or realize
upon any of the Collateral unless (1) it has been directed to take such action by the Administrative Agent or the Requisite
Lenders, and (2) it has been offered security or indemnity satisfactory to it against the costs, expenses and liabilities
(including fees and expenses of its agents and counsel) that might be incurred by it in compliance with such request or direction.
No Agent shall be held liable for any action or inaction taken in accordance with the directions of the Administrative Agent or
the Requisite Lenders.

 

(v)            No
Agent shall be liable for the actions or omissions of the Investment Manager, and without limiting the foregoing, no Agent shall
(except to the extent expressly provided in this Agreement) be under any obligation to monitor, evaluate or verify compliance by
the Investment Manager with the terms hereof or the Investment Management Agreement, or to verify or independently determine the
accuracy of information received by it from the Investment Manager (or from any selling institution, agent bank, trustee or similar
source) with respect to the Collateral and no Agent shall have any additional duties following the resignation or removal of the
Investment Manager.

 

(w)            No
Agent shall have any obligation to determine: (i) if a Collateral Obligation meets the criteria or eligibility restrictions
imposed by this Agreement or other Transaction Document or (ii) whether the conditions specified in the definition of "Delivered"
under the Pledge and Security Agreement have been complied with.

 

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(x)            In
making or disposing of any investment permitted by this Agreement, the Collateral Agent is authorized to deal with itself (in its
individual capacity) or with any one or more of its Affiliates, whether it or such Affiliate is acting as a subagent of the Collateral
Agent or for any third person or dealing as principal for its own account. If otherwise qualified an Eligible Investment, obligations
of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder.

 

(y)            Neither
the Collateral Agent nor the Collateral Administrator shall have any obligation to determine or verify (i) whether a First
Lien Floor Toggle Period has commenced, (ii) the Senior Net Leverage Ratio of a Collateral Obligation, (iii) the Equity
Exposure Amount or Exposure Amount of a Collateral Obligation or the Aggregate Excess Exposure Amount or (iv) whether a Borrowing
Base Deficiency Trigger Event or Cash Trap Event has occurred.

 

(z)            The
Borrower (or the Investment Manager on its behalf) shall provide notice to the Collateral Agent and Collateral Administrator of
the identity of each Future Funding Collateral Obligation and the related Equity Exposure Amount and Exposure Amount thereof. The
Administrative Agent shall provide notice to the Collateral Agent and the Collateral Administrator of the occurrence of a Borrowing
Base Deficiency Trigger Event or Cash Trap Event. Each of the Collateral Agent and the Collateral Administrator shall be entitled
to conclusively rely upon such notices.

 

10.4.        Agents
Entitled to Act as Lender.

 

The agency hereby created shall in no way
impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity
as a Lender hereunder. With respect to its participation in the Loans (if any), each Agent shall have the same rights and powers
hereunder as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder,
and the term "Lender" shall, unless the context clearly otherwise indicates, include any such Agent in its individual
capacity. Any Agent and its Affiliates may accept deposits from, lend money to, own securities of, and generally engage in any
kind of banking, trust, financial advisory or other business with any Credit Party or any of their respective Affiliates as if
it were not performing the duties specified herein, and may accept fees and other consideration from the Borrower for services
in connection herewith and otherwise without having to account for the same to Lenders.

 

10.5.        Lenders'
Representations, Warranties and Acknowledgment.

 

(a)            Each
Lender represents and warrants that it has made its own independent investigation, without reliance upon any Agent or any other
Person, of the financial condition and affairs of the Credit Parties in connection with Credit Extensions hereunder and that it
has made and shall continue to make its own appraisal of the creditworthiness of the Credit Parties. No Agent shall have any duty
or responsibility, either initially or on a continuing basis, to make any investigation or appraisal on behalf of Lenders or to
provide any Lender with any credit or other information with respect thereto, and no Agent shall have any responsibility with respect
to the accuracy of or the completeness of any information provided to Lenders.

 

(b)            Each
Lender, by delivering its signature page to this Agreement or an Assignment Agreement and funding its Loans on the Initial
Credit Date, shall be deemed to have acknowledged receipt of, and consented to and approved, each Transaction Document and each
other document required to be approved by the Requisite Lenders or Lenders or delivered to any Agent, as applicable, on the Initial
Credit Date.

 

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10.6.        Right
to Indemnity.

 

Each Lender, in proportion to its Pro Rata
Share (or, if no Loans or Commitments are outstanding, the Pro Rata Share most recently in effect), severally agrees to indemnify
each Agent, to the extent that such Agent shall not have been reimbursed by any Credit Party, for and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, fees, costs, expenses (including counsel fees and disbursements)
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such Agent in exercising
its powers, rights and remedies or performing its duties hereunder or under the other Transaction Documents or otherwise in its
capacity as such Agent in any way relating to or arising out of this Agreement, the other Transaction Documents or the use of proceeds
thereof; provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements resulting from such Agent's gross negligence, bad faith or willful
misconduct, in each case as determined by a final, non-appealable judgment of a court of competent jurisdiction. If any indemnity
furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may
call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is
furnished; provided that (1) in no event shall this sentence require any Lender to indemnify any Agent against any
liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender's
Pro Rata Share thereof; and (2) this sentence shall not be deemed to require any Lender to indemnify any Agent against any
liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in
the immediately preceding sentence. The foregoing shall survive the termination of this Agreement and the resignation or removal
of an Agent.

 

10.7.         Successor
Administrative Agent and Collateral Agent.

 

(a)            The
Administrative Agent shall have the right to resign at any time by giving prior written notice thereof to the Agents, the Lenders
and the Borrower, and the Administrative Agent may be removed at any time with or without cause by an instrument or concurrent
instruments in writing delivered to the Agents, the Borrower and the Administrative Agent and signed by the Requisite Lenders.
The Requisite Lenders shall have the right to appoint a financial institution to act as the Administrative Agent hereunder, subject
to (unless an Event of Default has occurred and is continuing) the consent of the Borrower, and the Administrative Agent's resignation
shall become effective, and the Administrative Agent shall be discharged from its obligations and duties hereunder, on the earliest
of (1) 30 days after delivery of the notice of resignation or removal (regardless of whether a successor has been appointed
or not), (2) the acceptance of appointment by such successor Administrative Agent by the Requisite Lenders and (if so required)
the Borrower or (3) such other date, if any, agreed to by the Requisite Lenders. If the Requisite Lenders shall not have appointed
a successor Administrative Agent with the consent of the Borrower (if so required) by the end of the period specified above, then
the Requisite Lenders shall be deemed to have succeeded to and become vested with all the rights, powers, privileges and duties
of the resigning Administrative Agent. Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor
Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the resigning or removed Administrative Agent and the resigning or removed Administrative Agent shall
promptly transfer to such successor Administrative Agent all records and other documents necessary or appropriate in connection
with the performance of the duties of the successor Administrative Agent under the Transaction Documents. After any resigning or
removed Administrative Agent's resignation or removal hereunder as the Administrative Agent, the provisions of this Agreement shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent hereunder.

 

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(b)            The
Collateral Agent and the Collateral Administrator (each, a "Specified Person") may resign at any time by giving
prior written notice thereof to the Lenders, the Administrative Agent and the Borrower, and each Specified Person may be removed
at any time upon at least 30 days' notice with or without cause by an instrument or concurrent instruments in writing delivered
to the Borrower and such Specified Person signed by the Requisite Lenders. The Requisite Lenders shall have the right to appoint
a financial institution (or, in the case of the Collateral Administrator, another entity acceptable to them) as a successor Specified
Person hereunder, subject to (unless an Event of Default has occurred and is continuing) the consent of the Borrower, and each
Specified Person's resignation shall become effective, and such Specified Person shall be discharged from its obligations and duties
hereunder, on the earliest of (1) 30 days after delivery of the notice of resignation or removal (regardless of whether a
successor been appointed or not), (2) the acceptance of appointment by such successor Specified Person (which shall be no
earlier than 30 days after delivery of such notice of resignation or removal unless agreed to by the Requisite Lenders and the
removed Specified Person) or (3) such other date, if any, agreed to by the Requisite Lenders and the removed Specified Person.
Until a successor Specified Person is appointed, any Collateral or other property held by a Specified Person on behalf of the Secured
Parties under any of the Transaction Documents shall continue to be held by the resigning or removed Specified Person as bailee
until such time as a successor Specified Person is appointed (all costs and expenses incurred by such resigning or removed Specified
Person for holding such Collateral shall be paid by the Borrower). Each Specified Person shall have the right, at the cost and
expense of the Borrower, to petition a court of competent jurisdiction regarding the delivery of any Collateral or other property
it holds as bailee. Upon the acceptance of any appointment as Specified Person hereunder by a successor Specified Person, such
successor Specified Person shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
resigning or removed Specified Person under this Agreement and the Transaction Documents, and the resigning or removed Specified
Person shall promptly (x) transfer to such successor Specified Person all Collateral or other property held hereunder or under
the Transaction Documents, together with all records and other documents necessary or appropriate in connection with the performance
of the duties of the successor Specified Person under this Agreement and the Transaction Documents, and (y) execute and deliver
to such successor Specified Person or otherwise authorize the filing of such amendments to Financing Statements, and take such
other actions, as may be requested by the Requisite Lenders (and at the cost and expense of the Borrower) in connection with the
assignment to such successor Specified Person of the security interests created under the Transaction Documents. After any resigning
or removed Specified Person's resignation or removal hereunder as such Specified Person, the provisions of this Agreement and the
Transaction Documents shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement or the
Transaction Documents while it was such Specified Person hereunder.

 

 

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

 

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10.8.        Collateral
Documents.

 

(a)            Agents
under Collateral Documents. Each Secured Party hereby further authorizes the Collateral Agent on behalf of and for the benefit
of Secured Parties, to be the agent for and representative of Secured Parties with respect to the Collateral and the Collateral
Documents. Subject to Section 11.5, without further written consent or authorization from any Secured Party, the Administrative
Agent and/or the Collateral Agent (at the direction of the Administrative Agent) is authorized to and shall execute any documents
or instruments requested by either (1) the Borrower (and at the cost and expense of the Borrower) in connection with an Acquisition
or Disposition of assets permitted by this Agreement and the release of any Lien encumbering any item of Collateral that is the
subject of such Disposition or (2) or otherwise consented to by the Requisite Lenders (or such other number or percentage
of the Lenders as shall be necessary, or as the Agents shall believe in good faith shall be necessary, to give such request or
direction hereunder) in connection with any other Disposition of assets in accordance with this Agreement; provided that,
in the case of clause (1), the Borrower shall deliver a certificate signed by an Authorized Officer of the Borrower to the Administrative
Agent and the Collateral Agent stating that such Acquisition or Disposition of assets is permitted by this Agreement and the Transaction
Documents and that the release of the Lien on such Collateral is authorized by the Transaction Documents (which certificate shall
be deemed to have been provided upon the delivery by the Borrower (or the Investment Manager on its behalf) of a Borrower Order
in respect of such Acquisition or Disposition), and in the case of clause (2), the Borrower shall deliver a certificate signed
by an Authorized Officer of the Borrower to the Administrative Agent and the Collateral Agent stating that such consent of the
Requisite Lenders has been received. The Collateral Agent shall have no obligation to review or verify whether the Borrower or
the Investment Manager on its behalf has obtained and delivered (or made available to the Transaction Data Room) the necessary
Diligence Information and other Custody Documents required for purchases of Collateral Obligations hereunder, and the Collateral
Agent shall have no obligation to maintain the Transaction Data Room on behalf of the Borrower.

 

(b)            Right
to Realize on Collateral. Notwithstanding anything contained in the Transaction Documents to the contrary, the Credit Parties,
the Agents and each other Secured Party hereby agree that (1) no Secured Party (other than the Collateral Agent) shall have
any right to realize upon any of the Collateral, it being understood and agreed that all such powers, rights and remedies hereunder
and under any of the Transaction Documents may be exercised solely by the Collateral Agent (at the written direction of the Requisite
Lenders) for the benefit of the Secured Parties in accordance with the terms hereof and thereof, and (2) in the event of a
foreclosure or similar enforcement action by the Collateral Agent (at the written direction of the Requisite Lenders) on any of
the Collateral pursuant to a public or private sale or other Disposition (including pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or
otherwise of the Bankruptcy Code or under any analogous provisions of any other Debtor Relief Law), the Collateral Agent (or any
Lender, except with respect to a "credit bid" pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or
otherwise of the Bankruptcy Code or such other Debtor Relief Law) may be the purchaser or licensor of any or all of such Collateral
at any such Disposition and the Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders
in its or their respective individual capacities) shall be entitled, upon instructions from the Requisite Lenders, for the purpose
of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such Disposition,
to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral
Agent at such Disposition.

 

(c)            Release
of Collateral, Termination of Transaction Documents; Etc. Notwithstanding anything to the contrary contained herein or any
other Transaction Document, when all Obligations (other than contingent Obligations for which no claim has been asserted) have
been paid in full and all Commitments have terminated or expired (as evidenced by an executed payoff letter and confirmation from
the Administrative Agent of the receipt of such payoff amounts), the security interest created hereunder and under the other Collateral
Documents and all guarantee obligations under the Transaction Documents shall automatically terminate and the Collateral Agent
shall (at the sole cost and expense of the Borrower) take such actions as shall be requested in writing by the Borrower to effect
such release of its security interest in all Collateral and to release all guarantee obligations provided for in any Transaction
Document. The Borrower shall prepare any such documentation at its expense and shall be responsible for the costs and expenses
of the Collateral Agent (including legal fees and expenses) in connection with any release under this clause (c). Any such release
of guarantee obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if after
such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be
restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Credit Party, or upon or
as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any Credit Party
or any substantial part of its property, or otherwise, all as though such payment had not been made.

 

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10.9.       Withholding
Taxes.

 

To the extent required by any applicable law,
the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without
duplication of the provisions of Section 2.15(g), if the IRS or any other Governmental Authority asserts a claim that the
Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender because the appropriate
form was not delivered or was not properly executed or because such Lender failed to notify the Administrative Agent of a change
in circumstance which rendered the exemption from, or reduction of, withholding Tax ineffective or for any other reason, or if
the Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction
of applicable withholding Tax from such payment, such Lender shall indemnify the Administrative Agent fully for all amounts paid,
directly or indirectly, by the Administrative Agent as Tax or otherwise, together with all expenses (including legal expenses,
allocated internal costs and out-of-pocket expenses) incurred.

 

10.10.     Administrative
Agent May File Bankruptcy Disclosure and Proofs of Claim.

 

In case of the pendency of any proceeding
under any Debtor Relief Laws relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any
Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding
or otherwise:

 

(a)            to
file a verified statement pursuant to rule 2019 of the Federal Rules of Bankruptcy Procedure that complies with such
rule's disclosure requirements for entities representing more than one creditor;

 

(b)            to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Agents and their respective agents and counsel and all other amounts due the Lenders and the Agents under Transaction Documents
allowed in such judicial proceeding); and

 

(c)            to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same,

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments
to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders,
to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the
Agents and their respective agents and counsel, and any other amounts due to the Agents under the Transaction Documents. To the
extent that the payment of any such compensation, expenses, disbursements and advances of the Agents, their agents and counsel,
and any other amounts due to the Agents under the Transaction Documents out of the estate in any such proceeding shall be denied
for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties that the Lenders may be entitled to receive in such proceeding whether in liquidation or
under any plan of reorganization or arrangement or otherwise.

 

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Nothing contained herein shall be deemed to
authorize any Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender or to authorize any Agent to vote in respect of
the claim of any Lender in any such proceeding.

 

SECTION 11. MISCELLANEOUS

 

11.1.       Notices.

 

(a)            Notices
Generally. Any notice or other communication herein required or permitted to be given to a Credit Party, the Collateral Agent,
the Collateral Custodian or the Administrative Agent, shall be sent to such Person's address as set forth on Appendix B or in the
other relevant Transaction Document, and in the case of any Lender, the address as indicated on Appendix B or otherwise indicated
to the Administrative Agent in writing. Except as otherwise set forth in Section 3.2(b) or paragraph (b) below,
each notice hereunder shall be in writing and may be personally served or sent by electronic mail or United States mail or courier
service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof,
upon receipt of electronic mail, or three Business Days after depositing it in the United States mail with postage prepaid and
properly addressed; provided that (1) no notice to any Agent shall be effective until received by such Agent; (2) any
such notice or other communication shall at the request of the Administrative Agent be provided to any sub-agent appointed pursuant
to Section 11.3(c) as designated by the Administrative Agent from time to time; and (3) any such notice or other
communication to the Administrative Agent, Collateral Agent, Collateral Custodian or Collateral Administrator may be made via SWIFT
(to the extent, under this clause (3), that such notice or communication is reasonably able to be sent in such manner).

 

(b)            Electronic
Communications.

 

(1)            Notices
and other communications to any Agent and Lenders hereunder may be delivered or furnished by electronic communication (including
e mail and Internet or intranet websites, including the Platform) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Agent or any Lender pursuant to Section 2 if such Person
has notified the Administrative Agent that it is incapable of receiving notices under such Section by electronic communication.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited
to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (x) notices and other communications
sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such
as by the "return receipt requested" function, as available, return e-mail or other written acknowledgment), provided
that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication
shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (y) notices or
communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient
at its e-mail address as described in the foregoing clause (x) of notification that such notice or communication is available
and identifying the website address therefor.

 

(2)            Each
Credit Party understands that the distribution of material through an electronic medium is not necessarily secure and that there
are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic
distribution, except to the extent caused by the gross negligence bad faith, willful misconduct or reckless disregard of the Administrative
Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction.

 

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(3)            The
Platform and any Approved Electronic Communications are provided "as is" and "as available". None of the Agents
or any of their respective officers, directors, employees, agents, advisors or representatives (the "Agent Affiliates")
warrant the accuracy, adequacy, or completeness of the Approved Electronic Communications or the Platform and each expressly disclaims
liability for errors or omissions in the Platform and the Approved Electronic Communications. No warranty of any kind, express,
implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party
rights or freedom from viruses or other code defects is made by the Agent Affiliates in connection with the Platform or the Approved
Electronic Communications. In no event shall the Agent Affiliates have any liability to the Borrower or the other Credit Parties,
any Lender or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential
damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower's, any Credit Party's or the Administrative
Agent's transmission of communications through the Platform.

 

(4)            Each
Credit Party, each Lender and each Agent agrees that the Administrative Agent may, but shall not be obligated to, store any Approved
Electronic Communications on the Platform in accordance with the Administrative Agent's customary document retention procedures
and policies.

 

(5)            Any
notice of Default or Event of Default may be provided by telephone if confirmed promptly thereafter by delivery of written notice
thereof.

 

11.2.       Expenses.

 

Whether or not the initial Credit Extension
is made hereunder, the Borrower agrees to pay promptly (a) all the actual and reasonable costs and out-of-pocket expenses
incurred in connection with the negotiation, preparation and execution of the Transaction Documents and any consents, amendments,
waivers or other modifications thereto; (b) all the costs of furnishing all opinions by counsel for the Borrower and the other
Credit Parties; (c) the reasonable and documented out-of-pocket fees, expenses and disbursements of counsel to the Agents
(in each case not including allocated costs of internal counsel, but including special New York counsel to the Administrative Agent)
in connection with the negotiation, preparation, execution and administration of the Transaction Documents and any consents, amendments,
waivers or other modifications thereto and any other documents or matters requested by the Borrower; (d) all the actual costs
and reasonable out-of-pocket expenses of creating, perfecting, recording, maintaining and preserving Liens in favor of the Collateral
Agent, for the benefit of Secured Parties, including filing and recording fees, expenses and taxes, stamp or documentary taxes,
search fees, title insurance premiums and reasonable fees, expenses and disbursements of counsel to each Agent and of counsel providing
any opinions that any Agent or the Requisite Lenders may request in respect of the Collateral or the Liens created pursuant to
the Collateral Documents; (e) all the actual costs and reasonable fees, out-of-pocket expenses and disbursements of any auditors,
accountants, consultants or appraisers; (f) all the actual costs and reasonable out-of-pocket expenses (including the reasonable
fees, out-of-pocket expenses and disbursements of any appraisers, consultants, advisors and agents employed or retained by the
Collateral Agent and its counsel) in connection with the custody or preservation of any of the Collateral; (g) all other actual
and reasonable costs and out-of-pocket expenses incurred by each Agent in connection with the syndication of the Loans and Commitments
and the transactions contemplated by the Transaction Documents and any consents, amendments, waivers or other modifications thereto
and (h) after the occurrence of a Default or an Event of Default, all costs and out-of-pocket expenses, including reasonable
attorneys' fees (not including allocated costs of internal counsel) and costs of settlement, incurred by any Agent and the Lenders
in enforcing any Obligations of or in collecting any payments due from any Credit Party hereunder or under the other Transaction
Documents by reason of such Default or Event of Default (including in connection with the sale, lease or license of, collection
from, or other realization upon any of the Collateral) or in connection with any refinancing or restructuring of the credit arrangements
provided hereunder in the nature of a "work out" or pursuant to any insolvency or bankruptcy cases or proceedings.

 

This Section 11.2 shall survive the termination
of the Agreement and the resignation or removal of the Agents.

 

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11.3.       Indemnity.

 

(a)            In
addition to the payment of expenses pursuant to Section 11.2, whether or not the transactions contemplated hereby shall be
consummated, the Borrower agrees to defend (subject to Indemnitees' selection of counsel), indemnify, pay and hold harmless, each
Agent and Lender and each of their respective officers, partners, members, directors, trustees, advisors, employees, agents, sub-agents
and affiliates (each, an "Indemnitee"), from and against any and all Indemnified Liabilities pursuant to the Priority
of Payments. To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this Section 11.3
may be unenforceable in whole or in part because they are violative of any law or public policy, the Borrower shall contribute
the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified
Liabilities incurred by Indemnitees or any of them pursuant to the Priority of Payments. This Section 11.3(a) shall not
apply with respect to Taxes other than any Taxes that represent losses, claims, damages, or similar amounts arising from any non-Tax
claim.

 

(b)            To
the fullest extent permitted by applicable law, the Borrower shall not assert, and the Borrower hereby waives, any claim against
each Lender and each Agent and their respective Affiliates, directors, employees, attorneys, agents or sub-agents, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, this Agreement, any other Transaction Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, or any Loan, or the use of the proceeds thereof. None of any Lender or
any Agent or any of their respective Affiliates, directors, employees, attorneys, agents or sub-agents shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Transaction Documents or the
transactions contemplated hereby or thereby.

 

(c)            The
Borrower also agrees that no Lender or Agent nor their respective Affiliates, directors, employees, attorneys, agents or sub-agents
will have any liability to the Borrower or any person asserting claims on behalf of or in right of the Borrower or any other person
in connection with or as a result of this Agreement or any Transaction Document or any agreement or instrument contemplated hereby
or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan, or the use of the proceeds
thereof or any act or omission or event occurring in connection therewith, in each case, except to the extent that any losses,
claims, damages, liabilities or expenses incurred by the Borrower or its affiliates, shareholders, partners or other equity holders
have been found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted directly from the gross
negligence, bad faith or willful misconduct of such Lender or Agent or their respective Affiliates, directors, employees, attorneys,
agents or sub-agents in performing its obligations under this Agreement or any Transaction Document or any agreement or instrument
contemplated hereby or thereby or referred to herein or therein; provided that in no event will such Lender or Agent, or
their respective Affiliates, directors, employees, attorneys, agents or sub-agents have any liability for any indirect, consequential,
special or punitive damages in connection with or as a result of such Lender's or Agent's, or their respective Affiliates', directors',
employees', attorneys', agents' or sub-agents' activities related to this Agreement, any Transaction Document, or any agreement
or instrument contemplated hereby or thereby or referred to herein or therein.

 

(d)            This
Section 11.3 shall survive the termination of the Agreement and the resignation or removal of the Agents.

 

11.4.       Set-Off.

 

In addition to any rights now or hereafter
granted under applicable law and not by way of limitation of any such rights, upon the occurrence of any Event of Default each
Lender is hereby authorized by each Specified Credit Party at any time or from time to time subject to the consent of the Administrative
Agent (such consent not to be unreasonably withheld or delayed), without notice to any Specified Credit Party or to any other Person
(other than the Administrative Agent), any such notice being hereby expressly waived, to set off and to appropriate and to apply
any and all deposits (general or special, including indebtedness evidenced by certificates of deposit, whether matured or unmatured,
but not including trust accounts) and any other indebtedness at any time held or owing by such Lender to or for the credit or the
account of any Specified Credit Party against and on account of the obligations and liabilities of any Specified Credit Party to
such Lender hereunder and under the Transaction Documents, including all claims of any nature or description arising out of or
connected hereto and participations therein or with any other Transaction Document, irrespective of whether or not (a) such
Lender shall have made any demand hereunder or (b) the principal of or the interest on the Loans or any other amounts due
hereunder shall have become due and payable pursuant to Section 2 and although such obligations and liabilities, or any of
them, may be contingent or unmatured; provided that, if any Defaulting Lender shall exercise any such right of setoff, (1) all
amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Sections 2.12 and 2.17 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed
held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly
to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which
it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section 11.4 are in
addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have.

 

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11.5.       Amendments
and Waivers.

 

(a)            Requisite
Lenders' and Investment Manager Consent. Subject to the additional requirements of Sections 11.5(b) and 11.5(c) and
the proviso below, no amendment, modification, termination or waiver of any provision of this Agreement, or consent to any departure
by the Borrower therefrom, shall in any event be effective without the written concurrence of the Requisite Lenders and the Investment
Manager; provided that (i) the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement
this Agreement or any other Transaction Document to cure any ambiguity, omission, defect or inconsistency (as reasonably determined
by the Administrative Agent), so long as such amendment, modification or supplement does not adversely affect the rights of any
Lender or the Lenders shall have received at least five Business Days' prior written notice thereof and the Administrative Agent
shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Requisite
Lenders stating that the Requisite Lenders object to such amendment and (ii) the Administrative Agent may, in its sole and
absolute discretion, consent to any action or omission as set forth in this Agreement and may grant waivers, concessions and other
indulgences in accordance with the terms of this Agreement.

 

(b)            Unanimous
Lenders' Consent. Without the written consent of each Lender, no amendment, modification, termination, or consent shall be
effective if the effect thereof would:

 

(1)            extend
the scheduled final maturity of any Loan or Note;

 

(2)            waive,
reduce or postpone any scheduled repayment (but not prepayment);

 

(3)            reduce
the rate of interest on any Loan, any fee, any Minimum Spread Payment or any Make-Whole Amount payable hereunder;

 

(4)            extend
the time for payment of any such interest, fees, Minimum Spread Payments or Make-Whole Amounts;

 

(5)            reduce
the principal amount of any Loan;

 

(6)            amend,
modify, terminate or waive any provision of this Section 11.5(b), Section 11.5(c) or any other provision of this
Agreement that expressly provides that the consent of all Lenders is required;

 

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(7)            amend
the definition of "Requisite Lenders" or "Pro Rata Share";

 

(8)            release
all or substantially all of the Collateral except as expressly provided in the Transaction Documents and except in connection with
a "credit bid" undertaken by the Collateral Agent at the direction of the Requisite Lenders pursuant to Section 363(k),
Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code or other analogous Debtor Relief Law or other sale or disposition
of assets in connection with an enforcement action with respect to the Collateral permitted pursuant to the Transaction Documents
(in which case only the consent of the Requisite Lenders will be needed for such release);

 

(9)            change
the currency in which any Loan or other Obligation is denominated; or

 

(10)            consent
to the assignment or transfer by any Credit Party of any of its rights and obligations under any Transaction Document.

 

(c)            Other
Consents. Except as set forth in clause (a) above, no amendment, modification, termination or waiver of any provision
of this Agreement, or consent to any departure by any Credit Party therefrom, shall amend, modify, terminate or waive any provision
of this Agreement as the same applies to any Agent, or any other provision hereof as the same applies to the rights or obligations
of any Agent, in each case without the consent of such Agent, as applicable.

 

(d)            Execution
of Amendments, Etc. The Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute
amendments, modifications, waivers or consents on behalf of such Lender. Any waiver or consent shall be effective only in the specific
instance and for the specific purpose for which it was given. No notice to or demand on any Credit Party in any case shall entitle
any Credit Party to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination,
waiver or consent effected in accordance with this Section 11.5 shall be binding upon each Lender at the time outstanding,
each future Lender and, if signed by a Credit Party, on such Credit Party.

 

(e)            Cashless
Settlement. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover
all or a portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted
by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent
and such Lender.

 

11.6.       Successors
and Assigns; Participations.

 

(a)            Generally.
This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit
of the parties hereto and the successors and assigns of Lenders. Neither the Borrower's rights or obligations hereunder nor any
interest therein may be assigned or delegated by the Borrower without the prior written consent of all Lenders. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby and, to the extent expressly contemplated hereby, Affiliates of each of the Agents and
Lenders and other Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)            Register.
The Borrower, the Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders
and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of
any such Commitment or Loan shall be effective, in each case, unless and until recorded in the Register following receipt of a
fully executed Assignment Agreement effecting the assignment or transfer thereof, together with the required forms and certificates
regarding tax matters and any fees payable in connection with such assignment, in each case, as provided in Section 11.6(d).
Each assignment shall be recorded in the Register promptly following receipt by the Administrative Agent of the fully executed
Assignment Agreement and all other necessary documents and approvals, prompt notice thereof shall be provided to the Borrower and
a copy of such Assignment Agreement shall be maintained, as applicable. The date of such recordation of a transfer shall be referred
to herein as the related "Assignment Effective Date". Any request, authority or consent of any Person who, at
the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive
and binding on any subsequent holder, assignee or transferee of the corresponding Commitments or Loans.

 

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(c)            Right
to Assign. Each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and obligations
under this Agreement, including all or a portion of its Commitment or Loans owing to it or other Obligations (provided that
pro rata assignments shall not be required and each assignment shall be of a uniform, and not varying, percentage of all rights
and obligations under and in respect of any applicable Loan and any related Commitments) to any Eligible Assignee upon the receipt
of consent of the Administrative Agent and the Borrower (each such consent not to be unreasonably withheld or delayed); provided
that:

 

(1)            each
such assignment pursuant to this Section 11.6(c) shall be in an aggregate amount of not less than the lesser of (I) $2,500,000,
(II) such lesser amount as agreed to by the Borrower and Administrative Agent or (III) the aggregate amount of the Loans
and any related Commitments of the assigning Lender;

 

(2)            no
consent of the Administrative Agent or the Borrower shall be required for any assignment by Goldman Sachs (x) pursuant to
a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity
(but without prejudice to any other right or remedy under this Agreement) or (y) to any affiliate of Goldman Sachs; and

 

(3)            no
consent of the Borrower shall be required (x) if an Event of Default has occurred and is continuing or (y) for any assignment
to any Person that, at the time of such assignment, is a Lender or an affiliate of a Lender.

 

(d)            Mechanics.

 

(1)            Assignments
and assumptions of Loans and Commitments by Lenders shall be effected by manual execution and delivery to the Administrative Agent
of an Assignment Agreement. Assignments made pursuant to the foregoing provision shall be effective as of the Assignment Effective
Date. In connection with all assignments there shall be delivered to the Administrative Agent such forms, certificates or other
evidence, if any, with respect to U.S. federal income tax withholding matters as the assignee under such Assignment Agreement may
be required to deliver pursuant to Section 2.15(c), together with payment to the Administrative Agent of a registration and
processing fee of $3,500 (except that no such registration and processing fee shall be payable (y) in connection with an assignment
by or to Goldman Sachs or any Affiliate thereof or (z) in the case of an assignee that is already a Lender or is an affiliate
of a Lender or a Person under common management with a Lender).

 

(2)            In
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be
outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding,
with the consent of the Borrower and the Administrative Agent, the applicable Pro Rata Share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender
hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full Pro Rata Share of all Loans.
Notwithstanding the foregoing, if any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed
to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

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(e)            Representations
and Warranties of Assignee. Each Lender, upon execution and delivery hereof or upon succeeding to an interest in the Commitments
and Loans, as the case may be, represents and warrants as of the Initial Credit Date or as of the Assignment Effective Date that
(1) it is an Eligible Assignee (or, if not an Eligible Assignee, the assignment to it is permitted under this Section 11.6);
(2) it has experience and expertise in the making of or investing in commitments or loans such as the applicable Commitments
or Loans, as the case may be; (3) it will make or invest in, as the case may be, its Commitments or Loans for its own account
in the ordinary course and without a view to distribution of such Commitments or Loans within the meaning of the Securities Act
or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of this Section 11.6,
the disposition of such Commitments or Loans or any interests therein shall at all times remain within its exclusive control);
and (4) it will not provide any information obtained by it in its capacity as a Lender to the Sponsor or any Affiliate of
the Sponsor.

 

(f)            Effect
of Assignment. Subject to the terms and conditions of this Section 11.6, as of the Assignment Effective Date (1) the
assignee thereunder shall have the rights and obligations of a "Lender" hereunder to the extent of its interest in the
Loans and Commitments as reflected in the Register and shall thereafter be a party hereto and a "Lender" for all purposes
hereof; (2) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned
to the assignee, relinquish its rights (other than any rights which survive the termination hereof under Section 11.8) and
be released from its obligations hereunder (and, in the case of an assignment covering all or the remaining portion of an assigning
Lender's rights and obligations hereunder, such Lender shall cease to be a party hereto on the Assignment Effective Date; provided
that, anything contained in any of the Transaction Documents to the contrary notwithstanding, such assigning Lender shall continue
to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising out of the prior
involvement of such assigning Lender as a Lender hereunder); (3) the Commitments shall be modified to reflect any Commitment
of such assignee; and (4) if any such assignment occurs after the issuance of any Note hereunder, the assigning Lender shall,
upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender its applicable Notes to the Administrative
Agent for cancellation, and thereupon the Borrower shall issue and deliver new Notes, if so requested by the assignee and/or assigning
Lender, to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new outstanding Loans of
the assignee and/or the assigning Lender.

 

(g)            Participations.

 

(1)            Each
Lender shall have the right at any time to sell one or more participations to any Person (other than a Credit Party, the Sponsor,
any Sponsor Affiliate or any Natural Person) in all or any part of its Commitments, Loans or in any other Obligation. Each Lender
that sells a participation pursuant to this Section 11.6(g) shall, acting solely for U.S. federal income tax purposes
as a non-fiduciary agent of the Borrower, maintain a register on which it records the name and address of each participant and
the principal amounts (and stated interest) of each participant's participation interest with respect to the Loans (each, a "Participant
Register"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register to any Person (including the identity of any participant or any information relating to a participant's interest in any
Commitments, Loans or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably
and in good faith, determine that such disclosure is necessary to establish that such Commitment, Loan or other Obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of a participation with respect to the Loan for all purposes under this Agreement, notwithstanding any notice to the
contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as the Administrative Agent) shall have no responsibility
for maintaining a Participant Register.

 

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(2)            The
holder of any such participation, other than an Affiliate of the Lender granting such participation, shall not be entitled to require
such Lender to take or omit to take any action hereunder except with respect to any amendment, modification or waiver that would
(A) extend the final scheduled maturity of any Loan, or Note in which such participant is participating, or reduce the rate
or extend the time of payment of interest or fees thereon (except in connection with a waiver of applicability of any post-default
increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant's participation over
the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of a mandatory reduction
in the Commitment shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan
shall be permitted without the consent of any participant if the participant's participation is not increased as a result thereof),
(B) consent to the assignment or transfer by any Credit Party of any of its rights and obligations under this Agreement or
(C) release all or substantially all of the Collateral under the Collateral Documents (in each case, except as expressly provided
in the Transaction Documents) supporting the Loans hereunder in which such participant is participating.

 

(3)            The
Borrower agrees that each participant shall be entitled to the benefits of Sections 2.13(c), 2.14 and 2.15 to the same extent as
if it were a Lender and had acquired its interest by assignment pursuant to paragraph (c) of this Section; provided
that (x) a participant shall not be entitled to receive any greater payment under Section 2.14 or 2.15 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such participant, except to the extent such
entitlement to receive a greater payment results from a Change in Law that occurs after such participant acquired the participation
or unless the sale of the participation to such participant is made with the Borrower's prior written consent; (y) a participant
shall not be entitled to the benefits of Section 2.15 unless the Borrower is notified of the participation sold to such participant
and such participant agrees, for the benefit of the Borrower, to comply with Section 2.15 as though it were a Lender; and
(z) except as specifically set forth in clauses (x) and (y) of this sentence, nothing herein shall require any notice
to the Borrower or any other Person in connection with the sale of any participation. To the extent permitted by law, each participant
also shall be entitled to the benefits of Section 11.4 as though it were a Lender, provided that such participant agrees
to be subject to Section 2.12 as though it were a Lender.

 

(h)            Certain
Other Assignments and Participations. In addition to any other assignment or participation permitted pursuant to this Section 11.6
any Lender may assign, pledge and/or grant a security interest in all or any portion of its Loans, the other Obligations owed by
or to such Lender, and its Notes, if any, to secure obligations of such Lender including any Federal Reserve Bank as collateral
security pursuant to Regulation A and any operating circular issued by such Federal Reserve Bank; provided that (1) no
Lender, as between the Borrower and such Lender, shall be relieved of any of its obligations hereunder as a result of any such
assignment and pledge, and (2) in no event shall the applicable Federal Reserve Bank, pledgee or trustee, be considered to
be a "Lender" or be entitled to require the assigning Lender to take or omit to take any action hereunder.

 

11.7.       Independence
of Covenants.

 

All covenants hereunder shall be given independent
effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted
by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default
or an Event of Default if such action is taken or condition exists.

 

11.8.       Survival
of Representations, Warranties and Agreements.

 

All representations, warranties and agreements
made herein shall survive the execution and delivery hereof and the making of any Credit Extension. Notwithstanding anything herein
or implied by law to the contrary, the agreements of each Credit Party set forth in Sections 2.13(c), 2.14, 2.15, 10, 11.2, 11.3,
11.4 and 11.22 and the agreements of Lenders set forth in Sections 2.15 and 10.6 shall survive the payment of the Loans, and the
termination hereof.

 

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11.9.       No
Waiver; Remedies Cumulative.

 

No failure or delay on the part of any Agent
or any Lender in the exercise of any power, right or privilege hereunder or under any other Transaction Document shall impair such
power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege.
The rights, powers and remedies given to each Agent and each Lender hereby are cumulative and shall be in addition to and independent
of all rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Transaction Documents.
Any forbearance or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any
such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right,
power or remedy.

 

11.10.     Marshalling;
Payments Set Aside.

 

Neither any Agent nor any Lender shall be
under any obligation to marshal any assets in favor of any Credit Party or any other Person or against or in payment of any or
all of the Obligations. To the extent that any Credit Party makes a payment or payments to the Administrative Agent or Lenders
(or to the Administrative Agent, on behalf of Lenders), or any Agent or Lender enforces any security interests or exercises any
right of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other
party under any bankruptcy law, any other state or federal law, common law or any equitable cause, then, to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related
thereto, shall be revived and continued in full force and effect as if such payment or payments had not been made or such enforcement
or setoff had not occurred.

 

11.11.     Severability.

 

In case any provision in or obligation hereunder
or under any other Transaction Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby.

 

11.12.     Obligations
Several; Independent Nature of Lenders' Rights.

 

The obligations of Lenders hereunder are several
and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder. Nothing contained herein or
in any other Transaction Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders
as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each
Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising out
hereof and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.

 

11.13.     Headings.

 

Section headings herein are included
herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive
effect.

 

11.14.     APPLICABLE
LAW.

 

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND
ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION
OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

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11.15.     CONSENT
TO JURISDICTION.

 

SUBJECT TO CLAUSE (E) OF THE FOLLOWING
SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO OR ANY OTHER TRANSACTION DOCUMENTS,
OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN
OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW
YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH CREDIT PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY
(A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE (SUBJECT TO CLAUSE (E) BELOW) JURISDICTION AND VENUE OF SUCH
COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING
IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE CREDIT PARTY AT
ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 11.1; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS
SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE
CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT THE AGENTS AND LENDERS RETAIN THE RIGHT TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER
JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY TRANSACTION DOCUMENT OR AGAINST ANY COLLATERAL OR THE ENFORCEMENT
OF ANY JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND CONSENTS TO VENUE IN, ANY SUCH COURT.

 

The Borrower Entities hereby appoint and consent
to Corporate Creations Network Inc. (the "Process Agent"), as their agent upon whom process or demands may be
served in any action arising out of or based on this Agreement or the transactions contemplated hereby. The Borrower Entities may
at any time and from time to time vary or terminate the appointment of such process agent or appoint an additional process agent;
provided that the Borrower Entities will maintain in the Borough of Manhattan, The City of New York, an office or agency
where notices and demands to or upon the Borrower Entities in respect of this Agreement may be served. If at any time the Borrower
Entities shall fail to maintain any required office or agency in the Borough of Manhattan, The City of New York, or shall fail
to furnish the Agents with the address thereof, notices and demands may be served on a Borrower Entity by mailing a copy thereof
by registered or certified mail or by overnight courier, postage prepaid, to such Borrower Entity at its address specified herein.

 

11.16.     WAIVER
OF JURY TRIAL.

 

EACH OF THE PARTIES HERETO HEREBY AGREES TO
WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE
OTHER TRANSACTION DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER
RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT
MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS
A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS
AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS
AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY
OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 11.16 AND EXECUTED BY EACH OF
THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR
ANY OF THE OTHER TRANSACTION DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT
OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

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11.17.     Usury
Savings Clause.

 

Notwithstanding any other provision herein,
the aggregate interest rate charged with respect to any of the Obligations, including all charges or fees in connection therewith
deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of interest (determined
without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount
of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals
the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all
times been in effect. In addition, if when the Obligations are repaid in full the total interest due hereunder (taking into account
the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates
of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, the Borrower shall
pay to the Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest
which would have been paid if the Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the
intention of Lenders and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for,
charges, or receives any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall
be cancelled automatically and, if previously paid, shall at such Lender's option be applied to the outstanding amount of the Loans
made hereunder or be refunded to the Borrower.

 

11.18.     Effectiveness;
Counterparts.

 

This Agreement shall become effective upon
the execution of a counterpart hereof by each of the parties hereto and receipt by the Borrower and the Administrative Agent of
written notification of such execution and authorization of delivery thereof. This Agreement may be executed in any number of counterparts,
each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but
one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in
electronic format (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
including Orbit, Adobe Sign, DocuSign or any other similar platform) shall be effective as delivery of a manually executed counterpart
of this Agreement. Any electronically signed document delivered via email from a person purporting to be an Authorized Officer
shall be considered signed or executed by such Authorized Officer on behalf of the applicable Person. The Collateral Agent shall
have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled
to conclusively rely on any such electronic signature without any liability with respect thereto.

 

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11.19.     PATRIOT
Act.

 

Each Lender and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant to the requirements of the PATRIOT Act,
it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name
and address of each Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable,
to identify such Credit Party in accordance with the PATRIOT Act.

 

11.20.     Electronic
Execution of Assignments.

 

The words "execution", "signed",
"signature", and words of like import in any Assignment Agreement shall be deemed to include electronic signatures or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

11.21.     No
Fiduciary Duty.

 

Each Agent, Lender and their Affiliates (collectively,
solely for purposes of this paragraph, the "Lenders"), may have economic interests that conflict with those of
the Credit Parties, their stockholders and/or their affiliates. Each Credit Party agrees that nothing in the Transaction Documents
or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between
any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge
and agree that (a) the transactions contemplated by the Transaction Documents (including the exercise of rights and remedies
hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Credit Parties,
on the other, and (b) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory
or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated
hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any
Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters)
or any other obligation to any Credit Party except the obligations expressly set forth in the Transaction Documents and (y) each
Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders, creditors
or any other Person. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the
extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions
and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services
of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the
process leading thereto.

 

11.22.     Judgment
Currency.

 

(a)            The
Credit Parties' obligations hereunder and under the other Transaction Documents to make payments in U.S. Dollars (each, for purposes
herein, the "Obligation Currency") shall not be discharged or satisfied by any tender or recovery pursuant to
any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender
or recovery results in the effective receipt by the Secured Party entitled thereto of the full amount of the Obligation Currency
expressed to be payable to it under this Agreement or the other Transaction Documents. If for the purpose of obtaining or enforcing
judgment against any Credit Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency
other than the Obligation Currency (such other currency being hereinafter referred to as the "Judgment Currency")
an amount due in the Obligation Currency, the conversion shall be made, at the applicable exchange rate thereof as of the day on
which the judgment is given (such day being hereinafter referred to as the "Judgment Currency Conversion Date").

 

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(b)            If
there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment
of the amount due, the Credit Parties jointly and severally covenant and agree to pay, or cause to be paid, and each jointly and
severally indemnifies the Secured Parties for such additional amounts, if any (but in any event not a lesser amount), as may be
necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date
of payment, will produce the amount of the Obligation Currency that could have been purchased with the amount of Judgment Currency
stipulated in the judgment or judicial award at the rate or exchange prevailing on the Judgment Currency Conversion Date. The foregoing
indemnity shall constitute a separate and independent obligation of the Credit Parties and shall survive any termination of this
Agreement and the other Transaction Documents, and shall continue in full force and effect notwithstanding any such judgment or
order as aforesaid.

 

(c)            For
purposes of determining any rate of exchange for this Section 11.22, such amounts shall include any premium and costs payable
in connection with the purchase of the Obligation Currency.

 

11.23.     Confidentiality

 

(a)            The
Collateral Agent, the Collateral Administrator Parties, the Collateral Custodian, the Administrative Agent and each Lender will
maintain the confidentiality of all Confidential Information to protect Confidential Information delivered to such Person; provided
that such Person may deliver or disclose Confidential Information to: (i) such Person's directors, trustees, officers, employees,
agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with the
terms of this Section 11.23 and to the extent such disclosure is reasonably required for the administration of this Agreement
and the other Transaction Documents, the matters contemplated hereby or the investment represented by the Loans; (ii) such
Person's legal advisors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information
substantially in accordance with the terms of this Section 11.23 and to the extent such disclosure is reasonably required
for the administration of this Agreement, the matters contemplated hereby or the investment represented by the Loans; (iii) any
other Lender, or any of the other parties to this Agreement, the Investment Management Agreement or the other Transaction Documents;
(iv) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such Person in
the course of any routine examination by such authority; (v) any other Person with the consent of the Borrower and the Investment
Manager; (vi) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance
with any law, rule, regulation or order applicable to such Person, (B) in response to any subpoena or other legal process
upon prior notice to the Borrower and the Investment Manager (unless prohibited by applicable law, rule, order or decree or other
requirement having the force of law), (C) in connection with any litigation to which such Person is a party upon prior notice
to the Borrower and the Investment Manager (unless prohibited by applicable law, rule, order or decree or other requirement having
the force of law), (D) to the extent such Person may reasonably determine such delivery and disclosure to be necessary or
appropriate in the enforcement or for the protection of the rights and remedies with respect to the Obligations, this Agreement
or the other Transaction Documents or (E) in the Collateral Agent's, the Collateral Custodian's, a Collateral Administrator
Party's or the Administrative Agent's performance of its obligations under this Agreement, the Collateral Administration Agreement
or other Transaction Document; (vii) any Person of the type that would be, to such Person's knowledge, permitted to acquire
Loans in accordance with the requirements of Section 11.6 to which such Person sells or offers to sell any such Loan or any
part thereof (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions
of this Section 11.23); and (viii) with respect to any Collateral Obligation, any actual or prospective transferee of
such Collateral Obligation (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound
by the provisions of this Section 11.23 with respect to such Confidential Information or has otherwise agreed to be bound
by all applicable confidentiality restrictions applicable to such Confidential Information in the Underlying Instruments relating
to such Collateral Obligation). Each Lender agrees that it shall use the Confidential Information for the sole purpose of making
an investment in the Loans or administering its investment in the Loans; and that the Collateral Agent, the Collateral Administrator
Parties and the Administrative Agent shall neither be required nor authorized to disclose to Lenders any Confidential Information
in violation of this Section 11.23. In the event of any required disclosure of the Confidential Information by such Lender,
such Lender agrees to use reasonable efforts to protect the confidentiality of the Confidential Information.

 

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(b)            For
the purposes of this Section 11.23, "Confidential Information" means information delivered to the Collateral
Agent, the Collateral Custodian, the Collateral Administrator Parties, the Administrative Agent or any Lender by or on behalf of
the Borrower Entities or the Investment Manager in connection with and relating to the transactions contemplated by or otherwise
pursuant to this Agreement; provided that such term does not include information that: (i) was publicly known or otherwise
known to the Collateral Agent, the Collateral Custodian, the Collateral Administrator Parties, the Administrative Agent or such
Lender or beneficial owner prior to the time of such disclosure; (ii) subsequently becomes publicly known through no act or
omission by the Collateral Agent, the Collateral Administrator Parties, the Administrative Agent or any Lender or any person acting
on behalf of the Collateral Agent, the Collateral Custodian, the Collateral Administrator Parties, the Administrative Agent or
any Lender; (iii) otherwise is known or becomes known to the Collateral Agent, the Collateral Custodian, the Collateral Administrator
Parties, the Administrative Agent or any Lender other than (x) through disclosure by or on behalf of a Borrower Entity or
the Investment Manager or (y) to the knowledge of the Collateral Agent, the Collateral Custodian, the Collateral Administrator
Parties, the Administrative Agent or Lender, as the case may be, in each case after reasonable inquiry, as a result of the breach
of a fiduciary duty to the Borrower Entities or the Investment Manager or a contractual duty to the Borrower Entities or the Investment
Manager; or (iv) is allowed to be treated as non-confidential by consent of the Borrower Entities and the Investment Manager.

 

11.24.     Effect
of Amendment and Restatement

 

On the Effective Date, the Existing Credit
Agreement shall be amended and restated in its entirety. The parties hereto acknowledge and agree that (i) this Agreement
and the other Transaction Documents, whether executed and delivered in connection herewith or otherwise, do not constitute a novation,
payment and reborrowing, or termination of the obligations, security interests and Liens under the Existing Credit Agreement as
in effect immediately prior to the Effective Date, which remain outstanding and in effect and (ii) such obligations, security
interests and Liens (as amended and restated hereby) are in all respects continuing. The Borrower, by its execution of this Agreement,
(a) confirms its obligations under the Collateral Documents, (b) confirms that its obligations under the Existing Credit
Agreement as amended hereby are entitled to the benefits of the pledges and guarantees, as applicable, set forth in the Collateral
Documents, (c) confirms that its obligations under the Existing Credit Agreement as amended hereby constitute "Secured
Obligations" (as defined in the Collateral Documents) and (d) agrees that the Existing Credit Agreement as amended hereby
is the "Credit Agreement" under and for all purposes of the Collateral Documents. Each Credit Party, by its execution
of this Agreement, hereby confirms that the Secured Obligations shall remain in full force and effect, and such Secured Obligations
shall continue to be entitled to the benefits of the grant set forth in the Collateral Documents.

 

SECTION 12. SUBORDINATION

 

(a)            Anything
in this Agreement or the other Transaction Documents to the contrary notwithstanding, the Borrower agrees for the benefit of the
Lenders and the Agents that the rights of the Equity Holder to distributions by the Borrower and in and to the Collateral, including
any payment from Proceeds of Collateral, shall be subordinate and junior to the Obligations, to the extent and in the manner set
forth in this Agreement including as set forth in Section 7 and hereinafter provided. If any Event of Default has occurred
and has not been cured or waived, and notwithstanding anything contained in Section 7 to the contrary, interest on and principal
of and other amounts owing in respect of the Loans and all other Obligations shall be paid in full in Cash (in order of priority)
before any further payment or distribution is made on account of the Equity Holder.

 

(b)            If
notwithstanding the provisions of this Agreement, any holder of any Subordinate Interests shall have received any payment or distribution
in respect of such Subordinate Interests contrary to the provisions of this Agreement, then, unless and until either the Obligations
shall have been paid in full in Cash in accordance with this Agreement, such payment or distribution shall be received and held
in trust for the benefit of, and shall forthwith be paid over and delivered to, the Collateral Agent, which shall pay and deliver
the same to the Lenders in accordance with this Agreement; provided that, if any such payment or distribution is made other
than in Cash, it shall be held by the Collateral Agent as part of the Collateral and subject in all respects to the provisions
of this Agreement, including this Section 12.

 

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(c)            The
Borrower agrees with all Lenders that the Borrower shall not demand, accept, or receive any payment or distribution in respect
of such Subordinate Interests in violation of the provisions of this Agreement, including this Section 12. Nothing in this
Section 12 shall affect the obligation of the Borrower to pay holders of Subordinate Interests.

 

(d)            In
exercising any of its or their voting rights, rights to direct and consent or any other rights as a Lender under this Agreement,
subject to the terms and conditions of this Agreement, a Lender or Lenders shall not have any obligation or duty to any Person
or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it
or them or at its or their direction or any failure by it or them to act or to direct that an action be taken, without regard to
whether such action or inaction benefits or adversely affects any Lender, the Borrower or any other Person, except for any liability
to which such Lender may be subject to the extent the same results from such Lender's taking or directing an action, or failing
to take or direct an action, in bad faith or in violation of the express terms of this Agreement.

 

SECTION 13. ASSIGNMENT
OF INVESTMENT MANAGEMENT AGREEMENT

 

(a)            The
Borrower, in furtherance of the covenants of this Agreement and as security for the Obligations and the performance and observance
of the provisions hereof and of the other Transaction Documents, hereby assigns, transfers, conveys and sets over to the Collateral
Agent, for the benefit of the Secured Parties, all of the Borrower's estate, right, title and interest in, to and under the Investment
Management Agreement (except as set forth in the second proviso of this Section 13(a)), including (1) the right to give
all notices, consents and releases thereunder, (2) the right to take any legal action upon the breach of an obligation of
the Investment Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, (3) the
right to receive all notices, accountings, consents, releases and statements thereunder and (4) the right to do any and all
other things whatsoever that the Borrower is or may be entitled to do thereunder; provided that, notwithstanding anything
herein to the contrary, the Collateral Agent shall not have the authority to execute any of the rights set forth in subclauses
(1) through (4) above or may otherwise arise as a result of the grant until the occurrence of an Event of Default hereunder
and such authority shall terminate at such time, if any, as such Event of Default is cured or waived; provided that the
assignment made hereby does not include an assignment of the Borrower's right to terminate the Investment Manager pursuant to Section 10
of the Investment Management Agreement or any other provision contained therein (unless both a Cause Event has occurred and is
continuing and another Event of Default hereunder shall have occurred and then be continuing).

 

(b)            The
assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Borrower under the provisions of the Investment Management Agreement, nor shall any of the obligations
contained in the Investment Management Agreement be imposed on the Collateral Agent.

 

(c)            Upon
the repayment of the Obligations in full and the release of the Collateral from the lien of the Collateral Documents, this assignment
and all rights herein assigned to the Collateral Agent for the benefit of the Secured Parties shall cease and terminate and all
the estate, right, title and interest of the Collateral Agent in, to and under the Investment Management Agreement shall revert
to the Borrower and no further instrument or act shall be necessary to evidence such termination and reversion.

 

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(d)            The
Borrower represents that it has not executed any other assignment of the Investment Management Agreement.

 

(e)            The
Borrower agrees that this assignment is irrevocable, and that it will not take any action which is inconsistent with this assignment
or make any other assignment inconsistent herewith. The Borrower will, from time to time, execute all instruments of further assurance
and all such supplemental instruments with respect to this assignment as the Collateral Agent may specify or as may be required
to maintain the perfection thereof.

 

(f)            The
Borrower hereby agrees, and hereby undertakes to obtain the agreement and consent of the Investment Manager in the Investment Management
Agreement, to the following:

 

(1)            The
Investment Manager consents to the provisions of this assignment and agrees to perform any provisions of this Agreement applicable
to the Investment Manager subject to the terms of the Investment Management Agreement.

 

(2)            The
Investment Manager acknowledges that, except as otherwise set forth in clause (a) above, the Borrower is assigning all of
its right, title and interest in, to and under the Investment Management Agreement to the Collateral Agent for the benefit of the
Secured Parties.

 

(3)            The
Investment Manager shall deliver to the Collateral Agent and the Collateral Administrator duplicate original copies of all notices,
statements, communications and instruments delivered or required to be delivered to the Borrower pursuant to the Investment Management
Agreement.

 

(4)            Neither
the Borrower nor the Investment Manager will enter into any agreement amending, modifying or terminating the Investment Management
Agreement without (x) complying with the applicable provisions of the Investment Management Agreement, and (y) the consent
of the Requisite Lenders.

 

(5)            Except
as otherwise set forth herein and therein, the Investment Manager shall continue to serve as Investment Manager under the Investment
Management Agreement notwithstanding that the Investment Manager shall not have received amounts due it under the Investment Management
Agreement because sufficient funds were not then available hereunder to pay such amounts in accordance with the Priority of Payments.
The Investment Manager agrees not to cause the filing of a petition in bankruptcy against the Borrower for the non-payment of the
Successor Management Fees, or other amounts payable by the Borrower to the Investment Manager under the Investment Management Agreement
prior to the date which is one year and one day (or, if longer, the applicable preference period) after the payment in full of
the Loans; provided that nothing in this Section 13 shall preclude, or be deemed to stop, the Investment Manager (x) from
taking any action prior to the expiration of the aforementioned one year and one day (or longer) period in (A) any case or
proceeding voluntarily filed or commenced by the Borrower or (B) any involuntary insolvency proceeding filed or commenced
by a Person other than the Investment Manager or its Affiliates or (y) from commencing against the Borrower or any of its
properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding.

 

(6)            The
Investment Manager irrevocably submits to the non-exclusive jurisdiction of any federal or New York state court sitting in the
Borough of Manhattan in The City of New York in any action or Proceeding arising out of or relating to the Loans or this Agreement,
and the Investment Manager irrevocably agrees that all claims in respect of such action or Proceeding may be heard and determined
in such federal or New York state court. The Investment Manager irrevocably waives, to the fullest extent it may legally do so,
the defense of an inconvenient forum to the maintenance of such action or Proceeding. The Investment Manager irrevocably consents
to the service of any and all process in any action or Proceeding by the mailing or delivery of copies of such process to it at
the office of the Investment Manager provided for herein. The Investment Manager agrees that a final judgment in any such action
or Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law.

 

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(g)            If
both (A) a Cause Event at any time occurs and is continuing and (B) another Event of Default has occurred and is then
continuing hereunder at such time, the Borrower shall, upon the written direction of the Requisite Lenders, remove the Investment
Manager as the Borrower's investment manager pursuant to the terms of the Investment Management Agreement. As used herein, "Cause
Event" means (a) an event that shall have occurred by reason of (1) the conviction (or plea of no contest) for
a felony of the Investment Manager, (2) the conviction (or plea of no contest) for a felony of an officer or a member of the
board of directors (or other analogous body) of the Investment Manager, if the employment or other affiliation of such Person so
convicted is not terminated by the Investment Manager within 30 days of such conviction and the Requisite Lenders vote thereafter
to invoke this termination provision, or (3) the Investment Manager or an officer or a member of the board of directors of
the Investment Manager has engaged in gross negligence bad faith, willful misconduct or reckless disregard with respect to a Borrower
Entity that has resulted in a material adverse effect on such Borrower Entity or the Collateral Obligations, or has committed a
knowing material violation of securities, each as determined by a final decision of a court or binding arbitration decision unless,
in the case of such natural persons, their employment or other affiliation with the Investment Manager is terminated or suspended
within 30 days after discovery by the Investment Manager and (b) any other event identified in the Investment Management Agreement
as "cause" for the removal of the Investment Manager.

 

The Investment Manager shall promptly provide
written notice to the Collateral Agent and the Administrative Agent upon the occurrence of a Cause Event, and the Administrative
Agent shall promptly notify the Lenders thereafter.

 

(h)            If
the Investment Manager is terminated due to a Cause Event or pursuant to Section 10 of the Investment Management Agreement
at a time when another Event of Default has occurred and is continuing, the Borrower will act at the direction of the Requisite
Lenders to appoint a successor manager.

 

SECTION 14. COLLATERAL
CUSTODIAN

 

(a)            Initial
Collateral Custodian. The role of Collateral Custodian with respect to the Custody Documents shall be conducted by the Person
designated as Collateral Custodian hereunder from time to time in accordance with this Section 14. Each of the Borrower and
the Lenders hereby designate and appoint the Collateral Custodian to act as its agent and hereby authorizes the Collateral Custodian
to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Collateral
Custodian by this Agreement. The Collateral Custodian hereby accepts such agency appointment to act as Collateral Custodian pursuant
to the terms of this Agreement, until its resignation or removal as Collateral Custodian pursuant to the terms hereof.

 

(b)            Successor
Collateral Custodian. Upon the Collateral Custodian's receipt of a Collateral Custodian Termination Notice from the Administrative
Agent (acting at the direction of the Requisite Lenders) of the designation of a successor Collateral Custodian pursuant to the
provisions of clause (i) below, the Collateral Custodian agrees that it will terminate its activities as Collateral Custodian
hereunder.

 

(c)            Appointment.
The Borrower and each of the Lenders hereby appoint U.S. Bank National Association to act as Collateral Custodian, for the benefit
of the Secured Parties. The Collateral Custodian hereby accepts such appointment and agrees to perform the duties and obligations
with respect thereto set forth herein.

 

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(d)            Duties.
From the Closing Date until its resignation pursuant to clause (n) below or its removal pursuant to clause (i) below,
the Collateral Custodian shall perform, on behalf of the Secured Parties, the following duties and obligations:

 

(1)            The
Collateral Custodian shall at all times hold all Custody Documents that constitute Escrowed Assignment Agreement Documents in physical
form at one of its offices in the United States (for purposes hereof, the "Custodial Office"); provided
that, for the avoidance of doubt, the only Custody Documents required to be held in physical custody by the Collateral Custodian
under this Agreement are the Escrowed Assignment Agreement Documents. The Collateral Custodian may change the Custodial Office
at any time and from time to time upon notice to the Borrower, the Investment Manager, the Collateral Agent and the Administrative
Agent, provided that the replacement Custodial Office shall be an office of the Collateral Custodian located in the United
States. All Custody Documents held by the Collateral Custodian in physical custody shall be available for inspection by the Administrative
Agent upon prior written request and during normal business hours of the Collateral Custodian. Any such inspection shall occur
no earlier than five Business Days after such inspection is requested and the costs of such inspection shall be borne by the requesting
party. The Administrative Agent (including its representatives and designees) may not request more than two inspections per year
or, if an Event of Default has occurred and is continuing no more than once a month. Notwithstanding anything to the contrary herein,
the Collateral Custodian shall not be required to hold or accept custody of any Custody Document hereunder to the extent such Custody
Document is of a type not approved for deposit into the custodial vault of the Collateral Custodian; provided that (1) the
Collateral Custodian notifies the Investment Manager and the Lenders prior to refusing to hold such documents and (2) the
failure of the Collateral Custodian to accept and hold such documents shall not result in a default or an Event of Default with
respect to the Borrower hereunder (provided that copies of such documents shall have been delivered by the Borrower to or
otherwise made available to the Administrative Agent). For the avoidance of doubt, the Collateral Custodian shall not be required
to review or provide any certifications in respect of Custody Documents provided to it.

 

(2)            In
taking and retaining custody of any such Custody Documents, the Collateral Custodian shall be deemed to be acting as the agent
of the Secured Parties; provided that (x) the Collateral Custodian makes no representations as to the existence, perfection,
enforceability or priority of any Lien on such Custody Documents or the instruments therein or as to the adequacy or sufficiency
of such Custody Documents; and (y) the Collateral Custodian's duties shall be limited to those expressly contemplated herein.

 

(3)            All
Custody Documents required to be held by the Collateral Custodian in physical custody shall be kept in fire resistant vaults, rooms
or cabinets at the Custodial Office and shall be placed together with an appropriate identifying label and maintained in such a
manner so as to permit retrieval and access. The Collateral Custodian shall segregate such Custody Documents on its inventory system
and will not commingle any such physical Custody Documents with any other files of the Collateral Custodian other than those, if
any, relating to the Borrower and its Affiliates and Subsidiaries.

 

(4)            Notwithstanding
any provision to the contrary elsewhere in the Transaction Documents, the Collateral Custodian shall not have any fiduciary relationship
with any party hereto or any Secured Party in its capacity as such, and no implied covenants, functions, obligations or responsibilities
shall be read into this Agreement, the other Transaction Documents or otherwise exist against the Collateral Custodian. Without
limiting the generality of the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Collateral
Custodian shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility.
The Collateral Custodian shall not be deemed to assume any obligations or liabilities of the Borrower or Investment Manager hereunder
or under any other Transaction Document.

 

    146

     

    

 

(5)            The
Collateral Custodian shall have no obligation to review or verify whether the Borrower or the Investment Manager on its behalf
has obtained and delivered (or made available to the Transaction Data Room) the necessary Diligence Information and other Custody
Documents required for purchases of Collateral Obligations hereunder, and the Collateral Custodian shall have no obligation to
maintain the Transaction Data Room on behalf of the Borrower.

 

(e)            Event
of Default. After the occurrence and during the continuance of an Event of Default, the Collateral Custodian agrees to cooperate
with the Administrative Agent and the Collateral Agent (acting at the direction of the Requisite Lenders) and deliver any Escrowed
Assignment Agreement Documents to the Collateral Agent (pursuant to a written request in the form of Exhibit D) as requested
in order to take any action that the Requisite Lenders deem necessary or desirable in order for the Collateral Agent to perfect,
protect or more fully evidence the security interests granted by the Borrower Entities under the Transaction Documents, or to enable
any of them to exercise or enforce any of their respective rights hereunder. If the Collateral Custodian receives instructions
from the Collateral Agent, the Investment Manager or the Borrower which conflict with any instructions received by the Requisite
Lenders (or the Administrative Agent on their behalf) after the occurrence and during the continuance of an Event of Default, the
Collateral Custodian shall rely on and follow the instructions given by the Requisite Lenders.

 

(f)            Requisite
Lenders. The Requisite Lenders may direct the Collateral Custodian to take any action incidental to its duties hereunder. With
respect to other actions that are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral
Custodian shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting
(and shall be fully protected in acting or refraining from acting) upon the direction of the Requisite Lenders; provided
that the Collateral Custodian shall not be required to take any action hereunder at the request of the Requisite Lenders, any Secured
Party or otherwise if the taking of such action, in the reasonable determination of the Collateral Custodian, (x) shall be
in violation of any applicable law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Custodian
to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect
thereto). If the Collateral Custodian requests the consent of the Requisite Lenders and the Collateral Custodian does not receive
a consent (either positive or negative) from the Requisite Lenders within 10 Business Days of its receipt of such request, then
the Requisite Lenders shall be deemed to have declined to consent to the relevant action. The Collateral Agent may accept and act
upon directions provided by the Administrative Agent as if such directions were provided by the Requisite Lenders directly. The
Collateral Custodian shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction
of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian.
The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default,
unless an Authorized Officer of the Collateral Custodian has knowledge of such matter or written notice thereof is received by
the Collateral Custodian.

 

(g)            Merger/Consolidation.
Any Person (a) into which the Collateral Custodian may be merged or consolidated, (b) that may result from any merger
or consolidation to which the Collateral Custodian shall be a party or (c) that may succeed to the properties and assets of
the Collateral Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption
to perform every obligation of the Collateral Custodian hereunder, shall be the successor to the Collateral Custodian under this
Agreement without further act of any of the parties to this Agreement.

 

(h)            Compensation.
As compensation for its Collateral Custodian activities hereunder, the Collateral Custodian shall be entitled to compensation as
set forth in the Bank Party Fee Letter. The Collateral Custodian's entitlement to receive such compensation shall cease on the
earlier to occur of: (a) its removal as Collateral Custodian pursuant to clause (i) below, (b) its resignation as
Collateral Custodian pursuant to clause (n) below or (c) the termination of this Agreement; provided that, for
the avoidance of doubt, the Collateral Custodian shall remain entitled to receive, as and when such amounts are payable under the
terms of this Agreement, any compensation accrued prior to the release of all Custody Documents from the custody of the Collateral
Custodian.

 

    147

     

    

 

(i)            Removal.
The Collateral Custodian may be removed, with or without cause, by the Requisite Lenders by notice (with a copy to the Borrower
and the Investment Manager) given in writing to the Collateral Custodian (the "Collateral Custodian Termination Notice");
provided that, notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall
continue to act in such capacity (and, for the avoidance of doubt, so long as it continues to act in such capacity, shall continue
to receive the compensation and any other amounts to which it is entitled to receive in such capacity under the terms of this Agreement
and the Bank Party Fee Letter) until a successor Collateral Custodian has been appointed (with the consent of the Borrower so long
as no Event of Default has occurred and is continuing) and has agreed to act as Collateral Custodian hereunder.

 

(j)            Reliance.
The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any written notice, instruction,
statement, certificate, request, waiver, consent, instrument, opinion, report, letter or other paper or document furnished to it
in accordance with this Agreement, which it in good faith reasonably believes to be genuine and that has been signed or presented
by the proper party (which in the case of any instruction from or on behalf of the Borrower shall be an Authorized Officer) or
parties in the absence of its gross negligence, willful misconduct or bad faith of its duties hereunder. The Collateral Custodian
shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement
certificate, request, waiver, consent, opinion, report, receipt or other paper or document, provided that, if the form thereof
is specifically prescribed by the terms of this agreement, the Collateral Custodian shall examine the same to determine whether
it substantially conforms on its face to the requirements set forth herein. The Collateral Custodian may rely conclusively on and
shall be fully protected in acting upon the written instructions of the Requisite Lenders in the absence of its gross negligence,
willful misconduct, bad faith or reckless disregard of its duties hereunder.

 

(k)            Rights
of the Collateral Custodian. The Collateral Custodian may consult counsel selected with due care and shall not be liable for
any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel
in the absence of its gross negligence, willful misconduct, bad faith or reckless disregard of its duties hereunder. The Collateral
Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or
for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case
of its own gross negligence, willful misconduct, bad faith or reckless disregard of its duties hereunder. The Collateral Custodian
makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the
content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral,
and will not be required to and will not make any representations as to the validity or value (except as expressly set forth in
this Agreement) of any of the Collateral. The Collateral Custodian shall not be obligated to take any legal action hereunder that
might in its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to
it. The Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically
set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian.
The duties, obligations and responsibilities of the Collateral Custodian shall be determined solely by the express provisions of
this Agreement. No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of,
the Collateral Custodian. Any permissive right of the Collateral Custodian to take any action hereunder shall not be construed
as a duty. The Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder.
It is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing performance of or assuming any liability
for the obligations of the other parties hereto or any parties to the Collateral.

 

    148

     

    

 

(l)            Request
for Directions. In case any reasonable question arises as to its duties hereunder, the Collateral Custodian may request instructions
from the Requisite Lenders, and shall be entitled at all times to refrain from taking any action unless it has received instructions
from the Requisite Lenders. The Collateral Custodian shall in all events have no liability, risk or cost for any action taken pursuant
to and in compliance with the instruction of the Requisite Lenders in the absence of its gross negligence, willful misconduct,
bad faith or reckless disregard of its duties hereunder. In no event shall the Collateral Custodian be liable for special, indirect
or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Custodian
has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(m)            Responsibilities.
The Collateral Custodian shall have no responsibilities or duties with respect to any Custody Document while such Custody Document
is not in its possession. The Collateral Custodian may act or exercise its duties or powers hereunder either directly or, by or
through its agents or attorneys, and the Collateral Custodian shall not be liable or responsible for the negligence or misconduct
of any non-Affiliated agent or non-Affiliated attorney appointed with due care by it. If the Collateral Custodian is prevented
from fulfilling its obligations under this Agreement as a result of governmental or regulatory actions, government regulations,
fires, strikes, accidents, acts of God or other causes beyond the control of the Collateral Custodian, the Collateral Custodian
shall use commercially reasonable efforts to mitigate the effects of such circumstances and resume performance as soon as reasonably
possible, and the Collateral Custodian's obligations shall be suspended for a reasonable time during which such conditions exist.

 

(n)            Resignation.
The Collateral Custodian may resign and be discharged from its duties or obligations hereunder by giving not less than 90 days
written notice thereof to the Requisite Lenders (with a copy to the Investment Manager and the Borrower) and with the consent of
the Requisite Lenders and (if no Event of Default shall have occurred and then be continuing) the Borrower. Upon receiving notice
of such resignation, the Requisite Lenders shall promptly appoint a successor Collateral Custodian (with the consent of the Borrower)
by written instrument, in duplicate, executed by the Requisite Lenders, one copy of which shall be delivered to the Collateral
Custodian so resigning and one copy to the successor Collateral Custodian, together with a copy to the Borrower, the Investment
Manager, the Collateral Agent and the Administrative Agent. Upon the effective date of such resignation, or if the Requisite Lenders
give the Collateral Custodian written notice of an earlier termination hereof, the Collateral Custodian shall (i) be reimbursed
for any reasonable and documented costs and expenses the Collateral Custodian may incur in connection with the termination of its
duties under this Agreement and (ii) deliver all of the Custody Documents in the possession of Collateral Custodian to the
successor Collateral Custodian. Notwithstanding anything herein to the contrary, the Collateral Custodian may not resign prior
to a successor Collateral Custodian being appointed. For the avoidance of doubt, the Collateral Custodian shall be entitled to
receive, as and when such amounts are payable in accordance with this Agreement and any compensation accrued through the effective
date of its resignation pursuant to and in accordance with this Section 14.

 

(o)            Release
of Custody Documents. Upon satisfaction of any of the conditions set forth in Section 6.8 for the sale or release of a
Collateral Obligation in whole, the Investment Manager shall, by delivery to the Collateral Custodian of a request for release
substantially in the form of Exhibit D (with a copy to the Lenders) (which may be delivered concurrently with the Borrower
Order delivered pursuant to Section 6.7(a)), direct the release of the related Custody Documents for such Collateral Obligation
which are held by the Collateral Custodian in physical custody pursuant to this Section 14. Upon receipt of such direction,
the Collateral Custodian shall release the related Custody Documents to the Investment Manager (or as otherwise provided in the
related release request) and the Investment Manager will not be required to return the related Custody Documents to the Collateral
Custodian. Written instructions as to the method of shipment and shipper(s) the Collateral Custodian is directed to utilize
in connection with the transmission of Custody Documents in the performance of the Collateral Custodian's duties under this clause
(o) shall be delivered by the Investment Manager to the Collateral Custodian prior to any shipment of any Custody Documents
hereunder. If the Collateral Custodian does not receive such written instruction from the Investment Manager, the Collateral Custodian
shall be authorized and indemnified as provided herein to utilize a nationally recognized courier service. The Investment Manager
shall arrange for the provision of such services at the sole cost and expense of the Borrower and shall maintain such insurance
against loss or damage to the Custody Documents as the Investment Manager deems appropriate.

 

    149

     

    

 

Except as otherwise expressly provided above
in this clause (o), Escrowed Assignment Agreement Documents shall be released by the Collateral Custodian only in connection with
sales of Collateral Obligations pursuant to the exercise of remedies under the Collateral Documents (and in each case only upon
written direction therefor from the Requisite Lenders).

 

(p)            Collateral
Custodian as Agent. The Collateral Custodian agrees that, with respect to any Custody Documents at any time or times in its
possession, the Collateral Custodian shall be the agent of the Collateral Agent, for the benefit of the Secured Parties, for purposes
of perfecting (to the extent not otherwise perfected) the Collateral Agent's security interest in the Collateral and for the purpose
of ensuring that such security interest is entitled to first priority status under the UCC.

 

(q)            Indemnity.
The Borrower agrees to indemnify and hold harmless the Collateral Custodian and its directors, officers, employees, agents and
assigns from and against any and all Indemnified Liabilities. This clause (q) shall survive the termination of this Agreement
and the resignation or removal of the Collateral Custodian hereunder.

 

[Remainder of page intentionally left
blank]

 

    150

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date
first written above.

 

	 	BCSF I, LLC, as Borrower
	 	 	 
	 	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	GOLDMAN SACHS BANK USA, as Syndication Agent and Sole Lead Arranger
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	GOLDMAN SACHS BANK USA, as Administrative Agent
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	GOLDMAN SACHS BANK USA, as Lender
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Collateral Administrator
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent
	 	 	 
	 	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Collateral Custodian
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

IN WITNESS WHEREOF, the Investment
Manager hereby consents to the amendments to the Existing Credit Agreement as set forth in this Second Amended and Restated Credit
Agreement in accordance with Section 11.5(a) of the Existing Credit Agreement as of the date first written above.

 

CONSENTED TO BY:

 

BAIN CAPITAL SPECIALTY FINANCE, INC., as

Investment Manager

 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

APPENDIX A

 

Lenders and Commitments

 

	Lender	 	Commitment	 	 	Pro Rata Share	 
	Goldman Sachs Bank USA	 	 	U.S.$[425,000,000]	 	 	 	100	%
	Totals:	 	 	U.S.$[425,000,000]	 	 	 	100	%

 

    A-1

     

    

 

APPENDIX B

 

Notice Addresses

 

THE CREDIT PARTIES:

 

Borrower

 

200 North Clarendon Street

Boston, MA 02116

	Facsimile:	617-652-3300
	E-mail:	baincapitalcreditdocs@baincapital.com
	Attention:	Bain Capital Credit Docs,
    Attn: Melissa Hagan

 

Limited Guarantor

 

200 North Clarendon Street

Boston, MA 02116

	Facsimile:	617-652-3300
	E-mail:	baincapitalcreditdocs@baincapital.com
	Attention:	Bain Capital Credit Docs, Attn: Melissa Hagan

 

	OTHER PARTIES:	 
	 	 
	GOLDMAN SACHS BANK USA,
	as Lender:	 
	 	 
	c/o Goldman, Sachs & Co.
	30 Hudson Street, 4th Floor
	Jersey City, NJ  07302
	 	 
	Facsimile:	212-428-4534
	E-mail:	gs-pfi-mo-confidential@gs.com
	Attention:	Operations
	 	 
	GOLDMAN SACHS BANK USA,
	as Administrative Agent:
	 	 
	c/o Goldman, Sachs & Co.
	30 Hudson Street, 4th Floor
	Jersey City, NJ  07302
	 	 
	Facsimile:	212-428-4534
	E-mail:	gs-pfi-mo-confidential@gs.com
	Attention:	Operations
	 	 
	And, with respect to each Dispute, with copies to:
	 	 
	Email:	gs-repo-disputes@gs.com
	Attention:	GS Credit
	 	 
	and	 
	 	 
	Facsimile:	212-428-4534
	Email:	gs-sctabs-reporting@ny.email.gs.com
	Attention:	PFI Middle Office

 

    B-1

     

    

 

	U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent
	190 South LaSalle Street
	Chicago, Illinois 60603
	E-mail:	BCSF.1@usbank.com
	Attention:	Global Corporate Trust Services - BCSF I, LLC
	 	 
	U.S. BANK NATIONAL ASSOCIATION, as Collateral Custodian
	1719 Otis Way
	Florence, SC 29501
	Attn: Document Custody Services Receiving Unit
	Email: Steven.Garret@usbank.com
	 	 
	U.S. BANK NATIONAL ASSOCIATION, as Collateral Administrator
	190 South LaSalle Street
	Chicago, Illinois 60603
	E-mail:	BCSF.1@usbank.com
	Attention:	Global Corporate Trust Services - BCSF I, LLC

 

    B-2

     

    

 

APPENDIX C-1

 

Borrower Subsidiaries

 

[to be provided]

 

    C-1-1

     

    

 

APPENDIX C-2

 

List of Collateral Obligations

 

[to be provided]

 

    C-2-1

     

    

 

SCHEDULE A

 

	 	Form/Document/ Certificate	Date by which to be delivered	Method of Delivery
	(1)	Audited consolidated annual financial statements of the Equity Holder	Within 120 days of the end of the Equity Holder's fiscal year.	Such information shall be made available by email to the Administrative Agent by providing the applicable link to www.sec.gov.
	(2)	Unaudited quarterly financial statements of the Equity Holder	Within 60 days after the end of each fiscal quarter of the Equity Holder (other than the last fiscal quarter of each fiscal year)	Such information shall be made available by email to the Administrative Agent by providing the applicable link to www.sec.gov.
	(3)	Such other financial or other information with respect to the Credit Parties (to the extent in the Borrower's or Investment Manager's possession or control) as any Lender may reasonably request from time to time, subject to any applicable confidentiality restrictions applicable to such information.	Within the greater of five Business Days after request by a Lender or such time as may be commercially reasonable for the Borrower to prepare and deliver such information	Such information shall be made available (i) by email to the Administrative Agent and (ii) in the Transaction Data Room.
	(4)	For each Non-Private Asset, all compliance certificates, financial statements, Draft Amendment Package and Material Amendment Information, in each case made available, or received by or on behalf of the related obligors or any administrative agents or servicers (or analogous representatives), to, or from, as applicable, public-side lenders under the related Underlying Instruments.	Within three Business Days after the date on which such information is received by the relevant Borrower Entity (it being understood that compliance with any applicable confidentiality restrictions will be required before such delivery, and the Borrower (or the Investment Manager or any of its affiliates, on its behalf) will use its best efforts to enable the Lenders to deliver applicable confidentiality agreements or otherwise to comply with such restrictions).	All such information shall be made available in the Transaction Data Room and the Material Amendment Information and Draft Amendment Packages shall also be made available by email to the Administrative Agent.
	(5)	For each Private Asset, all compliance certificates, financial statements, Draft Amendment Package and Material Amendment Information, in each case made available, or received by or on behalf of the related obligors or any administrative agents or servicers (or analogous representatives), to, or from, as applicable, private-side lenders under the related Underlying Instruments.	Within three Business Days after the date on which such information is received by the relevant Borrower Entity, provided that (x) if such information is not delivered to private-side lenders within three Business Days after the date on which such information is required to be delivered to such private-side lenders under such Underlying Instruments, the Borrower shall use commercially reasonable efforts to promptly obtain such information; and (y) compliance with any applicable confidentiality restrictions will be required before such delivery, and the Borrower (or the Investment Manager or any of its affiliates on its behalf) will use its best efforts to enable the Lenders to deliver applicable confidentiality agreements or otherwise to comply with such restrictions.	All such information shall be made available in the Transaction Data Room and the Material Amendment Information and Draft Amendment Packages shall also be made available by email to the Administrative Agent.

 

    A-1

     

    

 

	(6)	For each Collateral Obligation, Draft Instruments, IC Memorandum, Underlying Instruments and other Diligence Information delivered to the Collateral Custodian hereunder or otherwise requested by any Lender, provided in each case that such documents are in the possession of the Borrower, its Investment Manager or another Borrower Entity.	At the times required for delivery of such material to the Collateral Custodian hereunder or three Business Days following a request by a Lender, as applicable.	Such material shall be made available in the Transaction Data Room.
	(7)	A copy of each Commitment to Acquire a Collateral Obligation entered into by any Borrower Entity from time to time	
        Within three Business Days following execution.

         

        Such Commitment shall be made available in the Transaction Data
        Room.
	Such Commitment shall be made available in the Transaction Data Room.
	(8)	With respect to each Collateral Obligation, the Investment Manager's determination of the value thereof.	
        (a)          Within
        five Business Days after the end of each calendar quarter;

         

        (b)          within
        five Business Days of the reasonable request therefor by the Administrative Agent; and

         

        (c)           within
        five Business Days after the Investment Manager has reduced its determination of the value of such Collateral Obligation by 5%
        or more (from the most recent date as of such the Investment Manager's value of such Collateral Obligation was provided to the
        Administrative Agent).
	Such information shall be made available (i) by email to the Administrative Agent and (ii) in the Transaction Data Room.

 

    A-2

     

    

 

	 	(9)	Calculation of net asset value, including items referenced in Section 9(k)(3)	(i) Within 45 days after each Compliance Certificate Calculation Date (other than the last calendar quarter) and (ii) for the last calendar quarter, within 60 days of the applicable Compliance Certificate Calculation Date.
	 	(10)	On and after the Effective Date, a Tangible Net Worth Certificate.	(i) Within 45 days after each Compliance Certificate Calculation Date (other than the last calendar quarter) and (ii) for the last calendar quarter, within 60 days of the applicable Compliance Certificate Calculation Date.

 

    A-3

     

    

 

EXHIBIT A

 

Form of Funding Notice

 

[to be provided]

 

    A-1

     

    

 

EXHIBIT B

 

Form of U.S. Tax Compliance Certificates

 

[to be provided]

 

    B-1

     

    

 

EXHIBIT C

 

Form of Assignment Agreement

 

[to be provided]

 

    C-1

     

    

 

EXHIBIT D

 

Form of Request for Release of Custody
Documents

 

[to be provided]

 

    D-1

     

    

 

EXHIBIT E

 

Form of Power of Attorney

 

[to be provided]

 

    E-1

     

    

 

EXHIBIT F

 

Form of Tangible Net Worth Certificate

 

[to be provided]

 

    F-1

     

    

 

EXHIBIT G

 

Form of Cooperation Agreement

 

    G-1ex_211180.htm

Exhibit 10.1

 

 

 

 

 

 

ASSET PURCHASE AGREEMENT

 

between

 

TUCOWS INC.,

 

and

 

DISH WIRELESS L.L.C.

 

Dated as of August 1, 2020

 

 

 

 

 

 

 

[REDACTED] Indicates that certain information in this exhibit has been excluded because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

 

 

 

 

TABLE OF CONTENTS

 

	
			ARTICLE I DEFINITIONS AND TERMS

				1
	 	 	 
	
			Section 1.1

				
			Certain Definitions

				
			1

			
	
			Section 1.2

				
			Other Terms

				
			14

			
	 	 	 
	
			ARTICLE II PURCHASE AND SALE OF THE BUSINESS

				14
	 	 	 
	
			Section 2.1

				
			Purchase and Sale of Assets

				
			14

			
	
			Section 2.2

				
			Excluded Assets

				
			15

			
	
			Section 2.3

				
			Assumption of Liabilities

				
			16

			
	
			Section 2.4

				
			Excluded Liabilities

				
			16

			
	
			Section 2.5

				
			Purchase Price and Payments

				
			16

			
	
			Section 2.6

				
			Closing

				
			19

			
	
			Section 2.7

				
			Nonassignability of Assets

				
			19

			
	
			Section 2.8

				
			Withholding

				
			20

			
	 	 	 
	
			ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER

				20
	 	 	 
	
			Section 3.1

				
			Organization, Good Standing and Qualification

				
			20

			
	
			Section 3.2

				
			Authority; Approval

				
			21

			
	
			Section 3.3

				
			Governmental Filings; No Violations

				
			21

			
	
			Section 3.4

				
			Financial Statements

				
			22

			
	
			Section 3.5

				
			Absence of Certain Changes

				
			22

			
	
			Section 3.6

				
			No Undisclosed Liabilities

				
			23

			
	
			Section 3.7

				
			Litigation

				
			23

			
	
			Section 3.8

				
			Compliance with Laws; Permits

				
			24

			
	
			Section 3.9

				
			Anti-Corruption; Sanctions

				
			24

			
	
			Section 3.10

				
			Transferred Contracts

				
			25

			
	
			Section 3.11

				
			Title; Sufficiency of Assets.

				
			25

			
	
			Section 3.12

				
			Solvency

				
			26

			
	
			Section 3.13

				
			Taxes

				
			26

			
	
			Section 3.14

				
			Intellectual Property

				
			27

			
	
			Section 3.15

				
			Brokers and Finders

				
			28

			
	
			Section 3.16

				
			Distributors and Suppliers

				
			28

			
	
			Section 3.17

				
			Subscribers.

				
			29

			
	
			Section 3.18

				
			Material Commingled Contracts

				
			29

			
	
			Section 3.19

				
			No Other Representations or Warranties

				
			29

			
	 	 	 
	
			ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER

				30
	 	 	 
	
			Section 4.1

				
			Organization, Good Standing and Qualification

				
			30

			
	
			Section 4.2

				
			Authority; Approval

				
			30

			
	
			Section 4.3

				
			Governmental Filings; No Violations

				
			30

			
	
			Section 4.4

				
			Available Funds

				
			31

			
	
			Section 4.5

				
			Brokers and Finders

				
			31

			
	
			Section 4.6

				
			Solvency

				
			31

			

 

-i-

 

 

	
			Section 4.7

				
			Litigation

				
			31

			
	
			Section 4.8

				
			Non-Reliance

				
			31

			
	 	 	 
	
			ARTICLE V COVENANTS

				32
	 	 	 
	
			Section 5.1

				
			Access and Information

				
			32

			
	
			Section 5.2

				
			Tax Matters

				
			32

			
	
			Section 5.3

				
			Insurance

				
			34

			
	
			Section 5.4

				
			Non-Competition

				
			34

			
	
			Section 5.5

				
			Further Assurances

				
			35

			
	
			Section 5.6

				
			Confidentiality

				
			36

			
	
			Section 5.7

				
			Publicity

				
			37

			
	
			Section 5.8

				
			Intellectual Property Matters

				
			37

			
	
			Section 5.9

				
			Payments to and from Third Parties

				
			39

			
	
			Section 5.10

				
			Wrong Pockets

				
			40

			
	
			Section 5.11

				
			Mail and Other Communications

				
			40

			
	
			Section 5.12

				
			Commingled Contracts

				
			40

			
	
			Section 5.13

				
			Post-Closing Covenants

				
			41

			
	
			Section 5.14

				
			Cooperation and Filing Fees

				
			41

			
	 	 	 
	
			ARTICLE VI INDEMNIFICATION

				42
	 	 	 
	
			Section 6.1

				
			Survival

				
			42

			
	
			Section 6.2

				
			Indemnification by Seller

				
			43

			
	
			Section 6.3

				
			Indemnification by Buyer

				
			44

			
	
			Section 6.4

				
			Claim Procedures

				
			45

			
	
			Section 6.5

				
			Losses and Recoveries

				
			47

			
	
			Section 6.6

				
			Payments

				
			48

			
	
			Section 6.7

				
			Exclusive Remedies and No Rights Against Nonparties

				
			49

			
	 	 	 
	
			ARTICLE VII MISCELLANEOUS

				49
	 	 	 
	
			Section 7.1

				
			Notices

				
			49

			
	
			Section 7.2

				
			Amendment; Waiver

				
			51

			
	
			Section 7.3

				
			Successors and Assigns

				
			51

			
	
			Section 7.4

				
			Third-Party Beneficiaries; Parties in Interest

				
			51

			
	
			Section 7.5

				
			Expenses

				
			51

			
	
			Section 7.6

				
			Bulk Sales

				
			51

			
	
			Section 7.7

				
			Entire Agreement

				
			51

			
	
			Section 7.8

				
			Fulfillment of Obligations

				
			52

			
	
			Section 7.9

				
			Governing Law and Venue; Waiver of Jury Trial; Specific Performance

				
			52

			
	
			Section 7.10

				
			Counterparts

				
			53

			
	
			Section 7.11

				
			Interpretation; Construction

				
			53

			
	
			Section 7.12

				
			Severability

				
			54

			
	
			Section 7.13

				
			Obligations of Buyer and of Seller

				
			55

			

 

-ii-

 

 

Exhibits

 

	
			Exhibit A

				
			Master Services Agreement

			
	
			Exhibit B

				
			Seller Release

			
	
			Exhibit C

				
			Ting Brand Guidelines

			
	
			Exhibit D

				
			Transition Services Agreement

			
	
			Exhibit E

				
			Form of Short Form Trademark Assignment Agreement

			
	
			Exhibit F

				
			Sample Working Capital Schedule

			

 

Schedules

 

	
			Schedule 1.1-A

				
			Knowledge Persons of Seller

			
	
			Schedule 1.1-B

				
			Knowledge Persons of Buyer

			
	
			Schedule 1.1-C

				
			Rejected Inventory

			
	
			Schedule 2.1(a)

				
			Transferred Contracts

			
	
			Schedule 2.1(b)

				
			Specified Assets

			
	
			Schedule 2.1(i)

				
			Rejected Purchase Orders

			
	
			Schedule 2.2(b)

				
			Ting Marks

			
	
			Schedule 2.2(j)

				
			Commingled Contracts

			
	
			Schedule 2.4

				
			Excluded Liabilities

			
	
			Schedule 2.5(b)

				
			Payments

			
	
			Schedule 5.4

				
			Zip Codes

			
	
			Schedule 5.8

				
			Patent Assertions

			

 

-iii-

 

 

This ASSET PURCHASE AGREEMENT (including the exhibits and schedules hereto, each as amended or restated from time to time, this “Agreement”), dated as of August 1, 2020 (the “Effective Date”), is made by and between DISH Wireless L.L.C., a Colorado limited liability company (“Buyer”), and Tucows Inc., a Pennsylvania corporation (“Seller”). All of the signatories to this Agreement are collectively referred to as the “Parties” and individually as a “Party.”

 

W I T N E S S E T H:

 

WHEREAS, Seller’s wholly owned Subsidiary, Tucows (Delaware) Inc., a Delaware corporation, is the sole shareholder of Ting, Inc., a Delaware corporation (“Ting”);

 

WHEREAS, Seller desires to sell (or cause to be sold), and Buyer desires to purchase, certain assets and Buyer is willing to assume certain liabilities, in each case in connection with the Business upon the terms and subject to the conditions set forth herein; and

 

WHEREAS, concurrently with the entry into this Agreement, the Parties or their respective Affiliates have entered into the Ancillary Agreements, Seller and each of the Seller Entities have entered into and delivered the Seller Release and Seller has delivered a duly executed IRS Form W-9 with respect to Seller and each Seller Entity.

 

NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements contained herein, the Parties agree as follows:

 

Article I

DEFINITIONS AND TERMS

 

Section 1.1     Certain Definitions. As used in this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Accounting Principles” means the same accounting methods, policies, principles, practices, bases and procedures, including classification and estimation methodologies adopted, and judgments and assumptions used, consistently applied with consistent classifications, judgments and estimation methodology, in each case as were consistently applied in the preparation of the Balance Sheet and consistent with GAAP; provided, that in the event of a conflict between GAAP, on the one hand, and the accounting methods, policies, principles, practices, bases, procedures, classifications, estimation methodologies and judgments used in the preparation of the Balance Sheet, on the other hand, GAAP shall apply.

 

“Accounts Payable” means all accrued liabilities and unpaid trade accounts payable, owed by Seller or any Seller Entity to third parties, in each case in connection with the Business.

 

“Accounts Receivable” means all trade accounts receivable and other rights to payment from customers of the Business and the full benefit of all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or services rendered to customers of the Business in the categories set forth on the Sample Working Capital Schedule.

 

 

 

 

“Action” means any action, suit, claim, complaint, litigation, investigation, audit, proceeding, arbitration or other similar dispute.

 

“Additional Customer Accounts” means any additional lines added following the Effective Date to any customer and subscriber accounts of the Business acquired by Buyer pursuant to this Agreement. [REDACTED]“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made (for purposes of this definition, the term “control” (including the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise).

 

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

 

“Ancillary Agreements” means, collectively: (a) the Master Services Agreement; (b) the Transition Services Agreement; (c) the Seller Release; and (d) such other instruments of assumption and other instruments or documents, in form and substance reasonably acceptable to the Parties hereto, as may be necessary to effect Buyer’s assumption of the Assumed Liabilities and the effective assignment of the Transferred Assets, in each case duly executed by Seller or the applicable Seller Entity, on the one hand, and Buyer, on the other hand.

 

“Anti-Corruption Laws” has the meaning set forth in Section 3.9(a).

 

“Assumed Liabilities” means only the following Liabilities of Seller or any Seller Entity (but only to the extent they do not constitute Excluded Liabilities) and no other Liabilities: (a) all Liabilities under the Transferred Contracts but only to the extent those Liabilities (i) are required to be performed after the Effective Date and (ii) do not relate to any failure to perform, improper performance, warranty, tort, violation of Law or other breach, default or violation by Seller or its Affiliates on or prior to the Effective Date; (b) all Liabilities to the extent arising out of or relating to Buyer’s ownership, operation or use of the Transferred Assets or the conduct of the Business after the Effective Date; (c) all Closing Accounts Payable; (d) all Liabilities arising out of or relating to Business Guarantees, but only to the extent those Liabilities (i) arise after the Effective Date and (ii) do not relate to any failure to perform, improper performance, warranty or other breach, default or violation by Seller or its Affiliates on or prior to the Effective Date; and (e) all Taxes and Transfer Taxes allocated to Buyer under Section 5.2.

 

“Balance Sheet” has the meaning set forth in Section 3.4(a).

 

“Bankruptcy and Equity Exception” has the meaning set forth in Section 3.2.

 

“Basket Amount” has the meaning set forth in Section 6.2(b).

 

2

 

 

“Benefit Plans” means any benefit or compensation plan, program, policy, practice, agreement, contract, arrangement or other obligation, whether or not in writing and whether or not funded, in each case, which is sponsored or maintained by, or required to be contributed to, or with respect to which any potential liability is borne by Seller or its Affiliates. Benefit Plans include, but are not limited to, “employee benefit plans” within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, “voluntary employees’ beneficiary associations,” under Section 501(c)(9) of the Code, employment, consulting, retirement, perquisite, severance, termination or change in control agreements, deferred compensation, equity-based, incentive, bonus, supplemental retirement, profit sharing, insurance, medical, welfare, vacation, fringe or other benefits or remuneration of any kind with respect to any employee or former employee.

 

“BIS” has the meaning set forth in Section 3.9(d).

 

“Books and Records” means books of account, ledgers, general, financial and accounting records, files, invoices, customer and supplier lists, other distribution lists, customer billing and credit records, sales and promotional literature, manuals and marketing studies, communications, accounting, sales and business files and records, property records, Tax records, product records, records related to licenses and other files and records, in each case, whether maintained in electronic or physical form, as applicable.

 

[REDACTED]

 

[REDACTED]

 

[REDACTED]

 

[REDACTED]

 

“Business” means the mobile virtual network operator services promoted, marketed and sold to subscribers under the Ting brand, including, but not limited to, through the sale of retail telephony services, mobile phone hardware and related accessories.

 

“Business Day” means any day ending at 11:59 p.m. (Eastern Time) other than a Saturday, a Sunday or a day on which banks in the City of New York are authorized or obligated by Law or executive order to close.

 

“Business Guarantees” means any guarantees, credit support, letters of credit, bonds, cash deposits or similar arrangements issued by or on behalf of Seller or any Seller Entity in order to support or facilitate the Business.

 

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

 

“Buyer Ancillary Counterparty” means any Affiliate of Buyer that is a party to an Ancillary Agreement.

 

3

 

 

“Buyer Front-End Technology” means a platform (including content, graphics, materials, Software, user interface, design elements and other technology) offered by Buyer or its Affiliates to allow users to sign-up, activate and manage their account, under any Buyer trademark, and provide information about coverage, rates and related topics.

 

“Buyer Fundamental Representations” means the representations and warranties listed in Section 4.1 (Organization, Good Standing and Qualification) and Section 4.2 (Authority; Approval).

 

“Buyer Indemnified Parties” has the meaning set forth in Section 6.2(a).

 

“Buyer Representations” means the representations made by Buyer in Article IV.

 

“Calculation Notice” has the meaning set forth in Section 2.5(c)(iii).

 

“Cap Amount” has the meaning set forth in Section 6.2(d).

 

“Cash” means, collectively, all cash and cash equivalents, bank accounts, credit cards, bank deposits, investment accounts, lockboxes, certificates of deposit, benefits of credits, marketable securities or investments in other Persons, certificates of deposit, treasury bills and other similar items.

 

“Change” means any change, occurrence, development or effect.

 

“Chosen Courts” has the meaning set forth in Section 7.9(b).

 

“Claim Notice” has the meaning set forth in Section 6.4(a).

 

“Closing” has the meaning set forth in Section 2.6.

 

“Closing Accounts Payable” means the Transferred Accounts Payable as of the Effective Time.

 

“Closing Accounts Receivable” means the remainder of (a) Accounts Receivable as of the Effective Time, minus (b) the amount of any such Accounts Receivable not collected as of the time of delivery of the Initial Calculation.

 

“Closing Inventory Amount” means the Inventory Amount as of the Effective Time.

 

“Code” means the Internal Revenue Code of 1986.

 

“Commingled Contract” means (a) all the Contracts set forth on Schedule 2.2(j) and (b) any Contract, contract right, bid, tender, purchase order or other agreement, whether written or oral, relating to (i) the Business and (ii) one or more other businesses of Seller or any Seller Entity.

 

4

 

 

“Confidentiality Agreement” means the Confidentiality Agreement, dated February 25, 2020, between DISH Network L.L.C. and Seller.

 

“Consent” means any consent, license, permit, waiver, approval, authorization or order of, or filing or registration with, or notification to, any Person that is not a Governmental Entity or Seller, Buyer or any Affiliate thereof.

 

“Contract” means any agreement, undertaking, lease, license, contract, note, mortgage, indenture, arrangement or other obligation.

 

“DISH Beacon Mark” means the stylized version of the letter “i” as shown, for example, in USPTO Registration Nos. 4827335, 4827336, 4791219, 4827334 and 3629716, Application Number 88/367958, and all variations thereof as used by Buyer and its Affiliates as of the Effective Date.

 

“Disputed Calculation” has the meaning set forth in Section 2.5(c)(iii).

 

“Effective Date” has the meaning set forth in the Preamble.

 

“Effective Time” means 12:01 a.m. (Eastern Time) on the Effective Date.

 

“Encumbrance” means any lien, charge, pledge, security interest, claim or other encumbrance or third-party right of any kind, including any right of first refusal or restriction on voting.

 

“EU” means the European Union.

 

“Excluded Assets” has the meaning set forth in Section 2.2.

 

“Excluded Books and Records” means (a) all records to the extent relating to personnel, employment and medical records of employees of Seller or any of the Seller Entities and (b) the corporate charter, seal, minute books, stock record books and other similar documents relating to the organization, maintenance and existence of Seller and its Subsidiaries.

 

“Excluded Liabilities” means any Liabilities of Seller or the Seller Entities other than the Assumed Liabilities, including (a) all Liabilities to the extent arising out of or relating to the ownership, operation or use of the Transferred Assets or the conduct of the Business on or prior to the Effective Date; (b) all Indebtedness; (c) all Liabilities to the extent arising out of or relating to any Excluded Asset; (d) all out-of-pocket expenses (including all fees and expenses of counsel, accountants, investment bankers, advisors, experts and consultants to Seller and to its Affiliates) incurred by Seller and the Seller Entities before, on or after the Closing and in connection with or related to the authorization, preparation, negotiation, execution and performance of the Transaction Documents, as well as any such expenses incurred by Seller and the Seller Entities in the pursuit or consideration of any alternative transaction with respect to the Business, the Transferred Assets or the Assumed Liabilities; (e) all Taxes imposed with respect to the Business or the Transferred Assets with respect to taxable periods (or portions thereof) ending on or prior to the Effective Time (determined in accordance with Section 5.2(b)), all Taxes of Seller and its Affiliates and all Taxes and Transfer Taxes allocated to Seller under Section 5.2; (f) all Liabilities arising out of or relating to the recruitment, employment or termination of any employee or independent contractor of the Business (or any dependent or beneficiary of any such employee or independent contractor) by Seller, any of the Seller Entities and/or their Affiliates; (g) all Liabilities related to the Benefit Plans and related trusts or other funding vehicles, services, agreements or other arrangement; (h) the Liabilities set forth on Schedule 2.4; (i) all Liabilities associated with purchase orders and accounts payable or other commitments to the extent such purchase orders, accounts payable or other commitments relate to the acquisition of Rejected Inventory; (j) all Accounts Payable that are not Transferred Accounts Payable; and (k) all Liabilities to the extent arising out of or relating to the Patent Assertions.

 

5

 

 

“Final Determination” means an occurrence where (a) the parties to the dispute have reached an agreement in writing, (b) a court of competent jurisdiction shall have entered a final and non-appealable Order or judgment or (c) an arbitration or like panel shall have rendered a final non-appealable determination with respect to disputes the Parties have agreed to submit thereto.

 

“Financial Expert” has the meaning set forth in Section 2.5(c)(iv).

 

“Financial Statements” has the meaning set forth in Section 3.4(a).

 

“Fraud” means an intentional common law fraud under New York Law (and not a constructive fraud, negligent misrepresentation or omission, or any form of fraud premised on recklessness or negligence) by Seller with respect to the making of the representations and warranties in Article III or by Buyer with respect to the making of the representations and warranties in Article IV.

 

“Fundamental Representations” means the Buyer Fundamental Representations and the Seller Fundamental Representations.

 

“Future Payments Period” has the meaning set forth in Section 2.5(b).

 

“GAAP” means U.S. generally accepted accounting principles.

 

“Governmental Entity” means any U.S. or non-U.S. governmental or regulatory authority, agency, commission, body, court or other legislative, executive, judicial or administrative governmental entity at any level, or any agency, department or instrumentality thereof.

 

“HSR Act” has the meaning set forth in Section 5.14.

 

“Incremental Withholding” has the meaning set forth in Section 2.8(c).

 

6

 

 

“Indebtedness” means, with respect to any Person, without duplication, all obligations or undertakings by such Person (a) for borrowed money (including deposits or advances of any kind to such Person), (b) evidenced by bonds, debentures, notes or similar instruments, (c) for capitalized leases (as determined in accordance with GAAP) or to pay the deferred and unpaid purchase price of property or equipment (excluding Accounts Payable incurred in the Ordinary Course of Business), (d) pursuant to securitization or factoring programs or arrangements, (e) to maintain or cause to be maintained the financing, financial position or covenants of others or to purchase the obligations or property of others, (f) net cash payment obligations of such Person under swaps, options, forward sales Contracts, derivatives and other hedging Contracts, financial instruments or arrangements that will be payable upon termination thereof (assuming termination on the date of determination), (g) letters of credit, bank guarantees, and other similar Contracts or arrangements entered into by or on behalf of such Person or (h) pursuant to guarantees and arrangements having the economic effect of a guarantee (other than a clearing house guarantee) of any obligation or undertaking of any other Person contemplated by the foregoing clauses (a) through (g) of this definition, in each case including all interest, penalties and other payments due with respect thereto.

 

“Indemnified Party” has the meaning set forth in Section 6.4(a).

 

“Indemnifying Party” has the meaning set forth in Section 6.4(a).

 

“Information Privacy and Security Requirements” means all (i) Laws, (ii) written commitments of Seller or any of its Affiliates and (iii) applicable publicly facing statements or policies adopted by Seller or any of its Affiliates, in each case, relating to the access, collection, use, processing, storage, sharing, distribution, disclosure, destruction, disposal, privacy, confidentiality, security, transfer or protection of information that identifies, or could reasonably be used to identify, an individual, browser, device or household.

 

“Initial Calculation” has the meaning set forth in Section 2.5(c)(i).

 

“Intellectual Property Rights” means all rights in or to: (a) trademarks, service marks, brand names, certification marks, collective marks, d/b/a’s, domain names, social media accounts, logos, symbols, trade dress, assumed names, fictitious names, trade names and other indicia of origin, all applications and registrations for the foregoing, and all goodwill associated therewith and symbolized thereby, including all renewals of the same (collectively, “Trademarks”); (b) inventions and discoveries, whether patentable or not, and all patents, registrations, invention disclosures and applications therefor, including divisions, continuations, continuations-in-part and renewal applications, and including renewals, extensions and reissues (collectively, “Patents”); (c) trade secrets, confidential information and know-how, including processes, schematics, business methods, formulae, drawings, prototypes, models, designs, customer lists and supplier lists (collectively, “Trade Secrets”); (d) published and unpublished works of authorship, whether copyrightable or not (including, without limitation, databases and other compilations of information), including Software and content, copyrights therein and thereto, registrations and applications therefor, and all renewals, extensions, restorations and reversions thereof; and (e) any other intellectual property or proprietary rights.

 

“Intracompany Receivables” means all account, note or loan receivables recorded on the books of Seller or any Seller Entity for goods or services sold or provided by the Business to Seller or any Seller Entity or advances (cash or otherwise) or any other extensions of credit made by the Business to Seller or any Seller Entity, whether current or non-current.

 

7

 

 

“Inventory” means all inventory, including all handsets and SIM cards, related to the Business, wherever located, including all raw materials, work-in-process, supplies, spare parts, unfinished inventory and finished goods, whether held at any location or facility owned or leased by Seller or any Seller Entity or in transit to Seller or any Seller Entity or held on consignment by third parties on behalf of the Business.

 

“Inventory Amount” means the dollar value of all Inventory except for Rejected Inventory.

 

“Knowledge” or any similar phrase means the actual knowledge, after reasonable inquiry of direct reports, of (a) the individuals listed on Schedule 1.1-A with respect to Seller and (b) the individuals listed on Schedule 1.1-B with respect to Buyer.

 

“Law” means any federal, state, local or non-U.S. law, statute or ordinance, common law, or any rule, regulation, standard, judgment, Order, writ, injunction, decree, arbitration award, agency requirement, license or Permit of any Governmental Entity.

 

“Liabilities” means all debts, liabilities, commitments and obligations of any kind, whether fixed, contingent or absolute, matured or unmatured, liquidated or unliquidated, accrued or not accrued, asserted or not asserted, known or unknown, determined, determinable or otherwise, whenever or however arising (including whether arising out of any contract or tort based on negligence or strict liability) and whether or not the same would be required by GAAP to be reflected in financial statements or disclosed in the notes thereto.

 

“Losses” means any and all damages, losses, charges, liabilities, claims, demands, actions, suits, proceedings, payments, judgments, settlements, assessments, deficiencies, Taxes, interest, fines, penalties, and costs and expenses (including expenses of investigation and ongoing monitoring and Third-Party Claim Expenses to the extent provided by Section 6.4(b)(iv) and reasonable and documented out-of-pocket legal fees, costs and expenses reasonably sustained or incurred by an Indemnified Party in investigating claims or recovering Losses).

 

“Master Services Agreement” means the Master Services Agreement, dated as of the Effective Date, by and between Buyer and Ting attached hereto as Exhibit A.

 

“Material Adverse Effect” means any Change that, individually or taken together with any other Changes, (a) is, or could reasonably be expected to be, materially adverse to the condition (financial or otherwise), properties, assets, liabilities (contingent or otherwise), business, operations or results of operations of the Business, taken as a whole, or on the Transferred Assets and the Assumed Liabilities, taken as a whole; or (b) prevents or would reasonably be expected to prevent, materially delay or materially impair the ability of Seller to consummate the Transaction or the other transactions contemplated by this Agreement; provided, however, that for the purposes of the foregoing clause (a), none of the following shall be taken into account (either alone or in combination) in determining whether there has occurred or would reasonably be expected to occur, a Material Adverse Effect:

 

8

 

 

(i)       Changes in the general economic, political, business or regulatory conditions in the U.S., including Changes in the credit, capital, securities or financial markets;

 

(ii)      Changes that are the result of factors generally affecting the industry in which the Business operates;

 

(iii)     Changes in accounting standards applicable to the Business, including GAAP, or in any applicable Law, including the repeal thereof, or in the interpretation or enforcement thereof, after the Effective Date;

 

(iv)     Changes that are the result of any natural disaster or global, national or regional political conditions, including acts of war, sabotage, acts of terrorism (including cyberterrorism) or military action or the threat or escalation thereof;

 

(v)      Changes that are the result of the presence of disease, any epidemic or pandemic (including COVID-19), or any actions taken by any Governmental Entity or other third party in response thereto; and

 

(vi)     any failure by the Business to meet any internal or public projections, forecasts or budgets or estimates of revenues for any period; provided, that the exception in this clause (vi) shall not prevent or otherwise affect a determination that any Change (not otherwise excluded under this definition) underlying such failure has resulted in, or contributed to, or could reasonably be expected to result in, or contribute to, a Material Adverse Effect;

 

provided, further, that, with respect to clauses (i), (ii), (iii), (iv) and (v), such Change shall be taken into account in determining whether a “Material Adverse Effect” has occurred or is occurring to the extent such Change disproportionately affects the Business relative to other participants in the industry in which the Business operates.

 

“Material Commingled Contracts” means all Commingled Contracts set forth in Section 3.18 of the Seller Disclosure Letter.

 

“Monthly Future Payments” has the meaning set forth in Section 2.5(b).

 

“Monthly Service Fees” has the meaning set forth in Schedule C to the Master Services Agreement.

 

“Most Recent Balance Sheet Date” has the meaning set forth in Section 3.4(a).

 

“Network Costs” means the costs set forth under the heading “Network Costs” on Schedule 2.5(b).

 

“New Contract” has the meaning set forth in Section 5.12.

 

“Nonparty” has the meaning set forth in Section 6.7(b).

 

9

 

 

“Order” means any administrative decision or award, decree, injunction, judgment, order, quasi-judicial decision or award, ruling or writ of any arbitrator, mediator or Governmental Entity.

 

“Ordinary Course” or “Ordinary Course of Business” means the conduct of the Business, consistent with the normal day-to-day customs, practices and procedures of the Business.

 

“Other Costs” means the costs set forth under the heading “Other Costs” on Schedule 2.5(b).

 

“Party” or “Parties” has the meaning set forth in the Preamble.

 

“Patent Assertions” means the claims set forth on Schedule 5.8.

 

“Patents” has the meaning set forth in the “Intellectual Property Rights” definition.

 

“Per Claim Amount” has the meaning set forth in Section 6.2(b).

 

“Permit” means any consent, license, permit, waiver, variance, exemption, approval, authorization, certificate, registration or filing issued by, obtained from or made with a Governmental Entity.

 

“Permitted Encumbrances” means (a) Encumbrances for Taxes not yet due and payable; (b) any mechanics’, carriers’, workmen’s, repairmen’s, statutorily imposed, or other like Encumbrances arising in the Ordinary Course of Business; and (c) such other imperfections of title or Encumbrances, if any, as do not, individually or in the aggregate, materially detract from the value or otherwise materially interfere with the current or continued use and operation of any of the Transferred Assets.

 

“Person” means any natural person, corporation, company, partnership (general or limited), limited liability company, trust or other entity.

 

“Personal Information” has the meaning provided by the applicable Information Privacy and Security Requirements.

 

“Post-Closing Payment” has the meaning set forth in Section 2.5(c)(v).

 

“Pre-Closing Tax Period” has the meaning set forth in Section 5.2(e).

 

“Pre-Closing Tax Refunds” has the meaning set forth in Section 5.2(d).

 

“Public Official” means any Person employed by, representing or acting on behalf of a Governmental Entity or enterprise thereof (including a state-owned or state-controlled enterprise) or a public international organization, any representative or official of a political party or any candidate for any political office and any relatives of, or close associates to, any of the foregoing.

 

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“Records” has the meaning set forth in Section 5.1(a).

 

“Registered” means issued by, registered with, renewed by or the subject of a pending application before any Governmental Entity or domain name registrar.

 

“Rejected Inventory” means the Inventory identified by SKU listed on Schedule 1.1-C.

 

“Review Period” has the meaning set forth in Section 2.5(c)(iii).

 

“Sample Working Capital Schedule” has the meaning set forth in Section 2.5(c)(i).

 

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

 

“Seller Disclosure Letter” has the meaning set forth in Article III.

 

“Seller Entities” means all of the Affiliates of Seller that own or hold the rights to any Transferred Assets or are subject to any Assumed Liabilities, including Tucows (Delaware) Inc. and Ting.

 

“Seller Fundamental Representations” means the representations and warranties of Seller set forth in Section 3.1 (Organization, Good Standing and Qualification); Section 3.2 (Authority; Approval); Section 3.11(a) (Title); and Section 3.15 (Brokers and Finders).

 

“Seller Indemnified Parties” has the meaning set forth in Section 6.3(a).

 

“Seller Release” means the release of claims against Buyer duly executed by Seller and each Seller Entity on behalf of themselves and their respective successors, assigns, representatives, administrators, executors, beneficiaries, agents and their Affiliates, dated as of the Effective Date, attached hereto as Exhibit B.

“Seller Representations” means the representations made by Seller in Article III.

 

“Seller Services” means those services to be provided by Seller or any of its Affiliates to Buyer or any of its Affiliates pursuant to this Agreement or any Ancillary Agreement.

 

“Service Revenue” means revenue collected from voice, data, messaging, monthly recurring, device and other categories, as outlined and set forth in Schedule 2.5(b) in an illustrative calculation.

 

“Significant Distributor” has the meaning set forth in Section 3.16(a).

 

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“Significant Supplier” has the meaning set forth in Section 3.16(b).

 

“Software” means any computer program, application, middleware, firmware, microcode and other software, including operating systems, software implementations of algorithms, models and methodologies, in each case, whether in source code, object code or other form or format, including libraries, subroutines and other components thereof.

 

“Sole Source Supplier” has the meaning set forth in Section 3.16(b).

 

“Solvent” means, with respect to any Person, that such Person (a) is and will be able to pay its respective obligations under this Agreement in the Ordinary Course of Business as they become due and owns and will own property that has a fair saleable value greater than the amounts required to pay its respective Liabilities (including all Excluded Liabilities), and (b) does not have and will not have unreasonably small capital to carry on its respective businesses.

 

“Specified Assets” means all assets related to the Business set forth on Schedule 2.1(b).

 

“Statement” has the meaning set forth in Section 2.5(b).

 

“Straddle Period” has the meaning set forth in Section 5.2(b).

 

“Stylized Ting Mark” has the meaning set forth in Section 5.8(b).

 

“Subscriber Base Assets” means all customer and subscriber accounts of the Business and any other assets related thereto, including (a) all account information, usage information and other information about subscribers with active accounts as of the Effective Date; (b) all account information, usage information and other information about former subscribers whose accounts were deactivated during the twenty-four (24)-month period prior to the Effective Date; (c) all customer Contracts; (d) all customer lead information, including lead lists from marketing efforts, cart fall out, re-targeting campaigns and related information; and (e) all customer demographic, survey and profile information. [REDACTED]

 

“Subscribers” has the meaning set forth in Section 3.17.

 

“Subsidiary” means, with respect to any Person, any other Person of which at least a majority of the securities or ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is directly or indirectly owned or controlled by such Person and/or by one or more of its Subsidiaries.

 

“Targeted Sanctions” has the meaning set forth in Section 3.9(d).

 

“Tax Returns” means all reports and returns filed or required to be filed with respect to Taxes.

 

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“Taxes” means all federal, state or local and all foreign taxes, including income, gross receipts, windfall profits, value added, severance, property, production, sales, use, duty, license, excise, franchise, employment, withholding or similar taxes, together with any interest, additions or penalties with respect thereto and any interest in respect of such additions or penalties.

 

“Territorial Sanctions” has the meaning set forth in Section 3.9(d).

 

“Third-Party Claim” has the meaning set forth in Section 6.4(b).

 

“Third-Party Claim Expenses” has the meaning set forth in Section 6.4(b)(iv).

 

“Ting” has the meaning set forth in the Recitals.

 

“Ting API” means any application programming interface utilized to communicate between the Ting Front-End Technology and the Ting Back-End Technology, including all communication protocols, data structures, data formats and data tags used therein or thereby.

 

“Ting Back-End Technology” means the Software and other technology used by Ting (or its third-party providers) to provide the services under the Master Services Agreement and the Transition Services Agreement, including the Ting API, but excluding the Ting Front-End Technology.

 

[REDACTED] “Ting Front-End Technology” means the platform (including content, graphics, materials, Software, user interface, design elements, and other technology) used on ting.com and associated mobile applications and websites, in each case, to allow users to sign-up for, activate and manage their accounts, and provide information about coverage, rates and related topics.

 

“Ting Marks” means the Trademarks set forth on Schedule 2.2(b), including all goodwill associated with, or symbolized by, any of the foregoing.

 

“Ting Marks Assets” has the meaning set forth in Section 5.8(d).

 

“Ting Trademark Assertion” has the meaning set forth in Section 5.8(c).

 

“Trade Secrets” has the meaning set forth in the “Intellectual Property Rights” definition.

 

“Trademark License Term” means the period beginning on the Effective Date and ending the sooner of (a) thirty (30) months following the Effective Date or (b) [REDACTED].

 

“Trademarks” has the meaning set forth in the “Intellectual Property Rights” definition.

 

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“Transaction” means the purchase and sale of the Transferred Assets, the assumption of the Assumed Liabilities and the other transactions contemplated hereby.

 

“Transaction Documents” means, collectively, the Agreement and the Ancillary Agreements.

 

“Transfer” means to sell, assign, transfer, convey and deliver.

 

“Transfer Taxes” has the meaning set forth in Section 5.2(c).

 

“Transferred Accounts Payable” means the Accounts Payable in the categories set forth on the Sample Working Capital Schedule.

 

“Transferred Assets” has the meaning set forth in Section 2.1.

 

“Transferred Contracts” means all Contracts listed on Schedule 2.1(a).

 

“Transferred Intellectual Property” means all Intellectual Property Rights owned by Seller or any Seller Entity in or to any of the Transferred Assets, including the Subscriber Base Assets, and the Books and Records that are included within the Transferred Assets; provided, that Transferred Intellectual Property does not include any Software.

 

“Transition Services Agreement” means the Transition Services Agreement, dated as of the Effective Date, by and between DISH Purchasing Corporation and Ting attached hereto as Exhibit D.

 

Section 1.2      [REDACTED][REDACTED] [REDACTED] Other Terms. Other terms may be defined elsewhere in the text of this Agreement and, unless otherwise indicated, shall have such meaning throughout this Agreement.

 

Article II     

PURCHASE AND SALE OF THE BUSINESS

 

Section 2.1      Purchase and Sale of Assets. On the terms and subject to the conditions set forth herein, (a) Seller hereby, on behalf of itself and the Seller Entities, Transfers (and shall cause the Seller Entities to Transfer) to Buyer free and clear of all Encumbrances, other than Permitted Encumbrances; and (b) Buyer hereby purchases from Seller or the applicable Seller Entity, the entirety of Seller’s and such Seller Entity’s right, title and interest in and to the following assets, except to the extent that they are Excluded Assets (collectively, the “Transferred Assets”):

 

(a)     all Transferred Contracts;

 

(b)     all Specified Assets;

 

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(c)     all (i) Transferred Intellectual Property; and (ii) all claims, causes of action and enforcement rights of any kind, all rights to sue for infringement of all Transferred Intellectual Property and to collect and retain any and all damages, costs, profits, injunctive relief and other remedies for or relating to any such infringement of the Transferred Intellectual Property or any and all claims relating thereto;

 

(d)     all Subscriber Base Assets;

 

(e)     copies of all Books and Records related to any Transferred Assets;

 

(f)      all Accounts Receivable;

 

(g)     all goodwill related to the Business;

 

(h)     all Inventory except for Rejected Inventory;

 

(i)      all purchase orders or other commitments related to the Business that remain unfulfilled as of the Closing, other than (A) as expressly included in the Excluded Assets or (B) as set forth on Schedule 2.1(i);

 

(j)      all credits, prepaid expenses, deferred charges, advance payments, refunds, security deposits, prepaid items and duties (other than prepaid insurance) to the extent related to a Transferred Asset; and

 

(k)     all guaranties, warranties, indemnities and similar rights in favor of Seller or any Seller Entity to the extent related to any Transferred Asset.

 

Section 2.2     Excluded Assets. Notwithstanding anything to the contrary set forth in this Agreement, Seller and the Seller Entities shall retain all of their existing right, title and interest in and to, and there shall be excluded from the Transfer to Buyer hereunder, and the Transferred Assets shall not include the following (collectively, the “Excluded Assets”):

 

(a)     subject to the assignment of insurance proceeds to Buyer pursuant to Section 5.3, all insurance policies and binders of Seller and the Seller Entities, and all rights of action, lawsuits, benefits, claims, demands, rights of recovery and set-off, and proceeds, under or with respect to such insurance policies;

 

(b)     [REDACTED] the Ting Front-End Technology and the Ting Back-End Technology;

 

(c)     all claims, causes of action and enforcement rights of any kind, all rights to sue for infringement of all Transferred Intellectual Property and to collect and retain any and all damages, costs, profits, injunctive relief and other remedies for or relating to any such infringement of the Transferred Intellectual Property or any and all claims relating thereto, in each case to the extent such infringement occurred prior the Closing;

 

(d)     all Excluded Books and Records, wherever located;

 

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(e)     all Tax assets (including duty and tax refunds and prepayments) of Seller or any Seller Entity;

 

(f)     all employees and independent contractors and all rights in connection with any assets of the Benefit Plans and related trusts or other funding vehicles;

 

(g)     all Intracompany Receivables;

 

(h)     all Actions available to or being pursued by Seller or any Seller Entity to the extent related to the Transferred Assets, the Assumed Liabilities or the ownership, use, function or value of any Transferred Asset, whether arising by way of counterclaim or otherwise, whether known or unknown, absolute or contingent, matured or unmatured, determined or undeterminable, in each case to the extent related to matters that occurred prior to the Effective Date;

 

(i)      any shares or other equity interests in any Person or any securities of any Person;

 

(j)      all Commingled Contracts, subject to Section 5.12; and

 

(k)     all Cash.

 

Section 2.3     Assumption of Liabilities. On the terms and subject to the conditions set forth herein, and subject to Section 2.4, Buyer, or one or more of its Affiliates, hereby assumes and agrees to discharge and perform when due or payable all the Assumed Liabilities.

 

Section 2.4     Excluded Liabilities. Notwithstanding anything to the contrary set forth in this Agreement, Seller and its Affiliates shall retain, and Buyer and its Affiliates shall not assume, any Excluded Liability, and, as between Buyer and Seller, Seller and its Affiliates shall be responsible for, and shall discharge and perform when due or payable, all Excluded Liabilities.

 

Section 2.5     Purchase Price and Payments.

 

(a)     Purchase Price; Allocation. The aggregate purchase price for the Transferred Assets shall be the Monthly Future Payments, the Post-Closing Payment and the assumption of the Assumed Liabilities. For purposes of allocating any consideration with respect to the Transferred Assets acquired hereunder, any Inventory or Accounts Receivable shall be valued based on the book value of such assets immediately prior to Closing.

 

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(b)     Future Payments. On the terms and subject to the conditions set forth herein, in consideration for the sale of the Transferred Assets, in addition to the assumption of the Assumed Liabilities, Buyer shall, for a period of ten (10) years following the Effective Date (the “Future Payments Period”), deliver to Seller, an amount in cash equal to the remainder of [REDACTED] Buyer shall deliver the Monthly Future Payments within thirty (30) days following the receipt of the applicable monthly invoices for the Transition Services Agreement and the Master Services Agreement. Simultaneously with each payment to be delivered by Buyer to Seller, Buyer shall also deliver to Seller a monthly statement setting forth the amount of each component of the Monthly Future Payment in respect of such payment (the “Statement”), provided, that Buyer’s inclusion in such Statement of any amount provided by Seller in monthly invoices for the Transition Services Agreement and the Master Services Agreement shall not be deemed an agreement by Buyer as to the accuracy of any such amounts. Buyer may request and Seller shall provide to Buyer copies of Seller’s records relating to the calculation of the amounts owed to Seller pursuant to the Transition Services Agreement and the Master Services Agreement. Seller may request and Buyer shall provide to Seller copies of Buyer’s records relating to the calculation of such Monthly Future Payments other than amounts owed pursuant to the Transition Services Agreement and the Master Services Agreement. In the event the records reveal that Buyer has underpaid Seller, then, within thirty (30) days following Seller’s delivery of notice of such underpayment, Buyer shall pay to Seller the amount of any undisputed underpayment. Notwithstanding anything to the contrary in this Agreement, if Buyer is entitled to recover Losses pursuant to Article VI, Buyer may, and in addition to any other right or remedy it may have, set off all or any portion of the amount of such Losses against any Monthly Future Payments that are payable under this Section 2.5(b). In the event the amount of any Monthly Future Payment that has been paid is later determined to have been incorrect as a result of the resolution of a disputed charge or payment under the Transition Services Agreement or Master Services Agreement, Buyer and Seller shall cooperate in good faith to correct such Monthly Future Payment, and shall refund or pay, as applicable, in order to make such correction.

 

(c)      Post-Closing Payment.

 

(i)     Seller shall cause to be prepared and, no later than sixty (60) days after the Effective Date, delivered to Buyer a statement setting forth Seller’s calculation of the Closing Accounts Receivable, the Closing Inventory Amount and the Closing Accounts Payable (the “Initial Calculation”), together with appropriate supporting information. For illustration purposes only, set forth as Exhibit F is a sample working capital schedule showing the amounts of Accounts Receivable, Inventory and Transferred Accounts Payable as of May 31, 2020 (the “Sample Working Capital Schedule”), and the Initial Calculation shall be prepared in accordance with the Accounting Principles and shall be consistent with the Sample Working Capital Schedule.

 

(ii)     From and after the Effective Date, Seller shall, and shall cause its Affiliates to, on reasonable prior notice to Seller and subject to the execution of customary work paper access letters if requested by accountants of Seller, (A) provide Buyer and its representatives with reasonable access during normal business hours to the facilities, Records and work papers of the Business and (B) cooperate with and assist Buyer and its representatives in connection with the review of such materials, including by making available their employees, accountants and other personnel to the extent reasonably requested, in each case in connection with Buyer’s review of the Initial Calculation; provided, that, in the event that Seller does not provide such access or cooperation reasonably requested by Buyer or any of its representatives within two (2) Business Days of any request therefor (or, such shorter period as may remain in the Review Period), the Review Period will be extended by one (1) Business Day for each additional day required for Seller to fully respond to such request.

 

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(iii)     Within thirty (30) days after receipt by Buyer of the Initial Calculation (the “Review Period”), Buyer may deliver to Seller a written notice (the “Calculation Notice”) either (i) advising Seller that Buyer agrees with and accepts the Initial Calculation or (ii) setting forth an explanation in reasonable detail of those items in the Initial Calculation that Buyer disputes and of what Buyer believes is the correct calculation of the Closing Accounts Receivable, the Closing Inventory Amount and the Closing Accounts Payable (a “Disputed Calculation”). If Buyer does not submit a Calculation Notice within the Review Period, then the Initial Calculation shall become final and shall not be subject to further review, challenge or adjustment. If Seller shall concur with the Calculation Notice, or if Seller shall not object to the Calculation Notice in a writing received by Buyer within thirty (30) days after Seller’s receipt of the Calculation Notice, the calculation of the Closing Accounts Receivable, the Closing Inventory Amount and the Closing Accounts Payable set forth in the Calculation Notice shall become final and shall not be subject to further review, challenge or adjustment.

 

(iv)     If Buyer has submitted a Calculation Notice, but Seller and Buyer are unable to resolve any disputes regarding the Closing Accounts Receivable, the Closing Inventory Amount and/or the Closing Accounts Payable within twenty (20) days after the date of objection to the Calculation Notice, such dispute shall be referred to BDO USA LLP to resolve the amount of the Closing Accounts Receivable, the Closing Inventory Amount and/or the Closing Accounts Payable that is in dispute, or if BDO USA LLP is unwilling or unable (due to a conflict or otherwise) to serve, such other recognized firm of independent financial experts selected by mutual agreement of Buyer and Seller (the “Financial Expert”), and the determination of the Financial Expert, which shall be in writing, shall be final and binding on the parties and shall not be subject to further review, challenge or adjustment absent manifest error. Buyer and Seller shall, promptly (but in any event within ten (10) Business Days) following the formal engagement of the Financial Expert, provide the Financial Expert (copying the other upon submission) with a written presentation setting forth its calculations of and assertions regarding the Disputed Calculation and shall allow the Financial Expert to conduct an independent analysis and audit of the Disputed Calculation using the Accounting Principles and the Sample Working Capital Schedule. The Financial Expert shall determine the Closing Accounts Receivable, the Closing Inventory Amount and the Closing Accounts Payable in accordance with the Accounting Principles and the standards described in this Section 2.5(c), acting as an expert and not an arbitrator. The Financial Expert shall be instructed by Buyer and Seller to use its best efforts to reach such determination not more than thirty (30) days after such referral. Nothing herein shall be construed to authorize or permit the Financial Expert to resolve any specific item in dispute by making an adjustment that is outside the range for such specific item as defined in the Initial Calculation and the Disputed Calculation. Buyer and Seller shall each pay its own costs and expenses incurred in connection with this Section 2.5(c); provided, however, that the fees and expenses of the Financial Expert shall be borne by Seller, on the one hand, and Buyer, on the other hand, in proportion to the dollar value of the item(s) subject to the dispute determined in favor of the other party.

 

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(v)     The “Post-Closing Payment” shall be an amount equal to: (A) the Closing Accounts Receivable; plus (B) the Closing Inventory Amount; minus (C) the Closing Accounts Payable, each as finally determined pursuant to this Section 2.5(c). If the Post-Closing Payment is positive, then Buyer shall deliver to Seller, by wire transfer of immediately available funds to such account or accounts as have been specified in writing by Seller to Buyer, an amount equal to the Post-Closing Payment.

 

(vi)      If the Post-Closing Payment is negative, then Seller shall deliver to Buyer, by wire transfer of immediately available funds to such account or accounts as have been specified in writing by Buyer to Seller, an amount equal to the Post-Closing Payment.

 

(vii)     If the Post-Closing Payment is zero (0), then neither Buyer nor Seller shall have any payment obligation pursuant to this Section 2.5(c).

 

(viii)    Amounts paid pursuant to this Section 2.5(c) shall be deemed for Tax purposes to be consideration paid pursuant to the Transaction to the extent permitted by applicable Law. Any payments made by any Person pursuant to this Section 2.5(c) shall be made within five (5) Business Days after the date on which the Closing Accounts Receivable, the Closing Inventory Amount and the Closing Accounts Payable are final and binding on the parties.

 

Section 2.6        Closing. The closing of the purchase and sale of the Transferred Assets and the assumption of the Assumed Liabilities (the “Closing”) shall take place at the offices of Sullivan & Cromwell LLP, 125 Broad Street, New York, New York 10004 (or by means of a virtual closing through electronic exchange of signatures), on the Effective Date, immediately following the execution and delivery of this Agreement. The Closing shall be deemed effective as of the Effective Time.

 

Section 2.7        Nonassignability of Assets. Notwithstanding anything to the contrary set forth in this Agreement, to the extent that the Transfer or attempted Transfer to Buyer of any asset that would be a Transferred Asset or any claim or right or any benefit arising thereunder or resulting therefrom is (i) prohibited by any applicable Law or (ii) without a Permit or Consent would (A) constitute a breach or other contravention thereof, (B) subject Seller, Buyer or any of their respective officers, directors, agents or Affiliates to criminal liability or (C) be ineffective, void or voidable and such Permit or Consent has not been obtained prior to the Closing, then in each case, the Closing shall proceed without the Transfer of such asset. The Parties shall use their reasonable best efforts to promptly obtain such Permit or Consent. Pending obtaining such Permit or Consent, Seller and Buyer shall use commercially reasonable efforts to cooperate with each other to agree to any reasonable and lawful arrangements designed to provide Buyer with the economic claims, rights and benefits under such asset and assume the economic burdens and obligations with respect thereto in accordance with this Agreement, including by subcontracting, sublicensing or subleasing to Buyer to the extent contractually permissible. Once the required Permit or Consent is obtained, Seller shall, or shall cause the relevant Affiliates to, Transfer such asset to Buyer at no additional cost to Buyer.

 

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Section 2.8     Withholding.

 

(a)     Buyer shall be entitled to deduct and withhold from any payments to be made hereunder such amounts, if any, that it is required to deduct and withhold on account of Taxes under applicable Law. To the extent any amounts are so deducted and withheld in accordance with the previous sentence, and duly and timely deposited with the appropriate Governmental Entity by Buyer, such amounts shall be treated for purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made.

 

(b)     Notwithstanding any provision hereof to the contrary, no amount shall be deducted and withheld from any amounts payable to Seller pursuant to this Agreement (including, but not limited to, payments made pursuant to Section 5.8(f)) unless (i) Buyer, or any other Person making such payment, shall provide Seller with commercially reasonable notice, in writing, proposing the amount of such withholding and identifying the applicable Law requiring such deduction and withholding; and (ii) Buyer and, if applicable, the other Person making such payment, cooperates with Seller in good faith to the extent reasonable to obtain reduction of or relief from such obligation to deduct and withhold.

 

(c)     To the extent any withholding or deduction is required to be made from payments made hereunder as a result of an assignment by Buyer (or its Affiliates) of this Agreement to a non-U.S. Affiliate of Buyer, which withholding or deduction would not have been required absent such assignment, (any such amount withheld or deducted, an “Incremental Withholding”), Buyer shall increase the payment otherwise payable pursuant to this Agreement as necessary so that after such Incremental Withholding has been made (including such withholdings and deductions applicable to additional sums payable under this Section 2.8(c)) the recipient receives an amount equal to the payment it would have received had no such Incremental Withholding been made.

 

Article III     

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Except as set forth in the corresponding sections or subsections of the disclosure letter delivered to Buyer by Seller on or prior to the Effective Date (the “Seller Disclosure Letter”) (it being agreed that disclosure of any item in any section or subsection of the Seller Disclosure Letter shall be deemed disclosure with respect to any other section or subsection to which the relevance of such item is reasonably apparent based on a plain reading of such disclosure), Seller hereby represents and warrants to Buyer as follows:

 

Section 3.1     Organization, Good Standing and Qualification. Seller and each Seller Entity (a) is a legal entity duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization, (b) has all requisite corporate or similar power and authority to own, lease and operate the Transferred Assets currently held by it and to carry on such portion of the Business as is presently conducted by it and (c) is qualified to do business and is in good standing as a foreign corporation or other legal entity in each jurisdiction where the ownership, leasing or operation of Transferred Assets or conduct of the Business conducted by it requires such qualification, except where the failure to be so qualified or in good standing would not materially affect the operation of the Business.

 

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Section 3.2     Authority; Approval(a). Seller and each Seller Entity that is a party to any of the Transaction Documents has all requisite corporate or other organizational power and authority to execute and deliver each of the Transaction Documents to which it is or will be a party, to perform its obligations thereunder and to consummate the Transaction. The execution, delivery and performance of this Agreement by Seller has been duly and validly authorized by all necessary corporate action on the part of Seller. The execution, delivery and performance of each of the Ancillary Agreements to which Seller or any Seller Entity is a party has been duly authorized by all necessary corporate or other action on the part of such Person. This Agreement and each of the Ancillary Agreements have been duly executed and delivered by Seller and each Seller Entity party thereto and, when executed and delivered by Buyer and the other parties thereto, will constitute a valid and binding agreement of Seller and each such Seller Entity, enforceable against Seller and each such Seller Entity pursuant to its terms, subject to bankruptcy, insolvency, fraudulent conveyance, preferential transfer, reorganization, moratorium and similar Laws relating to or affecting creditors’ rights generally and subject to the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) (the “Bankruptcy and Equity Exception”).

 

Section 3.3     Governmental Filings; No Violations.

 

(a)     No notices, reports or other filings are required to be made by Seller or any of the Seller Entities with, nor are any Permits required to be obtained by Seller or any of the Seller Entities from, any Governmental Entity, in connection with the execution, delivery and performance of the Transaction Documents by Seller or any Seller Entity or the consummation of the Transaction, except for such notices, reports, other filings or Permits that the failure to make or obtain would not prevent, materially delay or materially impair the consummation of the Transaction.

 

(b)     The execution, delivery and performance by Seller and each of the Seller Entities of the Transaction Documents to which they are a party do not, and the consummation of the transactions contemplated hereby and thereby will not, conflict with or result in any violation of or default (with or without notice, lapse of time or both) under, or give rise to any right of termination, loss of rights, adverse modification of provisions, cancellation or acceleration of any obligations under, or result in the creation of any Encumbrance, other than a Permitted Encumbrance, upon any of the Transferred Assets under any provision of (i) the certificate of incorporation, bylaws or comparable governing documents of Seller or any Seller Entity, (ii) any Transferred Contract or (iii) any Law to which Seller or any Seller Entity, the Business and the Transferred Assets are subject, other than in the case of clause (ii), immaterial conflicts, immaterial violations or immaterial defaults of such Transferred Contracts that do not give rise to any right of termination, loss of material rights, adverse modification of provisions, cancellation or accelerations of any obligations under, or result in the creation of any Encumbrance (other than a Permitted Encumbrance).

 

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Section 3.4     Financial Statements.

 

(a)     Section 3.4(a) of the Seller Disclosure Letter sets forth (i) the audited consolidated balance sheet of Seller as of December 31, 2019 and the related audited income statement for the period beginning January 1, 2019 and ended December 31, 2019 (collectively, the “Financial Statements”) and (ii) an unaudited balance sheet of Ting (the “Balance Sheet”) as of May 31, 2020 (the “Most Recent Balance Sheet Date”). The Balance Sheet was derived from the financial data inputs into the Financial Statements and the financial accounting and reporting systems of Seller. The Balance Sheet and the Financial Statements have been prepared in accordance with GAAP applied on a basis consistent with prior periods and in accordance with the applicable Books and Records of Seller and the Seller Entities.

 

(b)     The Financial Statements fairly present in all material respects the financial position of the Business, taken as a whole, during the applicable period presented therein.

 

(c)     All Accounts Receivable are valid receivables and were incurred in the Ordinary Course of Business for bona fide transactions involving the sale of goods or services rendered. No such Accounts Receivable (i) are subject to any pending or threatened set-off, discount or counterclaim, other than for which a reserve has been established on the Balance Sheet or (ii) have been assigned or pledged to any Person.

 

(d)     Section 3.4(d) of the Seller Disclosure Letter sets forth a true, complete and correct list of all items of Inventory held by Seller and each Seller Entity (broken down on an individual SKU basis) as of May 31, 2020. All Inventory has been maintained in the Ordinary Course of Business, consists of items of a quality usable or saleable in the Ordinary Course of Business (subject in each case to the extent of reserves established thereunder) and is and will be in quantities sufficient for the normal operation of the Business in the Ordinary Course of Business. All damaged and/or obsolete units of Inventory have been written off or written down to their appropriate value on the Balance Sheet.

 

Section 3.5     Absence of Certain Changes.

 

Except as set forth on Section 3.5 of the Seller Disclosure Letter, since the Most Recent Balance Sheet Date, (A) Seller and the Seller Entities have conducted the Business in the Ordinary Course, consistent with past practice (except for actions related to the negotiation, execution or delivery of this Agreement or the Transaction (or the sales process relating to the potential sale of the Business)) and (B) there has not been:

 

(i)       any incurrence, assumption or guarantee by Seller or any Seller Entity of any Indebtedness for borrowed money related to the Business;

 

(ii)      any creation or other incurrence of any Encumbrance on any Transferred Asset, other than Permitted Encumbrances;

 

(iii)     the modification, amendment, cancellation, termination (receipt of notice of termination), forfeiture or failure to renew (other than in the Ordinary Course of Business) any of the Transferred Contracts or Contracts that would have been Transferred Contracts but for such termination prior to the Effective Date;

 

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(iv)     any merger or consolidation involving the Business or any sale, assignment, lease or other transfer or disposition of any of the Transferred Assets (or of any assets that would have constituted Transferred Assets if such assets were owned by Seller or its Affiliates as of the Closing), other than in the Ordinary Course of Business;

 

(v)     any transaction or commitment made by Seller or any Seller Entity relating to the Transferred Assets (including the acquisition of any assets) or any relinquishment by Seller of any of the Transferred Contracts or other right, in either case, other than transactions and commitments in the Ordinary Course of Business consistent with past practice and those contemplated by this Agreement;

 

(vi)     any (A) delay or acceleration of collection of any Accounts Receivable in advance of or beyond their regular due dates or the dates when the same would have been collected in the Ordinary Course of Business or (B) delay or acceleration of payment of any Transferred Accounts Payable in advance of their due date or the date such liability would have been paid in the Ordinary Course of Business;

 

(vii)     any sales of, or offers to sell, Inventory at a greater discount from listed prices than offered for such Inventory in the Ordinary Course of Business for such Inventory;

 

(viii)     any material damage, destruction or other casualty loss with respect to any material asset or property owned, leased or otherwise used by Seller or any of its Subsidiaries, whether or not covered by insurance, that would have been a Transferred Asset but for such material damage, destruction or other casualty loss; or

 

(ix)      any Change that has had a Material Adverse Effect.

 

Section 3.6        No Undisclosed Liabilities. There are no Liabilities of the Business of a type required to be reflected on a balance sheet prepared in accordance with GAAP, other than Liabilities that (a) are adequately reflected or reserved against on the Balance Sheet, (b) have been incurred since the Most Recent Balance Sheet Date in the Ordinary Course, (c) have been incurred in the performance of obligations under the Transferred Contracts (but not Liabilities incurred as a result of breaches of any such Transferred Contract) or (d) are Excluded Liabilities.

 

Section 3.7        Litigation.

 

(a)     As of the Effective Date, there are no, and since January 1, 2018, there have been no, Actions pending or, to the Knowledge of Seller, threatened against Seller or any of the Seller Entities related to the Business.   

 

(b)     Neither Seller nor any Seller Entity is a party to or subject to the provisions of any Order of any Governmental Entity related to the Business.

 

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Section 3.8     Compliance with Laws; Permits.

 

(a)     The Business is not being and has not been conducted in violation of any applicable Laws in any material respect. No investigation or review by any Governmental Entity with respect to the Business is pending or has been threatened in writing. Seller has not received any notice or communication alleging any material noncompliance with any such applicable Laws by the Business.

 

(b)     Seller and each Seller Entity has obtained and is in compliance in all material respects with all Permits required to conduct the Business as presently conducted.

 

Section 3.9     Anti-Corruption; Sanctions.

 

(a)     Each of Seller and the Seller Entities has complied with all applicable provisions and requirements of the U.S. Foreign Corrupt Practices Act of 1977 and all other applicable anti-bribery, anti-corruption and anti-money laundering Laws (the “Anti-Corruption Laws”) in all material respects. Seller and the Seller Entities have instituted and since January 1, 2018 have maintained policies and procedures reasonably designed to ensure, and that are effective at ensuring, compliance by the Business with, and preventing breaches by the Business of, such Anti-Corruption Laws.

 

(b)     None of Seller or any of the Seller Entities or any of their respective directors, officers or employees or, to the Knowledge of Seller, any agents, representatives or other Persons who perform or have performed services on their behalf have, since January 1, 2018, directly or indirectly, in connection with the Business, violated, or been subject to actual or pending or threatened civil, criminal, administrative or other actions, suits, demands, claims, hearings, notices of violation, investigations, proceedings, demand letters, settlements or enforcement actions relating to, any Anti-Corruption Law or any Law or regulation related to anti-corruption, anti-money laundering or terrorism financing.

 

(c)     None of Seller or any of the Seller Entities or any of their respective directors, officers or employees or, to the Knowledge of Seller, any agents, representatives or other Persons who perform or have performed services on their behalf have, since January 1, 2018, directly or indirectly, in connection with the Business, given, made, offered, promised, authorized or received or agreed to give, make, offer, promise, authorize or receive any payment, gift, contribution, commission, rebate, promotional allowance, expenditure or other economic advantage or benefit: (i) that would violate any applicable Anti-Corruption Law; or (ii) to or for a Public Official with the intention of: (A) improperly influencing any official act or decision of such Public Official; (B) inducing such Public Official to do or omit to do any act in violation of his lawful duty; (C) securing any improper advantage or benefit; or (D) inducing such Public Official to influence or affect any act or decision of any Governmental Entity or commercial enterprise owned or controlled by any Governmental Entity.

 

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(d)     None of Seller or any of the Seller Entities or any of their respective directors, officers, employees, agents, representatives or other Persons, in each case, who perform or have performed services with respect to the Business on behalf of Seller or any Seller Entity is a Person that is, or is owned fifty percent (50%) or more, individually or in the aggregate, directly or indirectly, or controlled by one or more Persons that are: (i) the subject or target of any economic or trade sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (including designation as a “Specially Designated National or Blocked Person”), the U.S. Department of State, the United Nations Security Council, the EU, Her Majesty’s Treasury, or any other applicable sanctions authority, or any executive order, directive or regulation pursuant to the authority of any of the foregoing, including the regulations of the United States Department of the Treasury set forth under 31 C.F.R., Subtitle B, Chapter V, as amended, or any orders or licenses issued thereunder (collectively, “Targeted Sanctions”); (ii) located, organized or resident, or doing business, in a country or territory that is the subject of sanctions (which, as of the date of this Agreement, includes Crimea, Cuba, Iran, North Korea and Syria) (collectively, “Territorial Sanctions”); or (iii) a party of concern identified on one or more of the Denied Persons List, Entity List, Unverified List or Consolidated Screening List, each as published and maintained by the Bureau of Industry and Security of the U.S. Department of Commerce (“BIS”). Since January 1, 2015, Seller and each of the Seller Entities has been in material compliance with all applicable Targeted Sanctions, Territorial Sanctions and the export control laws administered and enforced by BIS or, if applicable, the U.S. Department of State’s Directorate of Defense Trade Controls in connection with conducting the Business.

 

Section 3.10     Transferred Contracts Seller has delivered to, or made available to, Buyer correct and complete copies of each written Transferred Contract, including each amendment thereto and a reasonably detailed written description of each oral Transferred Contract. Each of the Transferred Contracts is valid, binding and enforceable on Seller or the applicable Seller Entity, as the case may be, and, to the Knowledge of Seller, each other party thereto, subject to the Bankruptcy and Equity Exception, and is in full force and effect. There is no violation of, or default under, any such Transferred Contract by Seller or any of the Seller Entities, and no event has occurred that, with the lapse of time or the giving of notice or both, would constitute a default thereunder by Seller or any of the Seller Entities or would permit or cause the termination, non-renewal or modification thereof or acceleration or creation of any right or obligation thereunder. To the Knowledge of Seller, no counterparty to any Transferred Contract is in violation of or default under any such Transferred Contract, and no event has occurred that, with the lapse of time or the giving of notice or both, would constitute a default thereunder by any counterparty thereto.

 

Section 3.11     Title; Sufficiency of Assets.

 

(a)     Seller and the Seller Entities have, and at the Closing, Seller and each Seller Entity will Transfer to Buyer, good title to, or a valid leasehold interest in, the personal property included in the Transferred Assets, in each case free and clear of all Encumbrances, other than Permitted Encumbrances. No Person other than Seller or a Seller Entity owns, leases or operates any of the Transferred Assets. The personal property included in the Transferred Assets is in good working order (ordinary wear and tear excepted), is free from any material defect and has been maintained in all material respects in accordance with generally accepted industry standards.

 

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(b)     Except for the Excluded Assets, the Transferred Assets, when taken together with the Ting Marks and the Seller Services, constitute all the assets, properties and rights of Seller and the Seller Entities necessary to conduct the Business as conducted as of the Closing and, immediately after the Closing, necessary for Buyer to continue to operate and conduct the Business in all material respects as conducted as of the Closing assuming all Consents required in connection with the consummation of the transactions contemplated by the Transaction Documents have been obtained; provided, however, that nothing in this Section 3.11(b) shall be considered a guarantee of or representation regarding the performance of the Seller Services.

 

Section 3.12     Solvency. Seller and the Seller Entities, on both an individual and collective basis, (a) are currently Solvent and (b) will be Solvent immediately after giving effect to the Closing. No transfer of property is being made and no obligation is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of Seller or its Subsidiaries.

 

 

Section 3.13     Taxes.

 

(a)     All material Tax Returns required to be filed by Seller and each Seller Entity with respect to the Business or the Transferred Assets have been duly and timely filed (taking into account applicable extensions), and all such Tax Returns are true, correct and complete in all material respects.

 

(b)     Seller and each Seller Entity has timely paid (or caused to be paid) all Taxes that are due and payable, whether or not shown as due on any Tax Returns, in respect of the Business and the Transferred Assets.

 

(c)     All material Taxes required to be withheld and remitted by Seller and each Seller Entity under any applicable law with respect to the Business or the Transferred Assets have been duly and timely withheld and remitted to the proper Tax authority.

 

(d)     There are no material Encumbrances on the Transferred Assets for any failure (or alleged failure) to pay Taxes.

 

(e)     Neither Seller nor any Seller Entity is engaged in any audit, examination or investigation by any Tax authority for which it expects a material assessment. No Tax authority has asserted any material tax assessments, deficiencies or adjustments related to the Transferred Assets or the Business that has not since been resolved and paid in full.

 

(f)      No claim has been made in writing by any Tax authority in a jurisdiction where Seller or a Seller Entity does not file Tax Returns that it is or may be subject to taxation with respect to the Business or the Transferred Assets in that jurisdiction, which claim has not been resolved and, if applicable, paid.

 

(g)     No written agreement waiving or extending, or having the effect of waiving or extending, the statute of limitations or the period of assessment or collection of any material Taxes, in each case, is currently in effect with respect to the Business or the Transferred Assets.

 

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Section 3.14     Intellectual Property.

 

(a)     Neither Seller nor any of its Affiliates are bound by any outstanding judgment, injunction, order or decree or any contractual or other obligation materially restricting the use of the Transferred Intellectual Property, or materially restricting the licensing or assignment thereof to any Person. With respect to the Transferred Intellectual Property that is Registered, (i) all such Intellectual Property Rights are subsisting, valid, and in full force and effect and, to the Knowledge of Seller, enforceable; and (ii) Seller or one of its controlled Affiliates is the owner of record and has paid all maintenance fees and made all filings that are required to be made prior to the Effective Date to maintain Seller’s, or its applicable Affiliate’s, ownership thereof.

 

(b)     Except for the Excluded Assets, the Transferred Intellectual Property, when taken together with the [REDACTED] and Intellectual Property Rights licensed or otherwise used by Seller and its Affiliates to provide Seller Services, in each case pursuant to the Master Services Agreement or Transition Services Agreement, constitute all the Intellectual Property Rights used by Seller and its Affiliates to conduct the Business in all material respects as conducted immediately prior to the Closing. The Transferred Contracts include all Contracts pursuant to which (i) any license or other right is granted under any material Transferred Intellectual Property to any third party, or (ii) any Person has granted any license or other right under Intellectual Property Rights to Seller or any of its Affiliates that is material to the Transferred Intellectual Property.

 

(c)     Seller and its Affiliates exclusively own all right, title and interest in all the Transferred Intellectual Property, free and clear of all Encumbrances, and have all necessary rights to Transfer the Transferred Intellectual Property to Buyer.

 

(d)     The conduct of the Business has not infringed, misappropriated or otherwise violated any Intellectual Property Rights of any third party, except for such infringements, misappropriations or other violations that would not reasonably be expected to be material to the Business. No Actions are pending and no written notices have been received by Seller or any of its Affiliates, in each case, alleging any infringement, misappropriation or other violation by Seller or any of its Affiliates of the Intellectual Property Rights of any third party with respect to the Business. Except as set forth in Section 3.14(d) of the Seller Disclosure Letter, since January 1, 2018, to the Knowledge of Seller, no Person has infringed, misappropriated, or otherwise violated any of the Transferred Intellectual Property, and neither Seller nor any of its Affiliates has made or asserted any claim, demand or notice against any Person alleging any such infringement, misappropriation or other violation, in each case, that would reasonably be expected to be material to the Business. Since January 1, 2018, there has been no litigation, opposition, cancellation, Action or claim pending, asserted or threatened in writing concerning the ownership, or the right to use any Transferred Intellectual Property, or the validity, registrability or enforceability of any Transferred Intellectual Property that is Registered.

 

(e)     Seller and its Affiliates have taken all commercially reasonable measures to protect the confidentiality of all Trade Secrets included in the Transferred Intellectual Property, and such Trade Secrets have not been disclosed by Seller or its Affiliates to any Person except pursuant to written non-disclosure agreements that, to the Knowledge of Seller, have not been breached by such Person.

 

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(f)     Each Person (including current and former employees and independent contractors) who has created or developed for or on behalf of Seller or any of its Affiliates any Intellectual Property Rights that would have been part of the Transferred Assets had it been owned by Seller or any of its Affiliates, has signed a valid and enforceable agreement containing an irrevocable present assignment to Seller or one of its Affiliates, as appropriate, of all such Intellectual Property Rights. No such Person retains any right, title or interest in or to any such Intellectual Property Rights.

 

(g)     Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated by the Ancillary Agreements, will result in the loss or impairment of any of the Transferred Intellectual Property.

 

(h)     Seller and its Affiliates have at all times (i) complied in all material respects with all Information Privacy and Security Requirements applicable to the Business and (ii) implemented and maintained commercially reasonable administrative, technical and physical safeguards designed to protect Personal Information relating to the Business against unauthorized access, use, loss and damage.

 

(i)      To the Knowledge of Seller, there has been no unauthorized access to, or misuse of, any Personal Information relating to the Business maintained by or on behalf of Seller or any of its Affiliates. No Person (including any Governmental Entity) has made any claim or commenced any Action with respect to any unauthorized access to, or misuse of, any Personal Information relating to the Business maintained by or on behalf of Seller or any of its Affiliates.

 

Section 3.15     Brokers and Finders. None of Seller, any of the Seller Entities or any of their respective directors or officers, as applicable, has employed any investment banker, broker or finder or incurred or will incur any liability for any brokerage payments, investment banking fees, commissions, finders’ fees or other similar payments in connection with the Transaction.

 

Section 3.16     Distributors and Suppliers.

 

(a)     Section 3.16(a) of the Seller Disclosure Letter sets forth a correct and complete list of the top five (5) largest agents, dealers, resellers or other distributors of the Business for the twelve (12)-month period ended December 31, 2019 based on the dollar value of the amounts paid to such Persons during such period (each, a “Significant Distributor”), together with the amount received by such Significant Distributor during such period.

 

(b)     Section 3.16(b) of the Seller Disclosure Letter sets forth a correct and complete list of the following suppliers (each, a “Significant Supplier”): (i) the top five (5) largest suppliers of the Business for the twelve (12)-month period ended December 31, 2019 based on the dollar value of goods and services purchased from each supplier during such period, together with the amount paid to such Significant Supplier during such period, and (ii) all suppliers of goods and services which are the sole source for the Business and have a purchase amount of such goods and services greater than $75,000 during such period (each, a “Sole Source Supplier”).

 

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(c)     Since January 1, 2019, no Significant Distributor, Significant Supplier, Sole Source Supplier or other material supplier, vendor, collaborator, distributor or licensor of the Business has cancelled or otherwise terminated its relationship with the Business or has materially altered, in a manner adverse to the Business, its relationship with Seller or any Seller Entity. To the Knowledge of Seller, no such Significant Supplier, Significant Distributor, Sole Source Supplier or other material supplier, vendor, collaborator, distributor or licensor has any plan or intention, and has not threatened in writing, to terminate, cancel or otherwise materially modify its relationship with Seller or any Seller Entity. Seller is not involved in any claim, dispute or controversy with any (i) Significant Distributor or any other direct customers of the Business or (ii) Significant Supplier, Sole Source Supplier or any other direct supplier of the Business.

 

Section 3.17     Subscribers. Section 3.17 of the Seller Disclosure Letter sets forth as of the first Business Day of each month since January 1, 2019: (i) the total number of mobile telephone numbers maintained by Seller or any of the Seller Entities and assigned to an end user of the mobile wireless voice or data services of Seller or any of the Seller Entities who thereby obtains mobile voice or data services (“Subscribers”); (ii) the total number of Subscribers that are assigned to each mobile network operator network utilized by Seller or any of the Seller Entities; (iii) the total number of Subscribers that were deactivated since the first Business Day of the immediately preceding month; (iv) the average data usage per Subscriber since the first Business Day of the immediately preceding month; (v) the average revenue recognized by Seller or any of the Seller Entities for each Subscriber since the first Business Day of the immediately preceding month; and (vi) the average acquisition and retention expenditures of Seller or any of the Seller Entities for each new Subscriber since the first Business Day of the immediately preceding month.

 

Section 3.18     Material Commingled Contracts. Section 3.18 of the Seller Disclosure Letter sets forth all Material Commingled Contracts as of the Effective Date.

 

Section 3.19     No Other Representations or Warranties. Except for the representations and warranties expressly set forth in this Article III, as qualified by the Seller Disclosure Letter, none of Seller, any of the Seller Entities or any other Person has made or makes any other express or implied representation or warranty, including with respect to the Business, the Transferred Assets, the Transaction or any other transaction contemplated by the Transaction Documents or with respect to the accuracy or completeness of any other information provided, made available or communicated (orally or in writing) to Buyer, any of its Subsidiaries or their respective Affiliates or representatives. Except for the representations and warranties expressly set forth in this Article III, as qualified by the Seller Disclosure Letter, Seller and the Seller Entities hereby disclaim all liability and responsibility for any representation, warranty, projection, forecast, statement or other information provided, made available or communicated (orally or in writing) to Buyer, any of its Subsidiaries or their respective Affiliates or representatives, whether made available, communicated or furnished by Seller, any of the Seller Entities, any of their respective Affiliates or any other Person.

 

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Article IV     

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer hereby represents and warrants to Seller as follows:

 

Section 4.1     Organization, Good Standing and Qualification. Buyer (a) is a legal entity duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization, (b) has all requisite corporate or similar power and authority to own, lease and operate its properties and assets and to carry on its business as presently conducted and (c) is qualified to do business and is in good standing as a foreign legal entity in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires such qualification, except where the failure to be so qualified or in good standing would not reasonably be expected to materially delay or impair the ability of Buyer to consummate the Transaction or the other transactions contemplated by this Agreement.

 

Section 4.2     Authority; Approval. Buyer and each Buyer Ancillary Counterparty has full corporate or other organizational power and authority to execute and deliver each of the Transaction Documents to which it is or will be a party, to perform its obligations thereunder and to consummate the Transaction. The execution, delivery and performance of this Agreement by Buyer has been duly and validly authorized by all necessary corporate action on the part of Buyer. The execution, delivery and performance of each of the Ancillary Agreements to which Buyer or any Buyer Ancillary Counterparty is or will be a party has been duly and validly authorized by all necessary corporate or other action on the part of such Person. This Agreement and each of the Ancillary Agreements has been duly executed and delivered by Buyer and each Buyer Ancillary Counterparty party thereto and constitutes a valid and binding agreement of Buyer enforceable against Buyer and each Buyer Ancillary Counterparty pursuant to its terms, subject to the Bankruptcy and Equity Exception.

 

Section 4.3     Governmental Filings; No Violations.

 

(a)     No notices, reports or other filings are required to be made by Buyer with, nor are any Permits required to be obtained by Buyer from, any Governmental Entity in connection with the execution, delivery and performance of the Transaction Documents by Buyer and the consummation of the Transaction, except for such notices, reports, other filings or Permits that the failure to make or obtain would not prevent, materially delay or materially impair the consummation of the Transaction.

 

(b)     The execution, delivery and performance of the Transaction Documents by Buyer do not, and the consummation of the transactions contemplated hereby and thereby will not, conflict with or result in any violation of or default (with or without notice, lapse of time, or both) under, or give rise to a right of termination, loss of rights, adverse modification of provisions, cancellation or acceleration of any obligation under, (i) Buyer’s organizational documents, (ii) any Contract binding upon Buyer or (iii) any Law to which Buyer is subject, other than in the case of clause (ii), conflicts, violations or defaults of such Contracts that would not reasonably be expected to materially delay or impair the ability of Buyer to consummate the Transaction or the other transactions contemplated by this Agreement.

 

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Section 4.4     Available Funds. Buyer has available funds sufficient to enable it to consummate the Transaction and satisfy all of its obligations under this Agreement when required to do so pursuant to the terms hereof.

 

Section 4.5     Brokers and Finders. Neither Buyer nor any of its Subsidiaries, nor any of their respective directors or employees (including any officers), has employed any broker, finder or investment bank or has incurred or will incur any obligation or liability for any brokerage fees, commissions or finders fees in connection with the transactions contemplated by this Agreement.

 

Section 4.6     Solvency. Immediately after giving effect to the Transaction, Buyer will be Solvent. No transfer of property is being made and no obligation is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of Buyer, its Subsidiaries or any of their respective Affiliates.

 

Section 4.7     Litigation. As of the Effective Date, there are no Actions pending or, to the Knowledge of Buyer, threatened against Buyer seeking to prevent or challenge the Transaction or any other transaction contemplated by this Agreement.

 

Section 4.8     Non-Reliance. Buyer acknowledges and agrees that (a) Buyer, its Subsidiaries and their respective Affiliates have been given the opportunity to investigate and have undertaken their own independent investigation to the full extent deemed necessary and desirable by Buyer to enable it to make a decision with respect to the execution and delivery of this Agreement and the performance of its obligations hereunder and (b) in making its decision to enter into this Agreement and to consummate the Transaction, Buyer is not relying on any representation, warranty, agreement, statement, document, record, report, projection, material or information made or provided by Seller, any of the Seller Entities or any of their respective Affiliates or representatives except for the representations and warranties expressly set forth in Article III of this Agreement, as qualified by the Seller Disclosure Letter. Buyer further acknowledges and agrees that the representations and warranties expressly set forth in Article III of this Agreement, as qualified by the Seller Disclosure Letter, constitute the sole and exclusive representations, warranties and statements (including by omission) of any kind or nature, whether written or oral, expressed or implied, statutory or otherwise (including, for the avoidance of doubt, relating to quality, quantity, condition, merchantability, fitness for a particular purpose or conformity to samples), of Seller or any of the Seller Entities as to any matter concerning the Business, the Transferred Assets, the Transaction or any other transaction contemplated by the Transaction Documents.

 

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Article V

COVENANTS

 

Section 5.1     Access and Information. Subject to applicable Law, and to the extent reasonably required for tax, accounting, regulatory, compliance, litigation or solely for investigation purposes, or otherwise reasonably requested by any of the Parties (other than in connection with a dispute, claim or litigation between Buyer or any Affiliates of Buyer and Seller or any Seller Entity):

 

(a)     Buyer shall and shall cause its Subsidiaries to (i) retain all books, ledgers, files, reports, plans, operating records and any other material documents in existence at the Closing (collectively, the “Records”) pertaining to Seller and its Affiliates for a period of five (5) years from the Effective Date and (ii) provide Seller, at Seller’s expense, with reasonable access without hindering the normal operations of Buyer and its Subsidiaries (solely for the purpose of inspection and copying), during normal business hours, and upon reasonable advance notice and under the supervision of Buyer’s or its Subsidiaries’ personnel, to such Records with respect to periods or occurrences prior to the Effective Date, in each case for Seller’s preparation of financial statements, taxes, reporting obligations, compliance with Laws and other reasonable purposes. Notwithstanding anything to the contrary set forth in the foregoing provisions of this Section 5.1(a), Buyer and its Subsidiaries may withhold access, documents or information that in the reasonable judgment of Buyer would result in the disclosure of any Trade Secrets of third parties or violate any of its obligations with respect to confidentiality.

 

(b)     Seller shall and shall cause its Subsidiaries to (i) retain all Records pertaining to Buyer and its Affiliates for a period of five (5) years from the Effective Date and (ii) provide Buyer, at Buyer’s expense, with reasonable access without hindering the normal operations of Seller and its Subsidiaries (solely for the purpose of inspection and copying), during normal business hours, and upon reasonable advance notice and under the supervision of Seller’s or its Subsidiaries’ personnel, to such Records with respect to periods or occurrences prior to the Effective Date, in each case for Buyer’s preparation of financial statements, taxes, reporting obligations, compliance with Laws and other reasonable purposes. Notwithstanding anything to the contrary set forth in the foregoing provisions of this Section 5.1(b), Seller and its Subsidiaries may withhold access, documents or information that in the reasonable judgment of Seller would result in the disclosure of any Trade Secrets of third parties or violate any of its obligations with respect to confidentiality.

 

Section 5.2     Tax Matters.

 

(a)     Seller and Buyer shall, solely with respect to the Businesses and the Transferred Assets, at the other Party’s expense, (i) each provide the other with such assistance as may reasonably be requested by either of them in connection with the preparation of any Tax Return, or the defense of any audit or other examination by any Tax authority or any judicial or administrative Action with respect to Taxes, and (ii) each retain and provide the other with any records or other information which the other may reasonably request that are relevant to such Tax Return, audit, examination or Action.

 

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(b)     In the case of any taxable period that begins on or before the Effective Date and ends thereafter (each, a “Straddle Period”), any real property, personal property, improvement, assessment, special assessment, ad valorem and similar Taxes with respect to the Business or the Transferred Assets for such Straddle Period shall be allocated to the portion of such Straddle Period ending on the Effective Date (and therefore shall be an Excluded Liability) in an amount equal to the total amount of such Taxes for the entire Straddle Period multiplied by a fraction, the numerator of which is the number of days in the portion of the Straddle Period ending on (and including) the Effective Date and the denominator of which is the number of days in the entire Straddle Period.

 

(c)     All transfer, documentary, sales, use, registration, value-added and other similar Taxes (including any penalties, interest and additions to Tax) incurred in connection with this Agreement, the Ancillary Agreements, the Transaction or the other transactions contemplated hereby and thereby (collectively, “Transfer Taxes”) shall be borne and timely paid fifty percent (50%) by Buyer and fifty percent (50%) by Seller or the relevant Seller Entity. Each Party shall use commercially reasonable efforts to cooperate upon request as reasonably necessary to minimize the amount of any such Transfer Taxes.

 

(d)     The amount of any Tax refunds or credits that are received by Buyer with respect to the Business, the Transferred Assets or the Assumed Liabilities that are attributable to any Tax period (or portion thereof) ending on or prior to the Closing (“Pre-Closing Tax Refunds”) shall be for the account of Seller, and Buyer shall cause to be paid over to Seller any such Pre-Closing Tax Refund (regardless of whether Buyer receives such Pre-Closing Tax Refund in the form of cash or as a credit), and any interest received thereon, within five (5) days after receipt thereof. Buyer shall use commercially reasonable efforts to claim or cause to be claimed or utilize or cause to be utilized any such Pre-Closing Tax Refund and to furnish Seller all information, records and assistance necessary to verify the amount of the Pre-Closing Tax Refunds. Buyer shall, if Seller so requests, cause the relevant entity (Buyer, any of its Affiliates or any successors thereof) to timely file for and use commercially reasonable efforts to obtain any such Pre-Closing Tax Refunds. 

 

(e)     Except as otherwise required by applicable Law or without the prior written consent of Seller (not to be unreasonably withheld, conditioned or delayed), Buyer shall not take any of the following actions (or cause or permit any Affiliate to take any of the following actions) relating to the Transferred Assets (i) amend any Tax Return for any Tax period ending prior to or on the Closing, (ii) file a Tax Return with respect to any Tax period on or before the Effective Date (a “Pre-Closing Tax Period”), in any jurisdiction in which Tax Returns were not filed prior to the Closing, (iii) extend or waive, or cause to be extended or waived any statute of limitations or other period for the assessment of any Tax or deficiency related to a Pre-Closing Tax Period, (iv) make or change any material Tax election or accounting method or practice that has retroactive effect to any Pre-Closing Tax Period, or (v) initiate any voluntary disclosure or other communication with any Taxing Authority (with respect to a Pre-Closing Tax Period) relating to any actual or potential Tax payment or Tax Return filing obligation.

 

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Section 5.3     Insurance.

 

(a)     Seller shall, and shall cause its Affiliates to, assign to Buyer all proceeds under any of Seller’s or any of its Affiliates’ third-party insurance policies written prior to the Closing in connection with (i) the damage or destruction prior to the Effective Date of any of the Transferred Assets, or (ii) any Assumed Liability (other than, in the case of this clause (ii), where insurance proceeds are directly or indirectly funded by Seller or any Seller Entity through self-insurance or other similar arrangement). Seller agrees to use its reasonable efforts to obtain any necessary Consents or approvals of any insurance company or other third party relating to any such assignment. If such proceeds are not assignable, Seller agrees to pay any such proceeds received by it or any of its Affiliates to Buyer promptly upon the receipt thereof.

 

(b)     Except as set forth in Section 5.3(a), from and after the Closing, the Business, the Transferred Assets and the Assumed Liabilities shall cease to be insured by Seller’s or its Affiliates’ insurance policies or by any of their self-insurance programs or other similar arrangements, and Buyer (i) agrees to arrange for its own insurance policies (including self-insurance or similar arrangements funded directly or indirectly by Buyer or any of its Affiliates) with respect to the Business, the Transferred Assets and the Assumed Liabilities covering all periods from and after the Closing and (ii) without prejudice to any right to indemnification under this Agreement or any other Ancillary Agreement, agrees not to seek, through any means, to benefit from any of Seller’s or its Affiliates’ insurance policies which may provide coverage for claims relating in any way to the Business. Seller may, effective at or after the Closing, amend any insurance policies and ancillary arrangements in the manner it deems appropriate to give effect to this Section 5.3. This Agreement shall not be considered an attempted assignment of any policy of insurance or as a Contract of insurance and shall not be construed to waive any right or remedy of Seller in respect of any insurance policy or any other Contract or policy of insurance.

 

Section 5.4     Non-Competition.

 

(a)     Nothing in this Agreement shall be deemed to prohibit, prevent or in any way hinder or otherwise adversely affect Seller’s or any Seller Entity’s ability to market and provide high bandwidth Internet access services (including fiber or 5G access points) to residences and places of business and domain name-related services, including using and displaying the Ting Marks in accordance with Section 5.8. Except as set forth in the Transition Services Agreement or the Master Services Agreement, Seller agrees that for the period commencing on the Effective Date and expiring on the fifth (5th) anniversary of the Effective Date, neither it nor any of its Affiliates shall, either directly or indirectly, alone or with others, (i) engage in, continue in, carry on, control, operate, manage or have any ownership or financial interest in any mobile wireless service provider in the U.S., (ii) other than any Additional Customer Accounts, add any additional mobile phone customers in the U.S. or (iii) induce or attempt to induce any subscriber, customer, supplier or other business relationship of the Business to cease or limit doing business with Buyer or any of Buyer’s Affiliates; provided, that nothing in this Section 5.4(a) shall preclude Seller or any Seller Entity from (A) using and displaying the Ting Marks in accordance with Section 5.8; (B) exercising its rights or performing or complying with its obligations under or as contemplated by this Agreement or any of the Ancillary Agreements, [REDACTED]; (D) operating, controlling, managing, providing services as, or having any ownership or financial interest in, a mobile virtual network enabler; or (E) purchasing or owning less than five percent (5%) of the publicly traded securities of any company; provided further, (y) Seller and its Affiliates may not target any current or former subscriber or customer of any service provided by Buyer or its Affiliates or induce such subscribers or customers to switch from any services provided by Buyer or its Affiliates to any other provider of similar services, including Seller or its Affiliates; and (z) with respect to Seller’s efforts in clauses (B) and (C) of this Section 5.4(a), Seller and its Affiliates may only market, advertise or sell any services, or communicate with potential customers in the zip codes that are set forth on Schedule 5.4, which schedule shall be updated by the good faith agreement of the Parties on a monthly basis to reflect the geographic areas not covered by a network owned or accessed by Buyer or its Affiliates. For clarity, a geographic area accessed by Buyer or its Affiliates does not include an area in which the underlying carrier provides access via roaming agreements with third parties.

 

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(b)     The Parties acknowledge that the restrictions set forth in this Section 5.4 are reasonable in scope and duration. The Parties further acknowledge that the restrictions set forth in this Section 5.4 are necessary to protect Buyer’s significant investment in the Business, including its goodwill, and that Buyer would not enter into this Agreement without the restrictions contained in this Section 5.4. It is the desire and intent of the Parties that the provisions of this Section 5.4 be enforced to the fullest extent permissible under applicable Law. Therefore, the Parties agree that money damages would not be a sufficient remedy for any threatened or actual breach of Section 5.4(a) by Seller, and that, in addition to all other remedies it may be entitled to, Buyer will be entitled to seek specific performance, injunctive and other equitable relief as a remedy for any such breach. If any covenant in this Section 5.4 is found to be invalid, void or unenforceable in any jurisdiction by a final determination of a Governmental Entity of competent jurisdiction, the Parties agree that: (i) such determination will not affect the validity or enforceability of (A) the offending term or provision in any other jurisdiction or (B) the remaining terms and provisions of this Section 5.4 in any jurisdiction; (ii) the offending term or provision will be reformed rather than voided and the Governmental Entity making such determination will have the power to reduce the scope, duration or geographical area of any invalid or unenforceable term or provision, to delete specific words or phrases or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable provision, in order to render the restrictive covenants set forth in this Section 5.4 enforceable to the fullest extent permitted by applicable Law; and (iii) the restrictive covenants set forth in this Section 5.4 will be enforceable as so modified.

 

Section 5.5     Further Assurances. Subject to the terms and conditions of this Agreement, from time to time after the Effective Date, each Party agrees to use commercially reasonable efforts to promptly execute, acknowledge and deliver, and to cause its Affiliates to promptly execute, acknowledge and deliver, any assurances, documents or instruments of transfer, conveyance, assignment and assumption reasonably requested by the other Party and necessary for the requesting Party to satisfy its obligations hereunder or to obtain the benefits of the transactions contemplated hereby at the requesting Party’s expense.

 

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Section 5.6     Confidentiality.

 

(a)     Effective upon the Closing, the Confidentiality Agreement shall terminate and be of no further force and effect.

 

(b)     Seller shall treat as confidential, shall not disclose to any other Person and shall safeguard any information relating to the Business by using the same degree of care, but no less than a reasonable standard of care, to prevent the unauthorized use, dissemination or disclosure of such information as Seller or its Affiliates used with respect thereto prior to the execution of this Agreement.

 

(c)     Buyer shall treat as confidential, shall not disclose to any other Person and shall safeguard any information to the extent exclusively relating to Seller and its Affiliates (other than any such information related to the Business) that becomes known to Buyer as a result of the transactions contemplated by this Agreement, except as otherwise agreed to by Seller in writing; provided, however, that nothing in this Section 5.6 shall prevent the disclosure of any such information, knowledge or data to any directors, officers or employees of Buyer to whom such disclosure is necessary in the conduct of the Business if such Persons are informed by Buyer of the confidential nature of such information and are required by Buyer to comply with the provisions of this Section 5.6.

 

(d)     Buyer and Seller acknowledge that the confidentiality obligations set forth herein shall not extend to information, knowledge and data that (i) is or becomes generally available to the public other than as a result of a breach of the terms of the Confidentiality Agreement or this Section 5.6 by the Party owing a duty of confidentiality or its representatives, (ii) is or has previously been disclosed to the Party owing a duty of confidentiality on a non-confidential basis by a third party, provided, that such third party was not breaching an obligation of confidentiality to the other Party that was known or should have been known by the Party owing a duty of confidentiality after reasonable inquiry, (iii) was independently developed by the Party owing a duty of confidentiality without violating any of its obligations under the Confidentiality Agreement or this Section 5.6, or (iv) is required to be disclosed to comply with applicable Law; provided, that the requirement to make the disclosure does not arise from a breach by the Party owing a duty of confidentiality or its representatives and, in the event that any demand or request for disclosure of such information is made pursuant to clause (iv), the Party owing a duty of confidentiality, to the extent practically and legally permissible, shall notify the other Party of its intention to make such disclosure and provide a list of the information it intends to disclose prior to making such disclosure and shall cooperate with the other Party so the other Party may seek, at its sole cost and expense, an appropriate protective order or other remedy. In the event that such appropriate protective order or other remedy is not obtained, the Party owing a duty of confidentiality shall disclose only that portion of such information which it is advised by its outside counsel is required by applicable Law to be disclosed and shall use its reasonable best efforts to obtain an order or other reasonable assurance that confidential treatment will be accorded to such information.

 

(e)     Each Party agrees that money damages would not be a sufficient remedy for any breach of this Section 5.6 by the other Party, and that, in addition to all other remedies it may be entitled to, each Party will be entitled to seek specific performance, injunctive and other equitable relief as a remedy for any such breach (in each case, without the requirement of posting a bond or other security or proving damages). Each Party agrees that it will not, and will cause its representatives not to, oppose the granting of such relief on the basis that the other Party has an adequate remedy at law.

 

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Section 5.7     Publicity. Buyer and Seller each shall consult with each other, provide each other with a reasonable opportunity to review and give due consideration to reasonable comments made by each other prior to issuing any press releases or otherwise making public announcements with respect to the Transaction or any other transaction contemplated by the Transaction Documents and prior to making any filings with any third party and/or any Governmental Entity (including any national securities exchange or interdealer quotation service) with respect thereto, except as may be required by Law or by obligations pursuant to any listing agreement with, or rules of, any national securities exchange or interdealer quotation service or by the request of any Governmental Entity. Notwithstanding anything to the contrary herein, neither Party shall disclose any information regarding the Transaction, except as provided in Section 5.6 or this Section 5.7.

 

Section 5.8     Intellectual Property Matters.

 

(a)     As of the Effective Date, Seller, on behalf of itself and its Affiliates, hereby grants Buyer and its Affiliates a co-exclusive (with Seller having those rights described below) worldwide, royalty-free, fully paid-up, irrevocable, transferable (in connection with a sale of all or substantially all of the Transferred Assets), sublicensable (solely in connection with the operation of the Business) license to use and display the Ting Marks in connection with the Business (including as it may evolve after the Closing) [REDACTED]; provided, that, subject to Section 5.4(a), Seller and its Affiliates may use and display the Ting Marks solely (i) [REDACTED], (ii) in Seller’s and its Affiliates’ business of selling fixed high-speed Internet access, which is primarily focused on the provision of gigabit Internet services to consumer and business customers (as such business exists as of the Closing and natural evolutions thereof), and (iii) as permissible as nominative or descriptive fair use under applicable Trademark Laws. [REDACTED]

 

(b)     [REDACTED]

 

(c)     [REDACTED]

 

(d)     [REDACTED]

 

(e)     [REDACTED] , Seller shall not, and shall ensure that its Affiliates do not, (i) grant or otherwise convey, or authorize the grant or other conveyance of, or otherwise commit to grant or otherwise convey, any new (A) Encumbrance, other than Permitted Encumbrances, (B) licenses, sublicenses, covenants not to sue or assert, covenants to delay suit, commitments to license, rights to renew or extend any license or covenant (including all options, rights of first refusal, matching rights and any other similar rights), or releases (including releases for prior, current or future infringement), other than non-exclusive licenses in the Ordinary Course of Business, (C) other commitments, covenants, immunities, forbearance from suit, obligations to delay or limit suit or remedy, releases or other similar rights or encumbrances of any kind, and (D) options, rights or obligations, including any rights or obligations to negotiate with respect to grant of any license or covenant not to sue or assert, in each case, with respect to the Ting Marks Assets, or (ii) sell, offer to sell, transfer, lease, assign, pledge, or otherwise dispose of any of the Ting Marks Assets (other than to Buyer pursuant to Section 5.8(f)).

 

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(f)     [REDACTED]

 

(i)      [REDACTED]

 

(ii)     [REDACTED]

 

(iii)     [REDACTED]

 

(iv)     [REDACTED]

 

(v)     [REDACTED]

 

(vi)     [REDACTED].

 

(g)      [REDACTED]

 

(h)      On and after the Effective Date, Seller will, and will cause its Affiliates to, promptly, and without further consideration, file any and all instruments and documents, and do all other acts necessary or reasonably requested by Buyer to evidence, effect or record the license of the Ting Marks granted to Buyer and its Affiliates pursuant to Section 5.8(a)[REDACTED] .

 

(i)      Seller acknowledges that Buyer may transition the Ting Front-End Technology to the Buyer Front-End Technology following the Effective Date. Seller, on behalf of itself and its Affiliates, hereby grants Buyer and its Affiliates a non-exclusive, worldwide, royalty-free, fully paid-up, irrevocable, perpetual, transferable (solely in connection with a sale of all or substantially all of the Transferred Assets), sublicensable (solely to Affiliates or in connection with the operation of the Business) license to use, copy and make derivative works of (A) the Ting API, including any modifications or improvements made by or on behalf of Seller or its Affiliates, and (B) content, graphics, design elements and look and feel, of (1) that part of the ting.com website that relates to the Business and (2) the mobile applications related to the Business, in each case (with respect to Section 5.8(i)(A) – (B)) solely to the extent owned by Seller or any Seller Entity and solely to be used in the businesses of Buyer and its Affiliates. For clarity, the foregoing license does not include any Software and is given “AS IS,” without representations or warranties of any kind. For clarity, the license granted pursuant to this Section 5.8(i) includes the right of Buyer to replicate any HTML that is part of the ting.com website that relates to the Business but Seller shall not be required to provide any such HTML to Buyer. At Buyer’s reasonable request, Seller and its Affiliates shall provide to Buyer static images of any materials licensed pursuant to the foregoing license, and provide commercially reasonable cooperation in good faith with Buyer and its Affiliates to facilitate the transition from the Ting Front-End Technology to the Buyer Front-End Technology.

 

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(j)     Seller, on behalf of itself and its Affiliates, hereby grants Buyer and its Affiliates a non-exclusive, worldwide, royalty-free, fully paid-up, irrevocable, perpetual, transferable (solely in connection with a sale of all or substantially all of the Transferred Assets), sublicensable (solely to Affiliates or in connection with the operation of the Business) license to use, copy, make derivative works of, and otherwise exploit copyrights, trade secrets, functionality and the look and feel of the customer account management functionality and associated interface (including “pay as you go” features) provided by Seller and its Affiliates, in each case, solely to service those customers of the Business that are using such customer account management functionality and associated interface. The license in this Section 5.8(j) does not include any license to Software.

 

(k)     Seller, on behalf of itself and its Affiliates, hereby agrees: (i) not to enter into any settlement or compromise of any claim, action, suit or proceeding relating to the Patent Assertions that imposes on Buyer or any of its Affiliates any obligation or liability without the prior written consent of Buyer; and (ii) to ensure that Buyer and its Affiliates will be licensees under any license agreement entered into in connection with resolution of the Patent Assertions, with all of the same rights and privileges as Seller at no additional cost or expense to Buyer, in the case of clause (ii) solely with respect to the customer and subscriber accounts acquired by Seller pursuant to this Agreement and Additional Customer Accounts.

 

(l)     The Parties acknowledge and agree there is no right of setoff regarding the payments to be made by Buyer pursuant to Section 5.8, and Buyer may not withhold any such amounts from Seller in the event there is a dispute regarding any other issue under this Agreement or any Ancillary Agreement.

 

Section 5.9     Payments to and from Third Parties.

 

(a)     Seller shall, or shall cause its applicable Affiliate to, (i) promptly pay or deliver to Buyer (or Buyer’s designated Affiliate) any monies or checks relating to the Transferred Assets or Assumed Liabilities that have been delivered to Seller or any Seller Entity after the Closing, including any monies or checks sent by customers, suppliers or other contracting parties of the Business, and (ii) promptly reimburse Buyer (or its designated Affiliates) for any amounts paid by Buyer (or its designated Affiliates) to the extent such payments are for or in respect of any Excluded Asset or Excluded Liability.

 

(b)     Buyer shall, or shall cause its applicable Affiliate to, (i) promptly pay or deliver to Seller (or its designated Affiliates) any monies or checks that have been sent to Buyer or any of its Affiliates after the Closing to the extent they are in respect of an Excluded Asset or Excluded Liability or arise from the operation, ownership or conduct of the Business or the Transferred Assets prior to the Effective Date and (ii) promptly reimburse Seller (or its designated Affiliates) for any amounts paid by Seller to the extent such payments are, or are in respect of, any Transferred Asset or an Assumed Liability.

 

(c)     The Parties acknowledge and agree there is no right of setoff regarding such payments and a Party may not withhold funds received from third parties for the account of the other Party in the event there is a dispute regarding any other issue under this Agreement or any Ancillary Agreement.

 

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Section 5.10     Wrong Pockets.

 

(a)     If at any time within twenty-four (24) months after the Closing, either Party discovers that any Transferred Asset is held by Seller or any Seller Entity or that any Assumed Liability has not been assumed by Buyer or any of its Affiliates, each of Seller, Buyer and their respective Affiliates will promptly transfer such Transferred Asset to Buyer or its designated Affiliate or cause such Assumed Liability to be assumed by Buyer or its designated Affiliate, in each case for no additional consideration and at Seller’s expense; provided, that none of Buyer, Seller or any of their respective Affiliates shall be required to commence any litigation or offer or pay any money or otherwise grant any accommodation (financial or otherwise) to any third party in consideration therewith.

 

(b)     If at any time within twenty-four (24) months after the Closing, either Party discovers that any Excluded Asset is held by Buyer or any of its Affiliates or that any Excluded Liability has been erroneously assumed by Buyer or any of its Affiliates, each of Seller, Buyer and their respective Affiliates will promptly transfer such Excluded Asset to Seller or its designated Affiliate or cause such Excluded Liability to be assumed by Seller or its designated Affiliate, in each case for no additional consideration and at Buyer’s expense; provided, that none of Buyer, Seller or any of their respective Affiliates shall be required to commence any litigation or offer or pay any money or otherwise grant any accommodation (financial or otherwise) to any third party in consideration therewith.

 

Section 5.11     Mail and Other Communications. Following the Closing, Seller and its Affiliates may receive mail, packages and other communications (including electronic communications) properly belonging to Buyer and its Affiliates. Accordingly, at all times following the Closing, (i) Buyer authorizes Seller and its Affiliates to receive and open all mail, packages and other communications received by it and not clearly intended for Buyer or its Affiliates or any of Buyer’s or its Affiliates’ officers or directors, and to retain the same to the extent that they are not related to the Transferred Assets or the Assumed Liabilities and (ii) to the extent such mail, packages and other communications are related to the Transferred Assets or the Assumed Liabilities, Seller shall promptly after becoming aware thereof refer, forward or otherwise deliver such mail, packages or other communications to Buyer (or, in case the same relate to both the Transferred Assets or the Assumed Liabilities and any retained businesses or operations of Seller or any Seller Entity, Excluded Assets or Excluded Liabilities, copies thereof). The provisions of this Section 5.11 are not intended to, and shall not be deemed to, constitute an authorization by Buyer or its Affiliates to permit Seller or any Seller Entity to accept service of process on its behalf, and Seller is not and shall not be deemed to be the agent of Buyer for service of process purposes.

 

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Section 5.12     Commingled Contracts. For a period of twelve (12) months after the Closing, each of Seller and Buyer shall, and shall cause each of their respective Affiliates to, use its reasonable best efforts to (i) cause the counterparties to any Commingled Contracts to enter into new Contracts with Buyer or its designated Affiliate, on terms no less favorable than the terms provided to Seller and its Affiliates pursuant to the applicable Commingled Contract prior to the Closing in order for Buyer or its designated Affiliate to receive the benefits of such Commingled Contract (each such new Contract, a “New Contract”) or (ii) if practicable, assign to Buyer or its designated Affiliate the benefits and obligations under such Commingled Contract as they relate to the Transferred Assets or the Assumed Liabilities. During the period ending on the earlier of (i) the date that is twelve (12) months following the Closing and (ii) such time as a New Contract is executed or such benefits and obligations under such Commingled Contract are assigned to Buyer or its designee, Seller and Buyer shall use and cause their respective Affiliates to use their reasonable best efforts to secure an alternative arrangement reasonably satisfactory to both Parties under which Buyer or its designated Affiliates would, in compliance with applicable Law, obtain the benefits associated with the applicable Commingled Contract. For the avoidance of doubt, in no event shall Seller or Buyer or any of their respective Affiliates be required to pay any additional consideration in connection with compliance with its obligations under this Section 5.12, or to commence, defend or participate in any litigation in connection therewith or to offer or grant any accommodation (financial or otherwise) to any third party in connection therewith.

 

Section 5.13     Post-Closing Covenants. From and after the Closing, each of Seller and Buyer shall use commercially reasonable efforts to: [REDACTED] .

 

Section 5.14     Cooperation and Filing Fees. Seller and Buyer shall cooperate with each other and shall furnish to the other party all information necessary or desirable in connection with: (a) making any filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), if necessary; (b) making any application or other filing to be made pursuant to any competition Law; and (c) resolving any investigation or other inquiry by any Governmental Entity under any competition Laws with respect to the transactions contemplated by this Agreement. In the event an HSR Act is required to be made, Buyer agrees it will be solely responsible for paying the filing fee related thereto and will also reimburse Seller for its reasonable outside counsel fees related to preparing the initial HSR Act filing, up to a maximum of $20,000. Each of the parties shall promptly inform the other party of any communication with, and any proposed understanding, undertaking or agreement with, any Governmental Entity regarding any such filings or any such transaction. Neither Seller nor Buyer shall participate in any meeting with any Governmental Entity in respect of any such filings, investigation or other inquiry without giving the other party prior notice of the meeting. The Parties will consult and cooperate with one another in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted by or on behalf of any Party in connection with all meetings, actions and proceedings under or relating to the HSR Act or other competition Laws (including, with respect to making a particular filing, by providing copies of all such documents to the non-filing party and their advisors prior to filing and, if requested, giving due consideration to all reasonable additions, deletions or changes suggested in connection therewith).

 

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Article VI

Indemnification

 

Section 6.1     Survival.

 

(a)     Each representation, warranty, covenant and other obligation set forth in this Agreement shall survive the Closing, but only until the applicable survival date specified in this Section 6.1(a), whereupon it shall terminate; provided, that if an indemnification claim with respect thereto shall be made prior to such survival date, then such survival date shall be extended, and such provision shall survive, but only with respect to such claim and only until the Final Determination thereof, whereupon such provision shall terminate. The right of a Person to any remedy pursuant to this Article VI shall not be affected by any investigation or examination conducted, or any Knowledge possessed or acquired (or capable of being possessed or acquired), by such Person at any time concerning any circumstance, action, omission or event relating to the accuracy or performance of any representation, warranty, covenant or obligation set forth in this Agreement. Except in the case of a claim of Fraud, no Person shall be required to show reliance on any representation, warranty, certificate or covenant in order for such Person to be entitled to indemnification, compensation or reimbursement hereunder.

 

(i)      The survival date applicable to the Fundamental Representations shall be the sixth (6th) anniversary of the Effective Date.

 

(ii)     The survival date applicable to representations and warranties set forth in Section 3.13 (Taxes) shall be the sixtieth (60th) calendar day following the expiration of the statute of limitations otherwise applicable to claims for breach of the federal and state Laws governing the liabilities, actions and other matters referred to in such representations and warranties, giving effect to any waivers, tolling or extensions thereof.

 

(iii)    The survival date applicable to the representations and warranties set forth in Section 3.12 (Solvency) shall be the fourth (4th) anniversary of the Effective Date.

 

(iv)    The survival date applicable to the other representations and warranties set forth in this Agreement shall be the date that is eighteen (18) months from the Effective Date, other than the representations and warranties set forth in Section 3.19 (No Other Representations or Warranties) and Section 4.8 (Non-Reliance), which shall survive the Closing indefinitely.

 

(v)     The survival date applicable to the covenants and agreements set forth in this Agreement shall be the date on which such covenants and agreements have been fully performed or otherwise satisfied in accordance herewith.

 

(b)      No provision of this Article VI shall apply to or limit any claim of Fraud.

 

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Section 6.2     Indemnification by Seller.

 

(a)     Following the Closing until the applicable survival dates provided in Section 6.1(a) (but subject to the proviso set forth therein), Seller shall indemnify, defend, hold harmless and reimburse Buyer and its Affiliates and their respective successors and permitted assigns, in their capacity as such (collectively, the “Buyer Indemnified Parties”), for, from and against all Losses imposed on, incurred or suffered by or asserted against any Buyer Indemnified Party in connection with or arising out of:

 

(i)      the failure of any Seller Representation (other than any Seller Fundamental Representation), as qualified by the Seller Disclosure Letter, to be true and accurate as of the Effective Date (or, in the case of any representation and warranty that expressly speaks as of a different date, such date), it being understood that for purposes of this Section 6.2(a)(i) any qualifications relating to materiality (such as the terms “material” and “Material Adverse Effect”) set forth in such Seller Representation shall be disregarded for purposes of determining whether such Seller Representation was not true and accurate as well as the amount of such Losses; provided, however, that any qualifications relating to materiality shall not be disregarded for purposes of determining whether the Seller Representations set forth in Section 3.4(b) and Section 3.5(ix) were not true and accurate;

 

(ii)     the failure of any Seller Fundamental Representation, as qualified by the Seller Disclosure Letter, to be true and accurate as of the Effective Date (or, in the case of any representation and warranty that expressly speaks as of a different date, such date), it being understood that for purposes of this Section 6.2(a)(ii) any qualifications relating to materiality (such as the terms “material” and “Material Adverse Effect”) set forth in such Seller Fundamental Representation shall be disregarded for purposes of determining whether such Seller Fundamental Representation was not true and accurate as well as the amount of such Losses;

 

(iii)     the breach or failure of Seller to fully perform any covenant, agreement or obligation of Seller set forth in this Agreement;

 

(iv)     any Excluded Assets;

 

(v)      any Excluded Liabilities; or

 

(vi)     any failure to collect in full any amount of Closing Accounts Receivable.

 

(b)         Seller shall not have any liability pursuant to this Article VI in respect of any Losses of the type described in Section 6.2(a)(i) (i) for any single claim or related series of claims involving less than $[REDACTED]in the aggregate (the “Per Claim Amount”) and (ii) unless and until the aggregate amount of such Losses exceeds $[REDACTED] (the “Basket Amount”), in which event Seller shall be liable for all such Losses, including the Basket Amount.

 

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(c)     Notwithstanding any provision to the contrary contained in this Article VI, except for Losses in connection with Taxes that are Excluded Liabilities, the amount of Losses for which Seller shall be liable at any time pursuant to this Article VI in respect of all claims that are not Third-Party Claims shall be limited to the aggregate amount of (i) Monthly Future Payments paid to Seller as of such time, plus (ii) [REDACTED], plus (iii) the Post-Closing Payment, if any, paid to Seller; provided, that this Section 6.2(c) shall not prevent Buyer from recovering the full amount of such Losses pursuant to Buyer’s offset right as set forth in Section 6.6(b).

 

(d)     Notwithstanding any provision to the contrary contained in this Article VI (including, for the avoidance of doubt, Section 6.2(c)), except for Losses in connection with Taxes that are Excluded Liabilities, the maximum amount of aggregate Losses for which Seller shall be liable pursuant to Section 6.2(a)(i) shall be $[REDACTED] (the “Cap Amount”).

 

Section 6.3     Indemnification by Buyer.

 

(a)     Following the Closing until the applicable survival dates provided in Section 6.1(a) (but subject to the proviso set forth therein), Buyer shall indemnify, defend, hold harmless and reimburse Seller and Seller’s Affiliates and their respective successors and permitted assigns, in their capacity as such (collectively, the “Seller Indemnified Parties”), for, from and against all Losses imposed on, incurred, suffered or asserted in connection with or arising out of:

 

(i)       the failure of any Buyer Representation (other than any Buyer Fundamental Representation) to be true and accurate as of the Effective Date (or, in the case of any representation and warranty that expressly speaks as of a different date, such date); it being understood that for purposes of this Section 6.3(a)(i) any qualifications relating to materiality (such as the terms “material” and “Material Adverse Effect”) set forth in such Buyer Representation shall be disregarded for purposes of determining whether such Buyer Representation was not true and accurate as well as the amount of such Losses;

 

(ii)      the failure of any Buyer Fundamental Representation to be true and accurate as of the Effective Date (or, in the case of any representation and warranty that expressly speaks as of a different date, such date); it being understood that for purposes of this Section 6.3(a)(ii) any qualifications relating to materiality (such as the terms “material” and “Material Adverse Effect”) set forth in such Buyer Fundamental Representation shall be disregarded for purposes of determining whether such Buyer Fundamental Representation was not true and accurate as well as the amount of such Losses;

 

(iii)     the breach or failure of Buyer to fully perform any covenant, agreement or obligation of Buyer set forth in this Agreement; or

 

(iv)      any Assumed Liabilities.

 

(b)      Buyer shall not have any liability pursuant to this Article VI in respect of any Losses of the type described in Section 6.3(a)(i) (i) for any single claim or related series of claims involving less than the Per Claim Amount and (ii) unless and until the aggregate amount of such Losses exceeds the Basket Amount, in which event Buyer shall be liable for all such Losses, including the Basket Amount.

 

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(c)     Notwithstanding any provision to the contrary contained in this Article VI (including, for the avoidance of doubt, Section 6.3(b)), the maximum amount of aggregate Losses for which Buyer shall be liable pursuant to Section 6.3(a)(i) shall be the Cap Amount.

 

Section 6.4     Claim Procedures.

 

(a)     Except as set forth in Section 5.2 with respect to tax claims, in order for a Buyer Indemnified Party or a Seller Indemnified Party (each, an “Indemnified Party”) to duly make a valid claim with respect to any of the occurrences specified in Section 6.2 or Section 6.3, the Indemnified Party must (promptly following the first date following the Effective Date on which such Indemnified Party has knowledge of facts, matters or circumstances from which it is reasonably apparent that such an occurrence is likely to have occurred) provide written notice to Seller (for claims made by Buyer Indemnified Parties) or to Buyer (for claims made by Seller Indemnified Parties) (the recipient of such notice, the “Indemnifying Party”), which notice shall set forth a description in reasonable detail of the occurrence(s) specified in Section 6.2 or Section 6.3 which the Indemnified Party alleges to have occurred, a description of the facts and circumstances giving rise to such occurrences, the estimated amount of Losses imposed, incurred, suffered or asserted in connection therewith or arising therefrom (to the extent then ascertainable), and a description of any other remedy sought in connection therewith, any relevant time constraints relating thereto and, to the extent practicable, any other material details pertaining thereto (a “Claim Notice”); provided, that the failure to timely provide a Claim Notice shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent that such failure has a material prejudicial effect on the Indemnifying Party. The Indemnifying Party shall have thirty (30) days from receipt of a Claim Notice to dispute the claim. During such thirty (30)-day period, the Indemnified Party shall reasonably cooperate and assist the Indemnifying Party in determining the validity of the claim for indemnification. If the Indemnifying Party does not give notice to the Indemnified Party that it disputes such claim within thirty (30) days after its receipt of the notice, the Indemnifying Party shall be deemed to have rejected such claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms and subject to the provisions of this Agreement. The Indemnifying Party and the Indemnified Party shall use commercially reasonable efforts to avoid production of confidential information (consistent with applicable Law) to third parties and to cause all communications among employees, counsel and others representing any party to a Third-Party Claim to be made so as to preserve any applicable attorney-client or work product privileges.

 

(b)      In the event the Claim Notice results from any Action asserted or threatened against the Indemnified Party by a third party (a “Third-Party Claim”):

 

(i)     The Indemnified Party shall provide the Claim Notice to the Indemnifying Party not later than the tenth (10th) Business Day following the Indemnified Party’s receipt of the Third-Party Claim, or, if sooner, not later than the tenth (10th) Business Day preceding the date by which an appearance is required to be made before a court, arbitrator or other tribunal or an answer or similar pleading is required to be filed in a litigation or other proceeding; provided, that if either such Business Day occurs on or prior to the Effective Date, the Claim Notice shall be timely provided if it is provided not later than the Business Day following the Effective Date; and provided, further, that the failure to timely provide a Claim Notice shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent that such failure has a material prejudicial effect on the defenses or other rights available to the Indemnifying Party with respect to such Third-Party Claim.

 

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(ii)       During the period ending on the earlier of the thirtieth (30th) calendar day following the Indemnifying Party’s receipt of the Claim Notice and the fifth (5th) calendar day preceding the date on which an appearance is required to be made before a court, arbitrator or other tribunal or an answer or similar pleading is required to be filed in a litigation or other proceeding, the Indemnifying Party shall be entitled to notify the Indemnified Party of its election to assume and control the defense of the Third-Party Claim; provided, that, notwithstanding the foregoing, the Indemnifying Party will not be entitled to control, and the Indemnified Party will be entitled to have control over, the defense or settlement of any Third-Party Claim solely to the extent (1) the Third-Party Claim involves a criminal proceeding, action, indictment, allegation or investigation; (2) the Third-Party Claim seeks injunctive relief; (3) the Third-Party Claim could result in suspension or debarment of Buyer by a Governmental Entity; (4) Losses are reasonably expected by Buyer to exceed the Cap Amount (or the unused portion thereof); (5) any insurer requires, as a condition to an Indemnified Party’s eligibility to recover insurance proceeds on account of such Third-Party Claim, that such insurer control the matter; (6) the Third-Party Claim involves a Significant Distributor or a Significant Supplier; (7) a court of competent jurisdiction has ruled that the Indemnifying Party is not reasonably, diligently or in good faith conducting a defense of the Third-Party Claim; or (8) the Indemnified Party has been advised in writing by legal counsel that a conflict of interest exists which, under applicable principles of legal ethics, would prohibit a single legal counsel from representing both the Indemnified Party and the Indemnifying Party in such Third-Party Claim.

 

(A)     In the event that the Indemnifying Party is entitled to and duly and timely makes such election, the Indemnifying Party shall defend the Indemnified Party by appropriate proceedings and the Indemnifying Party shall have the sole power (as between the Indemnifying Party and the Indemnified Party and their respective Affiliates) to direct and control such defense and the settlement, arbitration, litigation and appellate strategy relating to the Third-Party Claim. The Indemnified Party shall be entitled but not obligated to participate in any such defense and to employ separate counsel of its choosing for such purpose and the Indemnifying Party shall give due consideration to any reasonable suggestions of the Indemnified Party and its counsel; provided, that the fees and expenses shall be borne by the Indemnified Party and shall not be recoverable from such Indemnifying Party under this Section 6.4; provided, further, that, (x) if, in the reasonable written opinion of counsel to the Indemnified Party, there are specific defenses available to the Indemnified Party that are different from or in addition to those available to the Indemnifying Party, then the reasonable and documented fees and expenses of one external law firm to the Indemnified Party shall be paid pursuant to Section 6.4(b)(iv)(A); and (y) if (i) the Indemnified Party and Indemnifying Party are both named parties to the proceedings and, in the reasonable written opinion of counsel to the Indemnified Party, it would be inappropriate for both parties to be represented by the same counsel due to actual or potential conflicts between them or (ii) the Indemnified Party assumes the defense of a Third-Party Claim after a court of competent jurisdiction has ruled that the Indemnifying Party has failed diligently to defend a Third-Party Claim it has assumed pursuant to the first sentence of this Section 6.4(b)(ii)(A), the Indemnifying Party shall bear the reasonable and documented out-of-pocket costs and expenses of one additional counsel (in addition to, but only to the extent necessary, one local counsel) which shall represent all Indemnified Party claims arising out of the same or similar set of circumstances in connection with such defense. If the Indemnifying Party shall control the defense of any such claim, the Indemnifying Party shall be entitled to settle such claims; provided, that the Indemnifying Party shall not, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably conditioned, withheld or delayed), settle, compromise or offer to settle, compromise or cease to defend such Third-Party Claim if such settlement, compromise or cessation would result in (i) any monetary liability of the Indemnified Party that will not be promptly paid or reimbursed by the Indemnifying Party, (ii) the imposition of a consent order, injunction or decree that would restrict the future activity or conduct of the Indemnified Party or any of its Affiliates, (iii) a finding or admission of a violation of Law or a violation of the rights of any Person by the Indemnified Party or any of its Affiliates, (iv) a finding or admission that would have an adverse effect on other claims made or threatened against the Indemnified Party or any of its Affiliates or (v) any non-monetary condition or obligation being imposed on any Indemnified Party or any of its Affiliates.

 

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(B)     If the Indemnifying Party (i) is not entitled to or does not duly and timely make such election or (ii) after timely making such election, a court of competent jurisdiction rules that the Indemnifying Party has failed diligently to defend such Third-Party Claim, the Indemnified Party shall be entitled but not obligated to notify the Indemnifying Party of its election to assume and control such defense from the Indemnifying Party, whereupon the Indemnified Party and not the Indemnifying Party shall have the sole power (as between the Indemnified Party and the Indemnifying Party and their respective Affiliates) to direct and control such defense and the settlement, arbitration, litigation and appellate strategy relating to the Third-Party Claim; provided, that the Indemnified Party’s right to be indemnified, defended, held harmless and reimbursed in respect of the Third-Party Claim shall not otherwise be affected by such election. Notwithstanding anything to the contrary set forth in the foregoing sentence, the Indemnifying Party shall have no liability with respect to a Third-Party Claim settled or compromised without its prior written consent (which shall not be unreasonably conditioned, withheld or delayed).

 

(iii)        The Indemnified Party and the Indemnifying Party shall cooperate in order to ensure the proper and adequate investigation and defense of all Third-Party Claims, including by providing reasonable access (subject to the provisions of Section 5.6) to each other’s relevant business records, documents and employees, for purposes of investigation, document production, testimony and otherwise. The Indemnified Party and the Indemnifying Party shall keep each other fully and promptly informed with respect to the status of all Third-Party Claims and shall deliver to each other copies of all material written notices and documents (including court papers) received by the other that relate to any Third-Party Claims. The Person controlling the defense of a Third-Party Claim shall in good faith allow the Indemnifying Party or Indemnified Party, as the case may be, to make comments to the materials filed or submitted in such defense, and shall consider such comments in good faith.

 

(iv)        All reasonable and documented out-of-pocket legal fees, costs and expenses actually incurred or suffered by the Indemnifying Party and the Indemnified Party in connection with investigating and defending, and cooperating in the investigation and defense of, the Third-Party Claim (“Third-Party Claim Expenses”) shall be paid as follows:

 

(A)     Any Third-Party Claim Expenses actually incurred or suffered by the Indemnified Party (1) under the circumstances described in clauses (x) and (y) of the second sentence of Section 6.4(b)(ii)(A), or (2) under the circumstances described in Section 6.4(b)(ii)(B), except for any Third-Party Claim Expenses incurred or suffered in connection with a Third-Party Claim settled without the prior written consent of the Indemnifying Party shall constitute Losses for which the Indemnified Party shall be entitled to be reimbursed if the Indemnified Party is determined pursuant to a Final Determination to be entitled to be indemnified, held harmless and reimbursed pursuant to this Article VI in respect of the Third-Party Claim.

 

(B)     Third-Party Claim Expenses not addressed by Section 6.4(b)(iv)(A) shall be paid by the Person by which they were incurred.

 

Section 6.5       Losses and Recoveries.

 

(a)     Reimbursement. If an Indemnified Party recovers any amount from a third party in respect of a Loss after all or a portion of such Loss has been paid by an Indemnifying Party pursuant to this Article VI, the Indemnified Party shall promptly remit to the Indemnifying Party the excess (if any) of (i) the amount paid by the Indemnifying Party in respect of such Loss, plus the amount received from the third party in respect thereof, less (ii) the full amount of the Loss.

 

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(b)     No Double Recovery. No Indemnified Party shall be entitled to recover more than once in respect of the same Loss (notwithstanding that such Loss may result from more than one of the occurrences specified in Section 6.2 or Section 6.3, as the case may be).

 

(c)     No Circular Recovery. Seller shall not have any right of contribution, indemnification or advancement from Buyer with respect to any Loss claimed by an Indemnified Party. Seller shall not make any claim for monetary damages or indemnification against either Buyer or its Subsidiaries with respect to any claim properly brought by a Buyer Indemnified Party under this Article VI or otherwise relating to this Agreement, any Transaction Document or the transactions contemplated hereby or thereby.

 

(d)     Excluded Losses. In no event shall any Indemnifying Party be liable to any Indemnified Party for, and the definition of “Losses” shall be construed to entirely exclude, any punitive damages or decrease in or limitation of any Tax attribute, except in each case for such Losses that are actually awarded to a third party in respect of any Third-Party Claim for which indemnification is otherwise required pursuant to this Article VI.

 

(e)     Mitigation. Upon becoming aware of any event which would reasonably be expected to, or does, give rise to indemnifiable Losses, each Indemnified Party shall use, and shall cause its Affiliates to use, commercially reasonable efforts to mitigate such Losses.

 

(f)     Notwithstanding any other provision herein to the contrary, the amount of Losses that any Indemnified Party may recover for indemnification pursuant to this Agreement shall be offset against any amounts actually received by such Indemnified Party in respect of the Losses forming the basis of such claim for recovery from a third party pursuant to any indemnification or other similar right or any applicable insurance policy, less the out-of-pocket costs reasonably incurred in pursuing or obtaining such indemnification or insurance proceeds, including any related increases in insurance premiums. Each Party hereby agrees to use commercially reasonable efforts (excluding litigation) to claim for and obtain recovery of any such available insurance, indemnification, contribution, or similar payment; provided, however, that a Party shall not have any obligation to seek to recover any such insurance, indemnification, contribution or similar payment prior to making a claim for indemnification under this Article VI. If any Indemnified Party receives such amount from such third party subsequent to a recovery for indemnification under this Agreement, the applicable Indemnified Party will promptly remit such offset amount to the applicable Indemnifying Party hereunder.

 

Section 6.6     Payments.

 

(a)     Except as set forth in Section 2.5, Section 6.2(c) and Section 6.6(b), the Indemnifying Party shall pay to the Indemnified Party the amount of any Loss for which it is liable hereunder, in immediately available funds, to an account specified by the Indemnified Party no later than five (5) Business Days following any Final Determination of the claims set forth in the related Claim Notice.

 

(b)     Buyer shall have the right to offset any Losses it is entitled to recover under this Article VI against any amounts owed under any other provision of this Agreement, including Section 2.5(b), except that Buyer shall not have any right to offset any amounts owed to Seller under Section 5.8(f) or Section 5.9.

 

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(c)     All payments made by an Indemnifying Party to an Indemnified Party in respect of any claim pursuant to Section 6.2 or Section 6.3 shall be treated as adjustments to the consideration paid pursuant to the Transaction for Tax purposes.

 

Section 6.7     Exclusive Remedies and No Rights Against Nonparties.

 

(a)     Following the Closing, the sole and exclusive remedies of the Parties for any Losses based upon, arising out of, or otherwise relating to this Agreement, the Transaction or any document or instrument delivered in connection herewith or therewith (but excluding the Master Services Agreement and the Transition Services Agreement), are the indemnification and reimbursement obligations of the Parties set forth in this Article VI and each Party expressly waives, and no Party shall assert, any and all rights and remedies for any Losses based upon, arising out of, or otherwise relating to this Agreement, the Transaction or any document or instrument delivered in connection herewith or therewith (but excluding the Master Services Agreement and the Transition Services Agreement). Notwithstanding the foregoing, nothing in this Section 6.7(a) shall (i) affect the Post-Closing Payment to be made as set forth in Section 2.5(c), (ii) limit any Party’s right to assert claims pursuant to Section 5.8 or (iii) limit any Party’s right to assert (A) claims of Fraud,  (B) claims pursuant to Section 7.9(d) with respect to covenants to be performed at or following the Closing or (C) claims pursuant to the terms of the Master Services Agreement or the Transition Services Agreement.

 

(b)     In addition to Section 6.7(a), this Agreement may only be enforced against, and any Action, right or remedy that may be based upon, arise out of or relate to this Agreement, any other Transaction Document or the Transaction, or the negotiation, execution or performance of this Agreement, may only be made against the Persons that are expressly identified as Parties in their capacities as parties to this Agreement, and no Party shall at any time assert against any Person (other than a Party) that is a director, officer, employee, stockholder, general or limited partner, member, manager, agent or Affiliate or representative of another Party (each, a “Nonparty”) any claim, cause of action, right or remedy, or any Action, relating to this Agreement, any other Transaction Document, the Transaction or any document or instrument delivered in connection herewith or therewith. Each Party hereby waives and discharges any such claim, cause of action, right, remedy and Action, and releases (and agrees to execute and deliver any instrument necessary to effectuate the release of) each Nonparty therefrom. The provisions of this Section 6.7(b) are for the benefit of and shall be enforceable by each Nonparty, which is an intended third-party beneficiary of this Section 6.7(b) and Section 5.5 (Further Assurances) in connection herewith.

 

Article VII     

MISCELLANEOUS

 

Section 7.1     Notices. All notices and other communications to be given or made hereunder shall be in writing and shall be deemed to have been duly given or made on the date of delivery to the recipient thereof if received prior to 5:00 p.m. in the place of delivery and such day is a Business Day (or otherwise on the next succeeding Business Day) if (a) served by personal delivery or by an internationally recognized overnight courier service to the Person for whom it is intended, (b) delivered by registered or certified mail, return receipt requested or (c) sent by email, as provided in this Section 7.1; provided, that the email is confirmed orally or in writing by the recipient thereof (excluding out-of-office replies or other automatically generated responses) or is followed up within one (1) Business Day after email by dispatch pursuant to one of the other methods described herein:

 

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To Buyer:

 

DISH Wireless L.L.C.

9601 S. Meridian Boulevard

Englewood, CO 80112

Telephone: (303) 723-1000

Email: [REDACTED]

Attn: General Counsel

 

With a copy to (which shall not constitute notice to Buyer):

 

Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004

Telephone: (212) 558-4000

Email: [REDACTED]

Attn: Scott Crofton

 

To Seller:

 

Tucows Inc.

96 Mowat Ave.

Toronto, Ontario M6K 3M1, Canada

Email: [REDACTED]

Attn: Elliot Noss, CEO

 

With a copy to (which shall not constitute notice to Seller):

 

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

Email: [REDACTED]

Attn: Joanne R. Soslow and Benjamin R. Wills

 

or to such other Person or addressees as may be designated in writing by the Party to receive such notice as provided above; provided, however, that copies shall be provided to outside counsel for convenience only, such copies shall not, in and of themselves, constitute notice and the failure to provide any such copy shall not alter the effectiveness of any notice or other communication otherwise duly made or given.

 

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Section 7.2     Amendment; Waiver. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by both Buyer and Seller, or in the case of a waiver, by the Party granting the waiver. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law, except as provided in Article VI.

 

Section 7.3     Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, legal representatives and permitted assigns. No Party to this Agreement may assign any of its rights or delegate any of its obligations under this Agreement, by operation of Law or otherwise, without the prior written consent of the other Party, except that Buyer may assign any of its rights or obligations under this Agreement or any Ancillary Agreement to one or more of its wholly owned Subsidiaries; provided, that, no such assignment shall relieve Buyer of any liability therefor. Any purported assignment in violation of this Agreement is void.

 

Section 7.4     Third-Party Beneficiaries; Parties in Interest. Except as provided in Article VI only, which is intended to benefit, and to be enforceable by, the parties specified therein, there shall be no third-party beneficiaries of this Agreement, any Ancillary Agreement or any exhibit, annex or schedule hereto or thereto, and none of them shall confer on any Person other than the parties hereto and thereto any claim, cause of action, right or remedy. Without limiting the foregoing sentence, no direct or indirect holder of any equity interests or securities of either Seller or Buyer (whether such holder is a limited or general partner, member, stockholder or otherwise), nor any officer, director, agent, representative or Affiliates of either Seller or Buyer, nor any controlling Person of Buyer, Seller or their respective Affiliates, shall have any Liability or obligation arising under this Agreement or the Transaction.

 

Section 7.5     Expenses. Except as otherwise provided in this Agreement and the Ancillary Agreements, all costs and expenses (including fees and expenses of counsel and financial advisors, if any) incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such costs and expenses.

 

Section 7.6     Bulk Sales. Buyer acknowledges that Seller and its Affiliates have not taken, and do not intend to take, any action required to comply with any applicable bulk sale, bulk transfer Laws or similar Laws of any jurisdiction. Seller and Buyer hereby agree to waive compliance with such any applicable bulk sale, bulk transfer Laws or similar Laws of any jurisdiction in connection with the transactions contemplated hereby.

 

Section 7.7     Entire Agreement. This Agreement and the other documents and writings referred to herein or delivered pursuant hereto (including any exhibits or schedules hereto), the Ancillary Agreements and the Confidentiality Agreement constitute the entire agreement and supersede all other prior agreements, understandings, representations and warranties, both written and oral, among the Parties, with respect to the subject matter hereof; provided, however, that each Party acknowledges and agrees that the Confidentiality Agreement shall automatically terminate and be of no further force or effect at and as of the Closing and this Agreement supersedes any provision to the contrary in the Confidentiality Agreement.

 

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Section 7.8     Fulfillment of Obligations. Any obligation of any Party to any other Party under this Agreement, or any Party under any of the Ancillary Agreements, which obligation is performed, satisfied or fulfilled completely by an Affiliate of such Party, shall be deemed to have been performed, satisfied or fulfilled by such Party.

 

Section 7.9     Governing Law and Venue; Waiver of Jury Trial; Specific Performance.

 

(a)     This Agreement, and all Actions (whether in contract, tort or statute) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), shall be governed by, and enforced in accordance with, the Laws of the State of New York, including its statutes of limitations, without giving effect to any borrowing statute or applicable principles of conflicts of law to the extent that the application of the laws (including statutes of limitation) of another jurisdiction (whether of the State of New York or any other jurisdiction) would be required thereby.

 

(b)     Each Party agrees that it shall bring any Action in respect of any claim based upon, arising out of or relating to this Agreement or any Ancillary Agreement or the transactions contemplated by this Agreement or any Ancillary Agreement exclusively in the federal courts of the U.S. located in New York County; provided, however, that if such federal court does not have jurisdiction over such Action, such Action shall be heard and determined exclusively in any New York state court located in New York County (the “Chosen Courts”) and solely in connection with claims arising under or relating to this Agreement or any of the Ancillary Agreements (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to the laying of venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any Party and (iv) agrees that mailing of process or other papers in connection with any such Action in the manner provided in Section 7.1 or in such other manner as may be permitted by Law shall be valid and sufficient service thereof.

 

(c)      EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY ANCILLARY DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HEREBY ACKNOWLEDGES AND CERTIFIES (I) THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) IT MAKES THIS WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE ANCILLARY AGREEMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH IN THIS Section 7.9(c).

 

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(d)     Irreparable damage would occur in the event that any covenant herein were not to be performed in accordance with its terms. Accordingly, each Party shall be entitled to seek one (1) or more injunctions to prevent any breach of covenant and to enforce specifically this Agreement in the Chosen Courts, in addition to any other remedy to which such Party may be entitled at law or in equity.

 

Section 7.10     Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement.

 

Section 7.11     Interpretation; Construction.

 

(a)     The table of contents and headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to an Annex, Exhibit, Section or Schedule, such reference shall be to an Annex, Exhibit, Section or Schedule to this Agreement unless otherwise indicated.

 

(b)     If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech (such as a verb). The terms defined in the singular have a comparable meaning when used in the plural and vice versa. The rule known as the ejusdem generis rule shall not apply, and, accordingly, general words introduced by the word “other” shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things. Unless the context of this Agreement clearly requires otherwise, words importing the masculine gender shall include the feminine and neutral genders and vice versa. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “or” shall not be exclusive. Currency amounts referenced herein are in U.S. Dollars. Any capitalized term used in any Schedule or Exhibit but not otherwise defined therein shall have the meaning given to them as set forth in this Agreement. All accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP. References to “written” or “in writing” include documents in electronic form or transmission by email. A reference to any Person includes such Person’s successors and permitted assigns.

 

(c)     Except as otherwise specifically provided herein, all references in this Agreement to any Law include the rules and regulations promulgated thereunder, in each case as amended, re-enacted, consolidated or replaced from time to time and in the case of any such amendment, re-enactment, consolidation or replacement, reference herein to a particular provision shall be read as referring to such amended, re-enacted, consolidated or replaced provision and shall also include, unless the context otherwise requires, all applicable guidelines, bulletins or policies made in connection therewith; provided, that for purposes of any representations and warranties set forth in this Agreement that are made as of a specific date, references to any Law shall be deemed to refer to such Law as amended as of such date. Any agreement or instrument referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent and all attachments thereto and instruments incorporated therein.

 

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(d)     Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified. Whenever any action must be taken hereunder on or by a day that is not a Business Day, then such action may be validly taken on or by the next day that is a Business Day.

 

(e)      Each representation, warranty, covenant and condition set forth in this Agreement shall be given full, separate and independent effect. The provisions of this Agreement are cumulative. A more specific provision shall limit the applicability of any other, more general, provision.

 

(f)      The Parties have drafted this Agreement jointly through the exchange of drafts hereof, so no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

 

(g)     Neither the specification of any dollar amount in any representation or warranty set forth in this Agreement nor the inclusion of any specific item in any Schedule is intended to imply that such amount, or higher or lower amounts, or the item so included or other items, are or are not material, and no Party shall use the fact of setting forth of any such amount or the inclusion of any such item in any dispute or controversy between the Parties as to whether any obligation, item or matter not described herein or included in any Schedule is or is not material for purposes of this Agreement. Neither the specification of any item or matter in any representation or warranty set forth in this Agreement nor the inclusion of any specific item in any Schedule is intended to imply that such item or matter, or other items or matters, are or are not in the Ordinary Course of Business, and no Party shall use the fact of the setting forth or the inclusion of any specific item or matter in any dispute or controversy between the Parties as to whether any obligation, item or matter not described herein or included in any Schedule is or is not in the Ordinary Course of Business for purposes of this Agreement.

 

Section 7.12     Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority of competent jurisdiction to be invalid, void or unenforceable, or the application of such provision, covenant or restriction to any Person or any circumstance is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision, covenant or restriction to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application of such provision, in any other jurisdiction, and the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

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Section 7.13     Obligations of Buyer and of Seller. Whenever this Agreement requires a Subsidiary of Buyer to take any action, such requirement shall be deemed to include an undertaking on the part of Buyer to cause such Subsidiary to take such action. Whenever this Agreement requires a Subsidiary of Seller to take any action, such requirement shall be deemed to include an undertaking on the part of Seller to cause such Subsidiary to take such action.

 

[Signature pages follow.]

 

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IN WITNESS WHEREOF, the Parties have executed or caused this Agreement to be executed as of the date first written above.

 

 

	
			 

				
			DISH WIRELESS L.L.C. 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				
			Name: 

				
			 

			
	
			 

				
			 

				
			Title: 

				
			 

			
	 	 	 	 
	 	 	 	 
	 	TUCOWS INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

56

 

 

 

Schedules and Exhibits to the agreement have been omitted pursuance to Item 601(b)(2) of Regulation S-K. The Company undertakes to furnish supplementary copies of any of the omitted schedules upon request by the SEC.

 

 

 

 

57

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