Document:

Exhibit 10.2

 

 

  

Dated as of December 17, 2020

 

MURRAY HILL FUNDING II, LLC,

as Issuer

 

THE ENTITIES FROM TIME TO TIME PARTY
HERETO,

as the Class A-R Noteholders

 

MURRAY HILL FUNDING, LLC,

 

U.S. BANK NATIONAL ASSOCIATION,

as Revolving Credit Note Agent

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

 

REVOLVING 

CREDIT NOTE AGREEMENT

 

 

  

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	1.	DEFINITIONS AND INTERPRETATION	1
	1.1.	Definitions	1
	1.2.	Interpretation	4
	 	 	 
	2.	THE CLASS A-R NOTES	4
	2.1.	Borrowings	4
	2.2.	Advances; Repayments; Class A-R Commitment Amounts	6
	2.3.	Outstanding Class A-R Funded Amount	7
	2.4.	Agency Compensation	7
	2.5.	Class A-R Prepayment Account; Withdrawals	8
	2.6.	Class A-R Note Interest	10
	 	 	 
	3.	CONDITIONS PRECEDENT TO BORROWINGS	10
	3.1.	Conditions to Funding	10
	3.2.	Representations regarding Conditions	10
	 	 	 
	4.	ASSIGNMENTS	10
	4.1.	Assignment	10
	4.2.	Rights of Assignee under this Agreement	12
	4.3.	Notice of Assignment	12
	4.4.	Class A-R Note Register; Information	12
	 	 	 
	5.	REPRESENTATIONS AND WARRANTIES	13
	5.1.	Representations and Warranties of the Issuer	13
	5.2.	Representations and Warranties of each Class A-R Noteholder	14
	 	 	 
	6.	THE REVOLVING CREDIT NOTE AGENT	15
	 	 	 
	7.	MISCELLANEOUS	18
	7.1.	Waivers; Amendments; Etc.	18
	7.2.	Notices, Etc.	19
	7.3.	Captions	19
	7.4.	Governing Law; Jurisdiction; Venue	20
	7.5.	Consent to Service of Process	20
	7.6.	Waiver of Jury Trial	20
	7.7.	Execution in Counterparts	20
	7.8.	Tax Treatment of Notes	21
	7.9.	Transfer Taxes	21
	7.10.	Severability	21
	7.11.	Further Assurances	21
	7.12.	Limited Recourse, Non-Petition as to the Issuer	21
	7.13.	Rights of Trustee	22

 

Exhibit A - Form of Notice of Borrowing

 

Exhibit B - Form of Assignment and Acceptance

 

    -i- 

     

    

 

 

REVOLVING CREDIT NOTE AGREEMENT,
dated as of December 17, 2020 (this “Agreement”), between:

 

MURRAY HILL FUNDING II, LLC, a Delaware
limited liability company (the “Issuer”);

 

UBS AG, LONDON BRANCH, as Holder
of all of the Class A-R Notes on the date hereof pursuant to Section 1 of the Subscription Agreement related to the Class A-R
Notes and the Repo Agreement (the “Closing Date Holder”), and any entity that becomes a party hereto as a Class A-R
Noteholder (each, together with the Closing Date Holder, a “Class A-R Noteholder”);

 

MURRAY HILL FUNDING, LLC, a Delaware
limited liability company (“Murray Hill”);

 

U.S. BANK NATIONAL ASSOCIATION,
a national banking association, as agent for the Issuer (in such capacity, together with its successors in such capacity, the “Revolving
Credit Note Agent”); and

 

U.S. BANK NATIONAL ASSOCIATION,
a national banking association, as trustee under the Indenture (the “Trustee”).

 

WHEREAS, the Issuer and the Trustee
are parties to the Second Amended and Restated Indenture, dated as of December 17, 2020 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Indenture”), pursuant to which the Issuer may issue
up to U.S.$50,000,000 Class A-R Notes (the “Class A-R Notes”).

 

ACCORDINGLY, the parties hereto
agree as follows:

 

	1.	DEFINITIONS AND INTERPRETATION

 

	1.1.	Definitions

 

Capitalized terms used but not defined
herein (including any Exhibits hereto) have the meanings given to them in the Indenture. As used in this Agreement (including any
Exhibits hereto), the following terms have the meanings specified below:

 

“Advance” means any
advance made or to be made by (or on behalf of) a Class A-R Noteholder to the Issuer in respect of any Borrowing.

 

“Assignment and Acceptance”
means an assignment and acceptance entered into by a Class A-R Noteholder and any assignee of such Class A-R Noteholder,
and delivered to the Revolving Credit Note Agent on behalf of the Issuer, in substantially the form of Exhibit B, pursuant
to which a Class A-R Noteholder assigns all, but not less than all, of its rights and obligations under this Agreement with
respect to the portion of such Class A-R Noteholder’s Class A-R Notes being assigned in accordance with the terms
of Section 4.1(b)(i).

 

“Borrowing” means any
advance of funds to the Issuer contemplated by Section 2.1; provided that, the term “Borrowing” shall exclude
any amounts that remain on deposit in any Class A-R Prepayment Account.

 

    -1-

     

    

 

“Borrowing Date” means
the date of any proposed Borrowing, as set forth in the applicable Notice of Borrowing.

 

“Borrowing Request”
has the meaning set forth in Section 2.1(a).

 

“Class A-R Commitment Amount”
means, on any date and as to any Class A-R Noteholder, the product of (a) the Commitment Percentage of such Class A-R
Noteholder as of such day and (b) an amount which is the Remaining Unfunded Facility Commitment (expressed as a Dollar amount)
on such date.

 

“Class A-R Noteholder”
means, with respect to any Class A-R Note, the Person in whose name such Class A-R Note is registered in the Class A-R
Note Register.

 

“Class A-R Prepayment Account”
has the meaning set forth in Section 2.5(a).

 

“Commitment Percentage”
means, for any Class A-R Noteholder as of any date of determination, a percentage equal to (a)(i) the pro rata
portion of the Remaining Unfunded Facility Commitment represented by the Class A-R Notes of such Class A-R Noteholder
divided by (ii) the Remaining Unfunded Facility Commitment multiplied by (b) 100%.

 

“Commitment Termination Date”
means the earliest to occur of (a) the Stated Maturity of the Class A-R Notes; and (b) the occurrence of an Enforcement
Event.

 

“Cut-off Date” means,
with respect to any proposed Borrowing and as of any date of determination, (a) if the aggregate amount of Cut-off Date (Short)
Borrowings effected prior to such date of determination that remain outstanding as of such date of determination plus the
amount of such proposed Borrowing is less than or equal to $25,000,000, either the Cut-off Date (Short) (if the related Notice
of Borrowing specifies that such proposed Borrowing is a Cut-off Date (Short) Borrowing) or the Cut-off Date Long (if the related
Notice of Borrowing specifies that such proposed Borrowing is a Cut-off Date (Long) Borrowing), it being understood that for any
proposed Borrowing described in this clause (a), the Issuer may specify that such proposed Borrowing is either a Cut-off Date (Short)
Borrowing or a Cut-off Date (Long) Borrowing in the related Notice of Borrowing; or (b) if the aggregate amount of Borrowings
designated as Cut-off Date (Short) Borrowings effected prior to such date of determination that remain outstanding as of such date
of determination plus the amount of such proposed Borrowing would exceed $25,000,000, the Cut-off Date (Long), it being
understood that for any proposed Borrowing described in this clause (b), the Issuer must specify that such Borrowing is a Cut-off
Date (Long) Borrowing in the related Notice of Borrowing. For purposes of determining the amount of any Borrowing that is “outstanding”
for purposes of this definition, any repayment of an Advance pursuant to this Agreement and/or the Indenture shall be allocated
among all Advances (whether arising from Cut-off Date (Short) Borrowings or Cut-off Date (Long) Borrowings) on a pro rata
basis.

 

“Cut-off Date (Long)”
means, with respect to any proposed Borrowing, the thirty-fifth (35th) calendar day prior to the proposed Borrowing Date.

 

“Cut-off Date (Long) Borrowing”
means any proposed Borrowing in respect of which the applicable Cut-off Date is a Cut-off Date (Long).

 

    -2-

     

    

 

“Cut-off Date (Short)”
means, with respect to any proposed Borrowing, either (i) the third (3rd) Business Day prior to the proposed Borrowing
Date or (ii) if the Issuer (or the Collateral Manager on behalf of the Issuer) requests a later date, such later date occurring
prior to the Cut-off Date (Long) as may be approved in writing by UBS in its sole and absolute discretion.

 

“Cut-off Date (Short) Borrowing”
means any proposed Borrowing in respect of which the applicable Cut-off Date is a Cut-off Date (Short).

 

“Maximum RCN Facility Funding
Commitment” means, in the aggregate, U.S.$50,000,000.

 

“Minimum Borrowing Amount”
means, with respect to any Borrowing (a) U.S. $5,000,000, (b) if a Borrowing of U.S. $5,000,000 would cause the Outstanding
Class A-R Funded Amount to exceed the Maximum RCN Facility Funding Commitment, an amount equal to (x) the Maximum RCN
Facility Funding Commitment prior to such Borrowing minus (y) the Outstanding Class A-R Funded Amount prior to
such Borrowing, or (c) if UBS AG, London Branch is a Class A-R Noteholder at the time of such Borrowing, such other amount
as may be approved by UBS.

 

“Minimum Repayment Amount”
means, with respect to any repayment of Advances (a) U.S. $1,000,000, (b) if the Outstanding Class A-R Funded Amount
as of such date is less than U.S. $1,000,000, the Minimum Repayment Amount shall be the Outstanding Class A-R Funded Amount,
or (c) if UBS AG, London Branch is a Class A-R Noteholder at the time of such repayment, such other amount as may be
approved by UBS.

 

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

 

“Notice of Repayment”
has the meaning set forth in Section 2.5(e).

 

“Outstanding Class A-R Funded
Amount” means the aggregate outstanding principal amount of Borrowings funded by Class A-R Noteholders pursuant
to Section 2.1 of this Agreement which have not been repaid. The Outstanding Class A-R Funded Amount shall be subject
to adjustment as described in Sections 2.2 and 2.5 of this Agreement.

 

“Prepayment Refund Date”
means, with respect to any Class A-R Noteholder that has deposited all (or a portion of) its Class A-R Commitment Amount
into such Class A-R Noteholder’s Class A-R Prepayment Account in accordance with Section 2.5(a), the Business
Day after the Commitment Termination Date has occurred (or such earlier date designated by the relevant Class A-R Noteholder
by notice to the Trustee, the Issuer and the Revolving Credit Note Agent).

 

“Related Parties” means,
with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and such Person’s Affiliates.

 

“Remaining Unfunded Facility Commitment”
means, with respect to any date of determination, the excess (if any) of: (a) the Maximum RCN Facility Funding Commitment
over (b) the Outstanding Class A-R Funded Amount. For the avoidance of doubt, the Remaining Unfunded Facility Commitment
shall not be reduced by the amount of any funds deposited in any Class A-R Prepayment Account by the relevant Class A-R
Noteholder.

 

    -3-

     

    

 

“Repo Agreement” means
the repurchase transaction relating to the Class A-R Notes entered into pursuant to the Class A-R UBS Repo Confirmation.

 

“Repo Termination Date”
means the date on which each of UBS AG, London Branch and Murray Hill confirm in writing to the Revolving Credit Note Agent that
the Repo Agreement has been terminated.

 

“Revolving Credit Note Agent Expenses”
has the meaning set forth in Section 2.4(b).

 

“Substitution Notice”
has the meaning set forth in Section 2.5(f).

 

	1.2.	Interpretation

 

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

 

	2.	THE CLASS A-R NOTES

 

	2.1.	Borrowings

 

		(a)	Subject to the terms and conditions hereof, on any Business Day on or after December 23, 2020
that occurs prior to the Commitment Termination Date, the Issuer (or the Collateral Manager on behalf of the Issuer) may request
Borrowings (each a “Borrowing Request”) hereunder in an amount equal to or greater than the Minimum Borrowing
Amount.

 

    -4-

     

    

 

		(b)	From time to time as required pursuant to and in accordance with the terms of the Indenture, the
Issuer (or the Collateral Manager on behalf of the Issuer) may deliver to the Revolving Credit Note Agent and the Class A-R
Noteholders a notice (with a copy to the Trustee and the Collateral Manager, if not the notifying party), substantially in the
form of Exhibit A hereto (each, a “Notice of Borrowing”), of a proposed Borrowing no later than 5:00 p.m. (New
York City time) on the applicable Cut-off Date. Each of the Issuer and, if applicable, the Collateral Manager agrees that any Notice
of Borrowing delivered pursuant to this Section 2.1(b) shall be transmitted to the Revolving Credit Note Agent and the
Class A-R Noteholders by electronic mail (to the electronic mail address specified on the Revolving Credit Note Agent’s
and each Class A-R Noteholder’s respective signature pages to this Agreement), shall be substantially in the form
of Exhibit A hereto, and shall specify the proposed Borrowing Date (which shall be a Business Day), the amount of such proposed
Borrowing and relevant wire transfer instructions. In addition, each Notice of Borrowing shall specify whether the proposed Borrowing
is a Cut-off Date (Short) Borrowing or a Cut-off Date (Long) Borrowing; it being understood that the Issuer may only specify that
a proposed Borrowing is a Cut-off Date (Short) Borrowing to the extent permitted by the definition of “Cut-off Date.”
In the event any Notice of Borrowing is not transmitted to the Revolving Credit Note Agent and the Class A-R Noteholders until
after 5:00 p.m. (New York City time) on a Business Day, it will be treated as having been transmitted on the following Business
Day for all purposes hereunder. The Revolving Credit Note Agent shall notify the Collateral Manager promptly (and in any event
within one Business Day) of any change to the electronic mail address specified on each Class A-R Noteholder’s signature
page to this Agreement to the extent that the Revolving Credit Note Agent has received notice of such change from a Class A-R
Noteholder.

 

		(c)	So long as (x) the Commitment Termination Date has not occurred and (y) the conditions
to funding set out in Section 3.1 have been satisfied, the Class A-R Noteholders shall make Advances to the Issuer on
the Borrowing Date specified in the Notice of Borrowing (pro rata based on their respective Commitment Percentages) as follows:

 

		(i)	each Class A-R Noteholder obligated to make an Advance hereunder, no later than 12:00 p.m. (New
York City time) on the Borrowing Date specified in the Notice of Borrowing, shall have made available to the Trustee, in immediately
available funds, an amount equal to its Commitment Percentage of the Borrowing in respect of such Advance in accordance with the
wire transfer instructions set forth in the Notice of Borrowing; and

 

		(ii)	a Class A-R Noteholder that has elected to establish a Class A-R Prepayment Account pursuant
to Section 2.5(a) shall be deemed to satisfy its obligation under clause (i) if, no later than 12:00 p.m. (New
York City time) on the Borrowing Date specified in the Notice of Borrowing, such Class A-R Noteholder has cash standing to
the credit of its Class A-R Prepayment Account in an amount no less than its Commitment Percentage of the Borrowing in respect
of such Advance;

 

If, as of 12:00 p.m. (New York City
time) on the Borrowing Date specified in the related Notice of Borrowing:

 

    -5-

     

    

 

		(A)	each Class A-R Noteholder has satisfied its Advance payment obligation (either by payment
to the Trustee in accordance with Section 2.1(c)(i) or deemed satisfaction pursuant to Section 2.1(c)(ii) above),
(I) the Trustee shall transfer all funds received pursuant to Section 2.1(c)(i) to the Principal Collection Subaccount
and (II) in the case of any Class A-R Noteholder that has satisfied such obligation pursuant to Section 2.1(c)(ii),
the Trustee shall (at the direction of the Collateral Manager) instruct the Custodian (without consent of such Class A-R Noteholder)
to transfer cash in an amount equal to such Class A-R Noteholder’s Commitment Percentage of the Borrowing in respect
of such Advance from such Class A-R Prepayment Account to the Principal Collection Subaccount; or

 

		(B)	any Class A-R Noteholder has failed to satisfy its Advance payment obligation (whether by
payment to the Trustee in accordance with Section 2.1(c)(i) or deemed satisfaction pursuant to Section 2.1(c)(ii) above),
(I) if the Trustee has received funds from a Class A-R Noteholder pursuant to Section 2.1(c)(i), the Trustee shall
return such funds to such Class A-R Noteholder and (II) with respect to any funds standing to the credit of a Class A-R
Prepayment Account, the Trustee shall (at the direction of the Collateral Manager) instruct the Custodian to return such funds
to the related Class A-R Noteholder.

 

For the avoidance of doubt, if with respect
to any Advance, a Class A-R Noteholder has satisfied its Advance payment obligation pursuant to Section 2.1(c)(ii) but
any other Class A-R Noteholder has failed to satisfy its own Advance payment obligation as of 12:00 p.m. (New York City
time) on the Borrowing Date, the Trustee shall not be entitled to instruct the Custodian to transfer cash from such Class A-R
Prepayment Account to the Issuer or any other Person (other than such Class A-R Noteholder as required by sub-clause (B) above)
without the consent of such Class A-R Noteholder.

 

		(d)	The Issuer hereby agrees that each Class A-R Noteholder, acting in good faith, (i) is
entitled to rely upon any Notice of Borrowing furnished to such Class A-R Noteholder by the Collateral Manager purporting
to act on behalf of the Issuer, is genuine and authorized and (ii) shall not be liable to the Issuer with respect to any action
taken or omitted to be taken by such Class A-R Noteholder in good faith in accordance with any such Notice of Borrowing.

 

	2.2.	Advances; Repayments; Class A-R Commitment Amounts

 

		(a)	All Advances to the Issuer hereunder may be repaid by the Issuer pursuant to Section 2.5(e),
notwithstanding the Priority of Payments, and any such Advances so repaid by the Issuer may, subject to the conditions set forth
herein, be reborrowed so from time to time by the Issuer hereunder.

 

		(b)	Repayments of Advances to any Class A-R Noteholders under Section 2.2(a) and Section 2.5(e) of
this Agreement or Section 11.1(b) of the Indenture shall be applied to pay the Class A-R Noteholders, pro rata,
based on the respective portions of the Outstanding Class A-R Funded Amount represented by their Class A-R Notes, and
such payment shall reduce the Outstanding Class A-R Funded Amount.

 

    -6-

     

    

 

		(c)	Any deposit by a Class A-R Noteholder of any amount into such Class A-R Noteholder’s
Class A-R Prepayment Account pursuant to the terms hereof will not reduce such Class A-R Noteholder’s Class A-R
Commitment Amount.

 

		(d)	Each repayment of Advances by the Issuer shall be in an amount equal to or greater than the Minimum
Repayment Amount.

 

	2.3.	Outstanding Class A-R Funded Amount

 

The parties hereto hereby acknowledge and
agree that all Borrowings shall be deemed to be part of the Outstanding Class A-R Funded Amount, regardless of whether the
conditions to the related Borrowing set forth herein or in the Indenture were in fact satisfied, until such amounts are repaid
in accordance with the terms of this Agreement, the Indenture and such Class A-R Notes. Each of the Class A-R Noteholders
acknowledges that the obligations of the Issuer to pay any Outstanding Class A-R Funded Amount under the Class A-R Notes,
and the terms of repayment thereof, are governed by this Agreement and the Indenture. No interest shall accrue on the Outstanding
Class A-R Funded Amount.

 

	2.4.	Agency Compensation

 

		(a)	The Issuer agrees to reimburse the Revolving Credit Note Agent (subject to any written agreement
between the Issuer and the Revolving Credit Note Agent) forthwith upon its request for all reasonable expenses incurred or made
by the Revolving Credit Note Agent in accordance with any provision of this Agreement or the Indenture.

 

		(b)	The Issuer will reimburse, and does hereby indemnify and hold harmless, the Revolving Credit Note
Agent and its affiliates, directors, officers, shareholders, agents and employees with respect to all expenses, losses, damages,
liabilities, demands, charges and claims of any nature (including the reasonable fees and expenses of counsel and other experts)
in respect of or arising from its appointment as Revolving Credit Note Agent or from any acts or omissions performed or omitted
by the Revolving Credit Note Agent, its affiliates, directors, officers, shareholders, agents or employees hereunder in good faith
except to the extent resulting from gross negligence, willful misconduct or fraud on the part of the Revolving Credit Note Agent
or any Affiliate thereof (any such amounts, together with expenses reimbursable under Section 2.4(b), “Revolving
Credit Note Agent Expenses”). The indemnification obligations of the Issuer shall survive termination of this Agreement
and the resignation or removal of the Revolving Credit Note Agent.

 

		(c)	The Revolving Credit Note Agent Expenses shall be considered Priority Administrative Expenses and
shall be payable from the Expense Account or pursuant to the Priority of Payments, in each case in accordance with the Indenture.

 

    -7-

     

    

 

		(d)	The Revolving Credit Note Agent hereby agrees not to cause the filing of a petition in bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation proceedings under any law or jurisdiction against the Issuer
for the non-payment to the Revolving Credit Note Agent of any amounts provided by this Section 2.4 before 366 days have elapsed
or, if longer, the applicable preference period then in effect (plus one day) after the payment in full of all Notes issued under
the Indenture.

 

	2.5.	Class A-R Prepayment Account; Withdrawals

 

		(a)	The Trustee shall cause to be established and maintained by the Custodian, as Securities Intermediary,
a separate securities account (each such account, a “Class A-R Prepayment Account”) for each Class A-R
Noteholder that elects to establish such an account, which securities account shall be established in the name of the Trustee as
entitlement holder in trust for the benefit of the Issuer and such Class A-R Noteholder. The Trustee shall deposit any amounts
received from a Class A-R Noteholder to pay an Advance payment obligation into such Class A-R Noteholder’s Class A-R
Prepayment Account. UBS AG, London Branch, as the Closing Date Holder, has elected to establish such a Class A-R Prepayment
Account, and the Trustee shall cause to be established and maintained by the Custodian, as Securities Intermediary, a Class A-R
Prepayment Account in the name of the Trustee as entitlement holder in trust for the benefit of the Issuer and UBS AG, London Branch,
as the Closing Date Holder, in accordance with the terms of this Agreement and Section 10.3(e) of the Indenture.

 

		(b)	Subject to the terms of this Agreement and the Indenture, the only permitted withdrawal from or
application of funds or other property standing to the credit of any Class A-R Prepayment Account shall be for the purpose
of (i) investing or reinvesting such funds or other property in Eligible Investments pursuant to Section 2.5(c); (ii) any
withdrawal in connection with an Advance pursuant to Section 2.1(c); (iii) any withdrawal in connection with a Prepayment
Refund Date pursuant to Section 2.5(d); or (iv) any withdrawal in connection with any other payment pursuant to Section 2.5(e).

 

		(c)	The Trustee shall, pursuant to the written directions of a Class A-R Noteholder, invest and
reinvest funds standing to the credit of such Class A-R Noteholder’s Class A-R Prepayment Account in Eligible Investments.
None of the Issuer, the Revolving Credit Note Agent, the Trustee or the Custodian shall in any way be held liable for reason of
any insufficiency of any Class A-R Prepayment Account resulting from any loss relating to any investment of funds standing
to the credit of such Class A-R Prepayment Account, except to the extent such loss results from the Issuer’s, the Revolving
Credit Note Agent’s, the Trustee’s or the Custodian’s fraud, gross negligence or willful misconduct.

 

    -8-

     

    

 

 

		(d)	The Trustee shall, at any time (including any time on or following any Prepayment Refund Date)
with respect to a Class A-R Prepayment Account, upon and pursuant to the written directions of the related Class A-R
Noteholder, withdraw all (or any portion) of the funds and other property (including any funds and other property in excess of
such Class A-R Noteholder’s Class A-R Commitment Amount, whether as a result of increased market value or otherwise)
standing to the credit of such Class A-R Noteholder’s Class A-R Prepayment Account, and direct the Custodian to
pay or transfer the same to such Class A-R Noteholder (or to such account or accounts as such Class A-R Noteholder shall
otherwise direct the Trustee in writing).

 

		(e)	So long as no Event of Default has occurred and is continuing, the Issuer (or the Collateral Manager
on behalf of the Issuer) shall have the right at any time to repay any Advance by delivering to the Revolving Credit Note Agent
and the relevant Class A-R Noteholders a notice (with a copy to the Trustee and the Collateral Manager, if not the notifying
party) (each, a “Notice of Repayment”) of a proposed repayment (which shall be in an amount equal to or greater
than the Minimum Repayment Amount) no later than 5:00 p.m. (New York City time) on the third Business Day prior to the proposed
repayment. Each of the Issuer and, if applicable, the Collateral Manager agrees that any Notice of Repayment delivered pursuant
to this Section 2.5(e) shall be transmitted to the Revolving Credit Note Agent and the relevant Class A-R Noteholders
by electronic mail (to the electronic mail address specified on the Revolving Credit Note Agent’s and such Class A-R
Noteholders’ respective signature pages to this Agreement) and shall specify the proposed repayment date (which shall
be a Business Day) and the amount of such proposed repayment. In the event any Notice of Repayment is not transmitted to the Revolving
Credit Note Agent and the Class A-R Noteholders until after 5:00 p.m. (New York City time) on a Business Day, it will
be treated as having been transmitted on the following Business Day for all purposes hereunder. The Trustee shall, on the proposed
repayment date and in accordance with Section 2.2(b) of this Agreement and Section 10.2(g) of the Indenture,
direct the Custodian to pay or transfer the amount of such proposed repayment from the Principal Collection Subaccount to each
Class A-R Noteholder in accordance with the wire instructions provided by such Class A-R Noteholder in the Subscription
Agreement pursuant to which it subscribed for the Class A-R Notes or such account or accounts as such Class A-R Noteholder
shall otherwise direct the Trustee in writing). Pursuant to Section 2.2(b), any repayment under this Section 2.5(e) shall
reduce the Outstanding Class A-R Funded Amount. Notwithstanding the foregoing, no Notice of Repayment shall be required in
connection with any repayment of the Outstanding Class A-R Funded Amount in connection with any Tax Redemption, with respect
to which (i) only the notice contemplated by Section 9.2(b) of the Indenture shall be required, and (ii) the
condition to repayment that no Event of Default has occurred and is continuing shall not apply.

 

		(f)	Upon three Business Days prior written notice (the “Substitution Notice”) by
any Class A-R Noteholder to the Trustee and the Collateral Manager specifying which Eligible Investments standing to the credit
of the Class A-R Prepayment Account of such Class A-R Noteholder are to be exchanged (and the principal amount and CUSIP
(if applicable) of the new Eligible Investments to be delivered), a Class A-R Noteholder may on any Business Day, at its own
expense, deposit into its Class A-R Prepayment Account substitute Eligible Investments and the Trustee shall, not later than
the Business Day following the date on which the Trustee receives such substitute Eligible Investments, transfer to such Class A-R
Noteholder the Eligible Investments specified in such written notice; provided that, the Trustee shall not transfer Eligible
Investments to any Class A-R Noteholder as specified in such written notice if and to the extent that such transfer would
cause the balance of such Class A-R Prepayment Account to decrease.

 

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	2.6.	Class A-R Note Interest

 

Eligible Investment Income received on
Eligible Investments standing to the credit of Class A-R Prepayment Accounts shall be payable to the applicable Holders of
the Class A-R Notes as and to the extent provided in the Indenture.

 

	3.	CONDITIONS PRECEDENT TO BORROWINGS

 

	3.1.	Conditions to Funding.

 

The obligation of any Class A-R Noteholder
to fund its Commitment Percentage of any Borrowing under Section 2.1 is subject to the following conditions:

 

		(a)	at the time of such Borrowing, the Commitment Termination Date shall not have occurred;

 

		(b)	no Borrowing Base Deficiency shall occur immediately following any such funding;

 

		(c)	the Indenture shall have been executed and delivered by each party thereto;

 

		(d)	no Event of Default shall have occurred and be continuing; and

 

		(e)	the amount of such Borrowing is equal to or greater than the Minimum Borrowing Amount.

 

	3.2.	Representations regarding Conditions.

 

Each Borrowing and the delivery of the
related Borrowing Request shall be deemed to constitute a representation and warranty by the Issuer on the date thereof that the
conditions specified in sub-sections (a) through (e) of Section 3.1 are satisfied.

 

	4.	ASSIGNMENTS

 

	4.1.	Assignment

 

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		(a)	Successors and Assigns; General Prohibition. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and permitted assigns. Except as provided in Section 7.1(b) hereof,
no Person other than the parties hereto, their respective successors and assigns and, to the extent expressly contemplated by the
Indenture, the Secured Parties as beneficiaries of the Grant of the Issuer provided for in the Indenture shall have any rights
under this Agreement. Neither this Agreement nor any right or obligation in or under this Agreement may be transferred (whether
by way of security or otherwise) or delegated by any party hereto. Any purported transfer that is not in compliance with this provision
will be void.

 

		(b)	Permitted Assignments of Class A-R Notes and Obligations under this Agreement.

 

		(i)	Subject to the requirements set forth in the Indenture with respect to transfers of Notes, a Class A-R
Noteholder may assign all of its rights and obligations hereunder (in whole but not in part) in respect of a specified Aggregate
Outstanding Amount of its Class A-R Notes to an assignee if (i) all conditions precedent to the transfer of the relevant
Class A-R Notes specified in the Indenture and in the legend on the Class A-R Note have been satisfied; (ii) the
transferee and transferor have complied with all the requirements set forth in the Indenture, including Section 2.5 of the
Indenture and any eligibility requirements for any Noteholder of Class A-R Notes; (iii) the representations set forth
on the transfer certificates or other documents required under the Indenture with respect to its acquisition of a Class A-R
Note are true with respect to such assignee; and (iv) the parties to such assignment shall have executed and delivered to
the Trustee a duly completed Assignment and Acceptance. Any such assignment by a Class A-R Noteholder shall be effected by
the execution and delivery to the Revolving Credit Note Agent of (A) a duly completed Assignment and Acceptance executed by
the transferee and any other items required under Section 2.5 of the Indenture and (B) the physical security representing
the Class A-R Notes to be transferred by the Class A-R Noteholder. Upon satisfaction of the conditions to such assignment,
(1) the Issuer shall execute (x) a new Class A-R Note in the name of the assignee; and (y) if the assigning
Class A-R Noteholder is retaining a portion of the Aggregate Outstanding Amount of its Class A-R Notes following such
transfer, a new Class A-R Note in the name of the assigning Class A-R Noteholder reflecting the portion so retained;
and (2) the Trustee shall authenticate and deliver such Class A-R Note(s) to the relevant Class A-R Noteholder(s).
From and after the Effective Date (as defined in the applicable Assignment and Acceptance), the Revolving Credit Note Agent shall
reflect the assignment of the Class A-R Notes in the Class A-R Note Register and shall direct the Trustee to make all
payments in respect of the assigned portion of the Class A-R Notes (including, without limitation, all payments of principal
and fees with respect thereto) to the new Class A-R Noteholder as reflected in the Class A-R Note Register. For avoidance
of doubt, in transferring all or a portion of a Class A-R Note to a transferee in accordance with this Section 4.1(b)(i),
such Class A-R Noteholder is simultaneously transferring an equivalent share of its then-existing Class A-R Commitment
Amount to such transferee.

 

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		(ii)	[Reserved].

 

		(iii)	[Reserved].

 

		(iv)	Notwithstanding any other provision of this Agreement, until the occurrence of the Repo Termination
Date, Murray Hill may not transfer any of its interests in the Class A-R Notes to any party other than any other party as
may be agreed to by UBS AG, London Branch.

 

		(v)	Notwithstanding any other provision of this Agreement, so long as no Event of Default has occurred
and is continuing, the Closing Date Holder may not transfer the Class A-R Notes without the prior written consent of the Issuer.

 

		(c)	Trustee and Revolving Credit Note Agent Duties in Respect of Assignments. The Trustee and
the Revolving Credit Note Agent shall have no obligation with respect to determining whether any transfer or assignment is permitted
hereunder and whether the representations set forth in any transfer certificate or other document are true with respect to it;
provided that, in the case of any such certificates or forms which by any provision of this Agreement are specifically required
to be furnished to the Trustee or the Revolving Credit Note Agent, the Trustee and the Revolving Credit Note Agent shall be under
a duty to examine the same to determine whether or not they substantially conform on their face to the requirements of this Agreement
(or the Indenture, as the case may be) and shall promptly notify the party delivering the same and the Collateral Manager if such
certificate or form does not conform.

 

	4.2.	Rights of Assignee under this Agreement

 

Upon any assignment in accordance with
Section 4.1(b), the assignee receiving such assignment shall be a party hereto and have all of the rights and obligations
of a Class A-R Noteholder hereunder with respect to its Class A-R Notes and all of the rights and obligations hereunder.
In addition, the related assigning Noteholder shall, to the extent of the interest assigned, be released from its obligations hereunder
(and, in the case of an Assignment and Acceptance covering all of the assigning Noteholder’s rights and obligations under
this Agreement and in respect of Class A-R Notes, such Noteholder shall cease to be a party hereto).

 

	4.3.	Notice of Assignment

 

Each Class A-R Noteholder that is
assigning any of its rights and obligations under this Agreement or any Class A-R Notes shall provide notice to the Revolving
Credit Note Agent, the Issuer, the Trustee and the Collateral Manager of such assignment of any interest in any Class A-R
Note or any of its rights or obligations under this Agreement.

 

	4.4.	Class A-R Note Register; Information

 

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		(a)	The Class A-R Note Registrar shall record in the Class A-R Note Register: (i) the
names and addresses of the Class A-R Noteholders, (ii) the Class A-R Commitment Amount of and Outstanding Class A-R
Funded Amount owing to each Class A-R Noteholder from time to time and (iii) the amounts (if any) that each Class A-R
Noteholder has deposited in a Class A-R Prepayment Account. The entries in the Class A-R Note Register shall be conclusive
and binding for all purposes (including as to the entitlement to exercise voting and other consensual rights), absent manifest
error, and the Issuer, the Trustee, the Revolving Credit Note Agent and the Class A-R Noteholders may treat each Person whose
name is recorded in the Class A-R Note Register as a Class A-R Noteholder hereunder for all purposes of this Agreement.
Neither the Revolving Credit Note Agent nor the Trustee shall have any liability for any failure or delay in making any payment
or providing any notice hereunder due to a failure of any Class A-R Noteholder to provide to the Revolving Credit Note Agent
or the Trustee contact information, payment instructions or any other information necessary for the distributions or notices required
hereunder.

 

		(b)	On each date that (i) a Borrowing is funded pursuant to the terms hereof, (ii) any Outstanding
Class A-R Funded Amount or Class A-R Prepayment Account or any interest therein is assigned to any other Person or (iii) the
Outstanding Class A-R Funded Amount is, or funds or other property on deposit in any Class A-R Prepayment Account are,
reduced or increased, a duly authorized officer, employee or agent of the Class A-R Note Registrar shall make appropriate
notations in the Class A-R Note Register of the amount of such Borrowing, assignment, reduction or increase, as applicable,
and the allocation of the amount of such Borrowing, assignment, reduction or increase, as applicable, among the Holders of the
Class A-R Notes, as applicable, and shall promptly report the same to the Trustee for notation in its records.

 

		(c)	The Class A-R Note Registrar will, promptly following a request from the Trustee, provide
such information to the Trustee regarding the date and amount of each Borrowing and any other information pertinent to the performance
by the Trustee of its duties under the Indenture as the Trustee may reasonably request.

 

	5.	REPRESENTATIONS AND WARRANTIES

 

	5.1.	Representations and Warranties of the Issuer

 

The Issuer hereby represents and warrants
to each Class A-R Noteholder as follows:

 

		(a)	it has full power and authority, and has taken all limited liability company action necessary,
to execute and deliver this Agreement and to fulfill its obligations under, and consummate the transactions contemplated by, this
Agreement;

 

		(b)	the execution, delivery and performance by it of this Agreement and all documents required to be
executed and delivered by it hereunder do not and will not violate in any material respect any law or regulation of the jurisdiction
of its organization or any other law or regulation applicable to it or any material agreement to which it is a party or is bound
or subject;

 

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		(c)	this Agreement has been duly executed and delivered by it and constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency,
moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles
of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)); and

 

		(d)	all approvals and authorizations of, all filings with, and all actions by, any governmental or
other administrative or judicial authority necessary for the validity or enforceability of its obligations under this Agreement
have been obtained.

 

	5.2.	Representations and Warranties of each Class A-R Noteholder

 

Each Class A-R Noteholder hereby represents
and warrants to the Issuer as follows:

 

		(a)	it has full power and authority, and has taken all action necessary, to execute and deliver this
Agreement and to fulfill its obligations under, and consummate the transactions contemplated by, this Agreement;

 

		(b)	the execution, delivery and performance by it of this Agreement and all documents required to be
executed and delivered by it hereunder do not and will not violate any law or regulation of the jurisdiction of its organization
or any other law or regulation applicable to it;

 

		(c)	this Agreement has been duly executed and delivered by it and constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency,
moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles
of general application (regardless of whether enforcement is sought in a proceeding in equity or at law));

 

		(d)	all approvals and authorizations of, all filings with and all actions by any governmental or other
administrative or judicial authority necessary for the validity or enforceability of its obligations under this Agreement have
been obtained;

 

		(e)	on the date on which it becomes a party to this Agreement (whether on the date hereof or thereafter
pursuant to Section 4), all representations set forth in the transfer certificates or other documents required under the Indenture
with respect to its acquisition of a Class A-R Note and the Assignment and Acceptance, as applicable, are true with respect
to it; and

 

		(f)	such Class A-R Noteholder has delivered to the Issuer (or shall promptly deliver upon request
by the Trustee or the Issuer) an investor letter and certification (generally, an Internal Revenue Service Form W-9 (or applicable
successor form) in the case of a person that is a “United States person” within the meaning of Section 7701(a)(30)
of the Code or an Internal Revenue Service Form W-8 (or applicable successor form) in the case of a person that is not a “United
States person” within the meaning of Section 7701(a)(30) of the Code) in a form satisfactory to the Issuer, each duly
executed and completed.

 

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	6.	THE REVOLVING CREDIT NOTE AGENT

 

		(a)	The Issuer hereby irrevocably appoints the Revolving Credit Note Agent as its agent hereunder and
under the Indenture as provided herein.

 

		(b)	The Revolving Credit Note Agent shall not have any duties or obligations except those expressly
set forth herein and in the Indenture. Without limiting the generality of the foregoing, (i) the Revolving Credit Note Agent
shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing,
(ii) the Revolving Credit Note Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers and (iii) the Revolving Credit Note Agent shall not have any duty to disclose, and shall not be liable for the failure
to disclose, any information relating to the Issuer or any of its subsidiaries that is communicated to or obtained by the bank
serving as Revolving Credit Note Agent or any of its Affiliates in any capacity. The Revolving Credit Note Agent shall not be liable
for any action taken or not taken by it with the consent or at the request of the Issuer or in the absence of its own fraud, gross
negligence or willful misconduct. The Revolving Credit Note Agent shall be deemed not to have knowledge of any Event of Default
unless and until written notice thereof is given to the Revolving Credit Note Agent by the Issuer or a Class A-R Noteholder,
and the Revolving Credit Note Agent shall not be responsible for or have any duty to ascertain or inquire into (A) any statement,
warranty or representation made in or in connection with this Agreement, (B) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (C) the performance or observance of any
of the covenants, agreements or other terms or conditions set forth herein or therein, (D) the validity, enforceability, effectiveness
or genuineness of this Agreement or any other agreement, instrument or document, (E) the satisfaction of any condition set
forth in Section 3 or elsewhere herein or therein, other than (in each case) to confirm receipt of items expressly required
to be delivered to the Revolving Credit Note Agent, or (F) whether the Repo Termination Date has occurred.

 

		(c)	The Revolving Credit Note Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, in the absence of bad faith on its part, any notice, request, certificate, consent, statement, instrument, document
or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Revolving Credit Note Agent
also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall
not incur any liability for relying thereon. The Revolving Credit Note Agent may consult with legal counsel (who may be counsel
for the Issuer), independent accountants and other experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or experts.

 

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		(d)	The Revolving Credit Note Agent may perform any and all of its duties and exercise its rights and
powers by or through any one or more sub-agents appointed by the Revolving Credit Note Agent. The Revolving Credit Note Agent and
any such sub-agent may perform any and all of its duties and exercise its rights and powers through their respective Related Parties.
The exculpatory provisions of the preceding sub-sections shall apply to any such sub-agent and to the Related Parties of the Revolving
Credit Note Agent and any such sub-agent; provided that, the Revolving Credit Note Agent shall not be relieved of any of
its obligations hereunder by virtue of any appointment of a sub-agent.

 

		(e)	Subject to the appointment and acceptance of a successor Revolving Credit Note Agent as provided
in this sub-section (e), the Revolving Credit Note Agent may resign at any time by notifying the Issuer (with a copy to the Collateral
Manager). Upon any such resignation, the Issuer (or the Collateral Manager on the Issuer’s behalf) shall appoint a successor
Revolving Credit Note Agent meeting the requirements set forth below. If no successor shall have been so appointed by the Issuer
and shall have accepted such appointment within 30 days after the retiring Revolving Credit Note Agent gives notice of its resignation,
then the retiring Revolving Credit Note Agent may, on behalf of the Issuer, petition a court of competent jurisdiction for the
appointment of a successor Revolving Credit Note Agent. Any successor Revolving Credit Note Agent shall be a bank with an office
in New York City or an Affiliate of any such bank having a combined capital and surplus of at least U.S.$200,000,000, having a
credit rating of “BBB+” or better by S&P and “Baa1” or better by Moody’s (and if rated “Baal”,
such rating not on watch for downgrade). Upon the acceptance of its appointment as Revolving Credit Note Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Revolving
Credit Note Agent and the retiring Revolving Credit Note Agent shall be discharged from its duties and obligations hereunder. The
fees payable by the Issuer to a successor Revolving Credit Note Agent (including a successor appointed pursuant to the last sentence
of this sub-section (e)) shall be the same as those payable to its predecessor unless otherwise agreed between the Issuer and such
successor. After the Revolving Credit Note Agent’s resignation hereunder, the provisions of Section 2.4(c) and
this Section 6 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while
it was acting as Revolving Credit Note Agent. Notwithstanding the foregoing, the Revolving Credit Note Agent may resign its duties
hereunder without any requirement that a successor Revolving Credit Note Agent be obligated hereunder and without any liability
for further performance of any duties hereunder upon at least 60 days prior written notice to the Issuer of termination upon the
occurrence of any of the following events and the failure to cure such event within such 60-day notice period: (i) failure
of the Issuer to pay any of the Revolving Credit Note Agent Expenses or (ii) failure of the Issuer to provide any indemnity
payment or expense reimbursement to the Revolving Credit Note Agent required under this Agreement upon the receipt by the Issuer
of a written request for such payment or reimbursement, in each case, when funds are available therefor in the Expense Account.
Upon receipt of any such resignation notice, the Issuer (or the Collateral Manager on the Issuer’s behalf) shall appoint
a successor Revolving Credit Note Agent meeting the requirements set forth above and shall use its reasonable best efforts to effect
such appointment within such notice period.

 

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		(f)	Every successor Revolving Credit Note Agent appointed hereunder shall execute, acknowledge and
deliver to the Issuer and the retiring Revolving Credit Note Agent an instrument accepting such appointment. Upon delivery of the
required instrument, the resignation or removal of the retiring Revolving Credit Note Agent shall become effective and such successor
Revolving Credit Note Agent, without any other act, deed or conveyance, shall become vested with all the rights, powers, duties
and obligations of the retiring Revolving Credit Note Agent; provided that, upon request of the Issuer or the successor Revolving
Credit Note Agent, such retiring Revolving Credit Note Agent shall, upon payment of its fees and expenses then unpaid, execute
and deliver an instrument transferring to such successor Revolving Credit Note Agent all the rights, powers and trusts of the retiring
Revolving Credit Note Agent.

 

		(g)	Each Class A-R Noteholder acknowledges that it has, independently and without reliance upon
the Revolving Credit Note Agent or any other Person and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement. Each Class A-R Noteholder also acknowledges that it will,
independently and without reliance upon the Revolving Credit Note Agent or any other Person and based on such documents and information
as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement or any related agreement or any document furnished hereunder.

 

		(h)	The Revolving Credit Note Agent shall be obligated only for the performance of such duties as are
specifically set forth in this Agreement and may rely and shall be protected in acting or refraining from acting on any written
notice, request, waiver, consent or instrument reasonably believed by it to be genuine and to have been signed or presented by
the proper party or parties. The Revolving Credit Note Agent may exercise any of its rights or powers hereunder or perform any
of its duties hereunder either directly or by or through agents or attorneys, and the Revolving Credit Note Agent shall not be
responsible for any misconduct or negligence on the part of any non-affiliated appointed agent, or non-affiliated attorney, appointed
hereunder with due care by it.

 

		(i)	Anything in this Agreement notwithstanding, in no event shall the Revolving Credit Note Agent be
liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Revolving Credit Note Agent has been advised of such loss or damage and regardless of the form of action.

 

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		(j)	No provision of this Agreement shall be construed to relieve the Revolving Credit Note Agent from
liability for its own fraud, gross negligence or willful misconduct, except that (i) this subsection shall not be construed
to limit the effect of sub-sections (b) and (c) of this Section 6; (ii) the Revolving Credit Note Agent shall
not be liable for any error of judgment made in good faith by an Officer, unless it shall be proven that the Revolving Credit Note
Agent was grossly negligent in ascertaining the pertinent facts; and (iii) no provision of this Agreement shall require the
Revolving Credit Note Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

		(k)	The Revolving Credit Note Agent shall not be accountable for the use by the Issuer of the proceeds
from the Class A-R Notes, shall not be responsible for any statement of the Issuer or a Class A-R Noteholder in this
Agreement or the Indenture or in any document issued in connection with the sale of the Class A-R Notes and shall in no event
assume or incur any liability, duty or obligation to any Class A-R Noteholder. Under no circumstances shall the Revolving
Credit Note Agent be liable for indebtedness evidenced by or arising under the Indenture or any related documents, including the
amounts payable on the Class A-R Notes.

 

		(l)	Notwithstanding anything in this Agreement to the contrary, the Revolving Credit Note Agent shall
not be responsible for enforcing the provisions of this Agreement (including collection actions hereunder) against any Class A-R
Noteholder at any time.

 

		(m)	The Revolving Credit Note Agent shall have all of the rights, benefits, protections, indemnities
and immunities afforded to the Trustee under the Indenture, including Article 6 thereof, provided, that the foregoing
shall not impose on the Revolving Credit Note Agent any duties or standards of care (including a duty to act as a prudent person)
of the Trustee.

 

		(n)	The provisions of this Section 6 shall survive the termination of this Agreement and the resignation
or removal of the Revolving Credit Note Agent.

 

	7.	MISCELLANEOUS

 

	7.1.	Waivers; Amendments; Etc.

 

		(a)	No Deemed Waivers; Remedies Cumulative. No failure or delay by any party hereto in exercising
any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof
or the exercise of any other right or power. The rights and remedies of the parties to this Agreement hereunder are cumulative
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or
consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by Section 7.1(b),
and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting
the generality of the foregoing, the funding of a Borrowing shall not be construed as a waiver of any Event of Default, regardless
of whether the Revolving Credit Note Agent or any Class A-R Noteholder may have had notice or knowledge of such Event of Default
at the time.

 

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		(b)	Amendments. Neither this Agreement nor any provision hereof may be waived, amended or modified
except pursuant to an agreement or agreements in writing entered into by the Issuer and the Class A-R Noteholders or by the
Issuer and the Revolving Credit Note Agent with the consent of the Class A-R Noteholders; provided that, no such agreement
shall amend, modify or otherwise affect the (i) rights or duties of the Revolving Credit Note Agent or the Trustee hereunder
without the prior written consent of the Revolving Credit Note Agent or the Trustee, as the case may be; or (ii) rights or
duties of the Collateral Manager hereunder or under the Collateral Management Agreement or the Indenture without the prior written
consent of the Collateral Manager.

 

		(c)	Third Party Beneficiaries. Each covenant and other agreement under this Agreement stated
to be owing by any party hereto to the Collateral Manager is expressly intended to be made for the benefit of the Collateral Manager,
and the Collateral Manager is an express third party beneficiary of each such covenant or other agreement and is entitled to enforce
each such covenant or agreement (without regard to any modification thereof which is adverse to the Collateral Manager) without
any act or notice of acceptance hereof or reliance hereon, all as if the Collateral Manager were a party hereto.

 

	7.2.	Notices, Etc.

 

All notices and other communications under
or in connection with this Agreement shall be given or made in writing (including by telex) to the intended recipient at its “Address
for Notices” specified under its signature hereto or in its Assignment and Acceptance; or, as to any party (including the
Collateral Manager), at such other address as shall be set forth in Section 14.3 of the Indenture or as shall be designated
by such party in a notice to each other party. The Revolving Credit Note Agent shall (a) forward any Notices received by the
Revolving Credit Note Agent under the Indenture to each Class A-R Noteholder; and (b) promptly (and in any event within
one Business Day after receipt of the information) notify the Collateral Manager if any existing Class A-R Noteholder disposes
of its Class A-R Notes or any additional Class A-R Noteholder acquires any Class A-R Notes (together with the notice
details for Notices of Borrowing for such additional Class A-R Noteholder) such that the Collateral Manager has the information
that it requires with respect to the Class A-R Noteholders in order to deliver Notices of Borrowing on behalf of the Issuer.

 

	7.3.	Captions

 

The captions and section headings appearing
herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this
Agreement.

 

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		7.4.	Governing Law; Jurisdiction; Venue

 

This Agreement shall be construed in accordance
with, and this Agreement and any matters arising out of or relating in any way whatsoever to this Agreement (whether in contract,
tort or otherwise), shall be governed by, the law of the State of New York.

 

With respect to any suit, action or proceedings
relating to this Agreement or any matter between the parties arising under or in connection with this Agreement (“Proceedings”),
each party irrevocably: (a) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting
in the Borough of Manhattan and the United States District Court for the Southern District of New York, and any appellate court
from any thereof; and (b) waives any objection which it may have at any time to the laying of venue of any Proceedings brought
in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right
to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement
precludes any party from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

 

		7.5.	Consent to Service of Process

 

Each party to this Agreement irrevocably
consents to service of process by personal delivery, certified mail, postage prepaid or overnight courier. Nothing in this Agreement
will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

		7.6.	Waiver of Jury Trial

 

EACH PARTY HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING. Each party
hereby (a) certifies that no representative, agent or attorney of any other has represented, expressly or otherwise, that
such other would not, in the event of a Proceeding, seek to enforce the foregoing waiver; and (b) acknowledges that it has
been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph.

 

		7.7.	Execution in Counterparts

 

This Agreement (and each amendment, modification
and waiver in respect of this Agreement) may be executed and delivered in any number of counterparts (including by e-mail (PDF))
or electronic transmission (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 identified by the Issuer and reasonably available
at no undue burden or expense to the Trustee and the Revolving Credit Note Agent), each of which shall be deemed an original and
all of which, taken together, shall constitute one and the same instrument, and each of the parties hereto may execute this Agreement
by signing any such counterpart. Delivery of an executed counterpart of this Agreement by e-mail (PDF) shall be deemed to constitute
due and sufficient delivery of such counterpart. The Trustee and the Revolving Credit Note 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.

 

    -20-

     

    

 

		7.8.	Tax Treatment of Notes

 

Section 7.15 of the Indenture applies
to the Class A-R Notes and sets forth the relevant tax treatment of the Class A-R Notes for U.S. federal (and applicable
state and local) tax purposes.

 

		7.9.	Transfer Taxes

 

Any applicable stamp duties or other transfer
taxes and duties (including notarial fees) and any costs attributable to the sale and purchase of the Class A-R Notes shall
be payable by the Issuer in accordance with the Priority of Payments.

 

		7.10.	Severability

 

If any term, provision, covenant or condition
of this Agreement, or the application thereof to any party hereto or any circumstance, is held to be unenforceable, invalid or
illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and conditions
of this Agreement, modified by the deletion of the unenforceable, invalid or illegal portion (in any relevant jurisdiction), will
continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise affect the enforceability,
validity or legality of the remaining terms, provisions, covenants and conditions of this Agreement, so long as this Agreement,
as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof
and the deletion of such portion of this Agreement, will not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties.

 

		7.11.	Further Assurances

 

Each of the Issuer and each Class A-R
Noteholder hereby agrees to execute and deliver such other instruments, and take such other actions, as the other parties may reasonably
request in connection with the transactions contemplated by this Agreement.

 

		7.12.	Limited Recourse, Non-Petition as to the Issuer

 

The Class A-R Notes will be limited
recourse debt obligations of the Issuer, and all obligations of the Issuer under this Agreement are limited-recourse obligations
of the Issuer, and are payable solely from the Collateral Granted by the Issuer to secure the Notes in accordance with the Priority
of Payments and, following the exhaustion of the Collateral under the Indenture, all obligations of and claims against the Issuer
hereunder or arising in connection herewith shall be extinguished and shall not thereafter revive. None of the Collateral Manager,
the Trustee or the Collateral Administrator or any incorporator, stockholder, affiliate, officer, member, manager, partner, employee
or director of the Issuer, the Collateral Manager, the Trustee or the Collateral Administrator, or any of their respective affiliates
or any other Person will be obligated to make payments on the Class A-R Notes or hereunder. No recourse shall be had against
any officer, member, director, employee, securityholder or incorporator of the Issuer or its successors or assigns for the payment
of any amounts payable under the Class A-R Notes or this Agreement. Notwithstanding any provision of this Agreement, each
Class A-R Noteholder hereby agrees not to cause the filing of a petition in bankruptcy, reorganization, arrangement, insolvency,
moratorium or liquidation proceedings or other proceedings under any law or jurisdiction against the Issuer before 366 days have
elapsed or, if longer, the applicable preference period then in effect (plus one day) after the payment in full of all Notes issued
under the Indenture. The provisions of this Section 7.12 shall survive the termination of this Agreement.

 

    -21-

     

    

 

		7.13.	Rights of Trustee

 

In executing and performing its duties
under this Agreement, the Trustee shall have all the rights, benefits, protections, indemnities and immunities afforded to it under
the Indenture, including Article 6 thereof.

 

    -22-

     

    

 

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

 

MURRAY HILL FUNDING II,
LLC,

as Issuer

 

	By:	/s/ Michael A. Reisner	 
	 	Name: Michael A. Reisner	 
	 	Title: Co-Chief Executive Officer	 

 

Address for Notices:

 

Murray Hill Funding II, LLC

3 Park Avenue, 36th Floor

New York, NY 10016

 

Attention:                  Keith
Franz

Telephone no.:          212
418 4710

Email:                        kfranz@cioninvestments.com

 

    

     

    

 

U.S. BANK NATIONAL ASSOCIATION,

as Revolving Credit Note Agent

 

	By:	/s/ Ralph J. Creasia, Jr	 
	 	Name: Ralph J. Creasia, Jr.	 
	 	Title: Senior Vice President	 

 

Address for Notices:

 

One Federal Street, Third Floor

Boston, MA 02110

Attention: Global Corporate Trust – Murray Hill Funding II, LLC

Email: gayle.filomia@usbank.com

 

    

     

    

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

	By:	/s/ Ralph J. Creasia, Jr	 
	 	Name: Ralph J. Creasia, Jr.	 
	 	Title: Senior Vice President	 

 

Address for Notices:

 

One Federal Street, Third Floor

Boston, MA 02110

Attention: Global Corporate Trust – Murray Hill Funding II, LLC

Email: gayle.filomia@usbank.com

 

ABS #: 091000022

Account #: 1047-9304-8323

Account Name: Murray Hill Funding II LLC

Reference: Murray Hill Funding II LLC

 

    

     

    

 

UBS AG, LONDON BRANCH,

as the Class A-R Noteholder

 

	By:	/s/ Simon Gray	 
	 	Name: Simon Gray	 
	 	Title: Authorized Signatory	 

 

	By:	/s/ Owen Ticli	 
	 	Name: Owen Ticli	 
	 	Title: Authorized Signatory	 

 

Address for Notices:

 

1285 Avenue of the America

New York, NY 10019-6064

Tel: (203) 719-1611

Email: OL-StructuredFinancing-Group@ubs.com

 

MURRAY HILL FUNDING, LLC

 

	By:	/s/ Michael A. Reisner	 
	 	Name: Michael A. Reisner	 
	 	Title: Co-Chief Executive Officer	 

 

Address for Notices:

 

Murray Hill Funding II, LLC

3 Park Avenue, 36th Floor

New York, NY 10016

 

Attention:                  Keith
Franz

Telephone no.:          212
418 4710

Email:  kfranz@cioninvestments.com

 

    

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF BORROWING

 

[DATE]

 

U.S. BANK NATIONAL ASSOCIATION,

One Federal Street, Third Floor

Boston, MA 02110

Attention: Global Corporate Trust – Murray Hill Funding II, LLC

Email: gayle.filomia@usbank.com

 

[Insert Notice Details for each current Class A-R Noteholder]

 

Ladies and Gentlemen:

 

Reference is hereby made to (i) that
certain Second Amended and Restated Indenture, dated as of December 17, 2020 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Indenture”), between Murray Hill Funding, II, LLC, a Delaware
limited liability company (the “Issuer”), and U.S. Bank National Association, as Trustee and as Bank; and (ii) that
certain Revolving Credit Note Agreement, dated as of December 17, 2020 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Agreement”), between the Issuer, certain other parties, U.S. Bank
National Association, as Revolving Credit Note Agent and the Trustee. Terms defined in the Indenture or the Agreement and used
herein shall have the meanings given such terms in the Indenture or the Agreement.

 

The Issuer hereby gives you notice, irrevocably,
pursuant to Section 2.1(b) of the Agreement that the Issuer hereby requests a Borrowing under the Agreement (the “Proposed
Borrowing”) and, in that connection, sets forth below the information relating to such Proposed Borrowing as required
pursuant to the terms of the Agreement:

 

		(a)	The Proposed Borrowing is a Cut-off Date [(Long)] [(Short)] Borrowing.

 

		(b)	The Business Day of the Proposed Borrowing is [______].

 

		(c)	The aggregate principal amount of the Proposed Borrowing is U.S.$[______].

 

		(d)	The aggregate principal amount of the Proposed Borrowing is greater than or equal to the Minimum
Borrowing Amount.

 

		(e)	The total amount of outstanding Borrowings after giving effect to the Proposed Borrowing is U.S.$[___________].

 

		(f)	The total amount of the Remaining Unfunded Facility Commitment after giving effect to the Proposed
Borrowing is U.S.$[___________].

 

    A-1

     

    

 

Payment shall be made by wire transfer
to the Trustee pursuant to the following wire transfer instructions:

 

[INSERT PAYMENT INSTRUCTIONS]

 

The submission of this notice constitutes
a certification of the Issuer that the conditions to such Borrowing set forth in Section 3 of the Agreement have been satisfied
or waived by each Class A-R Noteholder as of the date of the Proposed Borrowing.

 

MURRAY HILL FUNDING II,
LLC

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    A-2

     

    

 

EXHIBIT B

 

FORM OF ASSIGNMENT AND ACCEPTANCE

 

[DATE]

 

ASSIGNMENT AND ACCEPTANCE, dated [________]
(the “Assignment and Acceptance”), among _____________________ (“Assignor”) and _____________________
(“Assignee”).

 

Reference is hereby made to (i) that
certain Second Amended and Restated Indenture, dated as of December 17, 2020 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Indenture”), between Murray Hill Funding, II, LLC, a Delaware
limited liability company (the “Issuer”), and U.S. Bank National Association, as Trustee and as Bank; and (ii) that
certain Revolving Credit Note Agreement, dated as of December 17, 2020 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Agreement”), between the Issuer, certain other parties, U.S. Bank
National Association, as Revolving Credit Note Agent and the Trustee. Terms defined in the Indenture or the Agreement and used
herein shall have the meanings given such terms in the Indenture or the Agreement.

 

Assignor hereby sells and assigns, without
recourse, to Assignee, and Assignee hereby purchases and assumes, without recourse, from Assignor, effective as of the Effective
Date (as defined below), a [_____]% interest (the “Assigned Interest”) in all of Assignor’s rights and
obligations under the Agreement, the Indenture and under any other Transaction Documents, and in the interests in the Class A-R
Notes of Assignor in existence on the Effective Date, together with the rights of Assignor to payment in respect of outstanding
principal relating to such Assigned Interest. The Outstanding Class A-R Funded Amount allocated to the Assigned Interest is
U.S.$[______].

 

Each of Assignor and Assignee hereby agrees
to be bound by all the agreements set forth in the Indenture or the Agreement (including Section 4.1 of the Agreement), a
copy of each of which has been received by each such party. From and after the Effective Date, (i) Assignee shall be a party
to and be bound by the provisions of the Agreement and the Indenture and, to the extent of the interests assigned pursuant to this
Assignment and Acceptance, have the rights and obligations of a Class A-R Noteholder thereunder, and (ii) to the extent
of the interests assigned by this Assignment and Acceptance, Assignor hereby relinquishes its rights and is released from its obligations
under the Agreement.

 

Assignor hereby represents and warrants
that the Assigned Interest to be sold hereby is owned by Assignor free and clear of any liens, claims or encumbrances created or
suffered to exist by Assignor. Except as otherwise set forth in the foregoing sentence, or as otherwise agreed in writing by Assignor,
Assignor makes no representation or warranty and assumes no responsibility with respect to (i) any statements, representations
or warranties made in or in connection with the Agreement, any Class A-R Note or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Agreement or any Class A-R Note, or (ii) the business condition (financial or
otherwise), operations, properties or prospects of the Issuer, the Collateral Manager or any Affiliate of any thereof or the performance
or observance by any party of any of its obligations under the Indenture, the Agreement or otherwise.

 

    B-1

     

    

 

Assignee hereby (i) confirms that
it has received a copy of the Agreement, the Indenture, and such other documents and information requested by it, and that it has,
independently and without reliance upon the Trustee, the Revolving Credit Note Agent, the Collateral Manager, the Assignor, or
any other Person, and based on such documentation and information as it has deemed appropriate, made its own decision to enter
into this Assignment and Acceptance; (ii) agrees that it shall, independently and without reliance upon the Trustee, the Revolving
Credit Note Agent, the Collateral Manager, the Assignor, or any other Person and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement;
(iii) confirms that it satisfies the eligibility requirements for any Noteholder of Class A-R Notes set forth in the
Indenture and that the representations set forth in the transfer certificates or other documents required under the Indenture with
respect to its acquisition of a Class A-R Note are true with respect to it; (iv) makes each representation and warranty
set forth in Section 5.2 of the Agreement as if set out in full herein, each of which is true and correct on and as of the
date hereof; (v) agrees that it shall perform in accordance with their terms all of the obligations that by the terms of the
Agreement and the Indenture are required to be performed by it as a Class A-R Noteholder; (vi) specifies as its address
for notices the office set forth below; and (vii) in the event that Assignee is organized under the laws of a jurisdiction
other than the United States or a state thereof, represents and warrants that attached to this Assignment and Acceptance are the
forms and certificates required pursuant to Section 2.5 of the Indenture, accurately completed and duly executed, pursuant
to which forms and certificates each of the Issuer and the Trustee may make payments to, and deposit funds to or for the account
of, Assignee hereunder and under the Indenture without any deduction or withholding for or on account of any tax.

 

The effective date for this Assignment
and Acceptance shall be the later of (A) the date on which the Revolving Credit Note Agent confirms that this Assignment and
Acceptance on its face satisfies the requirements of the Agreement, and (B) [__________ _____, 20__] (the later of such dates
being the “Effective Date”).

 

Each of the Assignor and the Assignee hereby
agrees that the Trustee, the Revolving Credit Note Agent, the Issuer and the Collateral Manager are third-party beneficiaries of
this Assignment and Acceptance.

 

From and after the Effective Date, the
Revolving Credit Note Agent shall reflect the assignment of the Assigned Interest hereunder in the Class A-R Note Register
and shall direct the Trustee to make all payments in respect of the Assigned Interests assigned hereby (including, without limitation,
all payments of principal and fees with respect thereto) to Assignee as reflected in the Class A-R Note Register. Assignor
and Assignee shall make all appropriate adjustments in payments under the Agreement and the Assigned Interests for periods prior
to the Effective Date directly between themselves.

 

This Assignment and Acceptance shall be
construed in accordance with, and this Assignment and Acceptance and any matters arising out of or relating in any way whatsoever
to this Assignment and Acceptance (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York.

 

Legal Name of Assignor:

 

    B-2

     

    

 

Legal Name of Assignee:

 

Registered Name on Class A-R Note:

 

[Federal Tax Identification Number of Assignee:]

 

Assignee’s Address for Notices:

 

[Address]

[Telephone]

[Email]

 

Assignee’s Wiring Instructions:

 

[_____]

 

A.            Immediately
after giving effect to this Assignment and Acceptance, the aggregate Outstanding Class A-R Funded Amount of Assignee’s
interest in the Class A-R Note is U.S.$[______] and its Class A-R Commitment Amount is U.S.$[______].

 

B.            Immediately
after giving effect to this Assignment and Acceptance, the aggregate Outstanding Class A-R Funded Amount of Assignor’s
interest in the Class A-R Note is U.S.$[______] and its Class A-R Commitment Amount is U.S.$[______].

 

	[ASSIGNOR]	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 

 

	[ASSIGNEE]	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Attachment: Duly endorsed certificate representing the Class A-R
Note

 

    B-3Exhibit 10.3

 

REGULATION S CERTIFICATED NOTE

representing

CLASS A-R NOTES DUE 2027

 

THIS NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO A
PERSON (1) THAT IS A “QUALIFIED PURCHASER” (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE “INVESTMENT COMPANY ACT”) AND THE RULES THEREUNDER) OR AN ENTITY BENEFICIALLY OWNED EXCLUSIVELY
BY QUALIFIED PURCHASERS (AS DEFINED FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT), (2) THAT IS
(X) A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT, AS AMENDED
(“RULE 144A”)) OR (Y) AN “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A) OF
REGULATION D UNDER THE SECURITIES ACT, AS AMENDED) WHO IS PURCHASING THIS NOTE IN A NON-PUBLIC TRANSACTION, (3) THAT
WAS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE ISSUER (EXCEPT WHEN EACH BENEFICIAL OWNER OF THE HOLDER IS A QUALIFIED PURCHASER),
(4) THAT HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL OWNERS WHEN THE HOLDER IS A PRIVATE INVESTMENT COMPANY FORMED
BEFORE APRIL 30, 1996, (5) THAT IS NOT A BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION
IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND (6) THAT IS NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(i)(D) OR
(A)(1)(i)(E) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (A)(1)(i)(F) OF RULE 144A THAT HOLDS
THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN OR (B) TO
A PERSON THAT IS NOT A “U.S. PERSON” (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), AND IS NOT
ACQUIRING A BENEFICIAL INTEREST HEREIN FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATION AND OTHER REQUIREMENTS SPECIFIED IN THE
INDENTURE AND THE REVOLVING CREDIT NOTE AGREEMENT REFERRED TO HEREIN AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY
APPLICABLE JURISDICTION. THE ISSUER OF THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE INVESTMENT COMPANY ACT.

 

THE ISSUER, OR ON ITS BEHALF, THE COLLATERAL
MANAGER, HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY BENEFICIAL OWNER OF AN INTEREST IN THIS NOTE THAT IS A U.S. PERSON AND
IS NOT BOTH (A) A “QUALIFIED PURCHASER” OR AN ENTITY BENEFICIALLY OWNED EXCLUSIVELY BY QUALIFIED PURCHASERS
(AS DEFINED FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT) AND (B)(1) A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (2) AN “ACCREDITED INVESTOR”
(AS DEFINED IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT, AS AMENDED) WHO IS PURCHASING THIS NOTE IN
A NON-PUBLIC TRANSACTION TO SELL ITS INTEREST IN THE NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER.

 

    1

     

    

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE
WILL BE REQUIRED OR DEEMED TO REPRESENT AND WARRANT THAT (A) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR AN INTEREST
HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”) OR THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND (B) IF
IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN, (X) IT IS NOT, AND FOR SO LONG
AS IT HOLDS THIS NOTE OR INTEREST HEREIN WILL NOT BE, SUBJECT TO ANY Federal, State, local, non-U.S. or other law or regulation
that could cause the underlying assets of the Issuer to be treated as assets of the investor in any Note (or any interest therein)
by virtue of its interest and thereby subject the Issuer and the Collateral Manager (or other Persons responsible for the investment
and operation of the Issuer’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited
transaction provisions contained in Title I of ERISA or Section 4975 of the Code and (y) ITS ACQUISITION, HOLDING AND
DISPOSITION OF THIS NOTE OR AN INTEREST HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY STATE, LOCAL, OTHER
FEDERAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975
OF THE CODE.

 

TRANSFERS OF THIS NOTE SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE AND THE REVOLVING CREDIT NOTE AGREEMENT REFERRED
TO HEREIN.

 

THE FAILURE TO PROVIDE THE ISSUER, THE
TRUSTEE OR ANY PAYING AGENT WITH THE PROPERLY COMPLETED AND SIGNED APPLICABLE TAX CERTIFICATIONS (GENERALLY, IN THE CASE OF
U.S. FEDERAL INCOME TAX, AN INTERNAL REVENUE SERVICE FORM W-9 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT
IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE OR THE APPROPRIATE INTERNAL
REVENUE SERVICE FORM W-8 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON”
WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE) OR THE FAILURE TO MEET ITS NOTEHOLDER REPORTING OBLIGATIONS MAY RESULT
IN WITHHOLDING FROM PAYMENTS IN RESPECT OF SUCH NOTE, INCLUDING U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING.

 

    2

     

    

 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE OR AN INTEREST IN THIS NOTE WILL BE REQUIRED TO PROVIDE ANY INFORMATION AS IS NECESSARY (IN THE SOLE DETERMINATION OF THE
ISSUER, THE TRUSTEE AND ANY PAYING AGENT) FOR THE ISSUER, THE TRUSTEE AND ANY PAYING AGENT TO DETERMINE THEIR OBLIGATIONS UNDER
FATCA (AS DEFINED IN THE INDENTURE REFERRED TO HEREIN (OR ANY INTERGOVERNMENTAL AGREEMENT ENTERED INTO IN CONNECTION THEREWITH)
OR ANY SIMILAR LAW.

 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE AGREES TO TREAT THIS NOTE FOR UNITED STATES FEDERAL, STATE AND LOCAL INCOME, SINGLE BUSINESS AND FRANCHISE TAX PURPOSES AS
AN EQUITY INTEREST IN THE ISSUER.

 

    3

     

    

 

MURRAY HILL FUNDING II, LLC

 

REGULATION S CERTIFICATED NOTE

representing

CLASS A-R NOTES DUE 2027

 

Up to US$50,000,000

 

December 17, 2020

 

CUSIP No.: U6173P AC3

 

ISIN No.: USU6173PAC33

 

Murray Hill Funding II,
LLC, a Delaware limited liability company (the “Issuer”), for value received, hereby promise to pay to UBS
AG, London BrancH (the “Class A-R Noteholder”), or registered assigns, upon presentation and surrender
of this Class A-R Note (except as otherwise permitted by the Indenture and the Revolving Credit Note Agreement referred to
below), the principal sum of up to FIFTY MILLION UNITED STATES DOLLARS (US$50,000,000) or such other principal sum as is equal
to the Class A-R Noteholder’s applicable portion of the Outstanding Class A-R Funded Amount and any portion of
the Class A-R Noteholder’s Class A-R Commitment Amount on deposit in the Class A-R Noteholder’s Class A-R
Prepayment Account as identified from time to time on the Class A-R Note Register as being represented by this Class A-R
Note on May 19, 2027 (the “Stated Maturity”) or as otherwise provided in (a) the Second Amended and
Restated Indenture, dated as of December 17, 2020 (as amended, supplemented or otherwise modified from time to time in accordance
with the terms thereof, the “Indenture”), between the Issuer and U.S. Bank National Association, a national
banking association, as trustee (in such capacity, together with its permitted successors and assigns in the trusts under the Indenture,
the Trustee) and, solely as expressly specified in the Indenture, in its individual capacity; and (b) the Revolving Credit
Note Agreement, dated as of December 17, 2020 (as amended, supplemented or otherwise modified from time to time in accordance
with the terms thereof, the “Revolving Credit Note Agreement”), between the Issuer, each entity party thereto
as a Class A-R Noteholder, U.S. Bank National Association, as revolving credit note agent, and the Trustee.

 

Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture or, if not defined in the Indenture, in the
Revolving Credit Note Agreement.

 

References herein to
 “principal” shall be deemed to refer to amounts payable in respect of the applicable portion of the Outstanding Class A-R
Funded Amount.

 

This Class A-R Note
is one of a duly authorized issue of Class A-R Notes due 2027 (the “Class A-R Notes”) issued and to
be issued under the Indenture. Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of
the Class A-R Notes and the terms upon which the Class A-R Notes are, and are to be, authenticated and delivered.

 

    4

     

    

 

This Class A-R Note
evidences the advances (as reflected on the Class A-R Note Register) made by the Class A-R Noteholder to the Issuer pursuant
to the Revolving Credit Note Agreement. Amounts may be borrowed, repaid and reborrowed from time to time in respect of this Class A-R
Note in accordance with the Revolving Credit Note Agreement. This Class A-R Note is subject to transfer restrictions set forth
in the Indenture and the Revolving Credit Note Agreement.

 

The obligations of the
Issuer under this Class A-R Note, the Indenture and the Revolving Credit Note Agreement are limited recourse obligations of
the Issuer payable solely from the Collateral in accordance with the Indenture, and following the realization of the Collateral
in accordance with the Indenture and the application of such amounts in accordance with the terms of the Indenture, all claims
of Holders of the Class A-R Notes shall be extinguished and shall not thereafter revive.

 

The principal of this
Class A-R Note matures at par and is due and payable on the Stated Maturity, unless the principal of such Class A-R Note
becomes due and payable at an earlier date, by declaration of acceleration or otherwise. Repayments of principal on this Class A-R
Note shall be applied, and the Outstanding Class A-R Funded Amount and Class A-R Commitment Amount shall be increased
and decreased, as described in Section 2 of the Revolving Credit Note Agreement. Notwithstanding the foregoing, the payment
of principal of this Class A-R Notes may only occur in accordance with the Priority of Payments.

 

All payments made by
the Issuer under this Class A-R Note will be made without any deduction or withholding for or on account of any tax unless
such deduction or withholding is required by applicable law, as modified by the practice of any relevant governmental authority,
then in effect. If the Issuer is so required to deduct or withhold, then the Issuer will not be obligated to pay any additional
amounts in respect of such withholding or deduction.

 

Unless the certificate
of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their Authorized
Officers, this Class A-R Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Transfers of this Note
shall be limited to transfers made in accordance with the restrictions set forth in the Indenture and the Revolving Credit Note
Agreement.

 

The Issuer and the Trustee,
and any agent of the Issuer or the Trustee shall treat as the owner of this Class A-R Note (a) for the purpose of receiving
payments on this Class A-R Note (whether or not this Class A-R Note is overdue), the Person in whose name this Class A-R
Note is registered on the Class A-R Note Register at the close of business on the applicable Record Date and (b) on any
other date for all other purposes whatsoever (whether or not this Class A-R Note is overdue), the Person in whose name this
Class A-R Note is then registered on the Class A-R Note Register, and none of the Issuer, the Trustee or any agent of
the Issuer or the Trustee shall be affected by notice to the contrary.

 

If an Event of Default
shall occur and be continuing, the Class A-R Notes may become or be declared due and payable in the manner and with the effect
provided in the Indenture.

 

    5

     

    

 

This Regulation S Class A-R
Certificated Note may be exchanged for an interest in, or transferred to a transferee taking an interest in, a Regulation S Class A-R
Certificated Note subject to and in accordance with the restrictions set forth in the Indenture, the Revolving Credit Note Agreement
and in the legend attached to this Class A-R Note.

 

The Class A-R Notes
will be issued in minimum denominations of U.S.$250,000 (which may represent a combination of the Outstanding Class A-R Funded
Amount, if any, and any Remaining Unfunded Facility Commitment attributable to such Class A-R Notes) and integral multiples
of U.S.$1 in excess thereof. After issuance, this Class A-R Note may fail to be in compliance with the minimum denomination
requirement as a result of the repayment of principal hereof in accordance with the Priority of Payments. The aggregate principal
amount of this Class A-R Note may from time to time be increased or decreased by adjustments made on the Class A-R Note
Register in the manner provided in Section 4.4(b) of the Revolving Credit Note Agreement.

 

Title to Class A-R
Notes shall pass by registration in the Class A-R Note Register kept by the Class A-R Note Registrar.

 

No service charge shall
be made for registration of transfer or exchange of this Class A-R Note, but the Issuer, the Class A-R Note Registrar
or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
The Class A-R Note Registrar or the Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting
the identity and/or signature of the transferor and the transferee.

 

This Class A-R Note
shall be construed in accordance with, and this Class A-R Note and any matters arising out of or relating in any way whatsoever
to this Class A-R Note (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York.

 

- signature page follows -

 

    6

     

    

 

IN WITNESS WHEREOF, the
Issuer has caused this Note to be duly executed as of the date first set forth above.

 

	 	MURRAY HILL FUNDING II, LLC, Issuer
	 	
	 	By:	MURRAY HILL FUNDING, LLC,
	 	 	its Sole Member
	 
	 	By:	/s/ Michael A. Reisner
	 	 	Name: Michael A. Reisner
	 	 	Title: Co-Chief Executive Officer

 

    7

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-R Notes
referred to in the within-mentioned Indenture.

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 
	 	By:	/s/ Jon C. Warn
	 	 	Authorized Signatory
	 
	 	Dated: December 17, 2020

 

    8

     

    

 

ASSIGNMENT FORM

 

	For value received	 	 
	 
	does hereby sell, assign, and transfer to
	 
	 	 	 
	 	 	 
	 	 	 
	 
		Please insert social security or

 other identifying number of assignee
	 
		Please print or type name

 and address, including zip code, of assignee:
	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

the within Class A-R Note and does
hereby irrevocably constitute and appoint ________________________________ as attorney to transfer the Class A-R Note on the
books of the Issuer with full power of substitution in the premises.

 

	Date:	 	 	Your Signature	 

 

(Sign exactly as your name appears in the
security)

 

* NOTE: The signature to this assignment
must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agents
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

 

    9

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