Document:

FS KKR Capital Corp. 8-K

 

Exhibit
10.2

 

EXECUTION
VERSION

 

 

 

SECOND                                          AMENDED AND RESTATED SENIOR SECURED
 REVOLVING
CREDIT AGREEMENT

 

dated
as of

 

December
23, 2020

 

among

 

FS
KKR CAPITAL CORP., and

FS KKR CAPITAL CORP. II,

as Borrowers,

 

The
LENDERS Party Hereto

 

and

 

JPMORGAN
CHASE BANK, N.A.

as Administrative Agent

 

ING
CAPITAL LLC,

as Collateral Agent

 

$4,025,000,000

 

 

 

ING
CAPITAL LLC,

as Syndication Agent

 

BANK
OF MONTREAL

TRUIST BANK,

MUFG UNION BANK, N.A.,
and

Sumitomo Mitsui Banking Corporation

as Documentation Agents

 

JPMORGAN
CHASE BANK, N.A.,

ING CAPITAL LLC,

BMO CAPITAL MARKETS CORP.,

MUFG UNION BANK, N.A.,

Sumitomo Mitsui Banking Corporation and

TRUIST SECURITIES, INC.,

as Joint Bookrunners and Joint Lead Arrangers

 

 

 

    

     

    

TABLE
OF CONTENTS

 

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 
	SECTION 1.01.	Defined Terms	1
	SECTION 1.02.	Classification of Loans and Borrowings	60
	SECTION 1.03.	Terms Generally	60
	SECTION 1.04.	Accounting Terms; GAAP	61
	SECTION 1.05.	Currencies; Currency Equivalents	61
	SECTION 1.06.	Divisions	63
	SECTION 1.07.	Interest Rates; LIBOR Notification	63
	 	 	 
	ARTICLE II THE CREDITS	64
	 	 
	SECTION 2.01.	The Commitments	64
	SECTION 2.02.	Loans and Borrowings	65
	SECTION 2.03.	Requests for Borrowings	66
	SECTION 2.04.	Letters of Credit	68
	SECTION 2.05.	Funding of Borrowings	73
	SECTION 2.06.	Interest Elections	74
	SECTION 2.07.	Termination, Reduction, Increase or Reallocation of the Commitments and the Subcommitments	76
	SECTION 2.08.	Repayment of Loans; Evidence of Debt	81
	SECTION 2.09.	Prepayment of Loans	83
	SECTION 2.10.	Fees	91
	SECTION 2.11.	Interest	93
	SECTION 2.12.	Alternate Rate of Interest	93
	SECTION 2.13.	Computation of Interest	97
	SECTION 2.14.	Increased Costs	97
	SECTION 2.15.	Break Funding Payments	99
	SECTION 2.16.	Taxes	100
	SECTION 2.17.	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	103
	SECTION 2.18.	Defaulting Lenders	105
	SECTION 2.19.	Mitigation Obligations; Replacement of Lenders	107
	SECTION 2.20.	Maximum Rate	109
	SECTION 2.21.	German Bank Separation Act	109
	 	 	 
	ARTICLE III REPRESENTATIONS AND
    WARRANTIES	110
	 	 
	SECTION 3.01.	Organization; Powers	110
	SECTION 3.02.	Authorization; Enforceability	111
	SECTION 3.03.	Governmental Approvals; No Conflicts	111
	SECTION 3.04.	Financial Condition; No Material Adverse Change	111

    i

     

    

	SECTION 3.05.	Litigation; Actions; Suits and Proceedings	112
	SECTION 3.06.	Compliance with Laws and Agreements	112
	SECTION 3.07.	Anti-Corruption Laws and Sanctions	112
	SECTION 3.08.	Taxes	112
	SECTION 3.09.	ERISA	113
	SECTION 3.10.	Disclosure	113
	SECTION 3.11.	Investment Company Act; Margin Regulations	113
	SECTION 3.12.	Material Agreements and Liens	114
	SECTION 3.13.	Subsidiaries and Investments	114
	SECTION 3.14.	Properties	115
	SECTION 3.15.	Affiliate Agreements	115
	SECTION 3.16.	Security Documents	115
	SECTION 3.17.	Affected Financial Institutions	116
	 	 	 
	ARTICLE IV CONDITIONS	116
	 	 
	SECTION 4.01.	Restatement Effective Date	116
	SECTION 4.02.	Each Credit Event	118
	 	 	 
	ARTICLE V AFFIRMATIVE COVENANTS	119
	 	 
	SECTION 5.01.	Financial Statements and Other Information	119
	SECTION 5.02.	Notices of Material Events	123
	SECTION 5.03.	Existence; Conduct of Business	123
	SECTION 5.04.	Payment of Obligations	124
	SECTION 5.05.	Maintenance of Properties; Insurance	124
	SECTION 5.06.	Books and Records; Inspection Rights	124
	SECTION 5.07.	Compliance with Laws	124
	SECTION 5.08.	Certain Obligations Respecting Subsidiaries; Further Assurances	125
	SECTION 5.09.	Use of Proceeds	127
	SECTION 5.10.	Status of RIC and BDC	128
	SECTION 5.11.	Investment and Valuation Policies	128
	SECTION 5.12.	Portfolio Valuation and Diversification, Etc.	128
	SECTION 5.13.	Calculation of Borrowing Base	134
	SECTION 5.14.	Status of Listed Borrower	143
	SECTION 5.15.	Borrower Mergers	143
	 	 	 
	ARTICLE VI NEGATIVE
    COVENANTS	144
	 	 
	SECTION 6.01.	Indebtedness	144
	SECTION 6.02.	Liens	146
	SECTION 6.03.	Fundamental Changes and Dispositions of Assets	146
	SECTION 6.04.	Investments	149
	SECTION 6.05.	Restricted Payments	151
	SECTION 6.06.	Certain Restrictions on Subsidiaries	153

    ii

     

    

	SECTION 6.07.	Certain Financial Covenants	153
	SECTION 6.08.	Transactions with Affiliates	154
	SECTION 6.09.	Lines of Business	154
	SECTION 6.10.	No Further Negative Pledge	154
	SECTION 6.11.	Modifications of Certain Documents	155
	SECTION 6.12.	Payments of Other Indebtedness	156
	 	 	 
	ARTICLE VII EVENTS OF
    DEFAULT	157
	 	 
	ARTICLE VIII THE ADMINISTRATIVE
    AGENT	162
	 	 
	ARTICLE IX MISCELLANEOUS	165
	 	 
	SECTION 9.01.	Notices; Electronic Communications	165
	SECTION 9.02.	Waivers; Amendments	167
	SECTION 9.03.	Expenses; Indemnity; Damage Waiver	170
	SECTION 9.04.	Successors and Assigns	173
	SECTION 9.05.	Survival	178
	SECTION 9.06.	Counterparts; Integration; Effectiveness; Electronic Execution	178
	SECTION 9.07.	Severability	178
	SECTION 9.08.	Right of Setoff	179
	SECTION 9.09.	Governing Law; Jurisdiction; Etc.	179
	SECTION 9.10.	WAIVER OF JURY TRIAL	180
	SECTION 9.11.	Judgment Currency	180
	SECTION 9.12.	Headings	181
	SECTION 9.13.	Treatment of Certain Information; Confidentiality	181
	SECTION 9.14.	USA PATRIOT Act	183
	SECTION 9.15.	Acknowledgment and Consent to Bail-In of Affected Financial Institutions	183
	SECTION 9.16.	No Fiduciary Duty	183
	SECTION 9.17.	Termination	184
	SECTION 9.18.	Limited Recourse	184
	SECTION 9.19.	Designation of Additional Borrowers	185
	SECTION 9.20.	Borrower Merger	185
	SECTION 9.21.	Certain ERISA Matters	186
	SECTION 9.22.	Acknowledgement Regarding Any Supported QFCs	187
	SECTION 9.23.	Amendment and Restatement	188

 

    iii

     

    

	SCHEDULE I	–	Commitments, Borrower
    Sublimits     and Issuing Banks
	SCHEDULE II	–	Material Agreements and Liens
	SCHEDULE III	–	Subsidiaries and Investments
	SCHEDULE IV	–	Transactions with Affiliates
	SCHEDULE V	–	Moody’s Industry Classification Group
    List
	SCHEDULE VI	–	Approved Dealers and Approved Pricing Services
	SCHEDULE VII	–	Excluded Assets
	 	 	 
	EXHIBIT A	–	Form of Assignment and Assumption
	EXHIBIT B	–	Form of Opinion of Counsel to the Borrowers
	EXHIBIT C	–	Form of Opinion of Counsel to JPMCB
	EXHIBIT D	–	Form of Borrowing Base Certificate
	EXHIBIT E	–	Form of Borrowing Request
	EXHIBIT F	–	Form of Interest Election Request
	EXHIBIT G	–	Form of Promissory Note
	EXHIBIT H	–	Form of Joinder Agreement
	EXHIBIT I	–	Form of Merger Confirmation
	EXHIBIT J	–	Form of Guarantee and Security Agreement Confirmation

 

    iv

     

    

 

SECOND AMENDED AND RESTATED SENIOR SECURED
REVOLVING CREDIT AGREEMENT dated as of December 23, 2020 (this “Agreement”), among FS KKR CAPITAL CORP., FS
KKR CAPITAL CORP. II, each other Person designated as a “Borrower” hereunder pursuant to Section 9.19, the LENDERS
party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and ING CAPITAL LLC, as Collateral Agent.

 

FS KKR Capital Corp., FS KKR Capital Corp.
II, the “Lenders” party thereto, the Administrative Agent and the Collateral Agent are parties to an Amended and Restated
Senior Secured Revolving Credit Agreement dated as of November 7, 2019 (the “Existing Credit Facility”).

 

Each Borrower has requested that the Lenders
provide the credit facilities described herein under this Agreement to extend credit to such Borrower in Dollars or an Agreed Foreign
Currency (each as defined below) during the Availability Period (as defined below) and to amend and restate the Existing Credit
Facility in its entirety on the terms specified herein. The Lenders are prepared to amend and restate the Existing Credit Facility
in its entirety upon the terms and conditions hereof, and, accordingly, the parties hereto agree as follows:

 

Article
I

DEFINITIONS

 

SECTION 1.01.          
Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“ABR”, when used in reference
to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, denominated in Dollars
and bearing interest at a rate determined by reference to the Alternate Base Rate.

 

“Additional FSK 2024 Notes”
means any 4.625% senior unsecured notes due July 15, 2024 issued by FSK after the Restatement Effective Date.

 

“Additional FSK 2025 Notes”
means any 4.125% senior unsecured notes due February 1, 2025 issued by FSK after the Restatement Effective Date.

 

“Additional FSK 2026 Notes”
means any 3.400% senior unsecured notes due January 15, 2026 issued by FSK after the Restatement Effective Date.

 

“Additional FSKR 2025 Notes”
means any 4.250% senior unsecured notes due February 14, 2025 issued by FSKR after the Restatement Effective Date.

 

“Additional Debt Amount”
means, with respect to a Borrower, as of any date, the greater of (a) $50,000,000 and (b) an amount equal to 5% of Shareholders’
Equity of such Borrower.

 

“Adjusted Debt to Equity Ratio”
means for any Borrower, as of any date, (a) one (1) divided by (b) the Asset Coverage Ratio minus one (1).

 

    1

     

    

 

“Adjusted Eurocurrency Rate”
means, for the Interest Period for any Eurocurrency Borrowing, an interest rate per annum (rounded upwards, if necessary, to the
next 1/16 of 1%) equal to (a) the Eurocurrency Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate
for such Interest Period.

 

“Administrative Agent”
means JPMCB, in its capacity as administrative agent for the Lenders hereunder.

 

“Administrative Agent’s Account”
means, for each Currency and each Borrower, an account in respect of such Currency and such Borrower designated by the Administrative
Agent in a notice to such Borrower and the Lenders.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Advance Rate” has the
meaning assigned to such term in Section 5.13.

 

“Affiliate” means, with
respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the term “Affiliate”
shall not include any Person that constitutes an Investment held by any Obligor or any Designated Subsidiary in the ordinary course
of business. For the avoidance of doubt, in respect of each Borrower, the term “Affiliate” shall include FS/KKR Advisor.

 

“Affiliate Agreements”
means (a) with respect to FSK, (i) the Investment Advisory Agreement dated as of December 20, 2018, by and between FSK and FS/KKR
Advisor and (ii) the Administrative Services Agreement dated as of April 9, 2018, by and between FSK and FS/KKR Advisor and (b)
with respect to FSKR, (i) the Amended and Restated Investment Advisory and Administrative Services Agreement dated as of December
18, 2019, by and between FSKR and FS/KKR Advisor and (ii) the Administration Agreement dated as of December 18, 2019, by and between
FSKR and FS/KKR Advisor.

 

“Affected Financial Institution”
means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

    2

     

    

 

“Aggregator” means, with
respect to a Borrower, any corporation, limited liability company, partnership, association, trust or other entity or series of
any of the foregoing (a) that is owned in part by such Borrower (and/or any other member of its Obligor Group) and other entities
that are managed by FS/KKR Advisor (and such Borrower, collectively with such other entities that are managed by FS/KKR Advisor,
controls such Aggregator), (b) that is formed for the sole purpose of holding investments issued by an issuer or its affiliates,
which investments would constitute Portfolio Investments in the Collateral Pool of such Borrower if they were acquired directly
by such Borrower or any other member of its Obligor Group, (c) of which the portfolio investment referred to in the immediately
preceding clause (b) is listed on the schedule of investments in the financial statements of such Borrower most recently delivered
pursuant to Section 5.01(a) or (b) (or, for any investment made during a given quarter and before a schedule of investments is
required to be delivered pursuant to Section 5.01(a) or (b), as applicable, with respect to such quarter, is intended to be included
on the schedule of investments when such investment is made and is in fact included on the schedule of investments delivered pursuant
to Section 5.01(a) or (b), as applicable, with respect to such quarter), (d) for which the Collateral Agent holds a first priority,
perfected security interest in the Equity Interests of such Aggregator held by such Borrower or other Obligor, (e) which has no
Indebtedness and no Liens on its assets, provided such Aggregator may grant a purchase option on its assets in favor of a designated
third party for, if the Participation Interest with respect to such Aggregator is included in the Borrowing Base, no less than
the “Value” (determined in accordance with Section 5.12) so long as the terms of such purchase option do not give the
holder thereof any rights to such assets following the elevation of any Participation Interest to an assignment with respect to
such assets after the occurrence and during the continuance of an Event of Default and the exercise of remedies by the Lenders
or Agents hereunder, (f) for which such Borrower (or other Obligor) holds a Participation Interest in respect of such portfolio
investment in the same proportion that such Borrower’s (or other Obligor’s) relative share of such Aggregator’s
Equity Interests bears to all Equity Interests of such Aggregator, (g) the terms of such Participation Interest give such Borrower
(or other Obligor) the right to elevate the participation to an assignment at any time in its sole discretion and are otherwise
reasonably satisfactory to the Administrative Agent (such satisfaction to be confirmed promptly after such Borrower provides notice
to the Administrative Agent of the terms of such Participation Interest) (it being understood that (x) upon the determination by
the Administrative Agent that the terms of any Participation Interest are reasonably satisfactory, any other Participation Interest
on substantially similar terms shall be deemed to be satisfactory under this clause (g) and (y) any Participation Interest which
includes such elevation right and is otherwise in substantially similar form as the standard terms and conditions most recently
published by The Loan Syndications and Trading Association, Inc. shall be deemed to be satisfactory under this clause (g)) and
(h) an officer, manager or other authorized representative of such Aggregator shall have provided to the Administrative Agent and
the Lenders a certification that such Aggregator was formed for the sole purpose of facilitating the transactions previously disclosed
to the Administrative Agent prior to the Restatement Effective Date. Upon the consummation of a Borrower Merger, any Aggregator(if
any) of a Non-Surviving Borrower shall be automatically deemed an Aggregator of the Surviving Borrower so long as such Aggregator
continues to satisfy the criteria of an “Aggregator”.

 

“Agreed Foreign Currency”
means, at any time, any of Canadian Dollars, Euros, Pounds Sterling, AUD, NZD and, with the agreement of each Multicurrency Lender,
any other Foreign Currency, so long as, in respect of any such specified Foreign Currency or other Foreign Currency, at such time
(a) such Foreign Currency is dealt with in the London interbank deposit market, or, in the case of Canadian Dollars, AUD or
NZD, the relevant local market for obtaining quotations, (b) such Foreign Currency is freely transferable and convertible into
Dollars in the London foreign exchange market and (c) no central bank or other governmental authorization in the country of
issue of such Foreign Currency (including, in the case of the Euro, any authorization by the European Central Bank) is required
to permit use of such Foreign Currency by any Multicurrency Lender for making any Loan hereunder or to permit any Issuing Bank
to issue (or to make payment under) any Letter of Credit denominated in such Foreign Currency and/or to permit any Borrower to
borrow and repay the principal thereof and to pay the interest thereon (or to repay any LC Disbursement under a Letter of Credit
denominated in such Foreign Currency), unless such authorization has been obtained and is in full force and effect.

 

    3

     

    

 

“Alternate Base Rate” means,
for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in
effect on such day plus 1/2 of 1%, and (c) the Adjusted Eurocurrency Rate for Eurocurrency Loans denominated in Dollars published
on such day for a one month Interest Period (or if such day is not a Business Day, the immediately preceding Business Day) plus
1%, provided that, for purposes of this definition, the Adjusted Eurocurrency Rate for any day shall be based on the LIBOR Screen
Rate (or if the LIBOR Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately
11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or
the LIBOR Screen Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate
or the LIBOR Screen Rate, as the case may be. If the Alternate Base Rate is being used as an alternate rate of interest pursuant
to Section 2.12, then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without
reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would
be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Anti-Corruption Laws”
means, with respect to each Borrower, all laws, rules and regulations of any jurisdiction applicable to such Borrower or its Subsidiaries
from time to time concerning or relating to bribery or corruption.

 

“Applicable Dollar Percentage”
means, with respect to any Dollar Lender and any Borrower, the percentage of the total Dollar Subcommitments with respect to such
Borrower represented by such Dollar Lender’s Dollar Subcommitments with respect to such Borrower. If the Dollar Subcommitments
with respect to any Borrower have terminated or expired, the Applicable Dollar Percentages shall be determined based upon the Dollar
Subcommitments with respect to such Borrower most recently in effect, giving effect to any assignments pursuant to Section 9.04(b).

 

“Applicable Margin” means,
(a) with respect to any Listed Borrower, for any day, (i) if the Borrowing Base of such Listed Borrower (as of the most recently
delivered Borrowing Base Certificate of such Listed Borrower) is equal to or greater than 1.85 times the Combined Debt Amount of
such Listed Borrower (as of the most recently delivered Borrowing Base Certificate of such Listed Borrower), (x) with respect to
any ABR Loan made to such Listed Borrower, 0.75% per annum and (y) in the case of any Eurocurrency Loan made to such Listed Borrower,
1.75% per annum, and (ii) if the Borrowing Base of such Listed Borrower (as of the most recently delivered Borrowing Base Certificate
of such Listed Borrower) is less than 1.85 times the Combined Debt Amount of such Listed Borrower (as of the most recently delivered
Borrowing Base Certificate of such Listed Borrower), (x) with respect to any ABR Loan made to such Listed Borrower, 1.00% per annum,
and (y) in the case of any Eurocurrency Loan made to such Listed Borrower, 2.00% per annum and (b) with respect to any Unlisted
Borrower, for any day, (i) if the Borrowing Base of such Unlisted Borrower (as of the most recently delivered Borrowing Base Certificate
of such Unlisted Borrower) is equal to or greater than 1.85 times the Combined Debt Amount of such Unlisted Borrower (as of the
most recently delivered Borrowing Base Certificate of such Unlisted Borrower), (x) with respect to any ABR Loan made to such Unlisted
Borrower, 1.00% per annum and (y) in the case of any Eurocurrency Loan made to such Unlisted Borrower, 2.00% per annum, and (ii)
if the Borrowing Base of such Unlisted Borrower (as of the most recently delivered Borrowing Base Certificate of such Unlisted
Borrower) is less than 1.85 times the Combined Debt Amount of such Unlisted Borrower (as of the most recently delivered Borrowing
Base Certificate of such Unlisted Borrower), (x) with respect to any ABR Loan made to such Unlisted Borrower, 1.25% per annum,
and (y) in the case of any Eurocurrency Loan made to such Unlisted Borrower, 2.25% per annum. Any change in the Applicable Margin
due to a change in the ratio of the Borrowing Base to the Combined Debt Amount of a Borrower as set forth in any Borrowing Base
Certificate of such Borrower shall be effective from and including the day immediately succeeding the date of delivery of such
Borrowing Base Certificate; provided that if any Borrowing Base Certificate of such Borrower has not been delivered in accordance
with Section 5.01(d), then from and including the day immediately succeeding the date on which such Borrowing Base Certificate
was required to be delivered, the Applicable Margin with respect to such Borrower shall be (1) if such Borrower is a Listed Borrower,
the Applicable Margin set forth in clause (a)(ii) above or (2) if such Borrower is an Unlisted Borrower, the Applicable Margin
set forth in clause (b)(ii) above, in each case, to and including the date on which the required Borrowing Base Certificate of
such Borrower is delivered.

 

    4

     

    

 

“Applicable Multicurrency Percentage”
means, with respect to any Multicurrency Lender and any Borrower, the percentage of the total Multicurrency Subcommitments with
respect to such Borrower represented by such Multicurrency Lender’s Multicurrency Subcommitment with respect to such Borrower.
If the Multicurrency Subcommitments with respect to any Borrower have terminated or expired, the Applicable Multicurrency Percentages
shall be determined based upon the Multicurrency Subcommitments with respect to such Borrower most recently in effect, giving effect
to any assignments pursuant to Section 9.04(b).

 

“Applicable Percentage”
means, with respect to any Lender and any Borrower, the percentage of total Subcommitments with respect to such Borrower represented
by such Lender’s Subcommitments with respect to such Borrower. If the Subcommitments with respect to such Borrower have terminated
or expired, the Applicable Percentages shall be determined based upon the Subcommitments with respect to such Borrower most recently
in effect, giving effect to any assignments pursuant to Section 9.04(b).

 

“Approved Dealer” means
(a) in the case of any Portfolio Investment that is not a U.S. Government Security, a bank or a broker-dealer registered
under the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof, (b) in the case
of a U.S. Government Security, any primary dealer in U.S. Government Securities, and (c) in the case of any foreign
Portfolio Investment, any foreign broker-dealer of internationally recognized standing or an Affiliate thereof, in the case of
each of clauses (a), (b) and (c) above, as set forth on Schedule VI or any other bank or broker-dealer acceptable
to the Administrative Agent in its reasonable determination.

 

“Approved Pricing Service”
means a pricing or quotation service as set forth in Schedule VI or any other pricing or quotation service approved by FS/KKR
Advisor (so long as it has the necessary delegated authority) or the board of directors (or appropriate committee thereof with
the necessary delegated authority) of the applicable Borrower and designated in writing by such Borrower to the Administrative
Agent (which designation, if approved by the board of directors of such Borrower, shall be accompanied by a copy of a resolution
of the board of directors (or appropriate committee thereof with the necessary delegated authority) of such Borrower that such
pricing or quotation service has been approved by such Borrower).

 

    5

     

    

 

“Approved Third Party Appraiser”
means each of Murray, Devine & Co., Houlihan Lokey, Duff & Phelps, Lincoln Advisors, Valuation Research Corporation, Alvarez
& Marsal, and any other third party appraiser selected by the applicable Borrower in its reasonable discretion.

 

“Asset Coverage Ratio”
means, with respect to a Borrower, on a consolidated basis for such Borrower and its Subsidiaries, the ratio which the value of
total assets, less all liabilities and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior
Securities representing indebtedness, in each case, of such Borrower and its Subsidiaries (all as determined pursuant to the Investment
Company Act and any orders of the SEC issued to such Borrower, in each case, as in effect on May 5, 2020 but excluding the effects
of SEC Release No. 33837/April 8, 2020). The calculation of the Asset Coverage Ratio with respect to a Borrower shall be made in
accordance with any exemptive order issued by the SEC under Section 6(c) of the Investment Company Act relating to the exclusion
of any Indebtedness of any SBIC Subsidiary of such Borrower from the definition of Senior Securities of such Borrower only so long
as (a) such order is in effect, and (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee
to which such Borrower or any other member of its Obligor Group is a party. The outstanding utilized notional amount of any total
return swap and the notional amount of any Credit Default Swap where an Obligor is a protection seller, in each case less the value
of the margin posted by such Borrower or any of its Subsidiaries thereunder at such time shall be treated as a Senior Security
of such Borrower for the purposes of calculating the Asset Coverage Ratio with respect to such Borrower.

 

“Asset Sale” means a sale,
lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition to, or any
exchange of property with, any Person, in one transaction or a series of transactions, of all or any part of any assets or properties
of any Borrower or any other member of its Obligor Group of any kind, whether real, personal, or mixed and whether tangible or
intangible, whether now owned or hereafter acquired; provided, however, the term “Asset Sale” as used in this Agreement
shall not include the disposition of Portfolio Investments originated by any Borrower and promptly transferred to a Subsidiary
of such Borrower pursuant to the terms of Section 6.03(d) hereof.

 

“Assignment and Assumption”
means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required
by Section 9.04), and accepted by the Administrative Agent as provided in Section 9.04, in the form of Exhibit A or any
other form reasonably approved by the Administrative Agent.

 

“Assuming Lender” has the
meaning assigned to such term in Section 2.07(e).

 

“AUD” and “A$”
denote the lawful currency of The Commonwealth of Australia.

 

“AUD Rate” means for any
Loans in AUD, the (a) AUD Screen Rate plus (b) 0.20%.

 

    6

     

    

 

“AUD Screen Rate” means,
with respect to any Interest Period, (a) the average bid reference rate administered by the Australian Financial Markets Association
(or any other Person that takes over the administration of such rate) for AUD bills of exchange with a tenor equal in length to
such Interest Period as displayed on page BBSY of the Reuters screen (or, in the event such rate does not appear on such Reuters
page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information
service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion)
at or about 11:00 a.m. (Sydney, Australia time) on the first day of such Interest Period. If the AUD Screen Rate shall be less
than zero, the AUD Screen Rate shall be deemed to be zero for purposes of this Agreement.

 

“Availability Period” means
the period from and including the Restatement Effective Date to but excluding the earlier of the Commitment Termination Date and
the date of termination of the Commitments.

 

“Available Tenor” means,
as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or
payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining
the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any
tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f) of Section
2.12.

 

“Bail-In Action” means
the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.

 

“Bail-In Legislation” means
(a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the
Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom
Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating
to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).

 

“Bank Loans” has the meaning
assigned to such term in Section 5.13.

 

“Bankruptcy Code” has the
meaning assigned to such term in Section 5.13.

 

“Basel III” means the agreements
on capital requirements, leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for
more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards
and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published
by the Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented or restated.

 

    7

     

    

 

“Benchmark” means, initially,
the Relevant Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as
applicable, and its related Benchmark Replacement Date have occurred with respect to the Relevant Rate or the then-current Benchmark,
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate pursuant to clause (b) or clause (c) of Section 2.12.

 

“Benchmark Replacement”
means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative
Agent for the applicable Benchmark Replacement Date; provided that, in the case of any Loan denominated in an Agreed Foreign Currency,
“Benchmark Replacement” shall mean the alternative set forth in (3) below:

 

(1) the sum of: (a) Term SOFR and (b) the
related Benchmark Replacement Adjustment;

 

(2) the sum of: (a) Daily Simple SOFR and
(b) the related Benchmark Replacement Adjustment;

 

(3) the sum of: (a) the alternate benchmark
rate that has been selected by the Administrative Agent and the Borrowers as the replacement for the then-current Benchmark for
the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate
or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention
for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in
the applicable Currency at such time and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of clause
(1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from
time to time as selected by the Administrative Agent in its reasonable discretion; provided further that, solely with respect to
a Loan denominated in Dollars, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the
occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date
the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related
Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above).

 

If the Benchmark Replacement as determined
pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor
for the purposes of this Agreement and the other Loan Documents.

 

    8

     

    

 

“Benchmark Replacement Adjustment”
means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable
Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1) for purposes of clauses (1) and (2) of
the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined
by the Administrative Agent:

 

(a) the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark
Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;

 

(b) the spread adjustment (which may be a
positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that
would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation
event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2) for purposes of clause (3) of the definition
of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment,
(which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrowers for the
applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method
for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark
Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing
market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated
in the applicable Currency at such time;

 

provided that, in the case of clause (1) above,
such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from
time to time as selected by the Administrative Agent in its reasonable discretion.

 

“Benchmark Replacement Conforming
Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of
“Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests
or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other
technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption
and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner
substantially consistent with market practice and substantially consistent with conforming changes made in other syndicated credit
facilities for which JPMCB acts as administrative agent (or, if the Administrative Agent decides that adoption of any portion of
such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the
administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides
is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

 

    9

     

    

 

“Benchmark Replacement Date”
means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

 

(1) in the case of clause (1) or (2) of the
definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information
referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation
thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);

 

(2) in the case of clause (3) of the definition
of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein;
or

 

(3) in the case of a Term SOFR Transition
Event, the date that is ninety (90) days after the date a Term SOFR Notice is provided to the Lenders and the Borrowers pursuant
to Section 2.14(c); provided that such ninety day period may be shortened to between thirty (30) and sixty (60) days with the consent
of the Administrative Agent and the Borrowers, at the request of the Administrative Agent, which the Borrowers shall consider in
their commercially reasonable discretion; or

 

(4) in the case of an Early Opt-in Election,
the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative
Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in
Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required
Lenders.

 

For the avoidance of doubt, (i) if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any
determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination
and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect
to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available
Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark Transition Event”
means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

 

(1) a public statement or publication of information
by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing
that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof),
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

    10

     

    

 

(2) a public statement or publication of information
by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof),
the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such
component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or
an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each
case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available
Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such
component thereof); or

 

(3) a public statement or publication of information
by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof)
announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.

 

For the avoidance of doubt, a “Benchmark
Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information
set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used
in the calculation thereof).

 

“Benchmark Unavailability Period”
means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant
to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.12 and (y) ending at the time that
a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 2.12.

 

“Benefit Plan” means any
of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a
“plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets
include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code)
the assets of any such “employee benefit plan” or “plan”.

 

“BHC Act Affiliate” of
a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

“BMOCM” means BMO Capital
Markets Corp.

 

“Board” means the Board
of Governors of the Federal Reserve System of the United States of America.

 

“Borrower” means each of
FSK, FSKR and each other Person designated as a “Borrower” hereunder pursuant to Section 9.19, other than any such
Person that has been released as a Borrower as provided herein or is a Non-Surviving Borrower.

 

    11

     

    

 

“Borrower Asset Coverage Ratio”
means, as of any date, with respect to any Borrower, the ratio of such Borrower’s (a) consolidated total assets calculated
excluding assets in any Excluded Asset, but including the Equity Interests in such Excluded Asset to the extent such Equity Interests
do not exceed 15% of such Borrower’s consolidated assets (excluding assets in or comprised of Excluded Assets) to (b) Total
Secured Debt.

 

“Borrower LC Sublimit”
means, with respect to a Borrower, at any time, the product of (x) the aggregate amount of all LC Commitments and (y) the ratio
(expressed as a percentage) of such Borrower’s Subcommitments to total Commitments. As of the Restatement Effective Date,
the Borrower LC Sublimit with respect to (i) FSK is $99,646,529.56 and (ii) FSKR is $75,353,470.44.

 

“Borrower Merger” means
any transaction or a series of related transactions for the direct or indirect acquisition by a Borrower or any other member of
its Obligor Group (such Person, the “Surviving Obligor” and, the Borrower that either is the Surviving Obligor
(including the ultimate Surviving Obligor as a result of a second-step merger) or is the direct or indirect parent of the Surviving
Obligor, as applicable, the “Surviving Borrower”) of another Borrower (such other Borrower, a “Non-Surviving
Borrower”, and together with any other member of its Obligor Group that will not survive such transaction, each a “Non-Surviving
Obligor”); provided that such transaction or series of related transactions (w) is permitted under Section 6.03,
(x) results in substantially all assets of each Non-Surviving Obligor being assumed or acquired by a Surviving Obligor, (y) does
not result in a Change in Control of the Surviving Borrower and (z) as a matter of law or pursuant to the express terms of the
agreement or certificate effectuating such merger or consolidation, the obligations of each Non-Surviving Obligor under this Agreement
and each of the other Loan Documents (other than the Security Documents) to which such Non-Surviving Obligor (and, to the extent
applicable, the other members of its Obligor Group) is a party are assumed by the applicable Surviving Obligor (it being the understanding
that in connection with any merger or consolidation effectuated in reliance on Section 6.03(e), the obligations of each Non-Surviving
Obligor under this Agreement and each of the other Loan Documents (other than the Security Documents) to which such Non-Surviving
Obligor is a party shall be deemed automatically assumed hereunder by the applicable Surviving Obligor pursuant to Section 9.20).
A “Borrower Merger” will also include any “cash election” merger, any “second-step” merger
whereby a Surviving Obligor that is not a Borrower merges or consolidates with and into the Surviving Borrower and any cash paid
on account of fractional shares in connection with any such transaction.

 

“Borrower Sublimit” means,
with respect to a Borrower, the aggregate amount of all Lenders’ Subcommitments allocated to such Borrower, as such sublimit
may be reduced or increased from time to time pursuant to Section 2.07, reduced from time to time pursuant to Section 2.09
or as otherwise provided in this Agreement. The amount of each Borrower’s Borrower Sublimit is set forth on Schedule I. As
of the Restatement Effective Date, the Borrower Sublimit with respect to (i) FSK is $1,615,000,000 and (ii) FSKR is $2,410,000,000.

 

“Borrowing” means, with
respect to a Borrower, (a) all ABR Loans of the same Class made to, or converted or continued on behalf of, such Borrower
on the same date and/or (b) all Eurocurrency Loans of the same Class made to such Borrower denominated in the same Currency
that have the same Interest Period, as applicable.

 

    12

     

    

 

“Borrowing Base” has the
meaning assigned to such term in Section 5.13.

 

“Borrowing Base Certificate”
means a certificate of a Financial Officer of the applicable Borrower, substantially in the form of Exhibit D and appropriately
completed.

 

“Borrowing Base Deficiency”
means, with respect to a Borrower, at any date on which the same is determined, the amount, if any, that (a) the aggregate
Covered Debt Amount of such Borrower as of such date exceeds (b) the Borrowing Base of such Borrower as of such date.

 

“Borrowing Request” means
a request by a Borrower for a Borrowing in accordance with Section 2.03 substantially in the form of Exhibit E or such
other form as is approved by the Administrative Agent.

 

“Business Day” means any
day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law
to remain closed; and when used in connection with a Eurocurrency Loan for a LIBOR Quoted Currency, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in deposits in such LIBOR Quoted Currency; and in addition,
with respect to any date for the payment or purchase of, or the fixing of an interest rate in relation to, any Non-LIBOR Quoted
Currency, the term “Business Day” shall also exclude any day on which banks are not open for general business in the
Principal Financial Center of the country of such Non-LIBOR Quoted Currency and, if the Borrowings or LC Disbursements which are
the subject of a borrowing, drawing, payment, reimbursement or rate selection are denominated in Euros, the term “Business
Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of payments in Euros.

 

“Canadian Dollar” means
the lawful money of Canada.

 

“Canadian Prime Rate” means,
on any day, the rate determined by the Administrative Agent to be the higher of (i) the rate equal to the PRIMCAN index rate that
appears on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that the PRIMCAN index is not published
by Bloomberg, any other information services that publishes such index from time to time, as selected by the Administrative Agent
in its reasonable discretion) and (ii) the CDOR Rate for thirty (30) days, plus 1% per annum. Any change in the Canadian Prime
Rate due to a change in the PRIMCAN index or the CDOR Rate shall be effective from and including the effective date of such change
in the PRIMCAN Index or CDOR Rate, respectively.

 

“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted
for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP. Notwithstanding any other provision contained herein, any change in GAAP after
the Original Effective Date that would require an operating lease to be treated similar to a capital lease shall not be given effect
hereunder.

 

    13

     

    

 

“Capital Stock” has the
meaning assigned to such term in Section 5.13.

 

“Cash” means any immediately
available funds in Dollars or in any currency other than Dollars (measured in terms of the Dollar Equivalent thereof) which is
a freely convertible currency.

 

“Cash Equivalents” means
investments (other than Cash) that are one or more of the following obligations:

 

(a)        U.S. Government Securities, in each case maturing within one year from the date of acquisition thereof;

 

(b)        investments in commercial paper or other short-term corporate obligations maturing within 270 days from the date
of acquisition thereof and having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from
Moody’s;

 

(c)        investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days
from the date of acquisition thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued
or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State
thereof or under the laws of the jurisdiction or any constituent jurisdiction thereof of any Agreed Foreign Currency, provided
that such certificates of deposit, banker’s acceptances and time deposits are held in a securities account (as defined in
the Uniform Commercial Code) through which the Collateral Agent can perfect a security interest therein and (ii) having,
at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s;

 

(d)        fully collateralized repurchase agreements with a term of not more than 30 days from the date of acquisition thereof
for U.S. Government Securities and entered into with (i) a financial institution satisfying the criteria described in
clause (c) of this definition or (ii) an Approved Dealer having (or being a member of a consolidated group having) at
such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s;

 

(e)        investments in money market funds and mutual funds, which invest substantially all of their assets in Cash or assets of
the types described in clauses (a) through (d) above or have, at all times, credit ratings of “AAAm” or “AAAm-G”
by S&P and “Aaa” and “MR+1” by Moody’s; and

 

(f)         a guaranteed reinvestment agreement from a bank (if treated as a deposit by such bank), insurance company or other corporation
or entity, in each case, at the date of such acquisition having a credit rating of at least A-1 from S&P and at least P-1 from
Moody’s; provided that such agreement provides that it may be unwound at the option of the purchaser at any time without
penalty;

 

    14

     

    

 

provided, that (i) in no event shall Cash Equivalents
include any obligation that provides for the payment of interest alone (for example, interest-only securities or “IOs”);
(ii) if any of S&P or Moody’s changes its rating system, then any ratings included in this definition shall be deemed
to be an equivalent rating in a successor rating category of S&P or Moody’s, as the case may be; (iii) Cash Equivalents
(other than U.S. Government Securities, certificates of deposit or repurchase agreements) shall not include any such investment
representing more than 10% of total assets of the applicable Borrower and the other members of its Obligor Group in any single
issuer; and (iv) in no event shall Cash Equivalents include any obligation that is not denominated in Dollars or an Agreed
Foreign Currency.

 

“Cash Pay Bank Loans” has
the meaning assigned to such term in Section 5.13.

 

“CDOR Rate” means, on any
day and for any period, an annual rate of interest equal to the average rate applicable to Canadian Dollar bankers’ acceptances
for the applicable period that appears on the Reuters Screen CDOR Page (or, in the event such rate does not appear on such page
or screen, on any successor or substitute page or screen that displays such rate, or on the appropriate page of such other information
service that publishes such rate from time to time, as selected by the Administrative Agent in its reasonable discretion), rounded
to the nearest 1/100th of 1% (with .005% being rounded up), at approximately 10:15 a.m. Toronto time on such day, or if such day
is not a Business Day, then on the immediately preceding Business Day (the “CDOR Screen Rate”); provided that
if such CDOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“CDOR Screen Rate” has
the meaning assigned to such term in the definition of the term “CDOR Rate”.

 

“CDO Securities” has the
meaning assigned to such term in Section 5.13.

 

“Change in Control” means,
with respect to any Borrower, (a) except with respect to any Non-Surviving Borrower in a Borrower Merger, the acquisition
of ownership, directly or indirectly, beneficially or of record, by any other Person or group (within the meaning of the Securities
Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the Restatement Effective Date), other than FS/KKR
Advisor, of shares representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding
capital stock of such Borrower or (b) except with respect to any Non-Surviving Borrower in a Borrower Merger, the occupation
of a majority of the seats (other than vacant seats) on the board of directors of such Borrower by other Persons who were neither
(i) nominated by the requisite members of the board of directors of such Borrower nor (ii) appointed by a majority of
the directors so nominated; other than, in the case of this clause (b), in connection with an initial public offering.

 

“Change in Law” means (a) the
adoption or taking effect of any law, rule, regulation or treaty after the Restatement Effective Date, (b) any change in any
law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Authority after the Restatement Effective Date or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.14(b),
by any lending office of such Lender or by such Lender’s or such Issuing Bank’s holding company, if any) with any request,
guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Restatement
Effective Date; provided that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith
or in implementation thereof and (ii) all requests, rules, guidelines, requirements or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted or issued.

 

    15

     

    

 

“Class”, when used in reference
to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are Dollar Loans or Multicurrency
Loans; when used in reference to any Lender, refers to whether such Lender is a Dollar Lender or a Multicurrency Lender; when used
in reference to any Subcommitment, refers to whether such Subcommitment is a Dollar Subcommitment or a Multicurrency Subcommitment;
when used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment or a Multicurrency Commitment
and, when used in reference to any LC Exposure, refers to whether such LC Exposure is a Dollar LC Exposure or a Multicurrency LC
Exposure.

 

“Code” means the U.S. Internal
Revenue Code of 1986, as amended from time to time.

 

“Collateral” has the meaning,
with respect to a Borrower, assigned to such term in the Guarantee and Security Agreement to which such Borrower is a party.

 

“Collateral Agent” means
ING in its capacity as Collateral Agent under each Guarantee and Security Agreement, and includes any successor Collateral Agent
under such Guarantee and Security Agreement.

 

“Collateral Pool” means,
with respect to a Borrower, at any time, each Portfolio Investment of such Borrower or any other member of its Obligor Group, as
applicable, that has been Delivered (as defined in the Guarantee and Security Agreement to which such Borrower is a party) to the
Collateral Agent and is subject to the Lien of the Guarantee and Security Agreement to which such Borrower is a party, and then
only for so long as such Portfolio Investment of such Borrower or such other Obligor, continues to be Delivered as contemplated
therein and in which the Collateral Agent has a first-priority perfected Lien as security for the Secured Obligations (as defined
in such Guarantee and Security Agreement) of such Borrower or such other Obligor (subject to any Lien permitted by Section 6.02
hereof); provided that in the case of any Portfolio Investment of such Borrower or such other Obligor in which the Collateral
Agent has a first-priority perfected (other than, for a period of up to 7 days (or, until April 15, 2021, a period of up to thirty
(30) days, or anytime, such longer period up to sixty (60) days as the Administrative Agent and the Collateral Agent may agree
in their respective sole discretion), customary rights of setoff, banker’s lien, security interest or other like right upon
deposit accounts and securities accounts of such Obligor in which such Portfolio Investments are held) security interest pursuant
to a valid Uniform Commercial Code filing, such Portfolio Investment may be included in the Borrowing Base of the applicable
Borrower so long as all remaining actions to complete “Delivery” are satisfied in full within 7 days of such inclusion
(or, until April 15, 2021, a period of up to thirty (30) days, or anytime, such longer period up to sixty (60) days as the Administrative
Agent and the Collateral Agent may agree in their respective sole discretion).

 

    16

     

    

 

“Combined Debt Amount”
means, with respect to a Borrower, as of any date, (i) the aggregate amount of Subcommitments with respect to such Borrower as
of such date (or, if greater the Revolving Credit Exposures of all Lenders with respect to such Borrower as of such date) plus
(ii) the aggregate amount of outstanding Designated Indebtedness of such Borrower and, without duplication, the aggregate amount
of unused and available commitments of the holders of Designated Indebtedness of such Borrower to extend credit to such Borrower
that will give rise to Designated Indebtedness under the Guarantee and Security Agreement to which such Borrower is a party.

 

“Commitment” means, collectively,
the Dollar Commitments and the Multicurrency Commitments.

 

“Commitment Increase” has
the meaning assigned to such term in Section 2.07(e).

 

“Commitment Increase Date”
has the meaning assigned to such term in Section 2.07(e).

 

“Commitment Termination Date”
means December 23, 2024.

 

“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through
the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Controlled Foreign Corporation”
means, with respect to any Person, (i) any Subsidiary which is a “controlled foreign corporation” of such Person
(within the meaning of Section 957 of the Code) or any direct or indirect subsidiary of such a corporation, (ii) a directly
or indirectly owned subsidiary of such Person substantially all the assets of which consist of equity in Subsidiaries described
in clause (i) of this definition, or (iii) an entity treated as a partnership or as a disregarded entity for U.S. federal
income tax purposes that owns more than 65% of the voting stock of a Subsidiary described in clause (i) or (ii) of
this definition.

 

“Corresponding Tenor” with
respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having
approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

    17

     

    

 

“Covered Debt Amount” means,
with respect to a Borrower, on any date, without duplication, (a) all of the Revolving Credit Exposures of all Lenders to such
Borrower on such date plus (b) the aggregate principal amount of outstanding Other Secured Indebtedness, Special Shorter-Term Unsecured
Indebtedness and 50% of the aggregate principal amount of outstanding Shorter-Term Unsecured Indebtedness of such Borrower and
the other members of its Obligor Group, in each case, on such date plus (c) the aggregate amount of any Indebtedness of such Borrower
and the other members of its Obligor Group incurred pursuant to Section 6.01(g) plus (d) the aggregate principal amount of, (i)
solely with respect to FSK (or any successor), the FSK Notes and solely with respect to FSKR (or any successor), the FSKR 2025
Notes and (ii) with respect to each Borrower, all Special Longer-Term Unsecured Indebtedness and 50% of all Shorter-Term Unsecured
Indebtedness of such Borrower and the other members of its Obligor Group, solely to the extent that such FSK Notes, FSKR 2025 Notes,
Special Longer-Term Unsecured Indebtedness or Shorter-Term Unsecured Indebtedness, as applicable, are within 9 months of the scheduled
maturity or earlier redemption date of such Indebtedness plus (e) any portion of any Unsecured Longer-Term Indebtedness, Special
Longer-Term Unsecured Indebtedness and Shorter-Term Unsecured Indebtedness that is subject to a contractually scheduled amortization
payment, other principal payment or redemption (other than any conversion into Permitted Equity Interests) earlier than the scheduled
maturity date of such Indebtedness, but only to the extent of such portion and beginning upon the date that is the later of (i)
9 months prior to such scheduled amortization payment, other principal payment or redemption and (ii) the date such Borrower becomes
aware that such Indebtedness is required to be paid or redeemed, plus (f) Hedging Agreement Obligations (as defined in the Guarantee
and Security Agreement to which such Borrower is a party) (other than Hedging Agreement Obligations arising from Hedging Agreements
entered into pursuant to Section 6.04(c)) minus (g) the LC Exposures with respect to such Borrower fully cash collateralized on
such date pursuant to Section 2.04(k) and the last paragraph of Section 2.08(a) or otherwise backstopped in a manner satisfactory
to the relevant Issuing Bank in its sole discretion.

 

“Covered Entity” means
any of the following:

 

(i)         a
“covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(ii)        a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii)       a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Credit Default Swap” means
any credit default swap entered into as a means to (i) invest in bonds, notes, loans, debentures or securities on a leveraged basis
or (ii) hedge the default risk of bonds, notes, loans, debentures or securities.

 

“Currency” means Dollars
or any Foreign Currency.

 

“Custodian” means, with
respect to each Borrower, State Street Bank and Trust Company, or any other financial institution mutually agreeable to the Collateral
Agent and such Borrower, as custodian holding documentation for Portfolio Investments, and accounts of such Borrower and/or any
other member of its Obligor Group holding Portfolio Investments, on behalf of such Borrower and/or such other Obligor or any successor
in such capacity pursuant to the Custodian Agreement. The term “Custodian” includes any agent or sub-custodian acting
on behalf of the Custodian.

 

“Custodian Agreement” means,
so long as such agreement is in full force and effect, (a) with respect to FSK and the other members of its Obligor Group, the
Custodian Agreement dated as of November 14, 2011, by and among FSK, the Custodian, the other members of FSK’s Obligor Group
from time to time party thereto and other parties from time to time party thereto, (b) with respect to FSKR and the other members
of its Obligor Group, the Custodian Agreement dated as of February 8, 2012, by and among FSKR, the Custodian, the other members
of FSKR’s Obligor Group from time to time party thereto and other parties from time to time party thereto and (c) with respect
to any Borrower, any other custodian agreement by and among such Borrower, the Custodian, the other members of such Borrower’s
Obligor Group from time to time party thereto and other parties from time to time party thereto in form and substance substantially
similar to a Custodian Agreement described in clauses (a) and (b) or otherwise reasonably acceptable to the Collateral Agent.

 

    18

     

    

 

“Daily Simple SOFR” means,
for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent
in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily
Simple SOFR” for business loans; provided that, if the Administrative Agent decides that any such convention is not administratively
feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.

 

“Default” means, with respect
to a Borrower, any event or condition which constitutes an Event of Default with respect to such Borrower or which upon notice,
lapse of time or both would, unless cured or waived, become an Event of Default with respect to such Borrower.

 

“Default Right” has the
meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

 

“Defaulting Lender” means
any Lender that has, as determined by the Administrative Agent, (a) failed to fund any portion of its Loans or participations
in Letters of Credit within two (2) Business Days of the date required to be funded by it hereunder, unless, in the case of any
Loan, such Lender notifies the Administrative Agent and the applicable Borrower in writing that such Lender’s failure is
based on such Lender’s reasonable determination that the conditions precedent to funding such Loan under this Agreement have
not been met, such conditions have not otherwise been waived in accordance with the terms of this Agreement and such Lender has
advised the Administrative Agent and the applicable Borrower in writing (with reasonable detail of those conditions that have not
been satisfied) prior to the time at which such funding was to have been made, (b) notified any Borrower, the Administrative
Agent, any Issuing Bank or any Lender in writing that it does not intend to comply with its funding obligations hereunder, or has
made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund
a Loan hereunder and states that such position is based on such Lender’s commercially reasonable determination that one or
more conditions precedent to funding (which conditions precedent, together with any applicable default shall be specifically identified
in such writing or such public statement) cannot be satisfied), (c) failed, within three (3) Business Days after request by
the Administrative Agent or any Borrower, to confirm in writing to the Administrative Agent and such Borrower that it will comply
with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Letters
of Credit (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such
written confirmation by the Administrative Agent and such Borrower), (d) otherwise failed to pay over to the Administrative
Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due,
unless the subject of a good faith dispute, (e) other than via an Undisclosed Administration, (i) become or is insolvent or
has a parent company that has become or is insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent
to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a
bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors
or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any action
in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, (f) become
the subject of a Bail-In Action or has a parent company that has become the subject of a Bail-In Action (unless in the case of
any Lender referred to in this clause (f) the Borrowers, the Administrative Agent and the Issuing Banks shall be satisfied in the
exercise of their respective reasonable discretion that such Lender intends, and has all approvals required to enable it, to continue
to perform its obligations as a Lender hereunder) or (g) a Lender is a GBSA Lender with respect to which a GBSA Initial Notice
has been given; provided that, for the avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of (i) the
ownership or acquisition of any equity interest in such Lender or any direct or indirect parent company thereof by a Governmental
Authority or (ii) in the case of a solvent Person, the precautionary appointment of an administrator, guardian, custodian
or other similar official by a Governmental Authority under or based on the law of the country where such Person is subject to
home jurisdiction supervision if applicable law requires that such appointment not be publicly disclosed, in each case of clauses
(i) and (ii), where such action does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

 

    19

     

    

 

“Designated Indebtedness”
means, with respect to a Borrower, any Other Secured Indebtedness of such Borrower or any other member of its Obligor Group (including,
without limitation, any prepayment penalty, premium, make-whole fee or similar amounts owed in connection with such indebtedness)
that has been designated by such Borrower at the time of the incurrence thereof as, or is deemed to be by the Surviving Borrower
upon the consummation of a Borrower Merger, “Designated Indebtedness” pursuant to and for purposes of the Guarantee
and Security Agreement to which such Borrower is a party in accordance with the requirements of Section 6.01 thereof (regardless
of whether such Designated Indebtedness shall continue to constitute Other Secured Indebtedness).

 

“Designated Subsidiary”
means:

 

(a)           (1) (i) with respect to FSK, CCT Tokyo Funding LLC, Locust Street Funding LLC and FS KKR MM CLO 1 LLC and (ii) with
respect to FSKR, Cooper River LLC, Darby Creek LLC, Juniata River LLC, Center City Funding LLC, Burholme Funding LLC, Dunlap Funding
LLC, Jefferson Square Funding LLC, Germantown Funding LLC, Meadowbrook Run LLC, Cheltenham Funding LLC, Broomall Funding LLC and
Ambler Funding LLC and (2) with respect to any Borrower, any other direct or indirect Subsidiary of such Borrower or any other
member of its Obligor Group designated by such Borrower as a “Designated Subsidiary”, which, in the case of any entity
in clause (1) or (2), meets the following criteria:

 

    20

     

    

 

(i)           to which such Borrower or any other member of its Obligor Group sells, conveys or otherwise transfers (whether directly
or indirectly) Cash, Cash Equivalents or one or more Portfolio Investments, and which engages in no material activities other than
in connection with the holding, purchasing and financing of one or more such assets;

 

(ii)          no portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (A) is Guaranteed
by such Borrower or such other Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (B) is
recourse to or obligates such Borrower or such other Obligor in any way other than pursuant to Standard Securitization Undertakings
or (C) subjects any property of such Borrower or such other Obligor (other than property that has been contributed or sold,
purported to be sold or otherwise transferred to such Subsidiary or any equity of such Subsidiary), directly or indirectly, contingently
or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any Guarantee thereof,

 

(iii)         with which no such Borrower or such other Obligor has any material contract, agreement, arrangement or understanding other
than on terms no less favorable to such Borrower or such other Obligor, as applicable, than those that might be obtained at the
time from Persons that are not Affiliates of such Borrower or such other Obligor, other than fees payable in the ordinary course
of business in connection with servicing receivables or financial assets, and

 

(iv)         to which no such Borrower or such other Obligor has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results, other than pursuant to Standard Securitization Undertakings;

 

(b)           any passive holding company that is designated by such Borrower (as provided below) as a Designated Subsidiary, so long
as:

 

(i)           such passive holding company is the direct parent of a Designated Subsidiary referred to in clause (a);

 

(ii)          such passive holding company engages in no activities and has no assets (other than in connection with the transfer of assets
to and from a Designated Subsidiary referred to in clause (a), and its ownership of all of the Equity Interests of a Designated
Subsidiary referred to in clause (a)) or liabilities;

 

(iii)         all of the Equity Interests of such passive holding company are owned directly by such Borrower or such other Obligor and
are pledged as Collateral for the Secured Obligations (as defined in the Guarantee and Security Agreement to which such Borrower
is a party) and the Collateral Agent has a first-priority perfected Lien (subject to no other Liens other than Liens permitted
under Section 6.02) on such Equity Interests;

 

    21

     

    

 

(iv)        no such Borrower or such other Obligor has any contract, agreement, arrangement or understanding with such passive holding
company; and

 

(v)         no such Borrower or such other Obligor has any obligation to maintain or preserve such passive holding company’s financial
condition or cause such entity to achieve certain levels of operating results; or

 

(c)           any SBIC Subsidiary of such Borrower or such other Obligor.

 

Any such designation under clause (a)(2) or (b) above by such
Borrower shall be effected pursuant to a certificate of a Financial Officer of such Borrower delivered to the Administrative Agent,
which certificate shall include a statement to the effect that, to the best of such officer’s knowledge, such designation
complied with the foregoing conditions set forth in clause (a)(2) or (b), as applicable. Each Subsidiary of a Designated Subsidiary
shall be deemed to be a Designated Subsidiary and shall comply with the foregoing requirements of this definition. The parties
hereby agree that the Subsidiaries identified as Designated Subsidiaries on Schedule III hereto shall each constitute a Designated
Subsidiary so long as they comply with the foregoing requirements of this definition. Upon the consummation of a Borrower Merger,
any Designated Subsidiary (if any) of a Non-Surviving Borrower shall be automatically deemed a Designated Subsidiary of the Surviving
Borrower without the delivery of a certificate of a Financial Officer of such Surviving Borrower so long as such Designated Subsidiary
continues to satisfy the criteria of a “Designated Subsidiary”.

 

“Disqualified Equity Interests”
means, with respect to a Borrower, stock of such Borrower (including, for the avoidance of doubt, any Permitted Equity Interest)
that after its issuance is subject to any agreement between the holder of such stock and such Borrower where such Borrower is required
to purchase, redeem, retire, acquire, cancel or terminate all such stock, other than (x) as a result of a change of control or
asset sale or (y) in connection with any purchase, redemption, retirement, acquisition, cancellation or termination with, or in
exchange for, shares of stock.

 

“Disqualified Lender” means
(i) those Persons that have been identified by any Borrower in writing to the Administrative Agent on or prior to the Restatement
Effective Date, (ii) any Person that is identified by any Borrower in writing to the Administrative Agent and approved by
the Administrative Agent (such approval not to be unreasonably withheld or delayed) and (iii) Affiliates of any Person identified
in clauses (i) or (ii) above that are either identified in writing to the Administrative Agent by any Borrower from time to time
or readily identifiable solely based on similarity of such Affiliate’s name. The identification of a Disqualified Lender
after the Restatement Effective Date shall not apply to retroactively disqualify any Person that has previously acquired an assignment
or participation interest in any Loan or Commitment (or any Person that, prior to such identification, has entered into a bona
fide and binding trade for either of the foregoing and has not yet acquired such assignment or participation); provided,
that any designation of a Person as a Disqualified Lender shall not be effective until the Business Day after written notice thereof
by the applicable Borrower to the Administrative Agent in accordance with the next succeeding sentence. Any supplement or other
modification to the list of Persons identified as Disqualified Lenders shall be e-mailed to the Administrative Agent at JPMDQcontact@JPMorgan.com.

 

    22

     

    

 

“Documentation Agent” means
each of Bank of Montreal, Truist Bank, MUFG and SMBC.

 

“Dollar Commitment” means,
with respect to each Dollar Lender, the sum of all of such Dollar Lender’s Dollar Subcommitments. The aggregate amount of
each Lender’s Dollar Commitment is set forth on Schedule I or in the Assignment and Assumption pursuant to which such
Lender shall have assumed its Dollar Commitment, as applicable. The aggregate amount of the Lenders’ Dollar Commitments as
of the Restatement Effective Date is $1,075,000,000.

 

“Dollar Equivalent” means,
for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, and (b) if
such amount is expressed in a Foreign Currency, the equivalent of such amount in Dollars determined at such time on the basis of
the Exchange Rate for the purchase of Dollars with such Foreign Currency at such time.

 

“Dollar Issuing Bank” means
any Issuing Bank identified in Schedule I (as amended from time to time pursuant to Section 2.07), and its successors in such capacity
as provided in Section 2.04(j), that has agreed to issue Letters of Credit to any Borrower under its respective Dollar Commitments.

 

“Dollar LC Exposure” means
a Dollar Lender’s LC Exposure under its Dollar Subcommitments.

 

“Dollar Lender” means the
Persons listed on Schedule I as having Dollar Subcommitments and any other Person that shall have become a party hereto pursuant
to an Assignment and Assumption that provides for it to assume Dollar Subcommitments or to acquire Revolving Dollar Credit Exposure,
other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise in accordance
with the terms hereof.

 

“Dollar Loan” means, with
respect to a Borrower, a Loan denominated in Dollars made to such Borrower by a Dollar Lender.

 

“Dollars” or “$”
refers to lawful money of the United States of America.

 

“Dollar Subcommitment”
means, with respect to each Dollar Lender and each Borrower, the commitment of such Dollar Lender to make Loans to such Borrower
denominated in Dollars, and to acquire participations in Letters of Credit issued on behalf of such Borrower denominated in Dollars
hereunder, in each case, under its Dollar Commitments, expressed as an amount representing the maximum aggregate amount of such
Lender’s Revolving Dollar Credit Exposure permitted hereunder with respect to such Borrower, as such commitment may be (a) reduced,
increased or reallocated from time to time pursuant to Section 2.07 or reduced from time to time pursuant to Section 2.09
or as otherwise provided in this Agreement and (b) reduced or increased from time to time pursuant to assignments by or to
such Lender pursuant to Section 9.04. The aggregate amount of each Lender’s Dollar Subcommitment with respect to each
Borrower is set forth on Schedule I.

 

“Domestic Subsidiary” means,
with respect to any Person, any Subsidiary of such Person other than a Controlled Foreign Corporation.

 

    23

     

    

 

“Early Opt-in Election”
means

 

(a)        in
the event that the then-current Benchmark for Loans denominated in Dollars is LIBOR, the occurrence of:

 

(1)       a
notification by the Administrative Agent to (or the request by the Borrowers to the Administrative Agent to notify) each of the
other parties hereto that at least five currently outstanding syndicated credit facilities denominated in Dollars at such time
contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based
upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available
for review), and

 

(2)       the
joint election by the Administrative Agent and the Borrowers to trigger a fallback from LIBOR and the provision by the Administrative
Agent of written notice of such election to the Lenders; and

 

(b)        with
respect to the then-current Benchmark in respect of Loans denominated in any Agreed Foreign Currency, the occurrence of:

 

(1)        (i)
a determination by the Administrative Agent, (ii) a notification by the Required Multicurrency Lenders to the Administrative Agent
(with a copy to the Borrowers) that the Required Multicurrency Lenders have determined or (iii) a request by the Borrowers to the
Administrative Agent to notify each of the other parties hereto that the Borrowers have determined that at least five currently
outstanding syndicated credit facilities denominated in the applicable Agreed Foreign Currency being executed at such time (as
a result of amendment or as originally executed), or that include language similar to that contained in Section 2.12 are being
executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Relevant Rate, and

 

(2)        (i)
the joint election by the Administrative Agent and the Borrowers or (ii) the joint election by the Required Multicurrency Lenders
and the Borrowers to trigger a fallback from the then-current Benchmark and the provision, if applicable, by the Required Multicurrency
Lenders and the Borrowers of written notice of such election to the Administrative Agent.

 

“EEA Financial Institution”
means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority,
(b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition,
or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or
(b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country” means
any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

    24

     

    

 

“Equity Interests” means
shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interest. As used in this Agreement, “Equity Interests” shall not include convertible
debt unless and until such debt has been converted to capital stock.

 

“ERISA” means the U.S.
Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA Affiliate” means,
with respect to a Borrower, any trade or business (whether or not incorporated) that, together with such Borrower, is treated as
a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412
of the Code, is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code.

 

“ERISA Event” means, with
respect to a Borrower, (a) any “reportable event,” as defined in Section 4043(c) of ERISA with respect to
a Plan (other than an event for which the 30-day notice period is waived); (b) any failure by any Plan to satisfy the
minimum funding standards (set forth in Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA)
applicable to such Plan, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c)
of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by such
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan
(other than premiums due and not delinquent under Section 4007 of ERISA); (e) the receipt by such Borrower or any of its ERISA
Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan under Section 4041(c)
of ERISA or to appoint a trustee to administer any Plan under Section 4042 of ERISA; (f) the incurrence by such Borrower
or any of its ERISA Affiliates of any liability with respect to a withdrawal from a Plan subject to Section 4063 of ERISA
during a plan year in which it was a “substantial employer” (as defined in Section 4001(a)(2) of ERISA), a cessation
of operations that is treated as such a withdrawal under Section 4062(e) of ERISA or a “complete withdrawal” or
“partial withdrawal” (within the meanings of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan;
or (g) the receipt by such Borrower or any of its ERISA Affiliates of any notice from any Multiemployer Plan concerning the
imposition of Withdrawal Liability on such Borrower or any of its ERISA Affiliates or a determination that a Multiemployer Plan
is “insolvent” (within the meaning of Section 4245 of ERISA) or in “reorganization” (within the meaning
of Section 4241 of ERISA).

 

“EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from
time to time.

 

“EURIBOR” means, with respect
to any Eurocurrency Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate at approximately 11:00
a.m., Brussels time, two TARGET days prior to the commencement of such Interest Period; provided that, if the EURIBOR Screen Rate
shall not be available at such time for such Interest Period (an “Impacted EURIBOR Interest Period”) with respect
to Euros then EURIBOR shall be the EURIBOR Interpolated Rate.

 

    25

     

    

 

“EURIBOR Interpolated Rate”
means, at any time, with respect to any Eurocurrency Borrowing denominated in Euros and for any Interest Period, the rate per annum
(rounded to the same number of decimal places as the EURIBOR Screen Rate) determined by the Administrative Agent (which determination
shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis
between: (a) the EURIBOR Screen Rate for the longest period (for which the EURIBOR Screen Rate is available for Euros) that is
shorter than the Impacted EURIBOR Interest Period; and (b) the EURIBOR Screen Rate for the shortest period (for which the EURIBOR
Screen Rate is available for Euros) that exceeds the Impacted EURIBOR Interest Period, in each case, at such time; provided that,
if any EURIBOR Interpolated Rate shall be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

 

“EURIBOR Screen Rate” means,
for any Interest Period, in the case of any Eurocurrency Borrowing denominated in Euro, the Euro interbank offered rate administered
by the European Money Markets Institute (or any other Person that takes over the administration of that rate) for Euro for a period
equal in length to such Interest Period as displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson
Reuters page which displays that rate) or on the appropriate page of such other information service that publishes such rate from
time to time in place of Thomson Reuters as of 11:00 a.m. Brussels time two TARGET days prior to the commencement of such Interest
Period. If such page or service ceases to be available, the Administrative Agent may specify another page or service displaying
the relevant rate in its reasonable discretion after consultation with the Borrowers. If the EURIBOR Screen Rate so determined
would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Euro” refers to the lawful
money of the Participating Member States.

 

“Eurocurrency”, when used
in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, denominated
in Dollars or an Agreed Foreign Currency and are bearing interest at a rate determined by reference to the Adjusted Eurocurrency
Rate.

 

“Eurocurrency Rate” means,
with respect to (a) any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency and for any applicable Interest Period,
LIBOR as of the Specified Time on the Quotation Day for such LIBOR Quoted Currency and Interest Period, (b) any Eurocurrency Borrowing
denominated in Euros and for any applicable Interest Period, EURIBOR as of the Specified Time on the Quotation Day for Euros and
such Interest Period and (c) any Eurocurrency Borrowing denominated in any Non-LIBOR Quoted Currency and for any applicable Interest
Period, the applicable Local Rate as of the Specified Time and on the Quotation Day for such Non-LIBOR Quoted Currency and Interest
Period; provided that, if the applicable Screen Rate shall not be available for such Interest Period and/or for the applicable
Currency with respect to such Eurocurrency Borrowing for any reason, then the rate determined in accordance with Section 2.12 shall
be the Eurocurrency Rate for such Interest Period for such Eurocurrency Borrowing, and provided further, that, if the Eurocurrency
Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

    26

     

    

 

“Event of Default” has
the meaning assigned to such term in Article VII.

 

“Exchange Rate” means,
on any day with respect to any Foreign Currency, the rate of exchange for the purchase of Dollars with such Foreign Currency last
provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Thomson Reuters Corp. (“Reuters”)
source on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases
to be available or ceases to provide a rate of exchange for the purchase of Dollars with the Foreign Currency, as provided by such
other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the
Administrative Agent in its sole discretion.

 

“Excluded Assets” means,
with respect to a Borrower, entities identified as Excluded Assets in Schedule VII hereto, any CDO Securities and finance lease
obligations, Designated Subsidiaries, and any similar assets or entities, in each case, in which such Borrower or any other member
of its Obligor Group holds an interest on or after the Restatement Effective Date, and, in each case, their respective Subsidiaries,
unless, in the case of any such asset or entity, such Borrower designates in writing to the Collateral Agent that such asset or
entity is not to be an Excluded Asset. Upon the consummation of a Borrower Merger, any Excluded Asset (if any) of a Non-Surviving
Borrower shall be automatically deemed an Excluded Asset of the Surviving Borrower so long as such Excluded Asset continues to
satisfy the criteria of an “Excluded Asset”.

 

“Excluded Taxes” means,
with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on
account of any obligation of any Borrower hereunder, (a) Taxes imposed on (or measured by) its net income, franchise taxes
and branch profits taxes, in each case (i) imposed by the United States of America, or by the jurisdiction (or any political subdivision
thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any
Lender, in which its applicable lending office is located, or (ii) that are Other Connection Taxes, (b) in the case of a Lender
(other than an assignee pursuant to a request by such Borrower under Section 2.19(b)), any U.S. withholding tax that is imposed
on amounts payable to such Lender at the time such Lender becomes a party to this Agreement (or designates a new lending office),
except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office
(or assignment), to receive additional amounts from such Borrower with respect to such U.S. withholding tax pursuant to Section 2.16(a),
(c) any U.S. withholding Taxes imposed under FATCA and (d) any Tax imposed as a result of the Administrative Agent’s,
such Lender’s or such Issuing Bank’s failure or inability to comply with Section 2.16(e), (f) or (g).

 

“Existing Lender” means
each Lender with Revolving Credit Exposure immediately prior to the Restatement Effective Date.

 

    27

     

    

 

“Extending Lenders” means
(a) each Existing Lender that has agreed to extend its Subcommitments as set forth on Schedule I, (b) each Non-Extending Lender
that has agreed after the Restatement Effective Date to become an “Extending Lender” (which agreement shall be in form
and substance reasonably satisfactory to the Borrowers and the Administrative Agent (but without the consent of any other Lender)
and, in the case of any assignee of a Non-Extending Lender, may be included in the Assignment and Assumption Agreement pursuant
to which such assignee assumed the Commitment or Revolving Credit Exposure of a Non-Extending Lender), (c) any Assuming Lender
and (d) any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to
assume any Subcommitment or to acquire Revolving Credit Exposure from any Extending Lender, as applicable, in each case, other
than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise in accordance with
the terms hereof.

 

“Extraordinary Receipts”
means, with respect to a Borrower any cash received by or paid to or for the account of such Borrower or any other member of its
Obligor Group not in the ordinary course of business, including any foreign, United States, state or local tax refunds, pension
plan reversions, judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action,
condemnation awards (and payments in lieu thereof), indemnity payments and any purchase price adjustment received in connection
with any purchase agreement and proceeds of insurance (excluding, however, for the avoidance of doubt, proceeds of any issuance
of Equity Interests by such Borrower or proceeds of any Asset Sale of, Return of Capital received by or issuances of Indebtedness
by such Borrower or any such other Obligor); provided, however, that Extraordinary Receipts shall not include
any (v) taxes paid or reasonably estimated to be payable by such Borrower or such other Obligor as a result of such cash receipts
(after taking into account any available tax credits or deductions), (w) amounts that such Borrower or such other Obligor receives
from the Administrative Agent or any Lender pursuant to Section 2.16(h), (x) cash receipts to the extent received from proceeds
of insurance, condemnation awards (or payments in lieu thereof), indemnity payments or payments in respect of judgments or settlements
of claims, litigation or proceedings to the extent that such proceeds, awards or payments are received by any Person in respect
of any unaffiliated third party claim against or loss by such Person and promptly applied to pay (or to reimburse such Person for
its prior payment of) such claim or loss and the costs and expenses of such Person with respect thereto, (y) any costs, fees, commissions,
premiums and expenses incurred by such Borrower or such other Obligor directly incidental to such cash receipts, including reasonable
legal fees and expenses or (z) proceeds of business interruption insurance to the extent such proceeds constitute compensation
for lost earnings.

 

“Facility Termination Date”
means, the date on which (a) the Commitments have expired or been terminated, (b) the principal of and accrued interest on each
Loan and all fees and other amounts payable hereunder (other than Unasserted Contingent Obligations) shall have been paid in full,
(c) all Letters of Credit shall have (w) expired, (x) terminated, (y) been cash collateralized or (z) otherwise been backstopped
in a manner satisfactory to the relevant Issuing Bank in its sole discretion and (d) all LC Disbursements then outstanding shall
have been reimbursed.

 

“FATCA” means Sections 1471
through 1474 of the Code, as of the Restatement Effective Date (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official
practices adopted pursuant to any published intergovernmental agreement entered into in connection with the implementation of such
sections of the Code.

 

    28

     

    

 

“Federal Funds Effective Rate”
means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions,
as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding
Business Day by the NYFRB as the federal funds effective rate; provided that if the Federal Funds Effective Rate shall be
less than zero, the Federal Funds Effective Rate shall be deemed to be zero for purposes of this Agreement.

 

“Financial Officer” means,
with respect to a Borrower, the chief executive officer, chief operating officer, president, co-president, chief financial officer,
principal accounting officer, chief accounting officer, treasurer, assistant treasurer, controller, assistant controller, chief
legal officer or chief compliance officer of such Borrower.

 

“Floor” means the benchmark
rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or
renewal of this Agreement or otherwise) with respect to LIBOR, EURIBOR, or the applicable Local Rate, as applicable.

 

“First Lien Bank Loan”
has the meaning assigned to such term in Section 5.13.

 

“Foreign Currency” means
at any time any Currency other than Dollars.

 

“Foreign Currency Equivalent”
means, with respect to any amount in Dollars, the amount of any Foreign Currency that could be purchased with such amount of Dollars
using the reciprocal of the foreign exchange rate(s) specified in the definition of the term “Dollar Equivalent”, as
determined by the Administrative Agent.

 

“Foreign Lender” means
any Lender or Issuing Bank that is not a “United States person” as defined under Section 7701(a)(30) of the Code.

 

“FS/KKR Advisor” means
FS/KKR Advisor, LLC, a Delaware limited liability company, or any of its Affiliates.

 

“FSK” means FS KKR Capital
Corp., a Maryland corporation.

 

“FSK 2022 Notes” means
FSK’s 4.750% senior unsecured notes due May 15, 2022 outstanding as of November 7, 2019.

 

“FSK 2022-2 Notes” means
FSK’s 5.000% senior unsecured notes due June 28, 2022 outstanding as of November 7, 2019.

 

“FSK 2024 Notes” means
FSK’s 4.625% senior unsecured notes due July 15, 2024 outstanding as of November 7, 2019.

 

    29

     

    

 

“FSK 2025 Notes” means
FSK’s 4.125% senior unsecured notes due February 1, 2025 outstanding as of the Restatement Effective Date.

 

“FSK 2025-2 Notes” means
FSK’s 8.625% senior unsecured notes due May 15, 2025 outstanding as of May 5, 2020.

 

“FSK 2026 Notes” means
FSK’s 3.400% senior unsecured notes due January 15, 2026 outstanding as of the Restatement Effective Date.

 

“FSK Notes” means, collectively,
the FSK 2022 Notes, the FSK 2022-2 Notes, the FSK 2024 Notes, the FSK 2025 Notes, the FSK 2025-2 Notes and the FSK 2026 Notes.

 

“FSKR” means FS KKR Capital
Corp. II, a Maryland corporation.

 

“FSKR 2025 Notes” means
FSKR’s 4.250% senior unsecured notes due February 14, 2025 outstanding as of the Restatement Effective Date.

 

“Funded Debt Amount” means,
for any Borrower, as of any date, all Indebtedness of such Borrower on a consolidated basis excluding Indebtedness of any Designated
Subsidiaries of such Borrower.

 

“GAAP” means generally
accepted accounting principles in the United States of America.

 

“Governmental Authority”
means the government of the United States of America, or of any other nation, or any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
body exercising such powers or functions, such as the European Union or the European Central Bank).

 

“Guarantee” of or by any
Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall
not include endorsements for collection or deposit in the ordinary course of business or customary indemnification agreements entered
into in the ordinary course of business in connection with obligations that do not constitute Indebtedness. The amount of any Guarantee
at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect
of which such Guarantee is incurred, unless the terms of such Guarantee expressly provide that the maximum amount for which such
Person may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount
equal to such lesser amount).

 

    30

     

    

 

“Guarantee and Security Agreement”
means, (i) with respect to FSK, that certain Guarantee and Security Agreement dated as of the Original Effective Date, among FSK,
the other members of its Obligor Group, the Administrative Agent, each holder (or a representative or trustee therefor) from time
to time of any Designated Indebtedness of FSK, and the Collateral Agent, (ii) with respect to FSKR, that certain Guarantee and
Security Agreement dated as of the Original Effective Date, among FSKR, the other members of its Obligor Group, the Administrative
Agent, each holder (or a representative or trustee therefor) from time to time of any Designated Indebtedness of FSKR, and the
Collateral Agent and (iii) with respect to any “Borrower” designated hereunder pursuant to Section 9.19, a guarantee
and security agreement by and among such Borrower, the other members of its Obligor Group, the Administrative Agent, each holder
(or a representative or trustee therefor) from time to time of any Designated Indebtedness of such Borrower, and the Collateral
Agent, in form and substance substantially similar to a Guarantee and Security Agreement described in clauses (i) and (ii) or otherwise
reasonably acceptable to the Administrative Agent and the Collateral Agent.

 

“Guarantee and Security Agreement
Confirmation” means each Guarantee and Security Agreement Confirmation between the parties to the related Guarantee and
Security Agreement substantially in the form of Exhibit J.

 

“Guarantee Assumption Agreement”
means, with respect to a Borrower, a Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee
and Security Agreement (or such other form as is approved by the Collateral Agent) to which such Borrower is a party, between the
Collateral Agent and an entity that, pursuant to Section 5.08 is required to become a “Subsidiary Guarantor” under
such Guarantee and Security Agreement (with such changes as the Collateral Agent shall request, consistent with the requirements
of Section 5.08).

 

“Hedging Agreement” means
any interest rate protection agreement, Credit Default Swap, total return swap, foreign currency exchange protection agreement,
commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.

 

“High Yield Securities”
has the meaning assigned to such term in Section 5.13.

 

“Immaterial Subsidiary”
means, with respect to any Borrower, any direct or indirect Subsidiary of such Borrower or any other member of its Obligor Group
that owns (A) legally or beneficially, together with all other Immaterial Subsidiaries of such Borrower, assets, which in the aggregate
have a value not in excess of $50,000,000 and, in each case, their respective Subsidiaries, or (B) that primarily owns portfolio
investments (other than Portfolio Investments) that are Restricted Equity Interests, unless, in the case of any such Subsidiary,
such Borrower designates in writing to the Collateral Agent that such Subsidiary is not to be an Immaterial Subsidiary and that
such Borrower will comply with the requirements of Section 5.08 with respect to such Subsidiary. Upon the consummation of a Borrower
Merger, any Immaterial Subsidiary (if any) of a Non-Surviving Borrower shall be automatically deemed an Immaterial Subsidiary of
the Surviving Borrower so long as such Immaterial Subsidiary continues to satisfy the criteria of an “Immaterial Subsidiary”.

 

    31

     

    

 

“Impacted EURIBOR Interest Period”
has the meaning assigned to such term in the definition of “EURIBOR.”

 

“Increasing Lender” has
the meaning assigned to such term in Section 2.07(e).

 

“Indebtedness” of any Person
means, without duplication, (a) (i) all obligations of such Person for borrowed money or (ii) with respect to deposits or
advances of any kind that are required to be accounted for under GAAP as a liability on the financial statements of such Person
(other than deposits received in connection with a portfolio investment (including Portfolio Investments) of such Person in the
ordinary course of such Person’s business (including, but not limited to, any deposits or advances in connection with expense
reimbursement, prepaid agency fees, other fees, indemnification, work fees, tax distributions or purchase price adjustments)),
(b) all obligations of such Person evidenced by bonds, debentures, notes or similar debt instruments, (c) all obligations
of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all
obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable and accrued
expenses incurred in the ordinary course of business), (e) all Indebtedness of others secured by any Lien (other than a Lien
permitted by Section 6.02(c)) on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has
been assumed (with the value of such debt being the lower of the outstanding amount of such debt and the fair market value of the
property subject to such Lien), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations
of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of
credit and letters of guaranty, (i) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances and (j) all Disqualified Equity Interests. The Indebtedness of any Person shall include the Indebtedness of any
other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor. Notwithstanding the foregoing, “Indebtedness”
shall not include (u) indebtedness of such Person on account of the sale by such Person of the first out tranche of any First Lien
Bank Loan that arises solely as an accounting matter under ASC 860, (v) purchase price holdbacks arising in the ordinary course
of business in respect of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of the seller
of such asset or Investment, (w) a commitment arising in the ordinary course of business to make a future portfolio investment
(including Portfolio Investments) or fund the delayed draw or unfunded portion of any existing portfolio investment (including
Portfolio Investments), (x) any accrued incentive, management or other fees to an investment manager or its affiliates (regardless
of any deferral in payment thereof), or (y) non-recourse liabilities for participations sold by any Person in any Bank Loan.

 

“Indemnified Taxes” means,
with respect to a Borrower, (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of such Borrower under any Loan Document to which such Borrower or any other member of its Obligor Group
is a party and (b) to the extent not otherwise described in (a), Other Taxes.

 

    32

     

    

 

“Independent Valuation Provider”
means an independent third-party valuation firm, including, Murray, Devine & Co., Houlihan Lokey, Duff & Phelps, Lincoln
Advisors, Valuation Research Corporation, Alvarez & Marsal and any other independent nationally recognized third-party valuation
firm selected by the Collateral Agent and reasonably acceptable to the applicable Borrower and the Administrative Agent.

 

“Industry Classification Group”
means, with respect to a Borrower, (a) any of the Moody’s classification groups set forth in Schedule V hereto,
together with any such classification groups that may be subsequently established by Moody’s and provided by any Borrower
to the Lenders and (b) any additional industry group classifications established by any Borrower pursuant to Section 5.12.

 

“ING” means ING Capital
LLC.

 

“Interest Election Request”
means, with respect to a Borrower, a request by such Borrower to convert or continue a Borrowing by such Borrower in accordance
with Section 2.06 substantially in the form of Exhibit F or such other form as is reasonably acceptable to the Administrative
Agent.

 

“Interest Payment Date”
means, with respect to a Borrower, (a) with respect to any ABR Loan of such Borrower, each Quarterly Date and (b) with
respect to any Eurocurrency Loan of such Borrower, the last day of each Interest Period therefor and, in the case of any Interest
Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at three-month
intervals after the first day of such Interest Period.

 

“Interest Period” means,
with respect to a Borrower, with respect to any Eurocurrency Borrowing made to such Borrower, the period commencing on the date
of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter,
or, with respect to such portion of any Loan or Borrowing made to such Borrower that is scheduled to be repaid on the Maturity
Date, a period of less than one month’s duration commencing on the date of such Loan or Borrowing and ending on the Maturity
Date, as specified in the applicable Borrowing Request or Interest Election Request, as such Borrower may elect; provided, that
any Interest Period (other than an Interest Period that ends on the Maturity Date that is permitted to be of less than one month’s
duration as provided in this definition) (i) that would end on a day other than a Business Day shall be extended to the next succeeding
Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day and (ii) pertaining to a Eurocurrency Borrowing that commences on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest
Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of
a Borrowing initially shall be the date on which such Loan is made and, thereafter, shall be the effective date of the most recent
conversion or continuation of such Loan, and the date of a Borrowing comprising Loans that have been converted or continued shall
be the effective date of the most recent conversion or continuation of such Loans.

 

    33

     

    

 

“Interpolated Rate” means,
at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the applicable
Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error)
to be equal to the rate that results from interpolating on a linear basis between: (a) the applicable Screen Rate for the longest
period for which the applicable Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest
Period; and (b) the applicable Screen Rate for the shortest period (for which that applicable Screen Rate is available for the
applicable currency) that exceeds the Impacted Interest Period, in each case, at such time.

 

“Investment” means, for
any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement to acquire
any Equity Interests, bonds, notes, debentures or other securities of any other Person (including any “short sale”
or any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (b) deposits,
advances, loans or other extensions of credit made to any other Person (including purchases of property from another Person subject
to an understanding or agreement, contingent or otherwise, to resell such property to such Person, but excluding any advances to
employees, officers, directors and consultants of such Borrower or any of its Subsidiaries for travel, entertainment, business
and moving expenses and other similar expenses in the ordinary course of business); or (c) Hedging Agreements.

 

“Investment Company Act”
means the Investment Company Act of 1940, as amended from time to time.

 

“Investment Policies” has
the meaning assigned to such term in Section 3.11(c).

 

“ISDA Definitions” means
the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time
by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Issuing Bank” means each
Dollar Issuing Bank and each Multicurrency Issuing Bank.

 

“Joinder Agreement” means
a joinder agreement, substantially in the form of Exhibit H or such other form as is reasonably acceptable to the Administrative
Agent.

 

“Joint Lead Arrangers”
means JPMCB, ING, BMOCM, MUFG, SMBC and Truist Securities.

 

“JPMCB” means JPMorgan
Chase Bank, N.A.

 

    34

     

    

 

“LC Commitment” means,
with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit. The aggregate amount of each
Issuing Bank’s LC Commitment is set forth on Schedule I (as amended from time to time pursuant to Section 2.07), or
in the agreement pursuant to Section 2.04(j) or Assignment and Assumption pursuant to which such Issuing Bank shall have assumed
its LC Commitment, as applicable. The aggregate amount of each Issuing Bank’s LC Commitments as of the Restatement Effective
Date is $175,000,000.

 

“LC Disbursement” means,
with respect to a Borrower, a payment made by an Issuing Bank pursuant to a Letter of Credit issued by it on behalf of such Borrower.

 

“LC Exposure” means, with
respect to a Borrower, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit issued
on behalf of such Borrower at such time (including any Letter of Credit intended to be issued on behalf of such Borrower for which
a draft has been presented to such Borrower but not yet honored by the applicable Issuing Bank) plus (b) the aggregate
amount of all LC Disbursements with respect to such Borrower in respect of such Letters of Credit that have not yet been reimbursed
by or on behalf of such Borrower at such time. The LC Exposure of any Multicurrency Lender with respect to a Borrower at any time
shall be such Lender’s Applicable Multicurrency Percentage of the total Multicurrency LC Exposure with respect to such Borrower
at such time and the LC Exposure of any Dollar Lender with respect to a Borrower at any time shall be such Lender’s Applicable
Dollar Percentage of the total Dollar LC Exposure with respect to such Borrower at such time. Unless otherwise specified herein,
the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such
time; provided, that with respect to any Letter of Credit that, by its terms or any document related thereto, provides for one
or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum
stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is
in effect at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its
terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice
for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect
at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber of Commerce Publication
No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter of Credit itself,
or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding”
and “undrawn” in the amount so remaining available to be paid, and the obligations of the applicable Borrower and each
Lender shall remain in full force and effect until the applicable Issuing Bank and the Lenders shall have no further obligations
to make any payments or disbursements under any circumstances with respect to such Letter of Credit.

 

“Lenders” means, collectively,
the Dollar Lenders and the Multicurrency Lenders.

 

“Letter of Credit” means,
with respect to a Borrower, any letter of credit issued on behalf of such Borrower pursuant to this Agreement.

 

“Letter of Credit Collateral Account”
has the meaning assigned to such term in Section 2.04(k).

 

    35

     

    

 

“Letter of Credit Documents”
means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees
or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the
rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security
for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

 

“LIBOR” means, with respect
to any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency and for any Interest Period, the LIBOR Screen Rate at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBOR Screen
Rate shall not be available at such time for such Interest Period (an “Impacted LIBOR Interest Period”), then
LIBOR shall be the LIBOR Interpolated Rate.

 

“LIBOR Interpolated Rate”
means, at any time, with respect to any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency and for any Interest Period,
the rate per annum (rounded to the same number of decimal places as the LIBOR Screen Rate) determined by the Administrative Agent
(which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating
on a linear basis between: (a) the LIBOR Screen Rate for the longest period (for which the LIBOR Screen Rate is available for the
applicable Currency) that is shorter than the Impacted LIBOR Interest Period; and (b) the LIBOR Screen Rate for the shortest period
(for which the LIBOR Screen Rate is available for the applicable LIBOR Quoted Currency) that exceeds the Impacted LIBOR Interest
Period, in each case, at such time; provided that if any LIBOR Interpolated Rate shall be less than zero, such rate shall
be deemed to be zero for the purposes of this Agreement.

 

“LIBOR Quoted Currency”
means Dollars and Pounds Sterling, in each case so long as there is a published LIBOR Screen Rate with respect thereto.

 

“LIBOR Screen Rate” means,
for any Interest Period, in the case of any Eurocurrency Borrowing denominated in a LIBOR Quoted Currency, the London interbank
offered rate administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate)
for such LIBOR Quoted Currency for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of
the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page
on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as
shall be selected by the Administrative Agent from time to time in its reasonable discretion (provided that the Administrative
Agent’s determination shall be generally consistent with determinations made for borrowers of syndicated loans denominated
in the applicable Currency at such time); provided that, if the LIBOR Screen Rate so determined would be less than zero,
such rate shall be deemed to be zero for the purposes of this Agreement.

 

    36

     

    

 

“Lien” means, with respect
to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on
or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset
and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities
(other than on market terms at fair value so long as in the case of any portfolio investment (including Portfolio Investments),
the Value used in determining any applicable Borrowing Base is not greater than the call price), except in favor of the issuer
thereof (and, for the avoidance of doubt, in the case of Investments that are loans or other debt obligations, customary restrictions
on assignments or transfers thereof pursuant to the underlying documentation of such Investment shall not be deemed to be a “Lien”
and, in the case of portfolio investments (including Portfolio Investments) that are equity securities, excluding customary drag-along,
tag-along, right of first refusal, restrictions on assignments or transfers and other similar rights in favor of other equity holders
of the same issuer).

 

“Listed Borrower” means
each Borrower listed on any nationally recognized securities exchange in the United States. As of the Restatement Effective Date,
FSK is the only Listed Borrower.

 

“Loan Documents” means,
with respect to a Borrower, collectively, this Agreement, the Letter of Credit Documents to which such Borrower or any other member
of its Obligor Group is a party and the Security Documents to which such Borrower or any other member of its Obligor Group is a
party.

 

“Loans” means, with respect
to a Borrower, the loans made by the Lenders to such Borrower pursuant to Section 2.01.

 

“Local Rate” means (i)
for Loans or Letters of Credit in AUD, the AUD Rate, (ii) for Loans or Letters of Credit in Canadian Dollars, the CDOR Screen Rate
and (iii) for Loans or Letters of Credit in NZD, the NZD Rate.

 

“Local Screen Rate” means
the CDOR Screen Rate, the AUD Screen Rate and the NZD Screen Rate.

 

“Local Time” means, with
respect to any Loan denominated in or any payment to be made in any Currency, the local time in the Principal Financial Center
for the Currency in which such Loan is denominated or such payment is to be made.

 

“Long-Term U.S. Government Securities”
has the meaning assigned to such term in Section 5.13.

 

“Margin Stock” means “margin
stock” within the meaning of Regulations T, U and X of the Board of Governors of the Federal Reserve System.

 

“Material Adverse Effect”
means, with respect to a Borrower, a material adverse effect on (a) the business, Portfolio Investments and other assets,
liabilities and financial condition, in each case, of such Borrower and its Subsidiaries (taken as a whole) (excluding in any case
a decline in the net asset value of such Borrower or such other Subsidiaries or a change in general market conditions or values
of the Portfolio Investments of such Borrower and its Subsidiaries (taken as a whole)), or (b)  as it relates to such Borrower,
the validity or enforceability of any of the Loan Documents to which such Borrower and any other member of its Obligor Group is
a party or the rights or remedies of the Administrative Agent and the Lenders thereunder.

 

    37

     

    

 

“Material Indebtedness”
means, with respect to a Borrower, any Indebtedness (other than the Loans and Letters of Credit) and obligations in respect
of one or more Hedging Agreements of any one or more of such Borrower and its Subsidiaries in an aggregate outstanding amount exceeding
$200,000,000. For purposes of this definition, the outstanding amount of any Indebtedness shall refer to the principal amount thereof,
the outstanding amount of any Hedging Agreement (other than a total return swap) shall refer to the amount that would be required
to be paid by such Person if such Hedging Agreement were terminated at such time (after giving effect to any netting agreement)
and the outstanding amount of a total return swap shall refer to the notional amount thereof less any collateral posted in support
thereof.

 

“Maturity Date” means December
23, 2025.

 

“Merger Confirmation” means,
with respect to a Surviving Borrower, a certificate of such Surviving Borrower, substantially the form attached as Exhibit I.

 

“Mezzanine Investments”
has the meaning assigned to such term in Section 5.13.

 

“Modification Offer” means,
with respect to a Borrower, to the extent required by the definition of Other Secured Indebtedness, Unsecured Longer-Term Indebtedness
or Shorter-Term Unsecured Indebtedness, an obligation that will be satisfied if at least 10 Business Days (or, such shorter period
if 10 Business Days is not practicable) prior to the incurrence of such Other Secured Indebtedness by such Borrower or any other
member of its Obligor Group, Unsecured Longer-Term Indebtedness by such Borrower or such other Obligor or Shorter-Term Unsecured
Indebtedness by such Borrower or such other Obligor, such Borrower shall have provided notice to the Administrative Agent of the
terms thereof that do not satisfy the requirements for such type of Indebtedness set forth in the respective definitions herein,
which notice shall contain reasonable detail of the terms thereof and an unconditional offer by such Borrower to amend this Agreement
solely with respect to such Borrower to the extent necessary such that the financial covenants and events of default, as applicable,
with respect to such Borrower in this Agreement shall be as restrictive to such Borrower as such provisions in such Other Secured
Indebtedness, Unsecured Longer-Term Indebtedness or Shorter-Term Unsecured Indebtedness, as applicable. If any such Modification
Offer is accepted by the Required Lenders with respect to such Borrower within 10 Business Days of receipt of such offer, this
Agreement shall be deemed automatically amended solely with respect to such Borrower (and, upon the request of the Administrative
Agent or the Required Lenders, such Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis
mutandis, solely to reflect all or some of such more restrictive financial covenants or events of default, in each case with respect
to such Borrower, as elected by the Required Lenders.

 

“Moody’s” means Moody’s
Investors Service, Inc. or any successor thereto.

 

“MUFG” means MUFG
UNION BANK, N.A.

 

    38

     

    

 

“Multicurrency Commitment”
means, with respect to each Multicurrency Lender, the sum of all of such Multicurrency Lender’s Multicurrency Subcommitments.
The aggregate amount of each Lender’s Multicurrency Commitment is set forth on Schedule I, or in the Assignment and
Assumption pursuant to which such Lender shall have assumed its Multicurrency Commitment, as applicable. The aggregate amount of
the Lenders’ Multicurrency Commitments as of the Restatement Effective Date is $2,950,000,000.

 

“Multicurrency Issuing Bank”
means any Issuing Bank identified in Schedule I (as amended from time to time pursuant to Section 2.07), and its successors in
such capacity as provided in Section 2.04(j), that has agreed to issue Letters of Credit to any Borrower under its respective Multicurrency
Commitments.

 

“Multicurrency LC Exposure”
means a Multicurrency Lender’s LC Exposure under its Multicurrency Commitment.

 

“Multicurrency Lender”
means the Persons listed on Schedule I as having Multicurrency Subcommitments and any other Person that shall have become
a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Multicurrency Subcommitment or to acquire
Revolving Multicurrency Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment
and Assumption or otherwise in accordance with the terms hereof.

 

“Multicurrency Loan” means,
with respect to a Borrower, a Loan denominated in Dollars or in an Agreed Foreign Currency made to such Borrower under the Multicurrency
Subcommitments with respect to such Borrower.

 

“Multicurrency Subcommitment”
means, with respect to each Multicurrency Lender and each Borrower, the commitment of such Multicurrency Lender to make Loans to
such Borrower, and to acquire participations in Letters of Credit issued on behalf of such Borrower denominated in Dollars and
in Agreed Foreign Currencies hereunder, in each case, under its Multicurrency Commitments, expressed as an amount representing
the maximum aggregate amount of such Lender’s Revolving Multicurrency Credit Exposure hereunder with respect to such Borrower,
as such commitment may be (a) reduced, increased or reallocated from time to time pursuant to Section 2.07 or reduced
from time to time pursuant to Section 2.09 or as otherwise provided in this Agreement and (b) reduced or increased from time
to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The aggregate amount of each Lender’s
Multicurrency Subcommitment with respect to each Borrower is set forth on Schedule I.

 

“Multiemployer Plan” means,
with respect to a Borrower, a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which such Borrower
or any of its ERISA Affiliates makes any contributions.

 

“National Currency” means
the currency, other than the Euro, of a Participating Member State.

 

    39

     

    

 

“Net Asset Sale Proceeds”
means, with respect to a Borrower and with respect to any Asset Sale of such Borrower, an amount equal to (i) the sum of Cash
payments and Cash Equivalents received by such Borrower and the other members of its Obligor Group from such Asset Sale (including
any Cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise,
but only as and when so received), minus (ii) (w) payments of unassumed liabilities relating to the assets sold or
otherwise disposed of at the time, or within 30 days after, the date of such Asset Sale, (x) any costs, fees, commissions, premiums
and expenses incurred by such Borrower or such other Obligor directly incidental to such Asset Sale, including reasonable legal
fees and expenses, (y) all taxes paid or reasonably estimated to be payable by such Borrower or such other Obligor as a result
of such Asset Sale (after taking into account any available tax credits or deductions), and (z) reserves for indemnification, purchase
price adjustments or analogous arrangements reasonably estimated by such Borrower or such other Obligor in connection with such
Asset Sale; provided that, if the amount of any estimated reserves pursuant to this clause (z) exceeds the amount actually required
to be paid in cash in respect of indemnification, purchase price adjustments or analogous arrangements for such Asset Sale, the
aggregate amount of such excess shall constitute Net Asset Sale Proceeds (as of the date such Borrower determines such excess exists).

 

“Non-Core Investments”
has the meaning assigned to such term in Section 5.13.

 

“Non-Extending Lender”
means CIT Bank, N.A., United Community Bank d/b/a Seaside Bank & Trust and Liberty Bank and any successor or assign of a Non-Extending
Lender in accordance with this Agreement, and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption that provides for it to assume any Subcommitment or to acquire Revolving Credit Exposure from any Non-Extending
Lender, other than any such Person that (i) agrees to become an Extending Lender pursuant to the definition thereof or (ii) ceases
to be a party hereto pursuant to an Assignment and Assumption or otherwise in accordance with the terms hereof.

 

“Non-LIBOR Quoted Currency”
means Canadian Dollars, AUD and NZD.

 

“Non-Performing Bank Loans”
has the meaning assigned to such term in Section 5.13.

 

“Non-Performing Common Equity”
has the meaning assigned to such term in Section 5.13.

 

“Non-Performing Fist Lien Bank Loans”
has the meaning assigned to such term in Section 5.13.

 

“Non-Performing High Yield Securities”
has the meaning assigned to such term in Section 5.13.

 

“Non-Performing Mezzanine Investments”
has the meaning assigned to such term in Section 5.13.

 

“Non-Performing Preferred Stock”
has the meaning assigned to such term in Section 5.13.

 

“Non-Performing Principal Finance
Assets” has the meaning assigned to such term in Section 5.13.

 

    40

     

    

 

“Non-Performing Second Lien Bank
Loans” has the meaning assigned to such term in Section 5.13.

 

“Non-Surviving Borrower”
has the meaning assigned to such term in the definition of “Borrower Merger”.

 

“Non-Surviving Obligor”
has the meaning assigned to such term in the definition of “Borrower Merger”.

 

“NYFRB” means the Federal
Reserve Bank of New York.

 

“NYFRB Rate” means, for
any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect
on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such
rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction
quoted at 11:00 a.m. (New York City time) on such day received by the Administrative Agent from a Federal funds broker of recognized
standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed
to be zero for purposes of this Agreement.

 

“NZD” means the lawful
currency of New Zealand.

 

“NZD Rate” means for any
Loans in NZD, the (a) NZD Screen Rate plus (b) 0.20%.

 

“NZD Screen Rate” means,
with respect to any Interest Period, the rate per annum determined by the Administrative Agent which is equal to the average bank
bill reference rate as administered by the New Zealand Financial Markets Association (or any other Person that takes over the administration
of such rate) for bills of exchange with a tenor equal in length to such Interest Period as displayed on page BKBM of the Reuters
screen (or, in the event such rate does not appear on such page, on any successor or substitute page on such screen that displays
such rate or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative
Agent from time to time in its reasonable discretion) at or about 11:00 a.m. (Wellington, New Zealand time) on the first day of
such Interest Period. If the NZD Screen Rate shall be less than zero, the NZD Screen Rate shall be deemed to be zero for purposes
of this Agreement.

 

“Obligor” means, with respect
to a Borrower, each individually, such Borrower and each Subsidiary of such Borrower that is a Subsidiary Guarantor.

 

“Obligor Group” means,
with respect to a Borrower, collectively, such Borrower and each Subsidiary of such Borrower that is a Subsidiary Guarantor.

 

“Original Effective Date”
means August 9, 2018.

 

    41

     

    

 

“Other Connection Taxes”
means, with respect to a Borrower and with respect to any recipient of any payment to be made by or on account of any obligation
of such Borrower hereunder, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction
imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed
its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document to which such Borrower or any other member of its Obligor Group is a party, or sold or
assigned an interest in any Loan made to such Borrower or Loan Document to which such Borrower or any other member of its Obligor
Group is a party).

 

“Other Debt Amount” means,
with respect to a Borrower, as of any date, the principal amount of any outstanding secured Indebtedness of such Borrower and its
Subsidiaries and, without duplication, the aggregate amount of available and unused commitments under any such secured Indebtedness,
in each case, excluding such Borrower’s and its Subsidiaries’ Indebtedness in respect of prime brokerage and total
return swap facilities, this Agreement and any Designated Indebtedness.

 

“Other Permitted Indebtedness”
means, with respect to a Borrower, (a)  Indebtedness (other than Indebtedness for borrowed money) arising in connection with
transactions in the ordinary course of such Borrower’s or such other Obligor’s business in connection with its purchasing
of securities, derivatives transactions, reverse repurchase agreements or dollar rolls to the extent such transactions are permitted
under the Investment Company Act and the Investment Policies; provided that such Indebtedness does not arise in connection
with the purchase of Portfolio Investments other than Cash Equivalents and U.S. Government Securities and (b) Indebtedness
in respect of judgments or awards so long as such judgments or awards do not constitute an Event of Default with respect to such
Borrower under clause (l) of Article VII.

 

    42

     

    

 

“Other Secured Indebtedness”
means, with respect to a Borrower, as at any date, Indebtedness (other than Indebtedness hereunder) of such Borrower or any other
member of its Obligor Group (which may be Guaranteed by one or more other members of such Obligor Group) that (a) is secured pursuant
to the Security Documents to which such Borrower or any other member of its Obligor Group is a party as described in clause (d)
of this definition, (b) has no amortization prior to (other than for amortization in an amount not greater than 1% of the aggregate
initial principal amount of such Indebtedness per annum, provided that amortization in excess of 1% per annum shall be permitted
so long as the amount of such amortization in excess of 1% is permitted to be incurred pursuant to Section 6.01(g) hereof), and
a final maturity date not earlier than, six months after the Maturity Date (it being understood that neither the conversion features
into Permitted Equity Interests under convertible notes (as well as the triggering of such conversion and/or settlement thereof
solely with Permitted Equity Interests, except in the case of interest or expenses or fractional shares (which may be payable in
cash)), nor any mandatory prepayment provisions as a result of any borrowing base or collateral base deficiency, in any case shall
constitute “amortization” for the purposes of this definition), provided that if any mandatory prepayment is required
under such Other Secured Indebtedness that is not required pursuant to Section 2.09(c) hereof, such Borrower shall offer to repay
Loans made to it (and/or provide cover for Letters of Credit issued on its behalf to the extent required under Section 2.04(k))
in an amount at least equal to the aggregate Revolving Credit Exposure’s ratable share with respect to such Borrower (such
ratable share being determined based on the outstanding principal amount of the Revolving Credit Exposures with respect to such
Borrower as compared to the Other Secured Indebtedness of such Borrower being paid) of the aggregate prepayment and reduction of
such Other Secured Indebtedness of such Borrower, (c) is incurred pursuant to documentation that, taken as a whole, is not materially
more restrictive than market terms for substantially similar debt of other similarly situated borrowers as determined in good faith
by such Borrower or, if such transaction is not one in which there are market terms for substantially similar debt of other similarly
situated borrowers, on terms that are negotiated in good faith on an arm’s length basis (except, in each case, other than
financial covenants and events of default (other than events of default customary in indentures or similar instruments that have
no analogous provisions in this Agreement or credit agreements generally), which shall be no more restrictive upon such Borrower
and its Subsidiaries, while any Subcommitments or Loans are outstanding with respect to such Borrower, than those set forth in
this Agreement; provided that, such Borrower may incur any Other Secured Indebtedness that otherwise would not meet the requirements
set forth in this parenthetical of this clause (c) if it has duly made a Modification Offer (whether or not it is accepted by the
Required Lenders) (it being understood that put rights or repurchase or redemption obligations arising out of circumstances that
would constitute a “fundamental change” (as such term is customarily defined in convertible note offerings) or an Event
of Default with respect to such Borrower under this Agreement shall not be deemed to be more restrictive for purposes of this definition)),
and (d) is not secured by any assets of such Borrower or such other Obligor other than pursuant to the Security Documents to which
such Borrower or such other Obligor is a party and the holders of which, or the agent, trustee or representative of such holders
have agreed to be bound by the provisions of the Security Documents to which such Borrower or such other Obligor is a party either
(x) by executing the joinder attached as Exhibit C to the Guarantee and Security Agreement to which such Borrower is a party or
(y) otherwise in a manner satisfactory to the Administrative Agent and the Collateral Agent. For the avoidance of doubt, Other
Secured Indebtedness of a Borrower shall also include any refinancing, refunding, renewal or extension of such Other Secured Indebtedness
so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of this definition.

 

“Other Taxes” means, with
respect to a Borrower, any and all present or future stamp, court or documentary, intangible, recording, filing or any other excise
or property taxes, charges or similar levies arising from any payment made under any Loan Document to which such Borrower or any
other member of its Obligor Group is a party or from the execution, delivery or enforcement of, or otherwise with respect to, any
Loan Document to which such Borrower or any other member of its Obligor Group is a party, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19(b)).

 

“Overnight Bank Funding Rate”
means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar transactions by U.S.-managed banking
offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website
from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after
such date as the NYFRB shall commence to publish such composite rate).

 

“Participating Member State”
means any member state of the European Community that adopts or has adopted the Euro as its lawful currency in accordance with
the legislation of the European Union relating to the European Monetary Union.

 

    43

     

    

 

“Participation Interest”
means, with respect to a Borrower, a participation interest in an investment that at the time of acquisition by such Borrower or
other member of its Obligor Group satisfies each of the following criteria: (a) the underlying investment would constitute a Portfolio
Investment of such Borrower were it acquired directly by such Borrower or any other member of its Obligor Group, (b) the seller
of the participation is an Excluded Asset or an Aggregator of such Borrower, (c) the entire purchase price for such participation
is paid in full at the time of its acquisition and (d) the participation provides the participant all of the economic benefit and
risk of the whole or part of such portfolio investment that is the subject of such participation.

 

“PBGC” means the U.S. Pension
Benefit Guaranty Corporation as referred to and defined in ERISA.

 

“Performing” has the meaning
assigned to such term in Section 5.13.

 

“Performing Cash Pay High Yield Securities”
has the meaning assigned to such term in Section 5.13.

 

“Performing Cash Pay Mezzanine Investments”
has the meaning assigned to such term in Section 5.13.

 

“Performing Common Equity”
has the meaning assigned to such term in Section 5.13.

 

“Performing DIP Loans”
has the meaning assigned to such term in Section 5.13.

 

“Performing First Lien Bank Loans”
has the meaning assigned to such term in Section 5.13.

 

“Performing Non-Cash Pay High Yield
Securities” has the meaning assigned to such term in Section 5.13.

 

“Performing Non-Cash Pay Mezzanine
Investments” has the meaning assigned to such term in Section 5.13.

 

“Performing Preferred Stock”
has the meaning assigned to such term in Section 5.13.

 

“Performing Principal Finance Assets”
has the meaning assigned to such term in Section 5.13.

 

“Performing Principal Finance Common
Equity Assets” has the meaning assigned to such term in Section 5.13.

 

“Performing Principal Finance Debt
Assets” has the meaning assigned to such term in Section 5.13.

 

    44

     

    

 

“Performing Principal Finance Preferred
Stock Assets” has the meaning assigned to such term in Section 5.13.

 

“Performing Second Lien Bank Loans”
has the meaning assigned to such term in Section 5.13.

 

“Permitted Advisor Loan”
means, with respect to any Borrower, any Indebtedness of such Borrower or another member of its Obligor Group that (a) is owed
to FS/KKR Advisor, (b) has no mandatory amortization prior to, and a final maturity date not earlier than, six months after the
Maturity Date, (c) is permitted by the Investment Company Act, (d) is not secured by any property or assets (whether of such Borrower,
any Obligor or any other Person), (e) is on terms and conditions no less favorable to such Borrower or such other Obligor than
could be obtained on an arm’s-length basis from unrelated third parties and (f) is on terms and conditions that are no more
restrictive upon such Borrower and its Subsidiaries, while any Subcommitments or Loans are outstanding with respect to such Borrower,
than those set forth in this Agreement with respect to such Borrower and its Subsidiaries; provided that, such Borrower or such
other Obligor may incur any Permitted Advisor Loan that otherwise would not meet the requirements set forth in this clause (f)
if it has duly made a Modification Offer (whether or not it is accepted by the Required Lenders).

 

“Permitted Equity Interests”
means, with respect to a Borrower, stock of such Borrower that after its issuance is not subject to any agreement between the holder
of such stock and such Borrower where such Borrower is required to purchase, redeem, retire, acquire, cancel or terminate any such
stock unless such Permitted Equity Interests satisfies the applicable requirements set forth in the definition of “Unsecured
Longer-Term Indebtedness”.

 

“Permitted Indebtedness”
means, with respect to a Borrower, collectively, Other Secured Indebtedness and Unsecured Longer-Term Indebtedness, in each case,
of such Borrower or any other member of its Obligor Group.

 

    45

     

    

 

“Permitted Liens” means,
with respect to a Borrower: (a) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due
or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained
on the books of such Borrower or any other member of its Obligor Group in accordance with GAAP; (b) Liens of clearing agencies,
broker-dealers and similar Liens incurred in the ordinary course of business; provided that such Liens (i) attach only
to the securities (or proceeds) being purchased or sold and (ii) secure only obligations incurred in connection with such
purchase or sale, and not any obligation in connection with margin financing; (c) Liens imposed by law, such as materialmen’s,
mechanics’, carriers’, workmens’, landlord, storage and repairmen’s Liens and other similar Liens arising
in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money); (d) Liens incurred
or pledges or deposits made to secure obligations incurred in the ordinary course of business under workers’ compensation
laws, unemployment insurance or other similar social security legislation (other than Liens in respect of employee benefit plans
arising under ERISA or Section 4975 of the Code) or to secure public or statutory obligations; (e) Liens securing the performance
of, or payment in respect of, bids, insurance premiums, deductibles or co-insured amounts, tenders, government or utility contracts
(other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other obligations of a similar nature
incurred in the ordinary course of business; provided that all Liens on any Collateral included in the Borrowing Base of
such Borrower that are permitted pursuant to this clause (e) shall have a priority that is junior to the Liens under the Security
Documents; (f) Liens arising out of judgments or awards that have been in force for less than the applicable period for taking
an appeal so long as such judgments or awards do not constitute an Event of Default with respect to such Borrower under clause (l)
of Article VII; (g) customary rights of setoff, banker’s lien, security interest or other like right upon (i) deposits
of cash in favor of banks or other depository institutions in which such cash is maintained in the ordinary course of business,
(ii) cash and financial assets held in securities accounts in favor of banks and other financial institutions with which such
accounts are maintained in the ordinary course of business and (iii) assets held by a custodian in favor of such custodian
in the ordinary course of business securing payment of fees, indemnities, charges for returning items and other similar obligations;
provided that, with respect to Collateral included in the Borrowing Base, such rights are subordinated to the Lien of the
Collateral Agent, pursuant to the terms of the Custodian Agreement to which such Borrower is a party; (h) Liens arising solely
from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions in respect
of operating leases entered into by such Borrower or any of its Subsidiaries in the ordinary course of business; (i) easements,
rights of way, zoning restrictions and similar encumbrances on real property and minor irregularities in the title thereto that
do not interfere with or affect in any material respect the ordinary course conduct of the business of such Borrower or any of
its Subsidiaries; (j) Liens in favor of any escrow agent solely on and in respect of any cash earnest money deposits made
by such Borrower or any other member of its Obligor Group in connection with any letter of intent or purchase agreement (to the
extent that the acquisition or disposition with respect thereto is otherwise permitted hereunder); (k) precautionary Liens,
and filings of financing statements under the Uniform Commercial Code, covering assets sold or contributed to any Person not
prohibited hereunder; and (l) any restrictions on the sale or disposition of assets arising from a merger agreement between or
among one or more members of an Obligor Group with one or more members of another Obligor Group with respect to a Borrower Merger;
provided such restrictions do not adversely affect the enforceability of the Collateral Agent’s first-priority security interest
on any Collateral.

 

“Permitted Prior Working Capital
Lien” has the meaning assigned to such term in Section 5.13.

 

“Permitted SBIC Guarantee”
means, with respect to a Borrower, a guarantee by such Borrower and/or any other member of its Obligor Group of SBA Indebtedness
of an SBIC Subsidiary of such Borrower on the SBA’s then applicable form (or the applicable form at the time such guarantee
was entered into).

 

“Person” means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority
or other entity.

 

“Plan” means, with respect
to a Borrower, any “employee pension benefit plan” (other than a Multiemployer Plan) subject to the provisions of Title IV
of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which such Borrower or any of its ERISA
Affiliates is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

    46

     

    

 

“Plan Asset Regulations”
means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

 

“Portfolio Investment”
means, with respect to a Borrower, any investment (including a Participation Interest) held by such Borrower or any other member
of its Obligor Group in their asset portfolio (and solely for purposes of determining the Borrowing Base of such Borrower, and
of Sections 6.02(d), 6.03(d), 6.04(d) and clause (p) of Article VII, Cash and Cash Equivalents, excluding Cash pledged
as cash collateral for Letters of Credit issued on behalf of such Borrower). Without limiting the generality of the foregoing,
it is understood and agreed that any Portfolio Investments that have been contributed or sold, purported to be contributed or sold
or otherwise transferred to any Excluded Asset, or held by any Immaterial Subsidiary or Controlled Foreign Corporation that is
not a Subsidiary Guarantor, shall not be treated as Portfolio Investments. Notwithstanding the foregoing, nothing herein shall
limit the provisions of Section 5.12(b)(i), which provides that, for purposes of this Agreement, all determinations of whether
an investment is to be included as a Portfolio Investment shall be determined on a settlement date basis (meaning that any investment
that has been purchased will not be treated as a Portfolio Investment until such purchase has settled, and any Portfolio Investment
which has been sold will not be excluded as a Portfolio Investment until such sale has settled); provided that no such investment
shall be included as a Portfolio Investment to the extent it has not been paid for in full. Notwithstanding the foregoing, Equity
Interests in Aggregators shall not constitute Portfolio Investments for purposes of this Agreement.

 

“Pounds Sterling” means
the lawful currency of England.

 

“Preferred Stock” has the
meaning assigned to such term in Section 5.13.

 

“Prime Rate” means the
rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in effect at its principal office in
New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as
being effective.

 

“Principal Finance Asset”
has the meaning assigned to such term in Section 5.13.

 

“Principal Financial Center”
means, in the case of any Currency, the principal financial center where such Currency is cleared and settled, as determined by
the Administrative Agent.

 

“Pro-Rata Basis” means,
with respect to any fees, costs or expenses for the several accounts of the Borrowers, an allocation as determined by the board
of directors of each applicable Borrower from time to time. As of the Restatement Effective Date and as to each Borrower, the initial
allocation shall be equal to the percentage of the total Commitments as of the Restatement Effective Date represented by such Borrower’s
Borrower Sublimit as of the Restatement Effective Date.

 

“PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

    47

     

    

 

“QFC” has the meaning assigned
to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“Quarterly Dates” means
the last Business Day of March, June, September and December in each year.

 

“Quotation Day” means,
with respect to any Eurocurrency Borrowing for any Interest Period, (i) if the Currency is Canadian Dollars, AUD, NZD or Pounds
Sterling, the first day of such Interest Period, (ii) if the Currency is Euro, two TARGET Days before the first day of such Interest
Period, and (iii) for any other Currency, two Business Days prior to the first day of such Interest Period, unless, in each case,
market practice differs in the relevant market where the Eurocurrency Rate for such Currency is to be determined, in which case
the Quotation Day will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations
would normally be given on more than one day, then the Quotation Day will be the last of those days).

 

“Quoted Investments” has
the meaning set forth in Section 5.12(b)(ii)(A).

 

“Reference Time” with respect
to any setting of the then-current Benchmark means (1) if such Benchmark is LIBOR, 11:00 a.m. (London time) on the day that is
two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR, the time determined by the
Administrative Agent in its reasonable discretion.

 

“Register” has
the meaning set forth in Section 9.04.

 

“Regulations D, T, U and X”
means, respectively, Regulations D, T, U and X of the Board of Governors of the Federal Reserve System (or any successor),
as the same may be modified and supplemented and in effect from time to time.

 

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

 

“Release Date” means, with
respect to a Borrower, the date on which (1) all Subcommitments with respect to such Borrower have expired or been terminated (or
otherwise reduced to zero, including in connection with a reallocation in accordance with Section 2.07(g) or (h)), (2) the principal
of and accrued interest on each Loan made to such Borrower and all fees and other amounts payable hereunder by such Borrower (other
than Unasserted Contingent Obligations with respect to such Borrower) shall have been paid in full (or assumed by a Surviving Obligor
pursuant to a Borrower Merger), (3) all Letters of Credit issued on behalf of such Borrower shall have (v) expired, (w) terminated,
(x) been cash collateralized, (y) otherwise been backstopped in a manner satisfactory to the relevant Issuing Bank in its sole
discretion or (z) been assumed by a Surviving Obligor pursuant to a Borrower Merger, and (4) all LC Disbursements with respect
to such Borrower then outstanding shall have been reimbursed.

 

    48

     

    

 

“Relevant Governmental Body”
means (i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or
the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor
thereto and (ii) with respect to a Benchmark Replacement in respect of Loans denominated in any Foreign Currency, (a) the central
bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible
for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working
group or committee officially endorsed or convened by (1) the central bank for the currency in which such Benchmark Replacement
is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement
or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial
Stability Board or any part thereof.

 

“Relevant Rate” means (i)
with respect to any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency, LIBOR, (ii) with respect to any Eurocurrency
Borrowing denominated in Euros, EURIBOR or (iii) with respect to any Eurocurrency Borrowing denominated in a Non-LIBOR Quoted Currency,
the applicable Local Rate.

 

“Relevant Screen Rate”
means (i) with respect to any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency, the LIBOR Screen Rate, (ii) with
respect to any Eurocurrency Borrowing denominated in any Non-LIBOR Quoted Currency, the applicable Local Screen Rate or (iii) with
respect to any Eurocurrency Borrowing denominated in Euros, the EURIBOR Screen Rate.

 

“Required Lenders” means,
with respect to a Borrower, at any time, Lenders having Revolving Credit Exposures with respect to such Borrower and unused Subcommitments
with respect to such Borrower representing more than 50% of the sum of the total Revolving Credit Exposures with respect to
such Borrower and unused Subcommitments with respect to such Borrower at such time. The Required Lenders of a Class (which
shall include the terms “Required Dollar Lenders” and “Required Multicurrency Lenders”) means Lenders having
Revolving Credit Exposures with respect to such Borrower and unused Subcommitments of such Class with respect to such Borrower
representing more than 50% of the sum of the total Revolving Credit Exposures with respect to such Borrower and unused Subcommitments
of such Class with respect to such Borrower at such time; provided that the Revolving Credit Exposures with respect to such
Borrower and unused Subcommitments with respect to such Borrower of any Defaulting Lenders shall be disregarded in the determination
of Required Lenders of a Class to the extent provided for in Section 2.18.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Restatement Effective Date”
means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02),
which shall be December 23, 2020.

 

“Restricted Equity Interests”
means any Equity Interests if the grant of a security interest therein would constitute or result in a breach or termination pursuant
to the terms of, or a default under, the terms thereunder or under any contract, property rights, obligation, instrument or agreement
related thereto.

 

    49

     

    

 

“Restricted Payment” means,
with respect to a Borrower, any dividend or other distribution (whether in cash, securities or other property) with respect to
any shares of any class of capital stock of such Borrower or any of its Subsidiaries, or any payment (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such shares of capital stock or any option, warrant or other right to acquire any such shares
of capital stock (other than any equity awards granted to employees, officers, directors and consultants of such Borrower or any
of its Affiliates), provided, for clarity, neither the conversion of convertible debt into capital stock nor the purchase,
redemption, retirement, acquisition, cancellation or termination of convertible debt made solely with capital stock (other than
interest or expenses or fractional shares, which may be payable in cash) shall be a Restricted Payment hereunder.

 

“Return of Capital” means,
with respect to a Borrower, any return of capital received by such Borrower or any other member of its Obligor Group in respect
of the outstanding principal of any Portfolio Investment owned by such Borrower or such other Obligor (whether at stated maturity,
by acceleration or otherwise) and any net cash proceeds received by such Borrower or such other Obligor of the sale of any property
or assets pledged as collateral in respect of any Portfolio Investment to the extent such Borrower or such other Obligor is permitted
to retain all such proceeds (under law or contract) minus all taxes paid or reasonably estimated to be payable by such Borrower
or such other Obligor or any of their respective Subsidiaries as a result of such return of capital or receipt of proceeds (after
taking into account any available tax credits or deductions) minus any costs, fees, commissions, premiums and expenses incurred
by such Borrower or such other Obligor directly incidental to such return of capital or receipt of proceeds, including reasonable
legal fees and expenses.

 

“Revaluation Date” means
(a) with respect to any Loan, each of the following: (i) each date of a Borrowing of a Eurocurrency Loan denominated in an Agreed
Foreign Currency, (ii) each date of a continuation of a Eurocurrency Loan denominated in an Agreed Foreign Currency, and (iii)
such additional dates as the Administrative Agent shall reasonably and in good faith determine or the Required Lenders shall reasonably
and in good faith require; provided that such determination or requirement under this subclause (iii) shall not result in the occurrence
of a Revaluation Date more frequently than monthly; and (b) with respect to any Letter of Credit, each of the following: (i) each
date of issuance of a Letter of Credit denominated in an Agreed Foreign Currency, (ii) each date of an amendment of any such Letter
of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by the applicable Issuing Bank under
any Letter of Credit denominated in an Agreed Foreign Currency, and (iv) such additional dates as the Administrative Agent or the
applicable Issuing Bank shall reasonably and in good faith determine or the Required Lenders shall reasonably and in good faith
require; provided that such determination or requirement under this subclause (iv) shall not result in the occurrence of a Revaluation
Date more frequently than monthly.

 

“Revolving Credit Exposure”
means, with respect to any Lender and any Borrower at any time, the sum of the outstanding principal amount of such Lender’s
Revolving Dollar Credit Exposure and Revolving Multicurrency Credit Exposure with respect to such Borrower at such time.

 

    50

     

    

 

“Revolving Dollar Credit Exposure”
means, with respect to any Lender and any Borrower at any time, the sum of the outstanding principal amount of such Lender’s
Loans to such Borrower at such time, made or incurred under such Lender’s Dollar Subcommitments with respect to such Borrower,
and such Lender’s Dollar LC Exposure with respect to such Borrower.

 

“Revolving Multicurrency Credit Exposure”
means, with respect to any Lender and any Borrower at any time, the sum of the outstanding principal amount of such Lender’s
Loans to such Borrower at such time, made or incurred under such Lender’s Multicurrency Subcommitments with respect to such
Borrower, and such Lender’s Multicurrency LC Exposure with respect to such Borrower.

 

“RIC” means a person qualifying
for treatment as a “regulated investment company” under the Code.

 

“S&P” means S&P
Global Ratings, a division of S&P Global Inc., a New York corporation, or any successor thereto.

 

“Sanctioned Country” means,
at any time, a country, region or territory which is itself the subject or target of comprehensive Sanctions (at the time of this
Agreement, Cuba, Iran, North Korea, Syria and Crimea).

 

“Sanctioned Person” means,
at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets
Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European
Union or any European Union member state, (b) any Person organized or resident in a Sanctioned Country or (c) any Person owned
or controlled by any such Person or Persons described in the foregoing clause (a) or (b).

 

“Sanctions” means, with
respect to a Borrower, economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury
or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state,
Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority having jurisdiction over such Borrower
or its Subsidiaries or any Lender.

 

“SBA” means the United
States Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof.

 

“SBIC Equity Commitment”
means, with respect to a Borrower, a commitment by such Borrower or any other member of its Obligor Group to make one or more capital
contributions to an SBIC Subsidiary of such Borrower.

 

“SBIC Subsidiary” means,
with respect to a Borrower, any Subsidiary of such Borrower or any other member of its Obligor Group (or such Subsidiary’s
general partner or manager entity) that is (x) either (i) a small business investment company licensed by the SBA (or that has
applied for such a license and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently
conducted) pursuant to the Small Business Investment Act of 1958, as amended or (ii) any wholly-owned, directly or indirectly,
Subsidiary of an entity referred to in clause (i) of this definition and (y) designated by such Borrower (as provided below) as
an SBIC Subsidiary, so long as:

 

    51

     

    

 

(a)       other
than pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that such Borrower or such other Obligor make an equity
or capital contribution to such SBIC Subsidiary in connection with its incurrence of SBA Indebtedness (provided that such contribution
is permitted by Section 6.03(d) and is made substantially contemporaneously with such incurrence), no portion of the Indebtedness
or any other obligations (contingent or otherwise) of such Person (i) is Guaranteed by such Borrower or any of its Subsidiaries
(other than any SBIC Subsidiary), (ii) is recourse to or obligates such Borrower or any of its Subsidiaries (other than any
SBIC Subsidiary) in any way, or (iii) subjects any property of such Borrower or any of its Subsidiaries (other than any SBIC
Subsidiary) to the satisfaction thereof, other than Equity Interests in any SBIC Subsidiary of such Borrower or such other Obligor
pledged to secure such Indebtedness;

 

(b)       other
than pursuant to a Permitted SBIC Guarantee, neither such Borrower nor any of its Subsidiaries has any material contract, agreement,
arrangement or understanding with such Person other than on terms no less favorable to such Borrower or such Subsidiary than those
that might be obtained at the time from Persons that are not Affiliates of such Borrower or such Subsidiary;

 

(c)       neither
such Borrower nor any of its Subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve
its financial condition or cause it to achieve certain levels of operating results; and

 

(d)       such
Person has not Guaranteed or become a co-borrower under, and has not granted a security interest in any of its properties to secure,
and the Equity Interests it has issued are not pledged to secure, in each case, any indebtedness, liabilities or obligations of
any one or more of such Borrower or any other member of its Obligor Group.

 

Any designation by such Borrower under clause
(y) above shall be effected pursuant to a certificate of a Financial Officer of such Borrower delivered to the Administrative Agent,
which certificate shall include a statement to the effect that, to the best of such Financial Officer’s knowledge, such designation
complied with the foregoing conditions. Upon the consummation of a Borrower Merger, any direct or indirect SBIC Subsidiary (if
any) of a Non-Surviving Borrower shall be automatically deemed an SBIC Subsidiary of the Surviving Borrower without the delivery
of a certificate of a Financial Officer of such Surviving Borrower so long as such SBIC Subsidiary continues to satisfy the criteria
of an “SBIC Subsidiary”.

 

“Screen Rate” means the
LIBOR Screen Rate and the Local Screen Rates collectively and individually as the context may require.

 

“SEC” means the United
States Securities and Exchange Commission or any Governmental Authority succeeding to any or all of the functions thereof.

 

“Second Lien Bank Loan”
has the meaning assigned to such term in Section 5.13.

 

    52

     

    

 

“Secured Party”, with respect
to a Borrower, has the meaning set forth in the Guarantee and Security Agreement to which such Borrower is a party.

 

“Securities” has the meaning
assigned to such term in Section 5.13.

 

“Securities Act” has the
meaning assigned to such term in Section 5.13.

 

“Security Documents” means,
with respect to a Borrower, collectively, the Guarantee and Security Agreement to which such Borrower is a party and all other
assignments, pledge agreements, security agreements, intercreditor agreements, control agreements and other instruments, in each
case, executed and delivered at any time by such Borrower or any other member of its Obligor Group pursuant to the Guarantee and
Security Agreement to which such Borrower is a party or otherwise providing or relating to any collateral security for any of the
Secured Obligations of such Borrower or such other Obligor under and as defined in the Guarantee and Security Agreement to which
such Borrower is a party.

 

“Senior Debt Amount” means,
as of any date, the greater of (i) the Covered Debt Amount and (ii) the Combined Debt Amount.

 

“Senior Investments” means
any Cash, Cash Equivalents, Long-Term U.S. Government Securities and Performing First Lien Bank Loans.

 

“Senior Securities” means,
with respect to a Borrower, senior securities (as such term is defined and determined pursuant to the Investment Company Act and
any orders of the SEC issued to such Borrower thereunder).

 

“Shareholders’ Equity”
means, with respect to a Borrower, at any date, the amount determined on a consolidated basis, without duplication, in accordance
with GAAP, of shareholders’ equity for such Borrower and its Subsidiaries at such date.

 

“Short-Term U.S. Government Securities”
has the meaning assigned to such term in Section 5.13.

 

“Shorter-Term Unsecured Indebtedness”
means, with respect to a Borrower, Indebtedness of such Borrower or any other member of its Obligor Group (which may be Guaranteed
by one or more other members of such Obligor Group) that:

 

(a)       has
no amortization prior to its initial maturity date and that has a maturity date earlier than six months after the Maturity Date
and an initial term of at least 3 years at issuance, except to the extent such unsecured indebtedness constitutes Special Longer-Term
Unsecured Indebtedness (it being understood that (i) the conversion features into Permitted Equity Interests under convertible
notes (as well as the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests, except in
the case of interest or expenses or fractional shares (which may be payable in cash)) shall not constitute “amortization”
for the purposes of this definition and (ii) any mandatory amortization that is contingent upon the happening of an event that
is not certain to occur (including, without limitation, a change of control or bankruptcy) shall not in and of itself be deemed
to disqualify such Indebtedness under this clause (a); provided, with respect to this clause (ii), such Borrower acknowledges that
any payment prior to the earlier to occur of the maturity date with respect to such Indebtedness and the Release Date with respect
to such Borrower and the Facility Termination Date in respect of any such obligation or right shall only be made to the extent
permitted by Section 6.12 and immediately upon such contingent event occurring the amount of such mandatory amortization shall
be included in the Covered Debt Amount of such Borrower);

 

    53

     

    

 

(b)       is
incurred pursuant to terms that are substantially comparable to (or more favorable than) market terms for substantially similar
debt of other similarly situated borrowers as reasonably determined in good faith by such Borrower or, if such transaction is not
one in which there are market terms for substantially similar debt of other similarly situated borrowers, on terms that are negotiated
in good faith on an arm’s length basis (except, in each case, other than financial covenants and events of default (other
than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit
agreements generally), which shall be no more restrictive upon such Borrower and its Subsidiaries, while any Subcommitments or
Loans are outstanding with respect to such Borrower, than those set forth in this Agreement with respect to such Borrower and its
Subsidiaries; provided that, such Borrower or such other Obligor may incur any Shorter-Term Unsecured Indebtedness that otherwise
would not meet the requirements set forth in this parenthetical of this clause (b) if it has duly made a Modification Offer (whether
or not it is accepted by the Required Lenders) (it being understood that put rights or repurchase or redemption obligations arising
out of circumstances that would constitute a “fundamental change” (as such term is customarily defined in convertible
note offerings) or be Events of Default with respect to such Borrower under this Agreement shall not be deemed to be more restrictive
for purposes of this definition)); and

 

(c)       is
not secured by any assets of such Borrower or such other Obligor.

 

For the avoidance of doubt, Shorter-Term
Unsecured Indebtedness shall also include any refinancing, refunding, renewal or extension of any Shorter-Term Unsecured Indebtedness
so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of this definition.

 

“Significant Subsidiary”
means, with respect to a Borrower, at any time of determination, (a) any member of such Borrower’s Obligor Group or
(b) any other Subsidiary of such Borrower that, on a consolidated basis with such Subsidiary’s Subsidiaries, has aggregate
assets or aggregate revenues greater than 10% of the aggregate assets or aggregate revenues of such Borrower and its Subsidiaries,
taken as a whole, at such time.

 

“SOFR” means, with respect
to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR
Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator” means
the NYFRB (or a successor administrator of the secured overnight financing rate).

 

    54

     

    

 

“SOFR Administrator’s Website”
means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing
rate identified as such by the SOFR Administrator from time to time.

 

“SMBC” means Sumitomo Mitsui
Banking Corporation.

 

“Special Equity Interest”
means, with respect to a Borrower, any Equity Interest held by such Borrower or any other member of its Obligor Group that is subject
to a Lien in favor of creditors of the issuer or such issuer’s affiliates of such Equity Interest; provided that (a) such
Lien was created to secure Indebtedness owing by such issuer to such creditors, (b) such Indebtedness was (i) in existence
at the time such Borrower or such other Obligor acquired such Equity Interest, (ii) incurred or assumed by such issuer substantially
contemporaneously with such acquisition or (iii) already subject to a Lien granted to such creditors and (c) unless such
Equity Interest is not intended to be included in the Collateral, the documentation creating or governing such Lien does not prohibit
the inclusion of such Equity Interest in the Collateral.

 

“Special Longer-Term Unsecured Indebtedness”
means, with respect to a Borrower, indebtedness of such Borrower or any other member of its Obligor Group incurred after the Restatement
Effective Date that is Indebtedness that satisfies all of the criteria specified in the definition of “Unsecured Longer-Term
Indebtedness” other than clause (a) thereof so long as such Indebtedness has a maturity date of at least five years from
the date of the initial issuance of such Indebtedness; provided, however, that any issuance of Additional FSK 2024 Notes, Additional
FSK 2025 Notes, Additional FSK 2026 Notes and Additional FSKR 2025 Notes after the Restatement Effective Date shall be deemed “Special
Longer-Term Unsecured Indebtedness” so long as such Indebtedness satisfies all of the criteria specified in the definition
of “Unsecured Longer-Term Indebtedness” other than clause (a) thereof.

 

“Special Shorter-Term Unsecured Indebtedness”
means, with respect to a Borrower, unsecured indebtedness of such Borrower or any other member of its Obligor Group (which may
be Guaranteed by one or more other members of such Obligor Group) that has a maturity date earlier than six months after the Maturity
Date and an initial term of less than 3 years at issuance.

 

“Specified Time” means
(i) in relation to a Loan in Canadian Dollars, as of 10:00 a.m., Toronto, Ontario time, (ii) in relation to a Loan in a LIBOR Quoted
Currency, as of 11:00 a.m., London time, (iii) in relation to a Loan in AUD, as of 11:00 a.m., Sydney, Australia time, (iv) in
relation to a Loan in NZD, as of 11:00 a.m., Wellington, New Zealand time and (v) in relation to a Loan in Euros, as of 11:00 a.m.,
Brussels time.

 

“Standard Securitization Undertakings”
means, collectively, (a) customary arms-length servicing obligations (together with any related performance guarantees), (b) obligations
(together with any related performance guarantees) to refund the purchase price or grant purchase price credits for dilutive events
or misrepresentations (in each case unrelated to the collectability of the assets sold or the creditworthiness of the associated
account debtors) and (c) representations, warranties, covenants and indemnities (together with any related performance guarantees)
of a type that are reasonably customary in commercial loan securitizations.

 

    55

     

    

 

“Statutory Reserve Rate”
means, for the Interest Period for any Eurocurrency Borrowing, a fraction (expressed as a decimal), the numerator of which is the
number one and the denominator of which is the number one minus the arithmetic mean, taken over each day in such Interest
Period, of the aggregate of the applicable maximum reserve percentages (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding
(currently referred to as “Eurocurrency liabilities” in Regulation D). Such reserve percentages shall include
those imposed pursuant to Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject
to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time
to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically
on and as of the effective date of any change in any reserve percentage.

 

“Subcommitment” means,
with respect to each Lender and any Borrower, collectively, the Dollar Subcommitments of such Lender with respect to such Borrower
and the Multicurrency Subcommitments of such Lender with respect to such Borrower.

 

“Subsidiary” means, with
respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association
or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50%
of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise
Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
Anything herein to the contrary notwithstanding, with respect to an Obligor, the term “Subsidiary” shall not include
any Person that constitutes an Investment held by such Obligor in the ordinary course of business and that is not, under GAAP,
consolidated on the financial statements of such Obligor, including, without limitation, any Aggregator. Unless otherwise specified,
“Subsidiary” means a Subsidiary of the applicable Borrower.

 

“Subsidiary Guarantor”
means, with respect to a Borrower, any Domestic Subsidiary of such Borrower that is a Guarantor under the Guarantee and Security
Agreement to which such Borrower is a party. It is understood and agreed that Excluded Assets, Immaterial Subsidiaries and Controlled
Foreign Corporations of such Borrower shall not be required to be Subsidiary Guarantors.

 

“Surviving Borrower” has
the meaning assigned to such term in the definition of “Borrower Merger”.

 

“Surviving Obligor” has
the meaning assigned to such term in the definition of “Borrower Merger”.

 

“Syndication Agent” means
ING, in its capacity as syndication agent hereunder.

 

    56

     

    

 

“TARGET Day” means
any day on which the TARGET2 is open.

 

“TARGET2” means the Trans-European
Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative,
such other payment system reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of
payments in Euros.

 

“Taxes” means any and all
present or future taxes, levies, imposts, duties, deductions, charges or withholdings (including backup withholding), assessments
or fees imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term SOFR” means, for
the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been
selected or recommended by the Relevant Governmental Body.

 

“Term SOFR Notice” means
a notification by the Administrative Agent to the Lenders and the Borrowers of the occurrence of a Term SOFR Transition Event.

 

“Term SOFR Transition Event”
means the determination by the Administrative Agent that (a) Term SOFR has been selected or recommended for use by the Relevant
Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark
Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance
with Section 2.12 that is not Term SOFR.

 

“Tender Offer” means, with
respect to an Unlisted Borrower, an all-cash tender offer by such Unlisted Borrower for its shares of common stock that may be
proposed to be commenced in connection with the initial listing of such Unlisted Borrower’s shares of common stock.

 

“Total Secured Debt” means,
with respect to any Borrower, as of any date, the aggregate amount of Senior Securities representing secured Indebtedness of such
Borrower that is secured by the Collateral as of such date.

 

“Transactions” means, with
respect to a Borrower, the execution, delivery and performance by such Borrower of this Agreement and the other Loan Documents
to which such Borrower or any other member of its Obligor Group is a party, the borrowing of Loans by such Borrower, the use of
the proceeds thereof by such Borrower and the issuance of Letters of Credit on behalf of such Borrower hereunder.

 

“Truist Securities” means
Truist Securities, Inc.

 

“Type”, when used in reference
to any Loan or Borrowing made to a Borrower, refers to whether the rate of interest on such Loan, or on the Loans constituting
such Borrowing, is determined by reference to the Adjusted Eurocurrency Rate or the Alternate Base Rate.

 

    57

     

    

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time)
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial
Institution.

 

“Unadjusted Benchmark Replacement”
means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Unasserted Contingent Obligations”
means, with respect to a Borrower, all (i) unasserted contingent indemnification obligations with respect to such Borrower not
then due and payable by such Borrower and (ii) unasserted expense reimbursement obligations with respect to such Borrower not then
due and payable by such Borrower. For the avoidance of doubt, “Unasserted Contingent Obligations” shall not include
any reimbursement obligations in respect of any Letter of Credit issued on behalf of such Borrower.

 

“Undisclosed Administration”
means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian, or other similar official by a supervisory authority or regulator under or based on
the law in the country where such Lender or such parent company is subject to home jurisdiction supervision, if applicable law
requires that such appointment not be publicly disclosed and such appointment has not been publicly disclosed.

 

“Uniform Commercial Code”
means the Uniform Commercial Code as in effect from time to time in the State of New York.

 

“Unlisted Borrower” means
each Borrower that is not a Listed Borrower. As of the Restatement Effective Date, no Borrower is an Unlisted Borrower.

 

“Unquoted Investments”
has the meaning set forth in Section 5.12(b)(ii)(B).

 

“Unsecured Longer-Term Indebtedness”
means, with respect to a Borrower, (1) any Permitted Advisor Loan of such Borrower or any other member of its Obligor Group (which
may be Guaranteed by one or more other members of such Obligor Group) and (2) any Indebtedness of such Borrower or any other member
of its Obligor Group (which may be Guaranteed by one or more other members of such Obligor Group) that:

 

(a)           has no amortization prior to, and a final maturity date not earlier than, six months after the Maturity Date (it being understood
that (i) the conversion features into Permitted Equity Interests under convertible notes (as well as the triggering of such conversion
and/or settlement thereof solely with Permitted Equity Interests, except in the case of interest or expenses or fractional shares
(which may be payable in cash)) shall not constitute “amortization” for the purposes of this definition and (ii) any
mandatory amortization that is contingent upon the happening of an event that is not certain to occur (including, without limitation,
a change of control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a);
provided, with respect to this clause (ii), such Borrower acknowledges that any payment prior to the earlier to occur of the Release
Date with respect to such Borrower and the Facility Termination Date in respect of any such obligation or right shall only be made
to the extent permitted by Section 6.12 and immediately upon such contingent event occurring the amount of such mandatory amortization
shall be included in the Covered Debt Amount of such Borrower);

 

    58

     

    

 

(b)           is incurred pursuant to terms that are substantially comparable to (or more favorable than) market terms for substantially
similar debt of other similarly situated borrowers as reasonably determined in good faith by such Borrower or, if such transaction
is not one in which there are market terms for substantially similar debt of other similarly situated borrowers, on terms that
are negotiated in good faith on an arm’s length basis (except, in each case, other than financial covenants and events of
default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this
Agreement or credit agreements generally), which shall be no more restrictive upon such Borrower and its Subsidiaries, while any
Subcommitments or Loans are outstanding with respect to such Borrower, than those set forth in this Agreement with respect to such
Borrower and its Subsidiaries; provided that, such Borrower or such other Obligor may incur any Unsecured Longer-Term Indebtedness
that otherwise would not meet the requirements set forth in this parenthetical of this clause (b) if it has duly made a Modification
Offer (whether or not it is accepted by the Required Lenders) (it being understood that put rights or repurchase or redemption
obligations arising out of circumstances that would constitute a “fundamental change” (as such term is customarily
defined in convertible note offerings) or be Events of Default with respect to such Borrower under this Agreement shall not be
deemed to be more restrictive for purposes of this definition)); and

 

(c)           is not secured by any assets of such Borrower or such other Obligor.

 

For the avoidance of doubt, Unsecured Longer-Term
Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured Longer-Term Indebtedness so long
as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of this definition. Notwithstanding
the foregoing, the term Unsecured Longer-Term Indebtedness shall include any Disqualified Equity Interests so long as the applicable
Borrower is not permitted or required to purchase, redeem, retire, acquire, cancel or terminate any such Equity Interest (other
than (x) as a result of a change of control or asset sale or (y) in connection with any purchase, redemption, retirement, acquisition,
cancellation or termination with, or in exchange for, Equity Interest) prior to the date that is six months after the Maturity
Date.

 

“U.S. Government Securities”
means securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully
guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the
full faith and credit of the United States and in the form of conventional bills, bonds, and notes.

 

    59

     

    

 

“Valuation Policy”, with
respect to a Borrower, has the meaning assigned to such term in Section 5.12(b)(ii)(B).

 

“Value” has the meaning
assigned to such term in Section 5.13.

 

“Withdrawal Liability”
means, with respect to a Borrower, liability to a Multiemployer Plan as a result of a “complete withdrawal” or “partial
withdrawal” from such Multiemployer Plan by such Borrower, as such terms are defined in Sections 4203 and 4205
of ERISA.

 

“Write-Down and Conversion Powers”
means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority
under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are
related to or ancillary to any of those powers.

 

SECTION 1.02.          
Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a “Dollar Loan” or a “Multicurrency Loan”), by Type (e.g., an “ABR
Loan” or a “Eurocurrency Loan”) or by Class and Type (e.g., a “Multicurrency Eurocurrency Loan”).
Borrowings also may be classified and referred to by Class (e.g., a “Dollar Borrowing” or a “Multicurrency
Borrowing”), by Type (e.g., an “ABR Borrowing” or a “Eurocurrency Borrowing”) or by Class
and Type (e.g., a “Multicurrency Eurocurrency Borrowing”). Loans and Borrowings may also be identified by Currency.

 

SECTION 1.03.          
Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended
and restated, supplemented, renewed or otherwise modified (subject to any restrictions on such amendments, supplements, renewals
or modifications set forth herein or therein), (b) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits
and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights. For the avoidance of doubt, any cash payment (other than any cash payment on account of interest)
made by any Borrower in respect of any conversion features in any convertible securities that may be issued by such Borrower shall
constitute a “regularly scheduled payment, prepayment or redemption of principal and interest” within the meaning of
clause (b) of Section 6.12. Solely for purposes of this Agreement, any references to “obligations” owed by any Person
under any Hedging Agreement shall refer to the amount that would be required to be paid by such Person if such Hedging Agreement
were terminated at such time (after giving effect to any netting agreement).

 

    60

     

    

 

SECTION 1.04.          
Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP, as in effect from time to time; provided that, if a Borrower notifies the Administrative
Agent that such Borrower requests an amendment to any provision hereof with respect to such Borrower to eliminate the effect of
any change occurring after the Restatement Effective Date in GAAP or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies a Borrower that the Required Lenders request an amendment to any provision hereof with
respect to such Borrower for such purpose), regardless of whether any such notice is given before or after such change in GAAP
or in the application thereof, then such Borrower, Administrative Agent and Lenders agree to enter into negotiations in good faith
in order to amend such provisions of this Agreement with respect to such Borrower so as to equitably reflect such change to comply
with GAAP with the desired result that the criteria for evaluating such Borrower’s financial condition shall be the same
after such change to comply with GAAP as if such change had not been made; provided, however, until such amendments to equitably
reflect such changes are effective and agreed to by such Borrower, the Administrative Agent and the Required Lenders, such Borrower’s
compliance with such financial covenants shall be determined on the basis of GAAP as in effect and applied immediately before such
change in GAAP becomes effective. Notwithstanding the foregoing or anything herein to the contrary, each Borrower covenants and
agrees with the Lenders that whether or not such Borrower may at any time adopt Financial Accounting Standard Board Accounting
Standards Codification 820 (or any other Financial Accounting Standard having a similar result or effect), Financial Accounting
Standard No. 159 (or successor standard solely as it relates to fair value liabilities) or accounts for liabilities acquired in
an acquisition on a fair value basis pursuant to Financial Accounting Standard No. 141(R) (or successor standard solely as it relates
to fair value liabilities), all determinations of compliance with the terms and conditions of this Agreement shall be made on the
basis that such Borrower has not adopted Financial Accounting Standard Board Accounting Standards Codification 820 (or any other
Financial Accounting Standard having a similar result or effect), Financial Accounting Standard No. 159 (or such successor standard
solely as it relates to fair value liabilities) or, in the case of liabilities acquired in an acquisition, Financial Accounting
Standard No. 141(R) (or such successor standard solely as it relates to fair value liabilities).

 

SECTION 1.05.          
Currencies; Currency Equivalents

 

(a)           Currencies Generally. At any time, any reference in the definition of the term “Agreed Foreign Currency”
or in any other provision of this Agreement to the Currency of any particular nation means the lawful currency of such nation at
such time whether or not the name of such Currency is the same as it was on the Restatement Effective Date. Except as provided
in Section 2.09(b) and the last sentence of Section 2.17(a), for purposes of determining (i) whether the amount
of any Borrowing made to any Borrower or Letter of Credit issued on behalf of such Borrower under its Multicurrency Subcommitments,
together with all other Borrowings made to such Borrower and Letters of Credit issued on behalf of such Borrower under its Multicurrency
Subcommitments then outstanding or to be borrowed at the same time as such Borrowing, would exceed the aggregate amount of such
Multicurrency Subcommitments, (ii) the aggregate unutilized amount of the Multicurrency Subcommitments with respect to any
Borrower, (iii) the Revolving Multicurrency Credit Exposure with respect to any Borrower, (iv) the Multicurrency LC Exposure
with respect to any Borrower, (v) the Covered Debt Amount with respect to any Borrower and (vi) the Borrowing Base with
respect to any Borrower or the Value of any Portfolio Investment, the outstanding principal amount of any Borrowing or Letter of
Credit that is denominated in any Foreign Currency or the Value of any Portfolio Investment that is denominated in any Foreign
Currency shall be deemed to be the Dollar Equivalent of the amount of the Foreign Currency of such Borrowing, Letter of Credit
or Portfolio Investment, as the case may be, determined as of the date of such Borrowing or Letter of Credit (determined in accordance
with the last sentence of the definition of the term “Interest Period”) or the date of valuation of such Portfolio
Investment, as the case may be; provided that in connection with the delivery of any Borrowing Base Certificate pursuant to Section
5.01(d) or (e), such amounts shall be determined as of the date of delivery of such Borrowing Base Certificate.

 

    61

     

    

 

(b)           Special Provisions Relating to Euro. Each obligation hereunder of any party hereto that is denominated in the National
Currency of a state that is not a Participating Member State on the Restatement Effective Date shall, effective from the date on
which such state becomes a Participating Member State, be redenominated in Euro in accordance with the legislation of the European
Union applicable to the European Monetary Union; provided that, if and to the extent that any such legislation provides
that any such obligation of any such party payable within such Participating Member State by crediting an account of the creditor
can be paid by the debtor either in Euros or such National Currency, such party shall be entitled to pay or repay such amount either
in Euros or in such National Currency. If the basis of accrual of interest or fees expressed in this Agreement with respect to
an Agreed Foreign Currency of any country that becomes a Participating Member State after the date on which such currency becomes
an Agreed Foreign Currency shall be inconsistent with any convention or practice in the interbank market for the basis of accrual
of interest or fees in respect of the Euro, such convention or practice shall replace such expressed basis effective as of and
from the date on which such state becomes a Participating Member State; provided that, with respect to any Borrowing denominated
in such currency that is outstanding immediately prior to such date, such replacement shall take effect at the end of the Interest
Period therefor.

 

Without prejudice to the respective liabilities
of any Borrower to the Lenders and the Lenders to such Borrower under or pursuant to this Agreement, each provision of this Agreement
with respect to such Borrower shall be subject to such reasonable changes of construction as the Administrative Agent may from
time to time, in consultation with such Borrower, reasonably specify to be necessary or appropriate to reflect the introduction
or changeover to the Euro in any country that becomes a Participating Member State after the Restatement Effective Date; provided
that the Administrative Agent shall provide such Borrower and the Lenders with prior notice of the proposed change with an explanation
of such change in sufficient time to permit such Borrower and the Lenders an opportunity to respond to such proposed change.

 

    62

     

    

 

(c)           Exchange Rates; Currency Equivalents. The Administrative Agent shall determine the Exchange Rate for any Foreign
Currency as of each Revaluation Date to be used for calculating the Dollar Equivalent amounts of Loans, Letters of Credit and Revolving
Credit Exposure denominated in such Foreign Currency. Such Exchange Rate shall become effective as of such Revaluation Date and
shall be the Exchange Rate employed in converting any amounts between the applicable currencies until the next Revaluation Date
to occur. Except for purposes of financial statements delivered pursuant to Section 5.01 hereunder or except as otherwise provided
herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent
amount as so determined by the Administrative Agent. Wherever in this Agreement in connection with a Borrowing, conversion, continuation
or prepayment of a Eurocurrency Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required
minimum or multiple amount, is expressed in Dollars, but such Borrowing, Eurocurrency Loan or Letter of Credit is denominated in
an Agreed Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar amount (rounded to the
nearest unit of such Agreed Foreign Currency, with 0.5 of a unit being rounded upward). Without limiting the generality of the
foregoing, for purposes of determining compliance with any basket in this Agreement, in no event shall any Obligor be deemed to
not be in compliance with any such basket solely as a result of a change in Exchange Rates.

 

SECTION 1.06.          
Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware
law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of
any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred
from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed
to have been organized or acquired on the first date of its existence by the holders of its Equity Interests at such time.

 

SECTION 1.07.          
Interest Rates; LIBOR Notification. The interest rate on a Loan denominated in Dollars or a Foreign Currency may
be derived from an interest rate benchmark that is, or may in the future become, the subject of regulatory reform. Regulators have
signaled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such
interest rate benchmarks may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the
basis on which they are calculated may change. The London interbank offered rate is intended to represent the rate at which contributing
banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct
Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions
to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administration, the “IBA”) for
purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London
interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine
the interest rate on Eurocurrency Loans denominated in a LIBOR Quoted Currency. In light of this eventuality, public and private
sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London
interbank offered rate. Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-In Election,
Section 2.12(b) and (c) provide a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly
notify the Borrowers, pursuant to Section 2.12(e), of any change to the reference rate upon which the interest rate on a Eurocurrency
Loan is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability
with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates
in the definition of “LIBOR” (or “EURIBOR”, as applicable) or with respect to any alternative or successor
rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate
implemented pursuant to Section 2.14(b) or (c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition
Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section
2.14(d)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement
reference rate will be similar to, or produce the same value or economic equivalence of, LIBOR (or EURIBOR, as applicable) or have
the same volume or liquidity as did the London interbank offered rate (or the Euro interbank offered rate, as applicable) prior
to its discontinuance or unavailability.

 

    63

     

    

 

Article
II

THE CREDITS

 

SECTION 2.01.          
The Commitments

 

Subject to the terms and conditions set forth
herein:

 

(a)               
each Dollar Lender severally agrees to make Dollar Loans to each Borrower from time to time during the Availability Period
in an aggregate principal amount that will not result in (i) such Lender’s Revolving Dollar Credit Exposure with respect
to such Borrower exceeding such Lender’s Dollar Subcommitment with respect to such Borrower, (ii) the aggregate Revolving
Dollar Credit Exposure of all of the Lenders exceeding the Dollar Commitments or (iii) the total Covered Debt Amount of such
Borrower exceeding the Borrowing Base then in effect for such Borrower; and

 

(b)              
each Multicurrency Lender severally agrees to make Multicurrency Loans to each Borrower from time to time during the Availability
Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Multicurrency Credit Exposure
with respect to such Borrower exceeding such Lender’s Multicurrency Subcommitment with respect to such Borrower, (ii) the
aggregate Revolving Multicurrency Credit Exposure of all of the Lenders exceeding the Multicurrency Commitments, (iii) the
total Covered Debt Amount of such Borrower exceeding the Borrowing Base then in effect for such Borrower, (iv) the aggregate amount
of the Revolving Multicurrency Credit Exposure of all of the Lenders denominated in a Foreign Currency exceeding 50% of the total
Commitments hereunder or (v) the aggregate amount of the Revolving Multicurrency Credit Exposure of all of the Lenders denominated
in AUD and NZD exceeding 20% of the total Commitments hereunder.

 

    64

     

    

 

Within
the foregoing limits and subject to the terms and conditions set forth herein, each Borrower may borrow, prepay and reborrow Loans
made to such Borrower.

 

SECTION
2.02.           
Loans and Borrowings.

 

(a)           
Obligations of Lenders. Each Loan made to a Borrower shall be made as part of a Borrowing consisting of Loans of the same
Class, Currency and Type made by the applicable Lenders ratably in accordance with their respective Subcommitments of the same
Class with respect to such Borrower. The failure of any Lender to make any Loan required to be made by it shall not relieve any
other Lender of its obligations hereunder; provided that the Subcommitments of the Lenders are several and no Lender shall
be responsible for any other Lender’s failure to make Loans as required.

 

(b)           
Type of Loans. Subject to Section 2.12, (i) each Borrowing of a Class shall be constituted entirely of ABR Loans
or of Eurocurrency Loans of such Class denominated in a single Currency as any Borrower may request in accordance herewith. Each
Borrowing denominated in an Agreed Foreign Currency shall be constituted entirely of Eurocurrency Loans. Each Lender at its option
may make any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided
that (i) any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance
with the terms of this Agreement and (ii) in exercising such option, such Lender shall use reasonable efforts to minimize any
increased costs to any Borrower resulting therefrom (which obligation of the Lender shall not require it to take, or refrain from
taking, actions that it determines would result in increased costs for which it will not be compensated hereunder or that it determines
would be otherwise disadvantageous to it and in the event of such request for costs for which compensation is provided under this
Agreement, the provisions of Section 2.14 shall apply).

 

(c)           
Minimum Amounts. Each Borrowing (whether Eurocurrency or ABR) shall be in an aggregate amount of $1,000,000 or a whole
multiple of $100,000 in excess thereof or, with respect to any Agreed Foreign Currency, such smaller minimum amount as may be
agreed to by the Administrative Agent; provided that a Borrowing of a Class made to a Borrower may be in an aggregate
amount that is equal to the entire unutilized balance of the total Subcommitments of such Class with respect to such Borrower
or that is required to finance the reimbursement of an LC Disbursement of such Class with respect to such Borrower as contemplated
by Section 2.04(f). Borrowings of more than one Class, Currency and Type may be outstanding at the same time.

 

(d)           
Limitations on Interest Periods. Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to
request (or to elect to convert to or continue as a Eurocurrency Borrowing) any Borrowing if the Interest Period requested therefor
would end after the Maturity Date.

 

     65

     

    

 

(e)           
Restatement Effective Date Adjustments. If, in connection with the Restatement Effective Date, there is any increase in,
reduction in or reallocation of the Commitments or Subcommitments, as applicable, on the Restatement Effective Date, immediately
after giving effect to such increase, reduction or reallocation, as applicable, each Borrower shall (notwithstanding the provisions
in this Agreement requiring that borrowings and prepayments be made ratably in accordance with the principal amounts of the Loans
held by the Lenders) (A) prepay the outstanding Loans made to such Borrower (if any) of the affected Class in full, (B) simultaneously
borrow new Loans of such Class hereunder in an amount equal to such prepayment (in the case of Eurocurrency Loans, (1) to any
Borrower whose aggregate Subcommitments are increasing at such time, with Eurocurrency Rates equal to the outstanding Eurocurrency
Rate and with Interest Period(s) ending on the date(s) of any then outstanding Interest Period(s) under the Existing Credit Facility
and (2) to any Borrower whose aggregate Subcommitments are not changing at such time, with Eurocurrency Rates having Interest
Periods (the duration of which may be less than one month) that are the same as the Eurocurrency Rates and Interest Periods applicable
to outstanding Loans under the Existing Credit Facility made to such Borrower at such time); provided that, with respect to subclauses
(A) and (B), (x) the prepayment to, and borrowing from, any existing Lender by such Borrower shall be effected by book entry to
the extent that any portion of the amount prepaid to such Lender by such Borrower will be subsequently borrowed from such Lender
by such Borrower and (y) the Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative
Agent, so that, after giving effect thereto, the Loans of such Class made to such Borrower are held ratably by the Lenders of
such Class in accordance with their respective Subcommitments of such Class with respect to such Borrower (and after giving effect
to such increase, reduction or reallocation, as applicable) and (C) pay to the Lenders of such Class with respect to such Borrower
the amounts, if any, payable under Section 2.15 as a result of any such prepayment (it being understood that any payments required
pursuant to Section 2.15 by any Borrower that is not increasing the aggregate amount of its Subcommitments shall be payable by
the Borrowers increasing the aggregate amount of their respective Subcommitments (which amount shall be payable ratably among
the increasing Borrowers based on the amount of increased Subcommitments received by each such Borrower as a result of such increase,
reduction or reallocation, as applicable)). Concurrently therewith, immediately after giving effect to the reallocations pursuant
to paragraph (e) of this Section or otherwise pursuant to this Agreement, the Lenders of such Class shall be deemed to have adjusted
their participation interests in any outstanding Letters of Credit of such Class issued on behalf of each Borrower so that such
interests are held ratably in accordance with their Subcommitments of such Class with respect to such Borrower as so increased.

 

SECTION
2.03.           
Requests for Borrowings.

 

(a)           
Notice by the Applicable Borrower. To request a Borrowing, the applicable Borrower shall notify the Administrative Agent
of such request by delivery of a signed Borrowing Request or by e-mail (i) in the case of a Eurocurrency Borrowing denominated
in Dollars, not later than 12:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing,
(ii) in the case of a Eurocurrency Borrowing denominated in a Foreign Currency (other than AUD or NZD), not later than 12:00
p.m., London time, three Business Days before the date of the proposed Borrowing, (iii) in the case of an ABR Borrowing,
not later than 12:00 p.m., New York City time, on the date of the proposed Borrowing or (iv) in the case of a Eurocurrency
Borrowing denominated in AUD or NZD, not later than 12:00 p.m., London time, four Business Days before the date of the proposed
Borrowing. Each such e-mail Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy
or e-mail to the Administrative Agent of a written Borrowing Request, signed by the applicable Borrower.

 

     66

     

    

 

(b)           
Content of Borrowing Requests. Each request for a Borrowing (whether a written Borrowing Request or an e-mail request)
shall specify the following information in compliance with Section 2.02:

 

(i)            
the name of the applicable Borrower;

 

(ii)           
whether such Borrowing is to be made under the Dollar Subcommitments with respect to such Borrower or the Multicurrency Subcommitments
with respect to such Borrower;

 

(iii)          
the aggregate amount and Currency of such Borrowing;

 

(iv)          
the date of such Borrowing, which shall be a Business Day;

 

(v)           
in the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

(vi)          
in the case of a Eurocurrency Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition
of the term “Interest Period” and permitted under Section 2.02(d); and

 

(vii)         
the location and number of the applicable Borrower’s account (or such other account(s) as such Borrower may designate in
a written Borrowing Request accompanied by information reasonably satisfactory to the Administrative Agent as to the identity
and purpose of such other account(s)) to which funds are to be disbursed, which shall comply with the requirements of Section 2.05.

 

(c)           
Notice by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with
this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender’s
Loan to be made as part of the requested Borrowing.

 

(d)           
Failure to Elect. If no election as to the Class of a Borrowing is specified in a Borrowing Request, then the requested
Borrowing shall be denominated in Dollars and shall be a Multicurrency Borrowing (or, to the extent such requested Borrowing exceeds
the available Multicurrency Subcommitments of the applicable Borrower at such time, a Dollar Borrowing in an amount equal to such
excess to the extent there is availability under the Dollar Subcommitments of such Borrower). If no election as to the Currency
of a Borrowing is specified in a Borrowing Request, then the requested Borrowing shall be denominated in Dollars. If no election
as to the Type of a Borrowing is specified in a Borrowing Request, then the requested Borrowing shall be a Eurocurrency Borrowing
having an Interest Period of one month and if an Agreed Foreign Currency has been specified, the requested Borrowing shall be
a Eurocurrency Borrowing denominated in such Agreed Foreign Currency having an Interest Period of one month. If a Eurocurrency
Borrowing is requested but no Interest Period is specified, (i) if the Currency specified for such Borrowing is Dollars (or if
no Currency has been so specified), the requested Borrowing shall be a Eurocurrency Borrowing denominated in Dollars having an
Interest Period of one month’s duration, and (ii) if the Currency specified for such Borrowing is an Agreed Foreign Currency,
the applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration.

 

     67

     

    

 

(e)           
Waiver of Notice of Initial Borrowing. Notwithstanding anything to the contrary herein, the Administrative Agent and each
Lender hereby waive the notice requirements set forth in Section 2.03(a) in respect of any Borrowing to be made to any Borrower
on the Restatement Effective Date. For the avoidance of doubt, such waiver shall not affect any future obligations of any Borrower
to comply with the obligations of Section 2.03(a) in connection with any Borrowing Request.

 

SECTION
2.04.           
Letters of Credit.

 

(a)           
General. Subject to the terms and conditions set forth herein, in addition to the Loans made to each Borrower provided
for in Section 2.01, each Borrower may request, at any time and from time to time during the Availability Period, (x) any
Dollar Issuing Bank to issue under Dollar Subcommitments with respect to such Borrower, Letters of Credit denominated in Dollars
and (y) any Multicurrency Issuing Bank to issue under the Multicurrency Subcommitments with respect to such Borrower, Letters
of Credit denominated in Dollars or in any Agreed Foreign Currency for such Borrower’s own account or the account of its
designee (provided such Borrower and the other members of its Obligor Group shall remain primarily liable to the Lenders hereunder
for payment and reimbursement of all amounts payable in respect of such Letter of Credit hereunder) in such form as is acceptable
to such Issuing Bank in its reasonable determination and for the benefit of such named beneficiary or beneficiaries as are specified
by such Borrower. Letters of Credit issued hereunder shall constitute utilization of the Multicurrency Subcommitments or Dollar
Subcommitments, as applicable, of the applicable Borrower up to the aggregate amount then available to be drawn thereunder by
such Borrower.

 

(b)           
Notice of Issuance, Amendment, Renewal or Extension. To request the issuance of a Letter of Credit (or the amendment, renewal
or extension of an outstanding Letter of Credit), the applicable Borrower shall hand deliver or telecopy (or transmit by e-mail,
if arrangements for doing so have been approved by such Issuing Bank of such Borrower) to any Issuing Bank of such Borrower and
the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting
the issuance of a Letter of Credit on behalf of such Borrower, or identifying the Letter of Credit issued on behalf of such Borrower
to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business
Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this Section), the amount,
Class and Currency of such Letter of Credit, stating that such Letter of Credit is to be issued under the Multicurrency Subcommitments,
in the case of any Multicurrency Issuing Bank, or the Dollar Subcommitments, in the case of any Dollar Issuing Bank, with respect
to such Borrower, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare,
amend, renew or extend such Letter of Credit. The Administrative Agent will promptly notify the applicable Class of Lenders following
the issuance of any Letter of Credit. If requested by such Issuing Bank of such Borrower, the applicable Borrower also shall submit
a letter of credit application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit
to be issued on the behalf of such Borrower. In the event of any inconsistency between the terms and conditions of this Agreement
and the terms and conditions of any form of letter of credit application or other agreement submitted by the applicable Borrower
to, or entered into by such Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions
of this Agreement shall control.

 

     68

     

    

 

(c)           
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended by an Issuing Bank on behalf of
a Borrower only if (and upon issuance, amendment, renewal or extension of each Letter of Credit such Borrower shall be deemed
to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC
Exposure at such time of the Issuing Banks (determined for these purposes without giving effect to the participations therein
of the Lenders pursuant to paragraph (e) of this Section) shall not exceed $400,000,000 (or such greater amount as may be
agreed between any Borrower and such Issuing Bank from time to time), (ii) the aggregate LC Exposure of such Issuing Bank (determined
for these purposes without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section)
shall not exceed such Issuing Bank’s LC Commitment, (iii) the aggregate LC Exposure with respect to such Borrower shall
not exceed such Borrower’s Borrower LC Sublimit, (iv) the total Revolving Multicurrency Credit Exposures with respect
to such Borrower shall not exceed the aggregate Multicurrency Subcommitments with respect to such Borrower and the total Revolving
Dollar Credit Exposures with respect to such Borrower shall not exceed the aggregate Dollar Subcommitments with respect to such
Borrower, (v) the total Covered Debt Amount of such Borrower shall not exceed the Borrowing Base then in effect for such
Borrower and (vi) the aggregate amount of the Revolving Multicurrency Credit Exposure of all of the Lenders denominated in a Foreign
Currency shall not exceed 50% of the total Commitments hereunder. A Letter of Credit denominated in AUD or NZD shall be issued,
amended, renewed or extended on behalf of a Borrower only if (and upon issuance, amendment, renewal or extension of each Letter
of Credit such Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal
or extension, the aggregate amount of the Revolving Multicurrency Credit Exposure of all of the Lenders denominated in AUD and
NZD shall not exceed 20% of the total Commitments hereunder.

 

(d)           
Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the date twelve months after
the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve months after the
then-current expiration date of such Letter of Credit, so long as such renewal or extension occurs within six months of such then-current
expiration date); provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional
one-year periods; provided further, that (x) in no event shall a Letter of Credit expire after the Commitment Termination
Date unless the applicable Borrower (1) deposits, on or prior to the Commitment Termination Date, into the Letter of Credit
Collateral Account Cash with respect to such Borrower, an amount equal to 102% of the undrawn face amount of all Letters
of Credit issued on behalf of such Borrower that remain outstanding as of the close of business on the Commitment Termination
Date and (2) pays in full, on or prior to the Commitment Termination Date, all commissions required to be paid with respect
to any such Letter of Credit through the then-current expiration date of such Letter of Credit issued on behalf of such Borrower
and (y) no Letter of Credit shall have an expiry date after the Maturity Date.

 

     69

     

    

 

(e)           
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof)
by the applicable Issuing Bank, and without any further action on the part of such Issuing Bank or the Lenders, (i) in the case
of a Multicurrency Issuing Bank, such Multicurrency Issuing Bank hereby grants to each Multicurrency Lender, and each Multicurrency
Lender hereby acquires from such Multicurrency Issuing Bank, a participation in such Letter of Credit equal to such Lender’s
Applicable Multicurrency Percentage of the aggregate amount available to be drawn under such Letter of Credit and (ii) in the
case of a Dollar Issuing Bank, such Dollar Issuing Bank hereby grants to each Dollar Lender, and each Dollar Lender hereby acquires
from such Dollar Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Dollar Percentage
of the aggregate amount available to be drawn under such Letter of Credit. Each Lender acknowledges and agrees that its obligation
to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not
be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit issued on behalf
of a Borrower or the occurrence and continuance of a Default with respect to such Borrower or termination (including in connection
with a reallocation in accordance with Section 2.07(g)) of the applicable Class of Subcommitments with respect to such Borrower;
provided that no Lender shall be required to purchase a participation in a Letter of Credit issued on behalf of a Borrower
pursuant to this Section 2.04(e) if (x) the conditions set forth in Section 4.02 would not be satisfied in respect
of a Borrowing by such Borrower at the time such Letter of Credit was issued on behalf of such Borrower and (y) the Required
Lenders of the applicable Class shall have so notified such Issuing Bank in writing and shall not have subsequently determined
that the circumstances giving rise to such conditions not being satisfied no longer exist.

 

In
consideration and in furtherance of the foregoing, (x) each Multicurrency Lender hereby absolutely and unconditionally agrees
to pay to the Administrative Agent, for the account of each Multicurrency Issuing Bank, such Lender’s Applicable Multicurrency
Percentage of each LC Disbursement made by such Multicurrency Issuing Bank in respect of Letters of Credit issued on behalf of
a Borrower by such Multicurrency Issuing Bank and (y) each Dollar Lender hereby absolutely and unconditionally agrees to pay to
the Administrative Agent, for the account of each Dollar Issuing Bank, such Lender’s Applicable Dollar Percentage of each
LC Disbursement made by such Dollar Issuing Bank in respect of Letters of Credit issued on behalf of a Borrower by such Dollar
Issuing Bank, in each case, promptly upon the request of such Issuing Bank (which such request shall be made by such Issuing Bank
in accordance with the notice requirements applicable to each Borrower with respect to a request for Loans in Section 2.05) at
any time from the time of such LC Disbursement until such LC Disbursement is reimbursed by such Borrower or at any time after
any reimbursement payment is required to be refunded to such Borrower for any reason. Such payment shall be made without any offset,
abatement, withholding or reduction whatsoever. Each such payment shall be made in the same manner as provided in Section 2.05
with respect to Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations
of the Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it
from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant
to Section 2.04(f), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that
the Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such Issuing
Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing Bank for any
LC Disbursement with respect to a Borrower shall not constitute a Loan to such Borrower and shall not relieve such Borrower of
its obligation to reimburse such LC Disbursement.

 

     70

     

    

 

(f)            
Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit issued by it, the applicable
Borrower shall reimburse such Issuing Bank in respect of such LC Disbursement by paying to the Administrative Agent an amount
equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day that such Borrower
receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the
Business Day immediately following the day that such Borrower receives such notice, if such notice is not received prior to such
time; provided that, if such LC Disbursement is not less than $1,000,000, such Borrower may, subject to the conditions
to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Eurocurrency
Borrowing having an Interest Period of one month’s duration of either Class in an equivalent amount and, to the extent
so financed, such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Eurocurrency
Borrowing having an Interest Period of one month’s duration.

 

If
the applicable Borrower fails to make such payment when due, the Administrative Agent shall notify each affected Lender of the
applicable LC Disbursement, the payment then due from such Borrower in respect thereof and such Lender’s Applicable Multicurrency
Percentage or Applicable Dollar Percentage, as applicable, thereof.

 

(g)           
Obligations Absolute. Each Borrower’s obligation to reimburse LC Disbursements made with respect to Letters of Credit
issued on behalf of such Borrower as provided in paragraph (f) of this Section shall be absolute, unconditional and irrevocable,
and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of Credit issued on behalf of such Borrower, or
any term or provision therein, (ii) any draft or other document presented under a Letter of Credit issued on behalf of such
Borrower proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any
respect, (iii) payment by the applicable Issuing Bank under a Letter of Credit issued on behalf of such Borrower against
presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit, and (iv) any
other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of
this Section, constitute a legal or equitable discharge of such Borrower’s obligations hereunder.

 

     71

     

    

 

None
of the Administrative Agent, the Lenders, the Issuing Banks, or any of their respective Related Parties, shall have any liability
or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by any Issuing Bank or any
payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence),
or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under
or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation
of technical terms or any consequence arising from causes beyond the control of the applicable Issuing Bank; provided that
the foregoing shall not be construed to excuse the applicable Issuing Bank from liability to the applicable Borrower to the extent
of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by such Borrower to the
extent permitted by applicable law) suffered by such Borrower that are caused by such Issuing Bank’s gross negligence or
willful misconduct when determining whether drafts and other documents presented under a Letter of Credit issued by such Issuing
Bank on behalf of such Borrower comply with the terms thereof. The parties hereto expressly agree that: 

 

(i)            
each Issuing Bank may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of
Credit issued by such Issuing Bank without responsibility for further investigation, regardless of any notice or information to
the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with
the terms of such Letter of Credit;

 

(ii)           
each Issuing Bank shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if
such documents are not in strict compliance with the terms of a Letter of Credit issued by such Issuing Bank; and

 

(iii)          
this sentence shall establish the standard of care to be exercised by each Issuing Bank when determining whether drafts and other
documents presented under a Letter of Credit issued by such Issuing Bank comply with the terms thereof (and the parties hereto
hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing).

 

(h)           
Disbursement Procedures. Each Issuing Bank shall, within a reasonable time following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Letter of Credit issued by such Issuing Bank. Such Issuing Bank shall promptly
after such examination notify the Administrative Agent and the applicable Borrower by telecopy or e-mail of such demand for payment
and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or
delay in giving such notice shall not relieve such Borrower of its obligation to reimburse such Issuing Bank and the applicable
Lenders with respect to any such LC Disbursement.

 

(i)             
Interim Interest. If an Issuing Bank shall make any LC Disbursement with respect to a Letter of Credit issued by such Issuing
Bank, then, unless the applicable Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made,
the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding
the date that such Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Eurocurrency Loans having
an Interest Period of one month’s duration; provided that, if such Borrower fails to reimburse such LC Disbursement
within two Business Days following the date when due pursuant to paragraph (f) of this Section, then the provisions of Section 2.11(c)
shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that
interest accrued on and after the date of payment by any Lender pursuant to paragraph (f) of this Section to reimburse such
Issuing Bank shall be for the account of such Lender to the extent of such payment.

 

     72

     

    

 

(j)            
Replacement of Issuing Banks. Any Issuing Bank may be replaced at any time by written agreement among the Borrowers, the
Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the applicable
Lenders of any such replacement of any Issuing Bank. At the time any such replacement shall become effective, each Borrower shall
pay all its respective unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.10(b). From
and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations
of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references
herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to
such successor and all previous Issuing Banks, as the context shall require. After the replacement of any Issuing Bank hereunder,
the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing
Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required
to issue additional Letters of Credit.

 

(k)           
Cash Collateralization. If the applicable Borrower shall be required to provide cover for its LC Exposure of a Class pursuant
to Section 2.08(a), Section 2.09(c) Section 2.09(d) or the last paragraph of Article VII, such Borrower shall
immediately deposit into a segregated collateral account or accounts (herein, with respect to each Borrower, collectively, the
“Letter of Credit Collateral Account”; for the avoidance of doubt, each Borrower’s Letter of Credit Collateral
Account shall be segregated from each other Borrower’s Letter of Credit Collateral Account) in the name and under the dominion
and control of the Administrative Agent, Cash denominated in the Currency of the Letter of Credit under which such LC Exposure
arises in an amount equal to the amount required under Section 2.08(a), Section 2.09(c), Section 2.09(d) or the
last paragraph of Article VII, as applicable. Such deposit shall be held by the Administrative Agent as collateral in the
first instance for its LC Exposure under this Agreement and thereafter for the payment of the “Secured Obligations”
of such Borrower under and as defined in the Guarantee and Security Agreement to which such Borrower is a party, and for these
purposes such Borrower hereby grants a security interest to the Administrative Agent for the benefit of the applicable Lenders
of such Borrower in the Letter of Credit Collateral Account with respect to such Borrower and in any financial assets (as defined
in the Uniform Commercial Code) or other property held therein.

 

SECTION
2.05.           
Funding of Borrowings.

 

(a)           
Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer
of immediately available funds by 1:00 p.m., Local Time, to the account of the Administrative Agent most recently designated
by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the applicable Borrower
by promptly crediting the amounts so received, in like funds, to the account(s) of such Borrower designated by such Borrower in
the applicable Borrowing Request; provided that Borrowings made to such Borrower to finance the reimbursement of an LC
Disbursement with respect to such Borrower as provided in Section 2.04(f) shall be remitted by the Administrative Agent to
the applicable Issuing Bank.

 

     73

     

    

 

(b)           
Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior
to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the applicable Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative
Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on
demand such corresponding amount in the corresponding Currency with interest thereon, for each day from and including the date
such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in
the case of such Lender, the NYFRB Rate or (ii) in the case of such Borrower, the interest rate applicable at the time to
Eurocurrency Loans having an Interest Period of one month’s duration made to such Borrower. If such Lender pays such amount
to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. Nothing in
this paragraph shall relieve any Lender of its obligation to fulfill its commitments hereunder, and shall be without prejudice
to any claim any Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

SECTION
2.06.           
Interest Elections.

 

(a)           
Elections by the Applicable Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall
have the Interest Period specified in such Borrowing Request. Thereafter the applicable Borrower may elect to convert such Borrowing
to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency
Borrowing, may elect the Interest Period therefor, all as provided in this Section; provided, however, that (i) a
Borrowing of a Class may only be continued or converted into a Borrowing of the same Class, (ii) a Borrowing denominated
in one Currency may not be continued as, or converted into, a Borrowing in a different Currency, (iii) no Eurocurrency Borrowing
denominated in a Foreign Currency may be continued if, after giving effect thereto, (x) the aggregate Revolving Multicurrency
Credit Exposures with respect to the applicable Borrower would exceed the aggregate Multicurrency Subcommitments with respect
to such Borrower or (y) the aggregate amount of the Revolving Multicurrency Credit Exposure of all of the Lenders denominated
in a Foreign Currency would exceed 50% of the total Commitments hereunder, (iv) no Eurocurrency Borrowing denominated in AUD or
NZD may be continued if, after giving effect thereto, the aggregate amount of the Revolving Multicurrency Credit Exposure of all
of the Lenders denominated in AUD and NZD would exceed 20% of the total Commitments hereunder and (v) a Eurocurrency Borrowing
denominated in a Foreign Currency may not be converted into a Borrowing of a different Type. The applicable Borrower may elect
different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated
ratably among the Lenders of the respective Class holding the Loans constituting such Borrowing, and the Loans constituting each
such portion shall thereafter be considered a separate Borrowing.

 

(b)           
Notice of Elections. To make an election pursuant to this Section, the applicable Borrower shall notify the Administrative
Agent of such election by delivery of a signed Interest Election Request or by e-mail by the time that a Borrowing Request would
be required under Section 2.03 if such Borrower were requesting a Borrowing of the Type resulting from such election to be
made on the effective date of such election. Each such e-mail Interest Election Request shall be irrevocable and shall be confirmed
promptly by hand delivery, telecopy or e-mail to the Administrative Agent of a written Interest Election Request signed by the
applicable Borrower.

 

     74

     

    

 

(c)           
Content of Interest Election Requests. Each Interest Election Request (whether a written Interest Election Request or an
e-mail request) shall specify the following information in compliance with Section 2.02:

 

(i)            
the name of the applicable Borrower;

 

(ii)           
the Borrowing (including the Class) to which such Interest Election Request applies and, if different options are being elected
with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the
information to be specified pursuant to clauses (iv) and (v) of this paragraph shall be specified for each resulting
Borrowing);

 

(iii)          
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iv)          
in the case of a Borrowing denominated in Dollars, whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency
Borrowing; and

 

(v)           
if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election, which
shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d).

 

(d)           
Notice by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative
Agent shall advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

(e)           
Failure to Elect; Events of Default. If the applicable Borrower fails to deliver a timely and complete Interest Election
Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing
is repaid as provided herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing
shall be converted to a Eurocurrency Borrowing of the same Class having an Interest Period of one month’s duration, and
(ii) if such Borrowing is denominated in a Foreign Currency, such Borrower shall be deemed to have selected an Interest Period
of one month’s duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing
with respect to a Borrower and the Administrative Agent, at the request of the Required Lenders, so notifies such Borrower, then,
so long as such Event of Default is continuing with respect to such Borrower no outstanding Eurocurrency Borrowing made to such
Borrower may have an Interest Period of more than one month’s duration.

 

     75

     

    

 

SECTION
2.07.           
Termination, Reduction, Increase or Reallocation of the Commitments and the Subcommitments.

 

(a)           
Scheduled Termination. Unless previously terminated in accordance with the terms of this Agreement, the Commitments of
each Class shall terminate on the Commitment Termination Date.

 

(b)           
Voluntary Termination or Reduction. In addition to the right to reallocate pursuant to paragraph (g) of this Section, any
Borrower may at any time without premium or penalty terminate, or from time to time reduce, its Subcommitments ratably among each
Class; provided that (i) each reduction of any Subcommitments pursuant to this sentence shall be in an amount that is $5,000,000
or a larger multiple of $1,000,000 in excess thereof (or, in each case, if less, the entire remaining amount of the Subcommitments
of any Class with respect to such Borrower) and (ii) such Borrower shall not terminate or reduce the Subcommitments if, after
giving effect to any concurrent prepayment of the Loans of any Class made to such Borrower in accordance with Section 2.09, the
total Revolving Credit Exposures of such Class with respect to such Borrower would exceed the total Subcommitments of such Class
with respect to such Borrower.

 

(c)           
Notice of Voluntary Termination or Reduction. The applicable Borrower shall notify the Administrative Agent of any election
to terminate or reduce its Subcommitments under paragraph (b) of this Section at least three Business Days prior to the effective
date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of
any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by a Borrower
pursuant to this Section shall be irrevocable; provided that any such notice of termination or reduction of the Subcommitments
of a Class may state that such notice is conditioned upon the effectiveness of other events (including the reallocation of such
Subcommitments pursuant to paragraph (g) of this Section), in which case such notice may be revoked by such Borrower (by notice
to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

 

(d)           
Effect of Termination or Reduction. Each termination or reduction of Subcommitments of a Class with respect to a Borrower
made pursuant to paragraph (b) of this Section shall (i) be made ratably among the Lenders in accordance with their respective
Subcommitments of such Class with respect to such Borrower and (ii) result in a permanent termination of Commitments in an amount
equal to the Subcommitments so terminated or reduced. Each Lender authorizes and instructs the Administrative Agent to, concurrently
with and immediately after the effectiveness of any termination or reduction of Subcommitments pursuant to paragraph (b) of this
Section, amend Schedule I to reflect the aggregate amount of each Lender’s aggregate Commitments and such Lender’s
Subcommitments with respect to each Borrower.

 

     76

     

    

 

(e)           
Increase of the Commitments.

 

(i)           
Requests for Increase. Each Borrower shall have the right, at any time after the Restatement Effective Date but prior to
the Commitment Termination Date, to propose that the Commitments of a Class hereunder be increased (each such proposed increase
being a “Commitment Increase”) by notice to the Administrative Agent, specifying each existing Lender (each
an “Increasing Lender”) and/or each additional lender (each an “Assuming Lender”) that shall
have agreed to an additional Commitment and the date on which such increase is to be effective (the “Commitment Increase
Date”), which shall be a Business Day at least three Business Days (or such lesser period as the Administrative Agent
may reasonably agree) after delivery of such notice and at least 30 days prior to the Commitment Termination Date; provided
that no Lender shall be obligated to provide any increased Commitment; provided, further that:

 

(A)         each increase shall be in a minimum amount of at least $25,000,000 or a larger multiple of $5,000,000 in excess thereof (or, in
each case, in such other amounts as the Administrative Agent may reasonably agree);

 

(B)          the aggregate amount of all Commitments outstanding, at any given time, shall not exceed $6,037,500,000;

 

(C)          each Assuming Lender shall be consented to by the Administrative Agent and the Issuing Banks (in each case, which consent shall
not be unreasonably withheld or delayed);

 

(D)          no Default or Event of Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the
proposed Commitment Increase with respect to any Borrower;

 

(E)           the representations and warranties made by such Borrower and the other members of its Obligor Group contained in this Agreement
shall be true and correct in all material respects (unless the relevant representation and warranty already contains a materiality
qualifier or, in the case of the representations and warranties in Sections 3.01, 3.02, 3.04, 3.11 and 3.15 of this
Agreement, and in Sections 2.01, 2.02 and 2.04 through 2.08 of the Guarantee and Security Agreement such Borrower
is party to, in each such case, such representation and warranty shall be true and correct in all respects) on and as of the Commitment
Increase Date as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made
as of a specific date, as of such specific date); and

 

(F)           no Non-Extending Lender may participate in any Commitment Increase unless, in connection therewith, it shall have agreed to be
become an “Extending Lender” hereunder.

 

     77

     

    

 

(ii)          
Effectiveness of Commitment Increase. On the Commitment Increase Date for any Commitment Increase, (A) each Assuming Lender,
if any, shall become a Lender hereunder as of such Commitment Increase Date with the Commitment in the amount set forth in the
agreement referred to in Section 2.07(e)(ii)(y), (B) the Commitment of the respective Class of each Increasing Lender part of
such Commitment Increase, if any, shall be increased as of such Commitment Increase Date to the amount set forth in the agreement
referred to in Section 2.07(e)(ii)(y), (C) the Borrower Sublimit with respect to the Borrower requesting such Commitment Increase
shall be increased as of such Commitment Increase Date in an amount equal to such total Commitment Increase, and (D) each Lender’s
Subcommitments with respect to each Borrower shall be reallocated as of such Commitment Increase Date in the manner set forth
in clause (iv) below; provided that:

 

(x)         the
Administrative Agent shall have received on or prior to 12:00 p.m., New York City time, on such Commitment Increase Date a certificate
signed by (1) a duly authorized officer of such Borrower stating that each of the applicable conditions to such Commitment Increase
set forth in the foregoing paragraph (i) has been satisfied with respect to such Borrower and (2) a duly authorized officer of
each other Borrower stating that the condition set forth in the foregoing subparagraph (i)(D) has been satisfied with respect
to such other Borrower; and

 

(y)         each
Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to 12:00 p.m., New York
City time, on such Commitment Increase Date, an agreement, in form and substance reasonably satisfactory to the Borrowers and
the Administrative Agent, pursuant to which such Lender shall, effective as of such Commitment Increase Date, undertake a Commitment
or an increase of Commitment in each case of the respective Class, duly executed by such Assuming Lender or such Increasing Lender,
as applicable, and the Borrowers, and acknowledged by the Administrative Agent.

 

(iii)         
Recordation into Register. Upon its receipt of (1) an agreement referred to in clause (ii)(y) above executed by each
Assuming Lender and each Increasing Lender part of such Commitment Increase, as applicable, together with the certificate referred
to in clause (ii)(x) above and (2) an amended Schedule I pursuant to clause (iv) below, the Administrative Agent shall, (x) if
such agreement referred to in clause (ii)(y) has been completed, accept such agreement, (y) record the information contained
in the amended Schedule I in the Register and (z) give prompt notice thereof to the Borrowers.

 

(iv)          Adjustment of Subcommitments upon Effectiveness of Increase. On the Commitment Increase Date for any Commitment Increase,
the Subcommitments of each Lender (including each Assuming Lender and Increasing Lender, as applicable) shall be reallocated and
adjusted among each of the Borrowers such that each Lender’s Subcommitment with respect to each Borrower is equal to such
Lender’s pro rata share of the total Commitments as in effect immediately after giving effect to such Commitment Increase.
Notwithstanding anything to the contrary contained herein, no Lender’s consent shall be required in connection with the
reallocation of Subcommitments pursuant to this clause (iv) and each Lender authorizes and instructs the Administrative Agent
to, concurrently with and immediately after the effectiveness of any such reallocation, amend Schedule I to reflect the aggregate
amount of each Lender’s (including Increasing Lenders and Assuming Lenders part of any Commitment Increase and giving pro
forma effect to such Commitment Increase and the reallocations made pursuant to this clause (iv)) aggregate Commitments and such
Lender’s Subcommitments with respect to each Borrower. Each reference to Schedule I in this Agreement shall be to Schedule
I as amended from time to time.

 

     78

     

    

 

(f)            
Adjustments of Borrowings upon Effectiveness of Subcommitment Increase or Reallocations. On each date the Subcommitments
are increased or reallocated pursuant to paragraph (e) of this Section, immediately after giving effect to such increase or reallocation,
each Borrower shall (A) prepay the outstanding Loans made to such Borrower (if any) of the affected Class in full, (B) simultaneously
borrow new Loans of such Class hereunder in an amount equal to such prepayment (in the case of Eurocurrency Loans, (1) to any
Borrower whose aggregate Subcommitments are increasing at such time, with Eurocurrency Rates equal to the outstanding Eurocurrency
Rate and with Interest Period(s) ending on the date(s) of any then outstanding Interest Period(s) and (2) to any Borrower whose
aggregate Subcommitments are not changing at such time, with Eurocurrency Rates having Interest Periods (the duration of which
may be less than one month) that are the same as the Eurocurrency Rates and Interest Periods applicable to outstanding Loans made
to such Borrower at such time); provided that, with respect to subclauses (A) and (B), (x) the prepayment to,
and borrowing from, any existing Lender by such Borrower shall be effected by book entry to the extent that any portion of the
amount prepaid to such Lender by such Borrower will be subsequently borrowed from such Lender by such Borrower and (y) the
existing Lenders, the Increasing Lenders and the Assuming Lenders shall make and receive payments among themselves, in a manner
acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of such Class made to such Borrower are
held ratably by the Lenders of such Class in accordance with their respective Subcommitments of such Class with respect to such
Borrower (and after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class with respect to such
Borrower the amounts, if any, payable under Section 2.15 as a result of any such prepayment (it being understood that any
payments required pursuant to Section 2.15 by any Borrower that is not increasing the aggregate amount of its Subcommitments shall
be payable by the Borrowers increasing the aggregate amount of their respective Subcommitments (which amount shall be payable
ratably among the increasing Borrowers based on the amount of increased Subcommitments received by each such Borrower as a result
of such Commitment Increase)). Concurrently therewith, immediately after giving effect to the reallocations pursuant to paragraph
(e) of this Section or otherwise pursuant to this Agreement, the Lenders of such Class shall be deemed to have adjusted their
participation interests in any outstanding Letters of Credit of such Class issued on behalf of each Borrower so that such interests
are held ratably in accordance with their Subcommitments of such Class with respect to such Borrower as so increased.

 

(g)           
Voluntary Reallocation of Subcommitments.

 

(i)            
Voluntary Reallocation. The Borrowers may at any time without premium or penalty, or from time to time, elect to reallocate
all or any portion of the Subcommitments from one or more of the Borrowers to one or more of the other Borrowers, in each case
ratably among the applicable Lenders (each such proposed reallocation being a “Voluntary Reallocation”): (A)
at the option of any two or more Borrowers and/or (B) in connection with the designation of a “Borrower” hereunder
pursuant to Section 9.19; provided that, (v) since the Restatement Effective Date, there has not been any event, development
or circumstance that has had or could reasonably be expected to have a Material Adverse Effect with respect to the Increasing
Borrower, (w) as of the date of such election, no Default shall have occurred and be continuing with respect to any Borrower (other
than any Reducing Borrower (as defined below) part of such Voluntary Reallocation that is reducing its Subcommitments; provided
that (1) such Reducing Borrower does not have any outstanding Designated Indebtedness, or (2) if such Reducing Borrower has
outstanding Designated Indebtedness, its Subcommitments are being reduced in full), (x) each Reducing Borrower and each Increasing
Borrower part of such Voluntary Reallocation, as applicable shall have taken all necessary corporate action, (y) no Reducing Borrower
shall reduce the Subcommitments of such Reducing Borrower if, after giving effect to any concurrent prepayment of Loans of any
Class made by such Reducing Borrower, (i) the total Revolving Credit Exposures of such Class with respect to such Reducing Borrower
would exceed the total Subcommitments of such Class with respect to such Reducing Borrower or (ii) the LC Exposure with respect
to any Borrower would exceed such Borrower’s Borrower LC Sublimit and (z) unless otherwise agreed by the Administrative
Agent, after the Restatement Effective Date, the Borrowers may make no more than four (4) reallocations in the aggregate pursuant
to paragraph (g)(i)(A), in any rolling twelve-month period (for the avoidance of doubt, any one or more transactions described
in this clause (z) occurring on the same date shall be deemed to be a single reallocation).

 

     79

     

    

 

(ii)           
Notice of Voluntary Reallocation. The Reallocating Borrowers (as defined below) shall jointly notify the Administrative
Agent of any election to reallocate the Subcommitments with respect to such Borrowers under paragraph (g)(i) of this Section at
least ten (10) Business Days (or such lesser period as the Administrative Agent may reasonably agree) prior to the effective date
of such reallocation, specifying (A) each Borrower that shall have agreed to reduce its Subcommitments (each a “Reducing
Borrower”), (B) each Borrower that shall have agreed to increase its Subcommitments (each an “Increasing Borrower”
and together with the Reducing Borrowers, the “Reallocating Borrowers”), (C) the amounts of the reduction being
made by each Reducing Borrower, (D) the amounts of the increase being made by each Increasing Borrower and (E) the date on which
such reallocation is to be effective (the “Reallocation Date”). Promptly following receipt of any election,
the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Reallocating
Borrowers pursuant to this Section shall be irrevocable; provided that a notice of Voluntary Reallocation may state that
such notice is conditioned upon the effectiveness of other events, in which case such notice may be revoked by any Reallocating
Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

 

(iii)           
Effectiveness of Voluntary Reallocation. On the Reallocation Date for any Voluntary Reallocation and in each case in the
amounts set forth in the notice referred to in paragraph (g)(ii) of this Section, (A) the Subcommitments, Loans and LC Exposure
of the respective Class with respect to each Reducing Borrower part of such Voluntary Reallocation shall be reduced ratably among
the Lenders in accordance with their respective aggregate Commitments of such Class, (B) the Borrower Sublimit with respect to
each Reducing Borrower part of such Voluntary Reallocation shall be reduced as of such Reallocation Date, (C) the Subcommitments,
Loans and LC Exposure of the respective Class with respect to each Increasing Borrower part of the Voluntary Reallocation shall
be increased ratably among the Lenders in accordance with their respective aggregate Commitments of such Class and (D) the Borrower
Sublimit with respect to each Increasing Borrower part of such Voluntary Reallocation shall be increased as of such Reallocation
Date. Each Lender authorizes and instructs the Administrative Agent to, concurrently with and immediately after the effectiveness
of any Voluntary Reallocation, amend Schedule I to reflect the aggregate amount of each Lender’s aggregate Commitments and
such Lender’s Subcommitments with respect to each Borrower.

 

     80

     

    

 

(h)           
Reallocation of Subcommitments Upon Merger of Borrowers. In connection with and concurrently with the effectiveness of
a Borrower Merger, all of the Subcommitments, Loans and LC Exposures (if any) of the Non-Surviving Obligors will be reallocated
to the Surviving Borrower, in each case ratably among the applicable Lenders. For the avoidance of doubt, the Surviving Borrower
shall immediately, as of the date of consummation of such merger or consolidation, receive credit in its Collateral Pool and its
Borrowing Base for all Portfolio Investments of each Non-Surviving Obligor that were included in each Non-Surviving Obligor’s
Collateral Pool and Borrowing Base, respectively, immediately prior to such Borrower Merger to the extent such Portfolio Investments
are included in the Collateral Pool of the Surviving Borrower upon the consummation of such Borrower Merger and the Surviving
Borrower will assume all of the Non-Surviving Borrower’s obligations hereunder as provided herein. If applicable, as of
the date of the consummation of such Borrower Merger, each Issuing Bank (if any) of each Non-Surviving Borrower shall immediately
become one of the Issuing Banks for the Surviving Borrower and each Issuing Bank authorizes, and instructs the Administrative
Agent to amend Schedule I accordingly. Each Lender authorizes and instructs the Administrative Agent to, concurrently with and
immediately after the effectiveness of any Borrower Merger, amend Schedule I to reflect the aggregate amount of each Lender’s
aggregate Commitments and such Lender’s Subcommitments with respect to each Borrower.

 

(i)             
Mandatory Termination of Subcommitments of Non-Extending Lenders. Unless previously terminated, the Subcommitments of each
Non-Extending Lender shall terminate on November 7, 2023. In connection with the foregoing, each Lender (other than any Non-Extending
Lender), hereby agrees that it shall not be entitled to any pro-rata reduction in its Subcommitments of the same Class notwithstanding
Section 2.07(d) or 2.17(c), or any other provision hereof to the contrary.

 

(j)            
Replacement of Non-Extending Lenders. The Borrowers shall have the right, in their sole discretion and at their sole cost
and expense, to replace any Non-Extending Lender in the manner set forth in Section 2.19(b).

 

SECTION
2.08.           
Repayment of Loans; Evidence of Debt.

 

(a)           
Repayment. Each Borrower (severally and not jointly, and solely with respect to itself) hereby unconditionally promises
to pay to the Administrative Agent for the account of the applicable Lenders the outstanding principal amount of each Class of
its Loans and all other amounts due and owing by such Borrower hereunder and under the other Loan Documents to which such Borrower
or any other member of its Obligor Group is a party on the Maturity Date.

 

     81

     

    

 

In
addition, on the Maturity Date, to the extent any Letter of Credit issued on behalf of such Borrower is outstanding (notwithstanding
the requirements of Section 2.04(d)), such Borrower shall deposit into the Letter of Credit Collateral Account Cash of such
Borrower an amount equal to 102% of the undrawn face amount of all Letters of Credit issued on behalf of such Borrower outstanding
on the close of business on the Maturity Date, such deposit to be held by the Administrative Agent as collateral security for
the LC Exposure with respect to such Borrower under this Agreement in respect of the undrawn portion of such Letters of Credit
issued on behalf of such Borrower.

 

(b)           
Manner of Payment. Subject to Section 2.09(d), prior to any repayment or prepayment of any Borrowings hereunder, the applicable
Borrower shall select the Borrowing or Borrowings to be paid and shall notify the Administrative Agent by telecopy or e-mail of
such selection not later than 12:00 p.m., New York City time, three Business Days before the scheduled date of such repayment.
If the repayment or prepayment is denominated in Dollars and the Class to be repaid or prepaid is specified (or if no Class is
specified and there is only one Class of Loans with Borrowings in Dollars outstanding), such Borrower shall repay or prepay any
outstanding ABR Borrowings of such Class made to such Borrower pro rata and thereafter repay or prepay the remaining Borrowings
within such Class made to such Borrower in the order of the remaining duration of their respective Interest Periods (the Borrowing
with the shortest remaining Interest Period to be repaid or prepaid first). If the repayment or prepayment is denominated in Dollars
and the Class to be repaid or prepaid is not specified, such Borrower shall repay or prepay pro rata between any outstanding ABR
Borrowings made to such Borrower of the Dollar Lenders and the Multicurrency Lenders, and thereafter repay or prepay the remaining
Borrowings made to such Borrower denominated in Dollars in the order of the remaining duration of their respective Interest Periods
(the Borrowings with the shortest remaining Interest Period to be repaid or prepaid first). If the repayment or prepayment is
denominated in an Agreed Foreign Currency (including as a result of such Borrower’s receipt of proceeds from a prepayment
event in such Agreed Foreign Currency), such Borrower may, at its option, repay or prepay any outstanding Borrowings made to such
Borrower in such Currency ratably among just the Multicurrency Lenders in the order of the remaining duration of their respective
Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid or prepaid first), and, if after such
payment, the balance of the Borrowings made to such Borrower denominated in such Currency is zero, then if there are any remaining
proceeds, such Borrower shall repay or prepay the Loans made to such Borrower (or provide cover for outstanding Letters of Credit
issued on behalf of such Borrower as contemplated by Section 2.04(k)) on a pro-rata basis between each outstanding Class of Revolving
Credit Exposure with respect to such Borrower in the order of the remaining duration of their respective Interest Periods (the
Borrowing with the shortest remaining Interest Period to be repaid or prepaid first). Each payment of a Borrowing of a Class shall
be applied ratably to the Loans of such Class included in such Borrowing.

 

(c)           
Maintenance of Records by Lenders. Each Lender shall maintain in accordance with its usual practice records evidencing
the indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender to such Borrower, including the
amounts and Currency of principal and interest payable and paid to such Lender from time to time hereunder.

 

     82

     

    

 

(d)           
Maintenance of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record
(i) the Borrower to which each Loan hereunder is made, (ii) the amount and Currency of each Loan made hereunder, the Class and
Type thereof and each Interest Period therefor, (iii) the amount and Currency of any principal or interest due and payable
or to become due and payable from the applicable Borrower to each Lender of such Class hereunder and (iv) the amount and
Currency of any sum received by the Administrative Agent hereunder for the account of the Lenders with respect to each Loan and
each Lender’s share thereof.

 

(e)           
Effect of Entries. The entries made in the records maintained pursuant to paragraph (c) or (d) of this Section
shall be prima facie evidence, absent obvious error, of the existence and amounts of the obligations recorded therein;
provided that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall
not in any manner affect the obligation of any Borrower to repay the Loans made to such Borrower in accordance with the terms
of this Agreement. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and
records maintained by the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of obvious error. In the event of any conflict between the Register and any other accounts and records
maintained by the Administrative Agent, the Register shall control in the absence of obvious error.

 

(f)            
Promissory Notes. Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the applicable
Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such
Lender, to such Lender and its permitted registered assigns) in substantially the form attached hereto as Exhibit G or in such
other form as shall be reasonably satisfactory to the Administrative Agent. Thereafter, the Loans evidenced by such promissory
note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one
or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to
such payee and its permitted registered assigns). Upon the consummation of a Borrower Merger, at the request of the Surviving
Borrower, each Lender shall promptly return each promissory note (if any) of each Non-Surviving Obligor in its possession to the
Surviving Borrower (or provide a certification to the Surviving Borrower that such promissory note has been lost or destroyed).

 

SECTION
2.09.           
Prepayment of Loans.

 

(a)           
Optional Prepayments. Each Borrower shall have the right at any time and from time to time (but subject to Sections 2.09(e)
and (g)) to prepay any Borrowing made to such Borrower in whole or in part, without premium or penalty except for payments under
Section 2.15, subject to the requirements of this Section.

 

     83

     

    

 

(b)           
Mandatory Prepayments Due to Changes in Exchange Rates.

 

(i)            
Determination of Amount Outstanding. On each Revaluation Date, the Administrative Agent shall determine the aggregate Revolving
Multicurrency Credit Exposure with respect to the applicable Borrower. For the purpose of this determination, the outstanding
principal amount of any Loan or LC Exposure that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent
of the amount in the Foreign Currency of such Loan or LC Exposure, determined as of such Revaluation Date. Upon making such determination,
the Administrative Agent shall promptly notify the Multicurrency Lenders and the applicable Borrower thereof.

 

(ii)           
Prepayment. If, on the date of such determination, the aggregate Revolving Multicurrency Credit Exposure with respect to
the applicable Borrower minus the Multicurrency LC Exposure with respect to such Borrower fully cash collateralized pursuant to
Section 2.04(k) on such date exceeds 105% of the aggregate amount of the Multicurrency Subcommitments as then in effect with
respect to such Borrower, such Borrower shall prepay the Multicurrency Loans made to such Borrower (and/or provide cover for Multicurrency
LC Exposure with respect to such Borrower as specified in Section 2.04(k)) within 15 Business Days following such date
of determination in such aggregate amounts as shall be necessary so that after giving effect thereto the aggregate Revolving Multicurrency
Credit Exposure with respect to such Borrower does not exceed the Multicurrency Subcommitments with respect to such Borrower.

 

Any
prepayment made by a Borrower pursuant to this paragraph shall be applied, first, to its Multicurrency Loans outstanding
and second, as cover for its Multicurrency LC Exposure.

 

(c)           
Mandatory Prepayments due to Borrowing Base Deficiency. In the event that at any time any Borrowing Base Deficiency shall
exist with respect to a Borrower, such Borrower shall (x) prepay (subject to Sections 2.09(e) and (g)) its Loans (and/or provide
cover for the Letters of Credit issued on such Borrower’s behalf as contemplated by Section 2.04(k)), or (y) reduce
its other Indebtedness that is included in the Covered Debt Amount of such Borrower, in such amounts as shall be necessary so
that such Borrowing Base Deficiency is promptly cured and; provided that (i) the aggregate amount of such prepayment of
Loans made to such Borrower (and cover for Letters of Credit issued on behalf of such Borrower) shall be at least equal to such
Borrower’s Revolving Credit Exposure’s ratable share (such ratable share being determined based on the outstanding
principal amount of the Revolving Credit Exposures with respect to such Borrower as compared to its other Indebtedness that is
included in the Covered Debt Amount of such Borrower) of the aggregate prepayment and reduction of its other Indebtedness that
is included in the Covered Debt Amount of such Borrower and (ii) if, within five Business Days after delivery of a Borrowing
Base Certificate demonstrating such Borrowing Base Deficiency (and/or at such other times as such Borrower has knowledge of such
Borrowing Base Deficiency), such Borrower shall present the Administrative Agent with a reasonably feasible plan to enable such
Borrowing Base Deficiency to be cured within 30 Business Days (which 30-Business Day period shall include the five Business
Days permitted for delivery of such plan), then such prepayment or reduction shall not be required to be effected immediately
but may be effected in accordance with such plan (with such modifications as such Borrower may reasonably determine), so long
as such Borrowing Base Deficiency is cured within such 30-Business Day period.

 

     84

     

    

 

(d)           
Mandatory Prepayments due to Certain Events Following the Commitment Termination Date. Subject to Sections 2.09(d)(vi),
(d)(vii), (e) and (g):

 

(i)            
Asset Sales. In the event that a Borrower or any other member of its Obligor Group shall receive any Net Asset Sale Proceeds
at any time after the Commitment Termination Date, such Borrower shall, no later than the third Business Day following the receipt
of such Net Asset Sale Proceeds, prepay the Loans made to such Borrower (and/or provide cover for the Letters of Credit issued
on behalf of such Borrower as contemplated by Section 2.04(k)) in an amount equal to such Net Asset Sale Proceeds; provided
that such Borrower shall only be required to apply such Net Asset Sale Proceeds to prepay the Loans made to such Borrower
(and/or provide cover for the Letters of Credit issued on behalf of such Borrower as contemplated by Section 2.04(k)) in
respect of non-Portfolio Investments if and to the extent the cumulative aggregate amount of all Net Asset Sale Proceeds relating
to non-Portfolio Investments, from time to time, exceeds $5,000,000; provided, further that such Borrower shall
not be required to make any prepayment under this clause (i) to the extent such Net Asset Sale Proceeds were received in connection
with a Borrower Merger in which the assets or properties that were the subject of such Asset Sale were transferred to the Surviving
Borrower.

 

(ii)           
Extraordinary Receipts. In the event that a Borrower or any other member of its Obligor Group shall receive any Extraordinary
Receipts at any time after the Commitment Termination Date, such Borrower shall, no later than the third Business Day following
the receipt of such Extraordinary Receipts, prepay the Loans made to such Borrower (and/or provide cover for the Letters of Credit
issued on behalf of such Borrower as contemplated by Section 2.04(k)) in an amount equal to such Extraordinary Receipts;
provided that such Borrower shall only be required to apply such Extraordinary Receipts to prepay the Loans made to such
Borrower (and/or provide cover for the Letters of Credit issued on behalf of such Borrower as contemplated by Section 2.04(k))
if and to the extent the cumulative aggregate amount of such Extraordinary Receipts, from time to time, exceeds $5,000,000.

 

(iii)          
Returns of Capital. In the event that a Borrower or any other member of its Obligor Group shall receive any Return of Capital
at any time after the Commitment Termination Date, the applicable Borrower shall, no later than the third Business Day following
the receipt of such Return of Capital, prepay the Loans made to such Borrower (and/or provide cover for the Letters of Credit
issued on behalf of such Borrower as contemplated by Section 2.04(k)) in an amount equal to such Return of Capital.

 

(iv)          
Equity Issuances. In the event that a Borrower shall receive any Cash proceeds from the issuance of Equity Interests of
such Borrower (other than pursuant to any distribution reinvestment plan of such Borrower) at any time after the Commitment Termination
Date, such Borrower shall, no later than the third Business Day following the receipt of such Cash proceeds, prepay the Loans
made to such Borrower (and/or provide cover for the Letters of Credit issued on behalf of such Borrower as contemplated by Section 2.04(k))
in an amount equal to seventy-five percent (75%) of such Cash proceeds, net of (1) underwriting discounts and commissions
or similar payments and other costs, fees, commissions, premiums and expenses incurred by such Borrower or any other member of
its Obligor Group directly incidental to such Cash receipts, including reasonable legal fees and expenses and (2) all taxes paid
or reasonably estimated to be payable by such Borrower or such other Obligor as a result of such Cash receipts (after taking into
account any available tax credits or deductions).

 

     85

     

    

 

(v)           
Indebtedness. In the event that a Borrower or any other member of its Obligor Group shall receive any Cash proceeds from
the issuance of Indebtedness (excluding Hedging Agreements, other Indebtedness permitted by Sections 6.01(a), (d), (e), (f), (i)
and (j) and any Permitted Advisor Loan) by such Borrower or such other Obligor, as applicable, at any time after the Commitment
Termination Date, such Borrower shall, no later than the third Business Day following the receipt of such Cash proceeds, prepay
the Loans made to such Borrower (and/or provide cover for the Letters of Credit issued on behalf of such Borrower as contemplated
by Section 2.04(k)) in an amount equal to such Cash proceeds, net of (1) underwriting discounts and commissions or other
similar payments and other costs, fees, commissions, premiums and expenses incurred by such Borrower or any other member of its
Obligor Group directly incidental to such Cash receipts, including reasonable legal fees and expenses and (2) all taxes paid or
reasonably estimated to be payable by such Borrower or such other Obligor as a result of such Cash receipts (after taking into
account any available tax credits or deductions).

 

(vi)          
Prepayment of Eurocurrency Loans. To the extent the Loans to be prepaid from proceeds from any of the events described
in subsections (i) through (v) above are Eurocurrency Loans, the applicable Borrower may defer such prepayment until
the last day of the Interest Period applicable to such Loans, so long as such Borrower deposits an amount equal to the amount
of such prepayment, no later than the third Business Day following the receipt of such proceeds, into a segregated collateral
account (including, for the avoidance of doubt, segregated from the account of each other Borrower) in the name and under the
dominion and control of the Administrative Agent pending application of such amount to the prepayment of such Loans on the last
day of such Interest Period.

 

(vii)         
RIC Tax Distributions. Notwithstanding anything herein to the contrary, any Net Asset Sale Proceeds, Extraordinary Receipts,
Return of Capital or other Cash receipts required to be applied to the prepayment of the Loans pursuant to this Section 2.09(d)
shall exclude the amounts estimated in good faith by the applicable Borrower to be necessary for such Borrower to make distributions
sufficient in amount to achieve the objectives set forth in clauses (i), (ii) and (iii) of Section 6.05(b) hereof to the extent
such Borrower recognizes any income or gains in connection with the receipt of such Net Asset Sale Proceeds, Extraordinary Receipts,
Return of Capital or other Cash receipts and the recognition of such income or gains results in an increase in the amounts required
to be distributed by such Borrower to achieve such objectives.

 

(e)           
Payments Following the Commitment Termination Date or During an Event of Default. Notwithstanding any provision to the
contrary in Section 2.08 or this Section 2.09, following the Commitment Termination Date:

 

(i)            
No optional prepayment of the Loans made of any Class shall be permitted unless at such time, the applicable Borrower also prepays
its Loans of the other Class or, to the extent no Loans of the other Class are outstanding, provides cash collateral as contemplated
by Section 2.04(k) for the outstanding Letters of Credit issued on behalf of such Borrower of such Class, which prepayment
(and cash collateral) shall be made on a pro-rata basis (based on the outstanding principal amounts of such Indebtedness) between
each outstanding Class of Revolving Credit Exposure with respect to such Borrower;

 

     86

     

    

 

(ii)           
Any prepayment of Loans in Dollars required to be made in connection with any of the events specified in Section 2.09(d) shall
be applied ratably (based on the outstanding principal amounts of such Indebtedness) between the Dollar Lenders and the Multicurrency
Lenders based on the then outstanding Loans made to the applicable Borrower and Letters of Credit issued on behalf of such Borrower
denominated in Dollars; and

 

(iii)          
Notwithstanding any other provision to the contrary in this Agreement, if an Event of Default has occurred and is continuing with
respect to a Borrower, then any payment or repayment by such Borrower of the Loans made to such Borrower shall be made and applied
ratably (based on the aggregate Dollar Equivalents of the outstanding principal amounts of such Loans) between Dollar Loans made
to such Borrower, Multicurrency Loans made to such Borrower and Letters of Credit issued on behalf of such Borrower.

 

(f)            
Borrower Asset Coverage Ratio. With respect to any Borrower, to the extent that (i) such Borrower’s Borrower Asset
Coverage Ratio is less than 1.85:1.0, (ii) such Borrower does not have an investment grade rating from either of Moody’s
or S&P and (iii)(x) the Total Secured Debt of such Borrower is greater than 65% of such Borrower’s Funded Debt Amount
and (y) the Adjusted Debt to Equity Ratio is greater than 1.0:1.0, such Borrower shall be required to prepay the Loans or Other
Secured Indebtedness using the following amounts until such time as the Borrower Asset Coverage Ratio is equal to at least 1.85:1.0:

 

(i)          
  Asset Sales. In the event that a Borrower or any other member of its Obligor Group shall receive any Net Asset Sale Proceeds,
such Borrower shall, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay the Loans
made to such Borrower (and/or provide cover for the Letters of Credit issued on behalf of such Borrower as contemplated by Section 2.04(k))
in an amount equal to such Net Asset Sale Proceeds; provided that such Borrower shall only be required to apply such Net
Asset Sale Proceeds to prepay the Loans made to such Borrower (and/or provide cover for the Letters of Credit issued on behalf
of such Borrower as contemplated by Section 2.04(k)) in respect of non-Portfolio Investments if and to the extent the cumulative
aggregate amount of all Net Asset Sale Proceeds relating to non-Portfolio Investments, from time to time, exceeds $5,000,000;
provided, further that such Borrower shall not be required to make any prepayment under this clause (i) to the extent
such Net Asset Sale Proceeds were received in connection with a Borrower Merger in which the assets or properties that were the
subject of such Asset Sale were transferred to the Surviving Borrower.

 

     87

     

    

 

(ii)           
Extraordinary Receipts. In the event that a Borrower or any other member of its Obligor Group shall receive any Extraordinary
Receipts, such Borrower shall, no later than the third Business Day following the receipt of such Extraordinary Receipts, prepay
the Loans made to such Borrower (and/or provide cover for the Letters of Credit issued on behalf of such Borrower as contemplated
by Section 2.04(k)) in an amount equal to such Extraordinary Receipts; provided that such Borrower shall only be required
to apply such Extraordinary Receipts to prepay the Loans made to such Borrower (and/or provide cover for the Letters of Credit
issued on behalf of such Borrower as contemplated by Section 2.04(k)) if and to the extent the cumulative aggregate amount
of such Extraordinary Receipts, from time to time, exceeds $5,000,000.

 

(iii)           
Returns of Capital. In the event that a Borrower or any other member of its Obligor Group shall receive any Return of Capital,
the applicable Borrower shall, no later than the third Business Day following the receipt of such Return of Capital, prepay the
Loans made to such Borrower (and/or provide cover for the Letters of Credit issued on behalf of such Borrower as contemplated
by Section 2.04(k)) in an amount equal to such Return of Capital, provided, that if the Borrower Asset Coverage Ratio
is less than 1.85:1.0 and greater than or equal to 1.70:1.0, such Borrower shall not be required to apply such Return of Capital
to prepay the Loans made to such Borrower (and/or provide cover for the Letters of Credit issued on behalf of such Borrower as
contemplated by Section 2.04(k)) to the extent such Returns of Capital are attributable to revolving credit facilities made
by such Borrower unless such prepayments are accompanied by a corresponding permanent reduction in the commitments under any such
revolving credit facility.

 

(iv)           
Equity Issuances. In the event that a Borrower shall receive any Cash proceeds from the issuance of Equity Interests of
such Borrower (other than pursuant to any distribution reinvestment plan of such Borrower), such Borrower shall, no later than
the third Business Day following the receipt of such Cash proceeds, prepay the Loans made to such Borrower (and/or provide cover
for the Letters of Credit issued on behalf of such Borrower as contemplated by Section 2.04(k)) in an amount equal to seventy-five
percent (75%) of such Cash proceeds, net of (1) underwriting discounts and commissions or similar payments and other costs,
fees, commissions, premiums and expenses incurred by such Borrower or any other member of its Obligor Group directly incidental
to such Cash receipts, including reasonable legal fees and expenses and (2) all taxes paid or reasonably estimated to be payable
by such Borrower or such other Obligor as a result of such Cash receipts (after taking into account any available tax credits
or deductions).

 

(v)            
Indebtedness. In the event that a Borrower or any other member of its Obligor Group shall receive any Cash proceeds from
the issuance of Indebtedness (excluding Hedging Agreements, other Indebtedness permitted by Sections 6.01(a), (d), (e), (f), (i)
and (j) and any Permitted Advisor Loan) by such Borrower or such other Obligor, as applicable, such Borrower shall, no later than
the third Business Day following the receipt of such Cash proceeds, prepay the Loans made to such Borrower (and/or provide cover
for the Letters of Credit issued on behalf of such Borrower as contemplated by Section 2.04(k)) in an amount equal to such
Cash proceeds, net of (1) underwriting discounts and commissions or other similar payments and other costs, fees, commissions,
premiums and expenses incurred by such Borrower or any other member of its Obligor Group directly incidental to such Cash receipts,
including reasonable legal fees and expenses and (2) all taxes paid or reasonably estimated to be payable by such Borrower or
such other Obligor as a result of such Cash receipts (after taking into account any available tax credits or deductions).

 

     88

     

    

 

(vi)           
Prepayment of Eurocurrency Loans. To the extent the Loans to be prepaid from proceeds from any of the events described
in subsections (i) through (v) above are Eurocurrency Loans, the applicable Borrower may defer such prepayment until
the last day of the Interest Period applicable to such Loans, so long as such Borrower deposits an amount equal to the amount
of such prepayment, no later than the third Business Day following the receipt of such proceeds, into a segregated collateral
account (including, for the avoidance of doubt, segregated from the account of each other Borrower) in the name and under the
dominion and control of the Administrative Agent pending application of such amount to the prepayment of such Loans on the last
day of such Interest Period.

 

(vii)          
RIC Tax Distributions. Notwithstanding anything herein to the contrary, any Net Asset Sale Proceeds, Extraordinary Receipts,
Return of Capital or other Cash receipts required to be applied to the prepayment of the Loans pursuant to this Section 2.09(f)
shall exclude the amounts estimated in good faith by the applicable Borrower to be necessary for such Borrower to make distributions
sufficient in amount to achieve the objectives set forth in clauses (i), (ii) and (iii) of Section 6.05(b) hereof to the extent
such Borrower recognizes any income or gains in connection with the receipt of such Net Asset Sale Proceeds, Extraordinary Receipts,
Return of Capital or other Cash receipts and the recognition of such income or gains results in an increase in the amounts required
to be distributed by such Borrower to achieve such objectives.

 

(g)            
Notices, Etc.

 

(i)           
  The applicable Borrower shall notify the Administrative Agent in writing by telecopy or e-mail of any prepayment hereunder by
such Borrower (A) in the case of prepayment of a Eurocurrency Borrowing denominated in Dollars under Section 2.09(a), not
later than 12:00 p.m., New York City time (or, in the case of a prepayment of a Eurocurrency Borrowing denominated in a Foreign
Currency under Section 2.09(a), 12:00 p.m., London time), three Business Days before the date of prepayment, (B) in the case
of prepayment of an ABR Borrowing under Section 2.09(a) or any prepayment under Section 2.09(b), (c) or (d), not later than 12:00
p.m., New York City time, on the Business Day of prepayment, or (C) in each case of the notice periods described in clauses (A)
and (B), such lesser period as the Administrative Agent may reasonably agree with respect to notices given in connection with
any of the events specified in Section 2.09(d)(ii) or (iii). Each such notice shall be irrevocable and shall specify the prepayment
date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably
detailed calculation of the amount of such prepayment; provided that, if a notice of prepayment is given in connection
with a conditional notice of termination or reduction of the Subcommitments of a Class with respect to a Borrower as contemplated
by Section 2.07, then such notice of prepayment may be revoked if such notice of termination or reduction is revoked in accordance
with Section 2.07 and any such notices given in connection with any of the events specified in Section 2.09(d) may be conditioned
upon (x) the consummation of the Asset Sale or the issuance of Equity Interests or Indebtedness (as applicable) or (y) the receipt
of net cash proceeds from Asset Sales, Net Extraordinary Receipts or Net Return of Capital. Promptly following receipt of any
such notice relating to a Borrowing, the Administrative Agent shall advise the affected Lenders of the contents thereof. Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.11 and shall be made in the manner specified
in Section 2.08(b).

 

     89

     

    

 

(ii)           
In the event a Borrower is required to make any concurrent prepayments under both paragraph (c) and also another paragraph of
this Section 2.09, the prepayment pursuant to such other paragraph of this Section 2.09 shall be made prior to any prepayment
required to be made pursuant to paragraph (c) and the amount of the payment required pursuant to paragraph (c) (if any) shall
be determined immediately after giving effect to the prepayment made (or to be made) under such other paragraph of this Section
2.09.

 

(h)           
Special Mandatory Repayment to Non-Extending Lenders. With respect to each Borrower, on November 7, 2024 (or, so long as
no Default or Event of Default has occurred and is continuing, on such earlier date on or after November 7, 2023 as such Borrower
may elect by written notice in accordance with Section 2.09(g)), such Borrower shall repay all of the Revolving Loans of the Non-Extending
Lenders and, in connection therewith, each other Lender hereby agrees that, so long as its Loans are not otherwise due and payable
hereunder, it shall not be entitled to any pro-rata repayment of its Loans of the same Class notwithstanding Section 2.17(c) or
any other provision hereof to the contrary. If any LC Exposure of such Borrower exists at the time of such repayment of the Non-Extending
Lenders:

 

(i)            
all of such LC Exposure held by each Non-Extending Lender shall be reallocated among the Extending Lenders with Subcommitments
of the same Class as such Non-Extending Lender in accordance with their respective Applicable Multicurrency Percentages or Applicable
Dollar Percentages, as applicable, but only to the extent (x) the sum of all Revolving Credit Exposures of a Class of such Borrower
does not exceed the total of all Extending Lenders’ Subcommitments of such Class to such Borrower and (y) no Extending Lender’s
Revolving Credit Exposure of such Class with respect to such Borrower will exceed such Lender’s Subcommitment of such Class
to such Borrower, and (z) the conditions set forth in Section 4.02 are satisfied at such time; and

 

(ii)           
if the reallocation described in clause (i) above cannot, or can only partially, be effected, such Borrower shall on the day of
such prepayment to the Non-Extending Lenders also prepay Loans in accordance with Section 2.09(a) in an amount such that after
giving effect thereto, all LC Exposure of the applicable Non-Extending Lenders may be reallocated in accordance with clause (i)
above (whereupon such LC Exposure shall be so reallocated regardless of whether the conditions set forth in Section 4.02 are satisfied
at such time).

 

     90

     

    

 

Upon
termination of any Non-Extending Lender’s Commitments pursuant to Section 2.07(i) and the reallocation of such Non-Extending
Lender’s LC Exposure and repayment of each such Non-Extending Lender’s Loans and all other amounts then due and payable
to such Non-Extending Lender in accordance with clause (h) of this Section 2.09, such Non-Extending Lender shall cease being a
party to this Agreement in its capacity as a “Lender” but shall continue to be entitled to the benefits of Sections
2.14, 2.15, 2.16 and 9.03 with respect to facts and circumstances occurring prior to such date.

 

SECTION
2.10.           
Fees.

 

(a)           
Commitment Fee. Each Borrower severally, and not jointly, and solely with respect to the Subcommitments allocated to it,
agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue for the period beginning
on the Restatement Effective Date to but excluding the earlier of the date such Subcommitment terminates (including in connection
with a reallocation in accordance with Section 2.07(g) or (h)) and the Commitment Termination Date, at a rate equal to, from and
after the Restatement Effective Date, (i) 0.50% per annum on the daily unused amount of the Dollar Subcommitment and Multicurrency
Subcommitment, as applicable, of such Lender with respect to such Borrower if such Lender’s average daily Revolving Credit
Exposure with respect to such Borrower for the immediately preceding quarter is less than one-third (33 1/3%) of such Lender’s
Dollar Subcommitment and Multicurrency Subcommitment, as applicable, with respect to such Borrower and (ii) 0.375% per annum on
the daily unused amount of the Dollar Subcommitment or Multicurrency Subcommitment, as applicable, of such Lender with respect
to such Borrower if such Lender’s average daily Revolving Credit Exposure with respect to such Borrower for the immediately
preceding quarter is greater than or equal to one-third (33 1/3%) of such Lender’s Dollar Subcommitment or Multicurrency
Subcommitment, as applicable, with respect to such Borrower. Accrued commitment fees shall be payable by a Borrower in arrears
on the third Business Day after each Quarterly Date and on the earlier of the date the Subcommitments of the respective Class
with respect to such Borrower terminate (including in connection with a reallocation in accordance with Section 2.07(g) or (h))
and the Commitment Termination Date, commencing on the first such date to occur after the Restatement Effective Date. All commitment
fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). For purposes of computing commitment fees, the Subcommitment of any Class of a Lender
with respect to a Borrower shall be deemed to be used to the extent of the outstanding Loans of such Class of such Lender made
to such Borrower and LC Exposure of such Class of such Lender with respect to such Borrower.

 

     91

     

    

 

(b)           
Letter of Credit Fees. Each Borrower severally, and not jointly, and solely with respect to the Subcommitments allocated
to it, agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its
participations in Letters of Credit issued on behalf of such Borrower, which shall accrue at a rate per annum equal to the Applicable
Margin applicable to interest on Eurocurrency Loans made to such Borrower on the daily maximum amount of such Lender’s LC
Exposure with respect to such Borrower (excluding any portion thereof attributable to unreimbursed LC Disbursements with respect
to such Borrower) during the period from and including the Restatement Effective Date to but excluding the later of the date on
which such Lender’s Subcommitment of the applicable Class terminates (including in connection with a reallocation in accordance
with Section 2.07(g)) with respect to such Borrower and the date on which such Lender ceases to have any LC Exposure of such Class
with respect to such Borrower, and (ii) to the applicable Issuing Bank of such Borrower a fronting fee, which shall accrue at
the rate of 0.25% per annum on the daily maximum amount of the LC Exposure with respect to such Borrower (excluding any portion
thereof attributable to unreimbursed LC Disbursements with respect to such Borrower) during the period from and including the
Restatement Effective Date to but excluding the later of the date of termination (including in connection with a reallocation
in accordance with Section 2.07(g)) of the Multicurrency Subcommitments with respect to such Borrower and the date on which there
ceases to be any LC Exposure with respect to such Borrower, as well as such Issuing Bank’s standard fees with respect to
the issuance, amendment, renewal or extension of any Letter of Credit on behalf of such Borrower or processing of drawings thereunder.
Participation fees and fronting fees accrued through and including each Quarterly Date shall be payable on the third Business
Day following such Quarterly Date, commencing on the first such date to occur after the Restatement Effective Date; provided
that, all such fees with respect to the Letters of Credit issued on behalf of such Borrower shall be payable on the date on
which all Subcommitments of the applicable Class terminate with respect to such Borrower (with respect to a Borrower, the “termination
date”), such Borrower shall pay any such fees that have accrued and that are unpaid on the termination date and, in
the event any Letters of Credit issued on behalf of such Borrower shall be outstanding that have expiration dates after the termination
date, such Borrower shall prepay on the termination date the full amount of the participation and fronting fees that will accrue
on such Letters of Credit subsequent to the termination date through but not including the date such outstanding Letters of Credit
are scheduled to expire (and in that connection, the Lenders agree not later than the date two Business Days after the date upon
which the last such Letter of Credit shall expire or be terminated to rebate to such Borrower the excess, if any, of the aggregate
participation and fronting fees that have been prepaid by such Borrower over the amount of such fees that ultimately accrue through
the date of such expiration or termination). Any other fees payable to an Issuing Bank pursuant to this paragraph shall be payable
within ten Business Days after demand. All participation fees and fronting fees shall be computed on the basis of a year
of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day).

 

(c)           
Administrative Agent Fees. Each Borrower severally, and not jointly, agrees to pay to the Administrative Agent, for its
own account, fees payable in the amounts and at the times separately agreed upon between such Borrower and the Administrative
Agent.

 

(d)           
Payment of Fees. All fees payable by a Borrower hereunder shall be paid by such Borrower on the dates due, in Dollars and
immediately available funds, to the Administrative Agent (or to the applicable Issuing Bank, in the case of fees payable to it)
for distribution, in the case of facility fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be
refundable under any circumstances absent obvious error. Any fees representing a Borrower’s reimbursement obligations of
expenses, to the extent the requirements of an invoice are not otherwise specified in this Agreement, shall be due (subject to
the other terms and conditions contained herein) within ten Business Days of the date that such Borrower receives from the Administrative
Agent a reasonably detailed invoice for such reimbursement obligations. For the avoidance of doubt, the obligation of each Borrower
to pay fees hereunder shall be a several and not joint obligation.

 

     92

     

    

 

SECTION
2.11.           
Interest.

 

(a)           
ABR Loans. The Loans made to a Borrower constituting each ABR Borrowing made to such Borrower shall bear interest at a
rate per annum equal to the Alternate Base Rate plus the Applicable Margin with respect to such Borrower.

 

(b)           
Eurocurrency Loans. The Loans made to a Borrower constituting each Eurocurrency Borrowing made to such Borrower shall bear
interest at a rate per annum equal to the Adjusted Eurocurrency Rate for the related Interest Period for such Borrowing plus
the Applicable Margin with respect to such Borrower.

 

(c)           
Default Interest. Notwithstanding the foregoing clauses (a) and (b), if any principal of or interest on any Loan made
to a Borrower or any fee or other amount payable by such Borrower hereunder is not paid when due (after giving effect to any grace
period), whether at stated maturity, upon acceleration, by mandatory prepayment or otherwise, such overdue amount shall bear interest,
after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided above or (ii) in the case of any other amount, 2% plus
(x) if such other amount is denominated in Dollars, the rate applicable to ABR Loans as provided in paragraph (a) of this
Section or (y) if such other amount is denominated in a Foreign Currency, the rate applicable to Eurocurrency Loans as provided
in paragraph (b) of this Section.

 

(d)           
Payment of Interest. Accrued interest on each Loan made to a Borrower shall be payable, severally and not jointly, by such
Borrower in arrears on each Interest Payment Date for such Loan in the Currency in which such Loan is denominated and upon the
Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable
by the applicable Borrower on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment
of an ABR Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable by the
applicable Borrower on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency
Borrowing denominated in Dollars prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be
payable by the applicable Borrower on the effective date of such conversion.

 

SECTION
2.12.           
Alternate Rate of Interest.

 

(a)           
Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 2.12, if prior to the commencement of any Interest Period for
a Eurocurrency Borrowing:

 

(i)            
the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate
and reasonable means do not exist for ascertaining the Adjusted Eurocurrency Rate, LIBOR, EURIBOR, or the applicable Local Rate,
as applicable, (including because the Relevant Screen Rate is not available or published on a current basis), for the applicable
Currency and such Interest Period, provided that no Benchmark Transition Event shall have occurred at such time; or

 

(ii)           
the Administrative Agent is advised by the Required Lenders that the Adjusted Eurocurrency Rate, LIBOR, EURIBOR, or the applicable
Local Rate, as applicable, for the applicable Currency for such Interest Period will not adequately and fairly reflect the cost
to such Lenders of making or maintaining their Loans included in such Borrowing for such Currency and such Interest Period,

 

     93

     

    

 

then
the Administrative Agent shall give notice thereof to the applicable Borrower and the affected Lenders in writing by e-mail as
promptly as practicable thereafter setting forth in reasonable detail the basis for such determination and, until the Administrative
Agent notifies such Borrower and such Lenders that the circumstances giving rise to such notice no longer exist, (A) any
Interest Election Request made by such Borrower that requests the conversion of any Borrowing to, or the continuation of any Borrowing
made to such Borrower in the applicable Currency or for the applicable Interest Period, as the case may be, shall be ineffective,
(B) if such Borrowing is requested in Dollars, such Borrowing shall be made as an ABR Borrowing, (C) if such Borrowing is
requested in any Agreed Foreign Currency (other than Canadian Dollars), any Borrowing Request that requests a Eurocurrency Borrowing
denominated in the applicable Currency shall be ineffective and (D) if such Borrowing is requested in Canadian Dollars at the
CDOR Rate, such Borrowing shall be converted to a Eurocurrency Borrowing denominated in Canadian Dollars at the Canadian Prime
Rate; provided that, if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other
Type of Borrowings shall be permitted; provided further that, in connection with any ABR Borrowing made pursuant to the
terms of this Section 2.12(b), the determination of the Alternate Base Rate shall disregard clause (c) of the definition thereof.
Furthermore, if any Eurocurrency Loan in any Currency is outstanding on the date of the applicable Borrower’s receipt of
the notice from the Administrative Agent referred to in this Section 2.12(a) with respect to a Relevant Rate applicable to such
Eurocurrency Loan, then (i) if such Eurocurrency Loan is denominated in Dollars, then on the last day of the Interest Period applicable
to such Loan, such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars
on such day, (ii) if such Eurocurrency Loan is denominated in any Agreed Foreign Currency (other than Canadian Dollars), then
such Loan shall, on the last day of the Interest Period applicable to such Loan, at such Borrower’s election prior to such
day: (A) be prepaid by such Borrower on such day or (B) be converted by the Administrative Agent to, and (subject to the remainder
of this subclause (B)) shall constitute, an ABR Loan denominated in Dollars (in an amount equal to the Dollar Equivalent of such
Loan) on such day (it being understood and agreed that if such Borrower does not so prepay such Loan on such day by 12:00 noon,
Local Time, the Administrative Agent is authorized to effect such conversion of such Eurocurrency Loan into an ABR Loan denominated
in Dollars), and, in the case of such subclause (B), upon such Borrower’s receipt of notice from the Administrative Agent
that the circumstances giving rise to the aforementioned notice no longer exist and such Borrower’s consent (which may be
given in its sole discretion), such ABR Loan denominated in Dollars shall then be converted by the Administrative Agent to, and
shall constitute, a Eurocurrency Loan denominated in such original Currency (in an amount equal to the Foreign Currency Equivalent
of such Loan) on the day of such notice being given to such Borrower by the Administrative Agent or (iii) if such Eurocurrency
Loan is denominated in Canadian Dollars, then such Loan shall, on the last day of the Interest Period applicable to such Loan,
at such Borrower’s election prior to such day: (A) be prepaid by such Borrower on such day or (B) be converted by the Administrative
Agent to a Eurocurrency Loan where the Eurocurrency Rate is equal to the Canadian Prime Rate.

 

     94

     

    

 

(b)           
Notwithstanding anything to the contrary herein or in any other Loan Document (and any Hedging Agreement shall be deemed not to
be a “Loan Document” for purposes of this Section 2.12), if a Benchmark Transition Event or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting
of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition
of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark
for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y)
if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement”
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under
any Loan Document in respect of any Benchmark setting on the fifth (5th) Business Day after the date notice of such Benchmark
Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement
or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to
such Benchmark Replacement from the Required Lenders.

 

(c)           
Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph,
solely with respect to Loan denominated in Dollars, if a Term SOFR Transition Event and its related Benchmark Replacement Date
have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark
Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark
setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this
Agreement or any other Loan Document; provided that, this clause (c) shall not be effective unless the Administrative Agent has
delivered to the Lenders and the Borrowers a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not
be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion (provided that
the Administrative Agent’s determination shall be generally consistent with determinations made for borrowers of syndicated
loans denominated in Dollars).

 

(d)           
In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or
consent of any other party to this Agreement or any other Loan Document.

 

(e)           
The Administrative Agent will promptly notify the Borrowers and the Lenders of (i) any occurrence of a Benchmark Transition Event,
a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the
implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the
removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any
Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable,
any Lender (or group of Lenders) pursuant to this Section 2.12, including any determination with respect to a tenor, rate or adjustment
or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action
or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without
consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant
to this Section 2.12.

 

     95

     

    

 

(f)            
Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation
of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (A) any
tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time
as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of
such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or
will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for
any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was
removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including
a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative
for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest
Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(g)           
Upon each Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, such Borrower may revoke
any request by such Borrower for a Eurocurrency Borrowing of, conversion to or continuation of Eurocurrency Loans to be made,
converted or continued during any Benchmark Unavailability Period and, failing that, either (x) such Borrower will be deemed to
have converted any request for a Eurocurrency Borrowing denominated in Dollars into a request for a Borrowing of or conversion
to ABR Loans, (y) any request by such Borrower for a Eurocurrency Borrowing denominated in an Agreed Foreign Currency (other than
Canadian Dollars) shall be ineffective or (z) any request by such Borrower for a Eurocurrency Borrowing denominated in Canadian
Dollars shall be converted to a Eurocurrency Borrowing at the Canadian Prime Rate. During any Benchmark Unavailability Period
or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate
based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of
the Alternate Base Rate. Furthermore, if any Eurocurrency Loan in any Currency is outstanding on the date of the Borrowers’
receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such
Eurocurrency Loan, (i) if such Eurocurrency Loan is denominated in Dollars, then on the last day of the Interest Period applicable
to such Loan, such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars
on such day, (ii) if such Eurocurrency Loan is denominated in any Agreed Foreign Currency (other than Canadian Dollars), then
such Loan shall, on the last day of the Interest Period applicable to such Loan, at the applicable Borrower’s election prior
to such day: (A) be prepaid by such Borrower on such day or (B) be converted by the Administrative Agent to, and (subject to the
remainder of this subclause (B)) shall constitute, an ABR Loan denominated in Dollars (in an amount equal to the Dollar Equivalent
of such Loan) on such day (it being understood and agreed that if such Borrower does not so prepay such Loan on such day by 12:00
noon, Local Time, the Administrative Agent is authorized to effect such conversion of such Eurocurrency Loan into an ABR Loan
denominated in Dollars), and, in the case of such subclause (B), upon any subsequent implementation of a Benchmark Replacement
in respect of such Agreed Foreign Currency pursuant to this Section 2.12 and with such Borrower’s consent (which may be
given in its sole discretion), such ABR Loan denominated in Dollars shall then be converted by the Administrative Agent to, and
shall constitute, a Eurocurrency Loan denominated in such original Currency (in an amount equal to the Foreign Currency Equivalent
of such Loan) on the day of such implementation, giving effect to such Benchmark Replacement in respect of such Foreign Currency
or (iii) if such Eurocurrency Loan is denominated in Canadian Dollars, then such Loan shall, on the last day of the Interest Period
applicable to such Loan, at such Borrower’s election prior to such day: (A) be prepaid by such Borrower on such day or (B)
be converted by the Administrative Agent to a Eurocurrency Loan where the Eurocurrency Rate shall be equal to the Canadian Prime
Rate.

 

     96

     

    

 

SECTION
2.13.           
Computation of Interest. All interest hereunder shall be computed on the basis of a year of 360 days, except that (a) Eurocurrency
Borrowings in Canadian Dollars, AUD or NZD shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and
shall be payable for the actual number of days elapsed (including the first day but excluding the last day) and (b) Eurocurrency
Borrowings in Pounds Sterling and ABR Borrowings, at times when the Alternate Base Rate is based on the Prime Rate, shall be computed
on the basis of a year of 365 days (or 366 days in a leap year) and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted Eurocurrency Rate, LIBOR, Eurocurrency
Rate, Local Rate or EURIBOR shall be determined by the Administrative Agent, and such determination shall be conclusive absent
manifest error.

 

SECTION
2.14.           
Increased Costs.

 

(a)           
If any Change in Law shall:

 

(i)            
impose, modify or deem applicable any reserve, compulsory loan, insurance charge, special deposit or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any such reserve
requirement reflected in the Adjusted Eurocurrency Rate) or any Issuing Bank; or

 

(ii)           
impose on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense, affecting this Agreement
or Eurocurrency Loans made by such Lender or any Letter of Credit issued by such Issuing Bank or participation by such Lender
therein;

 

and
the result of any of the foregoing shall be to increase the cost (other than costs which are Indemnified Taxes or Excluded Taxes)
to such Lender of making, continuing, converting into or maintaining any Eurocurrency Loan of a Borrower (or of maintaining its
obligation to make any such Loan to such Borrower) or to increase the cost (other than costs which are Taxes) to such Lender or
such Issuing Bank of participating in, issuing or maintaining any Letter of Credit issued on behalf of such Borrower or to reduce
the amount of any sum received or receivable by such Lender or such Issuing Bank hereunder (whether of principal, interest or
otherwise) from such Borrower, then, upon the request of such Lender or such Issuing Bank, such Borrower will pay to such Lender
or such Issuing Bank, as the case may be, in Dollars, such additional amount or amounts as will compensate such Lender or such
Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered on behalf of such Borrower; provided
that no Lender will claim from any Borrower the payment of any of the amounts referred to in this paragraph (a) if not generally
claiming similar compensation from its other similar customers in similar circumstances.

 

     97

     

    

 

(b)           
Capital Requirements. If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital
or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement
or the Loans made to a Borrower by, or participations in Letters of Credit issued on behalf of such Borrower held by, such Lender,
or the Letters of Credit issued on behalf of such Borrower by such Issuing Bank, to a level below that which such Lender or such
Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law
(taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or
such Issuing Bank’s holding company with respect to capital adequacy or liquidity requirements), by an amount deemed to
be material by such Lender or such Issuing Bank, then, upon the request of such Lender or such Issuing Bank, such Borrower will
pay to such Lender or such Issuing Bank, as the case may be, in Dollars, such additional amount or amounts as will compensate
such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered
on behalf of such Borrower.

 

(c)           
Certificates from Lenders. A certificate of a Lender or an Issuing Bank setting forth in reasonable detail the basis for
and the calculation of the amount or amounts, in Dollars, necessary to compensate such Lender or such Issuing Bank or its holding
company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be promptly delivered to applicable
Borrower and shall be conclusive absent manifest error; provided, however that no Lender shall be requested to disclose
confidential or price sensitive information or any other information, to the extent prohibited by applicable law. Such Borrower
shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 Business
Days after receipt thereof.

 

(d)           
Delay in Requests. Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided
that no Borrower shall be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs
or reductions incurred more than three months prior to the date that such Lender or such Issuing Bank, as the case may be, notifies
such Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing
Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the three-month period referred to above shall be extended to include the period
of retroactive effect thereof.

 

     98

     

    

 

(e)           
Several Obligations. The obligation of any Borrower to pay any compensation pursuant to this Section shall be a several
and not joint obligation, and solely on the Loans made to, the Letters of Credit issued on behalf of and the Subcommitments allocated
to such Borrower.

 

SECTION
2.15.           
Break Funding Payments.

 

In
the event of (a) the payment by a Borrower of any principal of any Eurocurrency Loan other than on the last day of an Interest
Period therefor (including as a result of the occurrence of any Commitment Increase Date or an Event of Default with respect to
any Borrower), (b) the conversion of any Eurocurrency Loan made to a Borrower other than on the last day of an Interest Period
therefor, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan made to a Borrower on the date specified
in any notice delivered pursuant hereto (including, in connection with any Commitment Increase Date, and regardless of whether
such notice is permitted to be revocable under Section 2.09(g) and is revoked in accordance herewith) or (d) the assignment
as a result of a request by a Borrower pursuant to Section 2.19(b) of any Eurocurrency Loan made to such Borrower other than
on the last day of an Interest Period therefor, then, in any such event, such Borrower shall compensate each affected Lender for
the loss, cost and expense attributable to such event (excluding loss of anticipated profits). In the case of a Eurocurrency Loan
made to a Borrower, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such
Lender to be equal to the excess, if any, of:

 

(i)            
the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan referred to in clauses
(a) through (d) of this Section 2.15 denominated in the Currency of such Loan for the period from the date of such payment, conversion,
failure or assignment to the last day of the then current Interest Period for such Eurocurrency Loan (or, in the case of a failure
to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or
continuation) if the interest rate payable on such deposit were equal to the Adjusted Eurocurrency Rate for such Currency for
such Interest Period, over

 

(ii)           
the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such
principal amount for such period at the interest rate that would be bid by such Lender (or an Affiliate of such Lender) for deposits
denominated in such Currency from other banks in the Eurocurrency market or in the case of any Non-LIBOR Quoted Currency, in the
relevant market for such Non-LIBOR Quoted Currency, in each case, at the commencement of such period.

 

Payments
under this Section shall be made upon written request of a Lender delivered to the applicable Borrower not later than 10 Business
Days following a payment, conversion, or failure to borrow, convert, continue or prepay that gives rise to a claim under this
Section accompanied by a written certificate of such Lender setting forth in reasonable detail the amount or amounts that such
Lender is entitled to receive pursuant to this Section, which certificate shall be conclusive absent manifest error. The applicable
Borrower shall pay such Lender the amount shown as due on any such certificate within 10 Business Days after receipt
thereof.

 

     99

     

    

 

SECTION
2.16.           
Taxes.

 

(a)           
Payments Free of Taxes. Any and all payments by or on account of any obligation of any Borrower hereunder or under any
other Loan Document to which such Borrower or any other member of its Obligor Group is a party shall be made free and clear of
and without deduction for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding
of any Tax from any such payment, then (i) the applicable Borrower shall make such deductions or withholding, (ii) the applicable
Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law and (iii)
if such Tax is an Indemnified Tax, the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section), the Administrative Agent, the applicable Lender
or the applicable Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions
been made.

 

(b)           
Payment of Other Taxes by the Borrowers. In addition, each Borrower shall pay any Other Taxes with respect to such Borrower
to the relevant Governmental Authority in accordance with applicable law.

 

(c)           
Indemnification by the Borrowers. Each Borrower shall severally, but not jointly, indemnify the Administrative Agent, any
applicable Lender and any applicable Issuing Bank for, and within 30 Business Days after written demand therefor, pay the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section) paid by the Administrative Agent, such Lender or such Issuing Bank, as the case may be, with respect to such Borrower
and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority, except for any Indemnified Taxes or
Other Taxes imposed as a result of the gross negligence or willful misconduct of the Administrative Agent, such Lender or such
Issuing Bank. A written certificate setting forth in reasonable detail the amount of such payment or liability delivered to the
applicable Borrower by a Lender or an Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender
or an Issuing Bank, shall be conclusive absent manifest error.

 

(d)           
Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Borrower to a Governmental
Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

 

(e)           
Foreign Lenders. Any applicable Foreign Lender that is entitled to an exemption from or reduction of withholding tax under
the law of the jurisdiction in which a Borrower is located, or any treaty to which such jurisdiction is a party, with respect
to payments under this Agreement shall deliver to such Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by applicable law or reasonably requested by such Borrower, such properly completed and executed documentation prescribed
by applicable law as will permit such payments to be made without withholding or at a reduced rate.

 

     100

     

    

 

In
addition, any applicable Foreign Lender, if requested by a Borrower or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by such Borrower or the Administrative Agent as will enable such Borrower
or the Administrative Agent to determine whether or not such Foreign Lender is subject to backup withholding or information reporting
requirements.

 

Without
limiting the generality of the foregoing, if a Borrower is resident for tax purposes in the United States, any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of
copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent) whichever
of the following is applicable:

 

(i)           
duly completed copies of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E (as applicable) or
any successor form claiming eligibility for benefits of an income tax treaty to which the United States is a party,

 

(ii)          
duly completed copies of Internal Revenue Service Form W-8ECI or any successor form certifying that the income receivable
pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States,

 

(iii)          
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the
Code, (A) a certificate to the effect that such Foreign Lender is not (1) a “bank” within the meaning of
section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of such Borrower within the meaning
of section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in section 881(c)(3)(C)
of the Code and (B) duly completed copies of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E
(as applicable) (or any successor form) certifying that the Foreign Lender is not a United States Person, or

 

(iv)          any other form including Internal Revenue Service Form W-8IMY as applicable prescribed by applicable law as a basis for claiming
exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation
as may be prescribed by applicable law to permit such Borrower to determine the withholding or deduction required to be made.

 

(f)            
United States Lenders. Each applicable Lender and each applicable Issuing Bank that is not a Foreign Lender shall deliver
to each Borrower (with a copy to the Administrative Agent), prior to the date on which such Issuing Bank or such Lender becomes
a party to this Agreement, and at times reasonably requested by any Borrower, duly completed copies of Internal Revenue Service
Form W-9 or any successor form, certificate or documentation.

 

     101

     

    

 

(g)           
FATCA. If a payment made by a Borrower to a Lender under any Loan Document to which such Borrower or any other member of
its Obligor Group is a party would be subject to United States federal withholding Tax imposed by FATCA if such Lender were to
fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to such Borrower and the Administrative Agent at the time or times prescribed
by Law and at such time or times reasonably requested by such Borrower or the Administrative Agent such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by such Borrower or the Administrative Agent as may be necessary for such Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (g), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

In
addition, each Lender agrees that if any certificate or documentation previously delivered under this Section 2.16 by such Lender
expires or becomes obsolete or inaccurate in any respect it shall update such certificate or documentation, provided it is legally
able to do so at the time. Each Lender shall promptly notify each Borrower and the Administrative Agent at any time the chief
tax officer of such Lender becomes aware that it no longer satisfies the legal requirements to provide any previously delivered
form, certificate or documentation to any Borrower (or any other form, certificate or documentation adopted by the U.S. or other
taxing authorities for such purpose).

 

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

 

     102

     

    

 

(i)            
Survival. Each party’s obligations under this Section 2.16 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, any Lender or any Issuing Bank, the termination of the Commitments
and the repayment, satisfaction or discharge of all obligations under any Loan Document to which the applicable Borrower or any
other member of its Obligor Group is a party.

 

(j)            
Defined Terms. For purposes of this Section 2.16, the term “applicable law” includes FATCA.

 

SECTION
2.17.           
Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)           
Payments by the Borrowers. Each Borrower shall, severally and not jointly, make each payment required to be made by such
Borrower hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or under Section 2.14, 2.15
or 2.16, or otherwise) or under any other Loan Document to which such Borrower is a party (except to the extent otherwise
provided therein) prior to 2:00 p.m., Local Time, on the date when due, in immediately available funds, without set-off or
counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to
have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be
made to the Administrative Agent at the Administrative Agent’s Account, except as otherwise expressly provided in the relevant
Loan Document to which such Borrower is a party and except payments to be made directly to an Issuing Bank as expressly provided
herein and payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03, which shall be made directly to the Persons entitled
thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the
appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All amounts owing under this Agreement (including commitment
fees, payments required under Section 2.14, and payments required under Section 2.15 relating to any Loan denominated
in Dollars, but not including principal of, and interest on, any Loan denominated in any Foreign Currency or payments relating
to any such Loan required under Section 2.15 or any reimbursement or cash collateralization of any LC Exposure denominated
in any Foreign Currency, which are payable in such Foreign Currency) or under any other Loan Document (except to the extent otherwise
provided therein) are payable in Dollars. Notwithstanding the foregoing, if a Borrower shall fail to pay any principal of any
Loan made to such Borrower or LC Disbursement with respect to such Borrower when due (whether at stated maturity, by acceleration,
by mandatory prepayment or otherwise), the unpaid portion of such Loan or such LC Disbursement shall, if such Loan or such LC
Disbursement is not denominated in Dollars, automatically be redenominated in Dollars on the due date thereof (or, if such due
date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal
to the Dollar Equivalent thereof on the date of such redenomination and such principal shall be payable on demand; and if a Borrower
shall fail to pay any interest on any Loan made to such Borrower or LC Disbursement with respect to such Borrower that is not
denominated in Dollars, such interest shall automatically be redenominated in Dollars on the due date therefor (or, if such due
date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal
to the Dollar Equivalent thereof on the date of such redenomination and such interest shall be payable on demand.

 

     103

     

    

 

(b)           
Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative
Agent from a Borrower to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees of a Class, in each
case, with respect to such Borrower then due hereunder, such funds shall be applied (i) first, to pay interest and fees of such
Class with respect to such Borrower then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of interest and fees of such Class then due to such parties, and (ii) second, to pay principal and unreimbursed LC Disbursements
with respect to such Borrower of such Class then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of principal and unreimbursed LC Disbursements with respect to such Borrower of such Class then due to such parties.

 

(c)           
Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of a Class shall be made from the
Lenders of such Class, and each termination or reduction of the amount of the Subcommitments of a Class under Section 2.07 shall
be applied to the respective Subcommitments of the Lenders of such Class, pro rata according to the amounts of their respective
Subcommitments of such Class; (ii) each Borrowing of a Class shall be allocated pro rata among the Lenders of such Class according
to the amounts of their respective Subcommitments of such Class (in the case of the making of Loans) or their respective Loans
of such Class that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each payment
of commitment fees under Section 2.10 shall be made by the applicable Borrower for the account of the Lenders pro rata according
to the average daily unutilized amounts of their respective Subcommitments with respect to such Borrower; (iv) each payment or
prepayment by the applicable Borrower of principal of Loans of a Class made to such Borrower shall be made for the account of
the Lenders of such Class pro rata in accordance with the respective unpaid principal amounts of the Loans of such Class held
by them; and (v) each payment of interest by the applicable Borrower on Loans of a Class made to such Borrower shall be made for
the account of the Lenders of such Class pro rata in accordance with the amounts of interest on such Loans then due and payable
to the respective Lenders.

 

(d)           
Sharing of Payments by Lenders. If any Lender of a Class shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Loans made to a Borrower or participations in LC Disbursements
with respect to a Borrower within its Class resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Loans made to such Borrower and participations in LC Disbursements with respect to such Borrower and accrued interest
thereon of such Class then due than the proportion received by any other Lender of such Class, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in the Loans made to such Borrower and participations
in LC Disbursements with respect to such Borrower of other Lenders of such Class to the extent necessary so that the benefit of
all such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal of
and accrued interest on their respective Loans made to such Borrower and participations in LC Disbursements with respect to such
Borrower of such Class; provided that (i) if any such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery,
without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by any Borrower
pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for
the assignment of or sale of a participation in any of its Loans made to such Borrower or participations in LC Disbursements with
respect to such Borrower to any assignee or participant, other than to a Borrower or any Subsidiary or Affiliate thereof (as to
which the provisions of this paragraph shall apply). Each Borrower consents to the foregoing, solely as it applies to such Borrower,
and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. For the avoidance of doubt,
any Borrower may make a Borrowing under the Dollar Subcommitments or Multicurrency Subcommitments with respect to such Borrower
(if otherwise permitted hereunder) and may use the proceeds of such Borrowing (x) with Dollar Subcommitments to prepay the Multicurrency
Loans (without making a ratable prepayment of the Dollar Loans) made to such Borrower or (y) with Multicurrency Subcommitments
to prepay the Dollar Loans (without making a ratable payment to the Multicurrency Loans) made to such Borrower.

 

     104

     

    

 

(e)           
Presumptions of Payment. Unless the Administrative Agent shall have received notice from a Borrower prior to the date on
which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that such Borrower
will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount
due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders or the Issuing Banks, as the
case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender
or such Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the Federal Funds Effective Rate.

 

(f)            
Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it
pursuant to Section 2.04(e), 2.05(b) or 2.17(e), then the Administrative Agent may, in its discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender
to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

SECTION
2.18.           
Defaulting Lenders.

 

Notwithstanding
any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall
apply for so long as such Lender is a Defaulting Lender:

 

(a)           
commitment fees pursuant to Section 2.10(a) shall cease to accrue on the unfunded portion of the Subcommitments of such Defaulting
Lender to the extent and during the period such Lender is a Defaulting Lender;

 

     105

     

    

 

(b)           
the Subcommitment and Revolving Credit Exposure with respect to each Borrower of such Defaulting Lender shall not be included
in determining whether two-thirds of the Lenders, two-thirds of the Lenders of a Class, the Required Lenders or the Required Lenders
of a Class have taken or may take any action hereunder or under any other Loan Documents to which such Borrower or any other member
of its Obligor Group is a party (including any consent to any amendment or waiver pursuant to Section 9.02); provided
that, for the avoidance of doubt, any waiver, amendment or modification requiring the consent of all Lenders (or all Lenders
of a Class) or each affected Lender (if applicable to such Defaulting Lender), including as set forth in Section 9.02(b)(i),
(ii), (iii), (iv) or (v), shall require the consent of such Defaulting Lender;

 

(c)           
if any LC Exposure with respect to a Borrower exists at the time a Multicurrency Lender becomes a Defaulting Lender then:

 

(i)           
all or any part of such LC Exposure shall be reallocated among the non-Defaulting Lenders holding Subcommitments of the same Class
as such Defaulting Lender in accordance with their respective Applicable Multicurrency Percentages or Applicable Dollar Percentages,
as applicable, but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures of such Class
with respect to such Borrower plus such Defaulting Lender’s LC Exposure of such Class with respect to such Borrower does
not exceed the total of all non-Defaulting Lenders’ Subcommitments of such Class to such Borrower and (y) no non-Defaulting
Lender’s Revolving Credit Exposure of such Class with respect to such Borrower will exceed such Lender’s Subcommitment
of such Class to such Borrower;

 

(ii)           
if the reallocation described in clause (i) above cannot, or can only partially, be effected, such Borrower shall, without
prejudice to any right or remedy available to it hereunder or under law, within three Business Days following notice by the Administrative
Agent cash collateralize such Defaulting Lender’s LC Exposure with respect to such Borrower (after giving effect to any
partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.04(k) for
so long as such LC Exposure is outstanding;

 

(iii)          
if such Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure with respect to such Borrower pursuant
to clause (ii) above, such Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.10(b)
with respect to such LC Exposure during the period such LC Exposure is cash collateralized;

 

(iv)          
if the LC Exposure with respect to such Borrower of the non-Defaulting Lenders of the same Class as such Defaulting Lender is
reallocated pursuant to clause (i) above, then the fees payable by such Borrower to the Lenders pursuant to Section 2.10(a)
and Section 2.10(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Multicurrency Percentages
or Applicable Dollar Percentages, as applicable, in effect immediately after giving effect to such reallocation;

 

     106

     

    

 

(v)           
if any Defaulting Lender’s LC Exposure with respect to such Borrower is neither cash collateralized nor reallocated pursuant
to this Section 2.18(c), then, without prejudice to any rights or remedies of the applicable Issuing Bank or any Lender hereunder,
all commitment fees that otherwise would have been payable by such Borrower to such Defaulting Lender (solely with respect to
the portion of such Defaulting Lender’s Subcommitment that was utilized by such LC Exposure) and letter of credit fees payable
by such Borrower under Section 2.10(b) with respect to such LC Exposure shall be payable to the applicable Issuing Bank until
such LC Exposure is cash collateralized and/or reallocated; and

 

(vi)          
no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender
arising from that Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such
non-Defaulting Lender’s increased exposure following such reallocation; and

 

(d)           
so long as any Lender is a Defaulting Lender, no Issuing Bank of the same Class as such Defaulting Lender shall be required to
issue, amend or increase any Letter of Credit of such Class issued on behalf of any Borrower, unless it is satisfied that the
related exposure will be 100% covered by the Subcommitments with respect to such Borrower of the non-Defaulting Lenders of
such Class and/or cash collateral will be provided by such Borrower in accordance with Section 2.18(c), and participating
interests in any such newly issued or increased Letter of Credit issued on behalf of such Borrower shall be allocated among non-Defaulting
Lenders of such Class in a manner consistent with Section 2.18(c)(i) (and Defaulting Lenders shall not participate therein).

 

In
the event that the Administrative Agent, the Borrowers and the Issuing Banks (with respect to any Issuing Bank, only to the extent
that such Issuing Bank acts in such capacity under the same Class of Subcommitments held by a Defaulting Lender) each agrees in
writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then,
on the date of such agreement, such Lender shall no longer be deemed a Defaulting Lender, each applicable Borrower shall no longer
be required to cash collateralize any portion of such Lender’s LC Exposure with respect to such Borrower cash collateralized
pursuant to Section 2.18(c)(ii) above and the LC Exposure of the affected Class with respect to such Borrower of the Lenders
of such Class shall be readjusted to reflect the inclusion of such Lender’s Subcommitment of such Class with respect to
each Borrower and on such date such Lender shall purchase at par the portion of the Loans made to each Borrower of the other Lenders
of such Class as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance
with its Applicable Multicurrency Percentage or Applicable Dollar Percentage, as applicable, in effect immediately after giving
effect to such agreement.

 

SECTION
2.19.           
Mitigation Obligations; Replacement of Lenders.

 

(a)           
Designation of a Different Lending Office. If any Lender requests compensation under Section 2.14, or if any Borrower
is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.16, then such Lender (at the request of such Borrower) shall use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not
subject such Lender to any cost or expense not required to be reimbursed by a Borrower and would not otherwise be disadvantageous
to such Lender. Each Borrower hereby severally, but not jointly, agrees to pay its portion, determined on a Pro-Rata Basis, of
all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

     107

     

    

 

(b)           
Replacement of Lenders. If any Lender requests compensation under Section 2.14, or if any Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16,
and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with clause (a)
above, or if any Lender becomes a Defaulting Lender or is a non-consenting Lender (that the Borrowers are permitted to replace
as provided in Section 9.02(d)), or if any Lender is or becomes a Non-Extending Lender, then the Borrowers may, at their
sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate,
without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights
(other than its existing rights to payments pursuant to Section 2.14 and Section 2.16) and obligations under this Agreement and
the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment); provided that (i) the Borrowers shall have received the prior written consent of the Administrative
Agent (and, if Subcommitments are being assigned, the Issuing Banks), which consent shall not unreasonably be withheld, conditioned
or delayed, (ii) such Lender shall have received payment from each Borrower of an amount equal to the outstanding principal
of its Loans made to such Borrower and participations in LC Disbursements with respect to such Borrower, accrued interest thereon,
accrued fees and all other amounts payable by such Borrower to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or such Borrower (in the case of all other amounts then due and owed by or with respect
to such Borrower, including, without limitation, any amounts under Section 2.15), (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16,
such assignment will result in a reduction in such compensation or payments, (iv) in the case of any assignment as a result
of a non-consenting Lender (that the Borrowers are permitted to replace as provided in Section 9.02(d)), the applicable assignee
shall have consented to the applicable amendment, waiver or consent and (v) in the case of any assignment as a result of a Lender
being a Non-Extending Lender, the applicable assignment shall be of all such Non-Extending Lender’s Commitment and the applicable
assignment shall be to an Extending Lender. A Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment
and delegation cease to apply.

 

(c)           
Defaulting Lender. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(e),
2.05 or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof,
(i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the
Administrative Agent or any Issuing Bank to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application
to, any future funding obligations of such Lender under such Sections; in the case of each of clauses (i) and (ii) above,
in any order as determined by the Administrative Agent in its discretion.

 

     108

     

    

 

SECTION
2.20.           
Maximum Rate. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively,
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for,
charged, taken, received or reserved by the Lender holding such Loan, the rate of interest payable in respect of such Loan hereunder,
together with all related Charges, shall be limited to the Maximum Rate. To the extent lawful, the interest and Charges that would
have been payable in respect of a Loan made to a Borrower, but were not payable as a result of the operation of this Section,
shall be cumulated and the interest and Charges payable to such Lender by such Borrower in respect of other Loans made to such
Borrower or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest
thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

SECTION
2.21.           
German Bank Separation Act.

 

Solely
for so long as Deutsche Bank AG New York Branch, or any Affiliate thereof, is a Lender, if any such Lender is subject to the GBSA
(as defined below) (any such Lender, a “GBSA Lender”) and such GBSA Lender shall have determined in good faith
(based on reasonable advice and a written opinion of counsel), which determination shall be made in consultation with the Borrower
subject to the terms hereof that, due to the implementation of the German Act on the Ring-fencing of Risks and for the Recovery
and Resolution Planning for Credit Institutions and Financial Groups (Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung
und Abwicklung von Kreditinstituten und Finanzgruppen) of 7 August 2013 (commonly referred to as the German Bank Separation Act
(Trennbankengesetz) (the “GBSA”)), whether before or after the date hereof, or any corresponding European legislation
(such as the proposed regulation on structural measures improving the resilience of European Union credit institutions) that may
amend or replace the GBSA in the future or any regulation thereunder, or due to the promulgation of, or any change in the interpretation
by, any court, tribunal or regulatory authority with competent jurisdiction of the GBSA or any corresponding future European legislation
that may amend or replace the GBSA in the future or any regulation thereunder, the arrangements contemplated by this Agreement
or the Loans have, or will, become illegal, prohibited or otherwise unlawful (regardless of whether such illegality, prohibition
or unlawfulness could be prevented by transferring such arrangements, Commitments and/or Loans to an Affiliate or other third
party), then, and in any such event, such GBSA Lender shall give written notice to the Borrower and the Administrative Agent of
such determination (which written notice shall include a reasonably detailed explanation of such illegality, prohibition or unlawfulness,
including, without limitation, evidence and calculations used in the determination thereof, a “GBSA Initial Notice”),
whereupon until the tenth Business Day after the date of such GBSA Initial Notice, such GBSA Lender shall use best efforts to
transfer to the extent permitted under applicable law such arrangements, Commitments and/or Loans to an Affiliate or other third
party in accordance with Section 9.04. If no such transfer is effected in accordance with the preceding sentence, such GBSA Lender
shall give written notice thereof to the Borrower and the Administrative Agent a (“GBSA Final Notice”), whereupon
(i) all of the obligations of such GBSA Lender shall become due and payable, and the Borrower shall repay the outstanding principal
of such obligations together with accrued interest thereon and all other amounts due and payable to the GBSA Lender, on the tenth
Business Day immediately after the date of such GBSA Final Notice (the “Initial GBSA Termination Date”) and,
for the avoidance of doubt, such repayment shall not be subject to the terms and conditions of Section 2.08 or 2.15 and (ii) the
Commitment of such GBSA Lender shall terminate on the Initial GBSA Termination Date; provided that, notwithstanding the foregoing,
if, prior to such Initial GBSA Termination Date, the Borrower and/or the Administrative Agent in good faith reasonably believes
that there is a mistake, error or omission in the grounds used to determine such illegality, prohibition or unlawfulness under
the GBSA or any corresponding future European legislation that may amend or replace the GBSA in the future or any regulation thereunder,
then the Borrower and/or the Administrative Agent, as applicable, may provide written notice (which written notice shall include
a reasonably detailed explanation of the basis of such good faith belief, including, without limitation, evidence and calculations
used in the determination thereof, a “GBSA Consultation Notice”) to that effect, at which point the obligations
owed to such GBSA Lender hereunder and under the Loans shall not become due and payable, and the Commitments of such GBSA Lender
shall not terminate, until the Business Day immediately following the tenth Business Day immediately after the Initial GBSA Termination
Date (the period from, and including, the date of the GBSA Consultation Notice until the tenth Business Day immediately thereafter
being the “GBSA Consultation Period”). In the event that the Borrower and/or the Administrative Agent, as applicable,
and such GBSA Lender cannot in good faith reasonably agree during the GBSA Consultation Period whether the arrangements contemplated
by this Agreement or the Loans have, or will, become illegal, prohibited or otherwise unlawful under the GBSA or any corresponding
future European legislation that may amend or replace the GBSA in the future or any regulation thereunder, then all of the obligations
owed to such GBSA Lender hereunder and under the Loans shall become due and payable, and the Commitments of such GBSA Lender shall
terminate, on the Business Day immediately following the last day of such GBSA Consultation Period. Notwithstanding anything to
the contrary contained herein, no part of the proceeds of any extension of credit hereunder will be used to pay any GBSA Lender
or otherwise satisfy any obligation under this Section. To the extent that any LC Exposure exists at the time a GBSA Lender’s
Commitments are cancelled and its obligations under the Loan Documents are repaid in full, such LC Exposure shall be reallocated
as set forth in Sections 2.19(c)(i) through (v) treating for purposes hereof each Lender (other than any GBSA Lender) as a non-Defaulting
Lender for purposes of such reallocation and treating the GBSA Lender as a Defaulting Lender solely for such purposes.

 

     109

     

    

 

Article
III

REPRESENTATIONS AND WARRANTIES

 

Each
Borrower severally, and not jointly, represents and warrants to the Lenders solely with respect to such Borrower and, as applicable,
the other members of its Obligor Group, that:

 

SECTION
3.01.           
Organization; Powers. Such Borrower and each of its Subsidiaries is duly organized or incorporated, as applicable, validly
existing and in good standing under the laws of the jurisdiction of its organization or incorporation, as applicable, has all
requisite power and authority to carry on its business as now conducted; and, except where the failure to do so, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect with respect to such Borrower, is
qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required of such Borrower
or such Subsidiary, as applicable.

 

     110

     

    

 

SECTION
3.02.           
Authorization; Enforceability. The Transactions with respect to such Borrower and each other member of its Obligor Group,
as applicable, are within such Borrower’s or such other member’s, as applicable, corporate powers and have been duly
authorized by all necessary corporate and, if required, by all necessary stockholder action of such Borrower or such other Obligor,
as applicable. This Agreement has been duly executed and delivered by such Borrower and constitutes, and each of the other Loan
Documents to which such Borrower or such other Obligor is a party when executed and delivered will constitute, a legal, valid
and binding obligation of such Borrower and such other Obligor, as applicable, enforceable with respect to such Borrower or such
other Obligor, as applicable, in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency,
reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b)
the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law).

 

SECTION
3.03.           
Governmental Approvals; No Conflicts. The Transactions with respect to such Borrower (a) do not require any consent or
approval of, registration or filing with, or any other action by, any Governmental Authority, except for (i) such as have been
obtained or made and are or will be in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant
to the Security Documents to which such Obligor is a party, (b) will not violate any applicable law or regulation or the charter,
by-laws or other organizational documents of such Borrower or such other Obligor, as applicable, or any order of any Governmental
Authority, (c) will not violate or result in a default in any material respect under any indenture, agreement or other instrument
binding upon such Borrower or such other Obligor, as applicable, or its assets, or give rise to a right thereunder to require
any payment to be made by any such Person, and (d) except for the Liens created pursuant to the Security Documents to which such
Borrower or such other Obligor is a party, will not result in the creation or imposition of any Lien on any asset of such Borrower
or such other Obligor.

 

SECTION
3.04.           
Financial Condition; No Material Adverse Change.

 

(a)           
Financial Statements. The financial statements delivered to the Administrative Agent and the Lenders by such Borrower pursuant
to Sections 4.01(d), 5.01(a) and 5.01(b) present fairly, in all material respects, the consolidated financial position and results
of operations and cash flows of such Borrower and its consolidated Subsidiaries as of the end of and for the applicable period
in accordance with GAAP applied on a consistent basis, subject, in the case of unaudited financial statements, to year-end audit
adjustments and the absence of footnotes. None of such Borrower or any of its Subsidiaries has on the Restatement Effective Date
any material contingent liabilities, material liabilities for taxes, material unusual forward or material long-term commitments
or material unrealized or material anticipated losses from any unfavorable commitments not reflected in the financial statements
referred to above.

 

     111

     

    

 

(b)           
No Material Adverse Change. Since December 31, 2019, there has not been any event, development or circumstance that
has had or could reasonably be expected to have a Material Adverse Effect with respect to such Borrower.

 

SECTION
3.05.           
Litigation; Actions; Suits and Proceedings. There are no actions, suits, investigations or proceedings by or before any
arbitrator or Governmental Authority now pending against or, to the knowledge of any Financial Officer of such Borrower, threatened
in writing against or affecting such Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility
of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate,
to result in a Material Adverse Effect of such Borrower or (ii) that directly involve this Agreement or the Transactions
with respect to such Borrower.

 

SECTION
3.06.           
Compliance with Laws and Agreements. Such Borrower and its Subsidiaries are in compliance with all laws, regulations and
orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding
upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect with respect to such Borrower. Neither such Borrower nor any other member of its Obligor
Group is subject to any contract or other arrangement, the performance of which by such Borrower or such other Obligor could reasonably
be expected to result in a Material Adverse Effect with respect to such Borrower.

 

SECTION
3.07.           
Anti-Corruption Laws and Sanctions. Such Borrower has implemented and maintains in effect policies and procedures designed
to ensure compliance by such Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and Sanctions applicable to such Borrower or its Subsidiaries, and (a) such Borrower, its Subsidiaries and their respective
officers and employees and (b) to the knowledge of such Borrower, their respective directors and agents, are in compliance in
all material respects with Anti-Corruption Laws and Sanctions applicable to such Borrower or its Subsidiaries and are not knowingly
engaged in any activity that would reasonably be expected to result in such Borrower being designated as a Sanctioned Person.
None of (x) such Borrower, any of its Subsidiaries or any of their respective directors, officers or employees, or (y) to the
knowledge of such Borrower, any agent of such Borrower or any of its Subsidiaries, in each case, that will act in any capacity
in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Transaction to which such
Borrower is a party or any of its Subsidiaries is subject will violate any Anti-Corruption Law or Sanctions applicable to such
Borrower or its Subsidiaries.

 

SECTION
3.08.           
Taxes. Such Borrower and its Subsidiaries have timely filed or caused to be filed all material Tax returns and reports
required to have been filed by such Borrower and such Subsidiary and has paid or caused to be paid all material Taxes required
to have been paid by such Borrower or such Subsidiary, except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which such Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to
the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect with respect to such
Borrower.

 

     112

     

    

 

SECTION 3.09.         
ERISA. No ERISA Event has occurred with respect to such Borrower that, when taken together with all other such ERISA
Events with respect to such Borrower, would reasonably be expected to result in a Material Adverse Effect with respect to such
Borrower.

 

SECTION 3.10.         
Disclosure. Such Borrower has disclosed to the Administrative Agent (or filed with the SEC) all agreements and instruments
to which it or any of its Subsidiaries is subject, that if terminated prior to its term, and all other matters known to it that
have occurred, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None
of the written reports, financial statements, certificates or other written information (other than projections, other forward
looking information, information of a general economic or industry specific nature or information relating to third parties) furnished
by or on behalf of such Borrower to the Lenders in connection with the negotiation of this Agreement and the other Loan Documents
to which such Borrower or any other member of its Obligor Group is a party or delivered hereunder or thereunder (as modified or
supplemented by other information so furnished), when taken as a whole, contains any material misstatement of fact or omits to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading at the time made; provided that, with respect to projected financial information, such Borrower represents
only that such information was prepared in good faith based upon assumptions believed in good faith to be reasonable at the time
of the preparation thereof (it being understood that projections are subject to significant and inherent uncertainties and contingencies
which may be outside of such Borrower’s control and that no assurance can be given that projections will be realized, and
are therefore not to be viewed as fact, and that actual results for the periods covered by projections may differ from the projected
results set forth in such projections and that such differences may be material).

 

SECTION 3.11.         
Investment Company Act; Margin Regulations.

 

(a)         
Status as Business Development Company. Such Borrower is a “closed-end fund” that has elected to be regulated
as a “business development company” within the meaning of the Investment Company Act and qualifies as a RIC.

 

(b)          Compliance with Investment Company Act. The business and other activities of such Borrower and its Subsidiaries,
including the making of the Loans to such Borrower hereunder, the application of the proceeds and repayment thereof by such Borrower
and the consummation of the Transactions with respect to such Borrower or any of its Subsidiaries contemplated by the Loan Documents
to which such Borrower or any other member of its Obligor Group is a party do not result in a material violation or breach in any
respect of the applicable provisions of the Investment Company Act or any rules, regulations or orders issued by the SEC thereunder,
in each case, that are applicable to such Borrower and its Subsidiaries.

 

(c)         
Investment Policies. Such Borrower is in compliance with all written investment policies, restrictions and limitations
for such Borrower delivered (to the extent not otherwise publicly filed with the SEC) to the Lenders prior to the Restatement Effective
Date (as such investment policies have been amended, modified or supplemented in a manner not prohibited by clause (r) of Article
VII, the “Investment Policies”), except to the extent that the failure to so comply could not reasonably be
expected to result in a Material Adverse Effect with respect to such Borrower.

 

    113

     

    

 

(d)          Use of Credit. Neither such Borrower nor any of its Subsidiaries is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying
Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock (provided
that so long as no violation of Regulation U would result therefrom (x) any Borrower may use proceeds of the Loans made to such
Borrower to purchase its common stock in connection with the redemption (or buyback) of its shares or, in the case of an Unlisted
Borrower, in connection with a Tender Offer, and (y) any Borrower may use proceeds of the Loans made to such Borrower for any (i)
cash consideration paid or payable and (ii) cash paid on account of fractional shares, in each case of this clause (y), in connection
with a Borrower Merger).

 

SECTION 3.12.         
Material Agreements and Liens.

 

(a)         
Material Agreements. Part A of Schedule II is a complete and correct list of each credit agreement, loan agreement,
indenture, note purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any
Indebtedness for borrowed money or any extension of credit (or commitment for any extension of credit) to, or guarantee for borrowed
money by, such Borrower or any other member of its Obligor Group outstanding on the Restatement Effective Date (in each case, other
than any such agreement or arrangement that is between or among such Borrower and any other member of its Obligor Group), and the
aggregate principal or face amount outstanding or that is or may become outstanding under each such arrangement, in each case as
of the Restatement Effective Date, is correctly described in Part A of Schedule II.

 

(b)          Liens. Part B of Schedule II is a complete and correct list of each Lien securing Indebtedness of any Person
outstanding on the Restatement Effective Date (other than Indebtedness hereunder or under any other Loan Document) covering any
property of such Borrower or any other member of its Obligor Group, and the aggregate principal amount of such Indebtedness secured
(or that may be secured) by each such Lien and the property covered by each such Lien as of the Restatement Effective Date is correctly
described in Part B of Schedule II.

 

SECTION 3.13.         
Subsidiaries and Investments.

 

(a)         
Subsidiaries. Set forth in Part A of Schedule III is a complete and correct list of all of the Subsidiaries
of such Borrower on the Restatement Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization
of such Subsidiary, (ii) each Person holding ownership interests in such Subsidiary, (iii) the nature of the ownership
interests held by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests and
(iv) whether such Subsidiary is a Designated Subsidiary, an Immaterial Subsidiary or an Excluded Asset (other than a Designated
Subsidiary). Except as disclosed in Part A of Schedule III, as of the Restatement Effective Date, (x) such Borrower owns,
free and clear of Liens (other than any lien permitted by Section 6.02 hereof), and has the unencumbered right to vote, all
outstanding ownership interests in each Subsidiary shown to be held by it in Part A of Schedule III, (y) all of the issued
and outstanding capital stock of each such Subsidiary organized as a corporation is validly issued, fully paid and nonassessable
(to the extent such concepts are applicable) and (z) there are no outstanding Equity Interests with respect to such Subsidiary.
Each Subsidiary identified on said Part A of Schedule III as a “Designated Subsidiary” qualifies as such under
the definition of “Designated Subsidiary” set forth in Section 1.01.

 

    114

     

    

 

(b)          Investments. Set forth in Part B of Schedule III is a complete and correct list of all Investments (other than
Investments of the types referred to in clauses (b), (c), (d) and (l) of Section 6.04) held by any of such Borrower
and the other members of its Obligor Group in any Person on the Restatement Effective Date and, for each such Investment, (x) the
identity of the Person or Persons holding such Investment and (y) the nature of such Investment. Except as disclosed in Part
B of Schedule III, as of the Restatement Effective Date, such Borrower or, as applicable, such other Obligor, owns, free and
clear of all Liens (other than Liens created pursuant to the Security Documents such Borrower and/or such other Obligor are party
to and other Liens permitted hereunder), all such Investments.

 

SECTION 3.14.         
Properties.

 

(a)         
Title Generally. Such Borrower and each of the other members of its Obligor Group have good title to, or valid
leasehold interests in, all their respective real and personal property material to its business, except for minor defects in title
that do not interfere with their respective ability to conduct their respective business as currently conducted or to utilize such
properties for their intended purposes.

 

(b)          Intellectual Property. Such Borrower and each of the other members of its Obligor Group own, or are licensed to use,
all trademarks, tradenames, copyrights, patents and other intellectual property material to their respective business, and the
use thereof by such Borrower and such other Obligor do not infringe upon the rights of any other Person, except for any such infringements
that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect with respect to
such Borrower.

 

SECTION 3.15.         
Affiliate Agreements. As of the Restatement Effective Date, such Borrower has heretofore delivered (to the extent
not otherwise publicly filed with the SEC) to each of the Lenders true and complete copies of each of the Affiliate Agreements
to which such Borrower is a party as in effect as of the Restatement Effective Date (including any amendments, supplements or waivers
executed and delivered thereunder and any schedules and exhibits thereto). As of the Restatement Effective Date, each of the Affiliate
Agreements to which such Borrower is a party is in full force and effect.

 

SECTION 3.16.         
Security Documents. The provisions of the Security Documents that such Borrower and/or the other members of its Obligor
Group are party to are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties with respect
to such Borrower and each such other Obligor a legal, valid and enforceable first priority Lien (subject to Liens permitted by
Section 6.02) on all right, title and interest of such Borrower and each such other Obligor in the Collateral of such Borrower
and each such other Obligor described therein to secure the Secured Obligations (as defined in the Guarantee and Security Agreement
to which such Borrower is a party) of such Borrower and the other members of its Obligor Group, except for any failure that would
not constitute an Event of Default under clause (p) of Article VII with respect to such Borrower. Except for (a) filing of UCC
financing statements and filings as may be required under applicable law or otherwise contemplated hereby and by the Security Documents
to which such Borrower and/or such other Obligors are a party, and (b) the taking of possession or control by the Collateral Agent
of the Collateral with respect to which a security interest may be perfected by possession or control, no filing or other action
will be necessary to perfect such Liens to the extent required thereunder, except for any filing or action, the absence of which,
would not constitute an Event of Default under clause (p) of Article VII with respect to such Borrower.

 

    115

     

    

 

SECTION 3.17.         
Affected Financial Institutions. Neither such Borrower nor any other member of its Obligor Group is an Affected Financial
Institution.

 

Article
IV

CONDITIONS

 

SECTION 4.01.         
Restatement Effective Date. This Agreement shall become effective on the date on which the following conditions precedent
have been completed (or such condition shall have been waived in accordance with Section 9.02) by each Borrower, in each case,
for such Borrower and the other members in its Obligor Group, delivered on behalf of and solely with respect to such Borrower and
such other Obligors and not on behalf of or with respect to any other Borrower or the other members in its respective Obligor Group:

 

(a)         
Documents. Administrative Agent shall have received each of the following documents with respect to each Obligor
Group, each of which shall be reasonably satisfactory to the Administrative Agent (and to the extent specified below, to each Lender)
in form and substance:

 

(i)          
Executed Counterparts. From each party hereto either (1) a counterpart of this Agreement signed on behalf of
such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission
of a signed signature page to this Agreement) that such party has signed a counterpart of this Agreement.

 

(ii)         
Guarantee and Security Agreement Confirmation. The Guarantee and Security Agreement Confirmation to which such Obligor
Group is a party, duly executed and delivered by each of the parties to the applicable Guarantee and Security Agreement and any
other members of such Obligor Group in substantially the form of Exhibit J.

 

(iii)         Opinion of Counsel to Such Obligor Group. A favorable written opinion (addressed to the Administrative Agent and
the Lenders and dated the Restatement Effective Date) of Dechert LLP, New York and Maryland counsel for the members of such Obligor
Group, in substantially the form of Exhibit B, and in each case covering such other matters relating to such Obligor Group,
this Agreement or the Transactions to which such Obligor Group is a party as the Administrative Agent may reasonably request.

 

    116

     

    

 

(iv)         Opinion of Special New York Counsel to JPMCB. An opinion, dated the Restatement Effective Date, of Milbank LLP, special
New York counsel to JPMCB in substantially the form of Exhibit C (and JPMCB hereby instructs such counsel to deliver such
opinion to the Lenders).

 

(v)         
Corporate Documents. Such documents and certificates as the Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing of the members of such Obligor Group, the authorization of the Transactions
to which the members of such Obligor Group are a party and any other legal matters relating to the members of such Obligor Group,
this Agreement or the Transactions to which the members of such Obligor Group are a party as each relates to such Obligor Group.

 

(vi)         Officer’s Certificate. A certificate from the Borrower of such Obligor Group, dated the Restatement Effective
Date and signed by the President, a Vice President, the Chief Executive Officer or any other Financial Officer of such Borrower,
confirming compliance with the conditions set forth in the lettered clauses of the first sentence of Section 4.02.

 

(vii)        [Reserved].

 

(viii)       Borrowing Base Certificate. A Borrowing Base Certificate for the Borrower of such Obligor Group.

 

(b)          Fees and Expenses. The Administrative Agent shall have received evidence of the payment by each Borrower of all fees
due and payable to the Lenders and the Joint Lead Arrangers on the Restatement Effective Date that such Borrower has agreed to
pay in connection with this Agreement (including any fee letter or commitment letter entered into between such Borrower and the
Administrative Agent and the Collateral Agent). Such Borrower shall have paid all reasonable expenses (including the legal fees
of Milbank LLP) for which invoices have been presented prior to the Restatement Effective Date and such Borrower has agreed to
pay in connection with this Agreement.

 

(c)         
Liens. The Administrative Agent shall have received results of a recent lien search in each relevant jurisdiction
with respect to each Borrower and each other member of its Obligor Group and such search shall reveal no liens on any of the assets
of such Borrower or such other Obligor except for liens permitted under Section 6.02 or liens to be discharged on or prior
to the Restatement Effective Date pursuant to documentation reasonably satisfactory to the Administrative Agent.

 

    117

     

    

 

(d)          Financial Statements. The Administrative Agent and the Lenders shall have received prior to the execution of this
Agreement the audited consolidated balance sheets, statements of operations, statement of changes in net assets, statements of
cash flows and schedules of investments of each Borrower and its respective Subsidiaries for the fiscal years ended December 31,
2017, December 31, 2018 and December 31, 2019, and the unaudited consolidated balance sheets, statements of operations, statement
of changes in net assets, statements of cash flows and schedules of investments of each Borrower and its respective Subsidiaries
for the fiscal quarter ended September 30, 2020. The Administrative Agent and Lenders acknowledge having received the financial
statements referred to above.

 

(e)         
[Reserved].

 

(f)         
 Valuation Policy. A copy of each Borrower’s Valuation Policy.

 

(g)          Know Your Customer Documentation. Upon the reasonable request of the Administrative Agent or any Lender at least
ten (10) days prior to the Restatement Effective Date, documentation and other information required by bank regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations.

 

(h)          Other Documents. The Administrative Agent shall have received from such Obligor Group such other documents as the
Administrative Agent or any Lender or special New York counsel to JPMCB may reasonably request from the members of such Obligor
Group.

 

(i)          
Restatement Effective Date Adjustments. Evidence that each Existing Lender shall have, as of the Restatement Effective
Date, received payment in full of all accrued and unpaid interest, facility fees and LC participation fees owing to such Lender
that have been invoiced under the Existing Credit Facility and the Borrowings and other adjustments to the Loans described in Section
2.02(e) shall occur concurrently with the Restatement Effective Date.

 

(j)          
No Default. No Default or Event of Default shall exist under the Existing Credit Facility immediately prior to and
after giving pro forma effect to the Restatement Effective Date.

 

The Administrative Agent shall notify the
Borrowers and the Lenders of the Restatement Effective Date, and such notice shall be conclusive and binding.

 

SECTION 4.02.         
Each Credit Event. With respect to a Borrower, the obligation of each Lender to make any Loan to such Borrower, and
of any Issuing Bank to issue, amend, renew or extend any Letter of Credit on behalf of such Borrower, is additionally subject to
the satisfaction of the following conditions:

 

    118

     

    

 

(a)         
the representations and warranties of such Borrower set forth in this Agreement and in the other Loan Documents shall be
true and correct in all material respects (unless the relevant representation and warranty already contains a materiality qualifier
or, in the case of the representations and warranties in Sections 3.01, 3.02, 3.04, 3.11 and 3.15 of this Agreement,
and in Sections 2.01, 2.02 and 2.04 through 2.08 of the Guarantee and Security Agreement such Borrower is party
to, in each such case, such representation and warranty shall be true and correct in all respects) on and as of the date of such
Loan or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, or, as to any such representation
or warranty that refers to a specific date, as of such specific date;

 

(b)          at the time of and immediately after giving effect to such Loan or the date of issuance, amendment, renewal or extension
of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing with respect to such
Borrower;

 

(c)         
no Borrowing Base Deficiency with respect to such Borrower shall exist at the time of and immediately after giving effect
to such extension of credit; and

 

(d)          (i) such Borrower’s Borrower Asset Coverage Ratio is greater than or equal to 1.85:1.0 or (ii)(A) such Borrower has
an investment grade rating from either of Moody’s or S&P or (B)(1) the Total Secured Debt of such Borrower is less than
or equal to 65% of such Borrower’s Funded Debt Amount or (2) the Adjusted Debt to Equity Ratio of such Borrower is less than
or equal to 1.0:1.0.

 

Each Borrowing and each issuance, amendment, renewal or extension
of a Letter of Credit shall be deemed to constitute a representation and warranty by the applicable Borrower on the date thereof
as to the matters specified in the preceding sentence. For the avoidance of doubt, none of the assumption by a Surviving Borrower
of the obligations of a Non-Surviving Borrower in a Borrower Merger, any reallocation of Subcommitments (including any Voluntary
Reallocation or other reallocation pursuant to Section 2.07) or the conversion or continuation of a Borrowing as the same or a
different Type (without increase in the principal amount thereof) shall be considered to be the making of a Loan or an issuance,
extension or renewal of a Letter of Credit.

 

Article
V

AFFIRMATIVE COVENANTS

 

With respect to a Borrower, until the earlier
to occur of the Release Date with respect to such Borrower and the Facility Termination Date, such Borrower covenants and agrees
(solely on behalf of such Borrower and not on behalf of or with respect to any other Borrower) with the Lenders that:

 

SECTION 5.01.         
Financial Statements and Other Information. Such Borrower will furnish to the Administrative Agent for distribution
to each Lender:

 

(a)         
within 90 days after the end of each fiscal year of such Borrower, the audited consolidated balance sheet and
related statements of operations, assets and liabilities, changes in net assets, cash flows and schedule of investments of such
Borrower and its consolidated Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous fiscal year, all reported on by Deloitte & Touche LLP, RSM US LLP or any other independent public
accountants of recognized national standing to the effect that such consolidated financial statements present fairly in all material
respects the financial condition and results of operations of such Borrower and its consolidated Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied;

 

    119

     

    

 

(b)          within 45 days after the end of each of the first three fiscal quarters of each fiscal year of such Borrower,
the consolidated balance sheet and related statements of operations, assets and liabilities, changes in net assets, cash flows
and schedule of investments of such Borrower and its consolidated Subsidiaries as of the end of and for such fiscal quarter and
the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of
the balance sheet, as of the end of) the corresponding period or periods of the previous fiscal year, all certified by a Financial
Officer of such Borrower as presenting fairly in all material respects the financial condition and results of operations of such
Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes;

 

(c)         
concurrently with any delivery of financial statements under paragraph (a) or (b) of this Section, a certificate
of a Financial Officer of such Borrower (i) certifying as to whether such Borrower has knowledge that a Default has occurred
and is continuing with respect to such Borrower during the applicable period and, if a Default has occurred and is continuing with
respect to such Borrower during the most recent period covered by such financial statements (or has occurred and is continuing
from a prior period), specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting
forth reasonably detailed calculations demonstrating compliance by such Borrower with Sections 6.01(b) and (g), 6.02(d), 6.05(b)
and 6.07 and (iii) to the extent not previously disclosed on a Form 10-K or Form 10-Q previously filed by such Borrower
with the SEC, stating whether any change in GAAP as applied by (or in the application of GAAP by) such Borrower has occurred since
the Restatement Effective Date (but only if such Borrower has not previously reported such change to the Administrative Agent and
if such change has had a material effect on the financial statements) and, if any such change has occurred, specifying the effect
(unless such effect has been previously reported) as determined by such Borrower of such change on the financial statements accompanying
such certificate;

 

(d)         as soon as available and in any event not later than the last Business Day of the calendar month following each monthly
accounting period (ending on the last day of each calendar month) of such Borrower, a Borrowing Base Certificate with respect to
such Borrower as at the last day of such accounting period presenting such Borrower’s computation (and including the rationale
for any industry reclassification and a comparison to show changes from the Borrowing Base Certificate of such Borrower from the
immediately prior period), a list of each Portfolio Investment included in such computation (and identifying the Obligor holding
such Portfolio Investment), a list of each Portfolio Investment included in the Borrowing Base that is a Participation Interest
(identifying the Obligor holding such Participation Interest, the Excluded Asset or Aggregator that sold the Participation Interest
to such Obligor and the underlying portfolio investment) and a certification of a Financial Officer of such Borrower as to compliance
with Sections 6.03(d) and 6.04(d) by such Borrower during the period covered by such Borrowing Base Certificate;

 

    120

     

    

 

(e)         
promptly but no later than five Business Days after any Financial Officer of such Borrower shall at any time have knowledge
that there is a Borrowing Base Deficiency with respect to such Borrower, a Borrowing Base Certificate with respect to such Borrower
as at the date such Borrower has knowledge of such Borrowing Base Deficiency indicating the amount of such Borrowing Base Deficiency
as at the date such Borrower obtained knowledge of such deficiency and the amount of such Borrowing Base Deficiency as of the date
not earlier than three Business Days prior to the date such Borrowing Base Certificate is delivered pursuant to this paragraph;

 

(f)         
promptly upon receipt thereof, copies of (x) all significant and non-routine written reports and (y) written reports stating
that material deficiencies exist in such Borrower’s internal controls or procedures or any other matter that could reasonably
be expected to result in a Material Adverse Effect with respect to such Borrower submitted to management or the board of directors
of such Borrower by such Borrower’s independent public accountants in connection with each annual, interim or special audit
or review of any type of the financial statements or related internal control systems of such Borrower or any of its Subsidiaries
delivered by such accountants to the management or board of directors of such Borrower;

 

(g)         promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other
materials sent to all stockholders filed by any of such Borrower or any of the other members of its Obligor Group with the SEC,
or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, as
the case may be;

 

(h)         
promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of such Borrower or any of its Subsidiaries, or compliance by such Borrower with the terms of this Agreement and the
other Loan Documents to which such Borrower, is a party, as the Administrative Agent or any Lender may reasonably request;

 

(i)          
within 45 days after the end of each fiscal quarter of such Borrower, all external valuation reports relating to the Portfolio
Investments delivered to such Borrower by the Approved Third-Party Appraiser in connection with the quarterly appraisals of Unquoted
Investments of such Borrower (provided that any recipient of such reports executes and delivers any non-reliance letter, release,
confidentiality agreement or similar agreements required by such Approved Third-Party Appraiser);

 

(j)          
within 45 days after the end of each fiscal quarter of such Borrower, any report that such Borrower receives from the Custodian
listing the Portfolio Investments of such Borrower, as of the end of such fiscal quarter, held in the Collateral Account; provided
that such Borrower shall use its commercially reasonable efforts to cause the Custodian to provide such report;

 

    121

     

    

 

(k)         
within forty-five (45) days after the end of the first three (3) fiscal quarters of each fiscal year of such Borrower and
ninety (90) days after the end of each fiscal year of such Borrower, a schedule setting forth in reasonable detail with respect
to each Portfolio Investment of such Borrower where there has been a realized gain or loss in the most recently completed fiscal
quarter, (i) the cost basis of such Portfolio Investment, (ii) the proceeds received in respect of such Portfolio Investment representing
repayments of principal during the most recently ended fiscal quarter, and (iii) any other amounts received in respect of such
Portfolio Investment representing exit fees or prepayment penalties during the most recently ended fiscal quarter;

 

(l)          
within forty-five (45) days after the end of the first three (3) fiscal quarters of each fiscal year of such Borrower and
ninety (90) days after the end of each fiscal year of such Borrower, a schedule setting forth in reasonable detail with respect
to each Portfolio Investment of such Borrower, (i) the aggregate amount of all capitalized paid-in-kind interest in respect of
such Portfolio Investment during the most recently ended fiscal quarter and (ii) the aggregate amount of all paid-in-kind interest
collected in respect of such Portfolio Investment during the most recently ended fiscal quarter;

 

(m)         within forty-five (45) days after the end of the first three (3) fiscal quarters of each fiscal year of such Borrower and
ninety (90) days after the end of each fiscal year of such Borrower, a schedule setting forth in reasonable detail with respect
to each Portfolio Investment held by such Borrower, (i) the amortized cost of such Portfolio Investment as of the end of such fiscal
quarter, (ii) the fair market value of such Portfolio Investment as of the end of such fiscal quarter, and (iii) the unrealized
gains or losses of such Borrower as of the end of such fiscal quarter;

 

(n)         
within forty-five (45) days after the end of the first three (3) fiscal quarters of each fiscal year of such Borrower and
ninety (90) days after the end of each fiscal year of such Borrower, a schedule setting forth in reasonable detail with respect
to each Portfolio Investment held by such Borrower, the change in unrealized gains and losses for such quarter. Such schedule will
report the change in unrealized gains and losses by Portfolio Investment held by such Borrower or such other Obligor by showing
the unrealized gain or loss for each such Portfolio Investment as of the last day of the preceding fiscal quarter compared to the
unrealized gain or loss for such Portfolio Investment as of the last day of the most recently ended fiscal quarter; and

 

(o)         
within forty-five (45) days after the end of the first three (3) fiscal quarters of each fiscal year of such Borrower and
ninety (90) days after the end of each fiscal year of such Borrower, an updated Schedule VII.

 

Notwithstanding anything in this Section 5.01 to the contrary,
such Borrower shall be deemed to have satisfied its requirements of this Section 5.01 (other than Sections 5.01(c), (d) and
(e)) if its reports, documents and other information of the type otherwise so required are publicly available when required
to be filed on EDGAR at the www.sec.gov website or any successor service provided by the SEC; provided that, with respect
to Sections 5.01(f) and (g), notice of such availability is provided to the Administrative Agent at or prior to the time period
required by such Sections.

 

    122

     

    

 

SECTION 5.02.         
Notices of Material Events. Upon such Borrower becoming aware of any of the following, such Borrower will (solely
with respect to such Borrower) furnish to the Administrative Agent for distribution to each Lender prompt written notice of the
following:

 

(a)         
the occurrence of any Default with respect to such Borrower (unless such Borrower first became aware of such Default from
a notice delivered by the Administrative Agent);

 

(b)         
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or affecting such Borrower or any of its Subsidiaries that could reasonably be expected to result in a Material Adverse Effect
with respect to such Borrower;

 

(c)         
the occurrence of any ERISA Event with respect to such Borrower that, alone or together with any other ERISA Events that
have occurred with respect to such Borrower, could reasonably be expected to result in a Material Adverse Effect with respect to
such Borrower; and

 

(d)         
any other development (excluding matters of a general economic, financial or political nature to the extent that they could
not reasonably be expected to have a disproportionate effect on such Borrower) that results in, or could reasonably be expected
to result in, a Material Adverse Effect with respect to such Borrower.

 

Each notice delivered under this Section shall be accompanied
by a statement of a Financial Officer or other executive officer of such Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto. Each Unlisted Borrower shall use commercially
reasonable efforts to notify the Administrative Agent upon such Borrower becoming a Listed Borrower; provided that the failure
of any Borrower to provide any such notice shall not be a Default or an Event of Default hereunder; provided further that such
Borrower shall be deemed to have satisfied its requirements of this sentence if its reports, documents or other information disclosing
its becoming a Listed Borrower are publicly available at the www.sec.gov website or any successor service provided by the SEC.

 

SECTION 5.03.         
Existence; Conduct of Business. Such Borrower will, and will cause each of its Subsidiaries (other than Immaterial
Subsidiaries) to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence
and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the
foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

 

    123

     

    

 

SECTION 5.04.         
Payment of Obligations. Such Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including
tax liabilities and material contractual obligations, that, if not paid, could reasonably be expected to result in a Material Adverse
Effect with respect to such Borrower before the same shall become delinquent or in default, except where (a) the validity
or amount thereof is being contested in good faith by appropriate proceedings, (b) such Borrower or any of its Subsidiaries
has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment
pending such contest could not reasonably be expected to result in a Material Adverse Effect with respect to such Borrower.

 

SECTION 5.05.         
Maintenance of Properties; Insurance. Such Borrower will, and will cause each of its Subsidiaries (other than Immaterial
Subsidiaries) to, (a) keep and maintain all property material to the conduct of its business in good working order and condition,
ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in
such amounts and against such risks as are customarily maintained by companies engaged in the same or similar business operating
in the same or similar locations.

 

SECTION 5.06.         
Books and Records; Inspection Rights. Such Borrower will, and will cause each of its Subsidiaries to, keep books
of record and account in accordance with GAAP. Such Borrower will, and will cause each other member of its Obligor Group to, permit
any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice to such Borrower, to visit
and inspect its properties during normal business hours, to examine and make extracts from its books and records (including books
and records maintained by it in its capacity as a “servicer” in respect of any Designated Subsidiary of such Borrower
or other Excluded Assets of such Borrower, or in a similar capacity with respect to any of its other Designated Subsidiaries, but
only to the extent such Borrower is not prohibited from disclosing such information or providing access to such information, and
any books, records and documents held by the Custodian), and to discuss its affairs, finances and condition with its officers and
independent accountants, all at such reasonable times and as often as reasonably requested, in each case, to the extent such inspection
or requests for such information are reasonable and such information can be provided or discussed without violation of law, rule,
regulation or contract; provided that such Borrower shall be entitled to have its representatives and advisors present during
any inspection of its books and records and during any discussion with its independent accountants or independent auditors; provided
further that such Borrower shall not be responsible for the costs and expenses of the Administrative Agent and the Lenders
for more than one visit and inspection in any calendar year under this Section 5.06 and Section 7.01(b) of the Guarantee and Security
Agreement to which such Borrower is a party unless an Event of Default shall have occurred and be continuing with respect to such
Borrower.

 

SECTION 5.07.         
Compliance with Laws. Such Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules,
regulations, including the Investment Company Act, any applicable rules, regulations or orders issued by the SEC thereunder (in
each case, if applicable to such Person) and orders of any other Governmental Authority applicable to it or its property, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect with respect to such Borrower.

 

    124

     

    

 

SECTION 5.08.         
Certain Obligations Respecting Subsidiaries; Further Assurances.

 

(a)         
Subsidiary Guarantors. In the event that (1) a Borrower or any other member of its Obligor Group shall form or acquire
any new Domestic Subsidiary (other than an Excluded Asset or Immaterial Subsidiary) or (2) any Excluded Asset or Immaterial Subsidiary
held by such Borrower or other members of its Obligor Group that is a Domestic Subsidiary shall no longer constitute an “Excluded
Asset” or “Immaterial Subsidiary”, as applicable, pursuant to the definition thereof (in which case such Person
shall be deemed to be a “new” Domestic Subsidiary for purposes of this Section 5.08), such Borrower will cause, within
30 days (or such longer period as shall be reasonably agreed by the Administrative Agent) following such Person becoming a new
Domestic Subsidiary of such Borrower, such new Domestic Subsidiary to become a “Subsidiary Guarantor” of such Borrower
(and thereby an “Obligor” in such Borrower’s Obligor Group) under a Guarantee Assumption Agreement and to deliver
such proof of corporate or other action, incumbency of officers, opinions of counsel (if reasonably requested by the Administrative
Agent), and other documents as is consistent with those delivered by such Borrower pursuant to Section 4.01 upon the Original Effective
Date or as the Administrative Agent shall have reasonably requested; provided that, any new Domestic Subsidiary acquired
in connection with a Borrower Merger that was, immediately prior to such Borrower Merger, a Subsidiary Guarantor shall only be
required to execute and deliver a Guarantee Assumption Agreement with respect to the obligations of the Surviving Borrower and
no other deliverables will be required by such new Domestic Subsidiary to satisfy this Section 5.08(a). For the avoidance of doubt,
any Borrower may elect to cause any of its Excluded Assets or Immaterial Subsidiaries to become a member of its Obligor Group by
causing such Person to become a Subsidiary Guarantor under the Guarantee and Security Agreement to which such Borrower is a party
and shall only be required to execute and deliver a Guarantee Assumption Agreement with respect to the obligations of such Borrower
and no other deliverables will be required by such Excluded Asset or Immaterial Subsidiary, as applicable, to satisfy this Section
5.08(a) (at which point such Person shall be a Subsidiary Guarantor and shall no longer be an Excluded Asset or an Immaterial Subsidiary).

 

(b)         
Ownership of Subsidiaries. Such Borrower will, and will cause each of its Subsidiaries to, take such action from
time to time as shall be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary, provided that the
foregoing shall not prohibit any transaction permitted under Section 6.03 or 6.04, so long as after giving effect to such permitted
transaction each of the remaining Subsidiaries of such Borrower is a wholly owned Subsidiary.

 

(c)         
Further Assurances. Such Borrower will, and will cause each other member of its Obligor Group to, take such action
from time to time (including filing appropriate Uniform Commercial Code financing statements and executing and delivering
such assignments, security agreements and other instruments) as shall reasonably be requested by the Administrative Agent to effectuate
the purposes and objectives of this Agreement, including:

 

(i)          
to create, in favor of the Collateral Agent for the benefit of the Lenders (and any Affiliate thereof that is a party to
any Hedging Agreement entered into with such Borrower and/or such other Obligor) and the holders of any Other Secured Indebtedness
of such Borrower, perfected security interests and Liens in the Collateral owned by such Borrower and such other Obligor; provided
that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents to which such Borrower
or such other Obligor is a party; provided further, that in the case of any Collateral consisting of voting stock of any
Controlled Foreign Corporation of such Borrower, such security interest shall be limited to 65% of the issued and outstanding
voting stock of such Controlled Foreign Corporation that is directly held by such Borrower or such other Obligor,

 

    125

     

    

 

(ii)         
subject to Sections 7.01 and 7.04 of the Guarantee and Security Agreement to which such Borrower is a party, to cause
any bank or securities intermediary (within the meaning of the Uniform Commercial Code) to enter into such arrangements with
the Collateral Agent as shall be appropriate in order that the Collateral Agent has “control” over each deposit account
or securities account of such Borrower and such other Obligor (other than Excluded Accounts (as defined in the Guarantee and Security
Agreement to which such Borrower is a party)) and in that connection, such Borrower agrees to cause all cash and other proceeds
of Portfolio Investments received by such Borrower and such other Obligor to be promptly deposited into such an account (or otherwise
delivered to, or registered in the name of, the Collateral Agent) and, until such deposit, delivery or registration such cash and
other proceeds in the possession of such Borrower shall be held in trust by such Borrower for the benefit of the Collateral Agent
and shall not be commingled with any other funds or property of such Borrower, such other Obligor, its Designated Subsidiaries
or any other Person (including with any money or financial assets of such Borrower or such other Obligor in its capacity as “servicer”
for any such Designated Subsidiary or any of its other Excluded Assets, or any money or financial assets of any Excluded Asset),

 

(iii)            
in the case of any portfolio investment held by an Excluded Asset or an Immaterial Subsidiary of such Borrower, including
any cash collection related thereto, ensure that such portfolio investment shall not be held in the account of such Borrower or
such other Obligor subject to a control agreement among such Borrower or such other Obligor, the Collateral Agent and the Custodian
delivered in connection with this Agreement or any other Loan Document,

 

(iv)            
in the case of any Portfolio Investment consisting of a Bank Loan that does not constitute all of the credit extended to
the underlying borrower under the relevant underlying loan documents and an Excluded Asset or an Immaterial Subsidiary of such
Borrower holds any interest in the loans or other extensions of credit under such loan documents, (x) cause such Excluded
Asset or such Immaterial Subsidiary to be party to such underlying loan documents as a “lender” having a direct interest
(or a participation; provided that any participation acquired from such Borrower or such other Obligor shall give such Excluded
Asset or such Immaterial Subsidiary the right to elevate such participation to an assignment at any time in its sole discretion,
which right shall be exercised no later than 90 days after the acquisition thereof) in such underlying loan documents and the extensions
of credit thereunder and (y) ensure that, subject to Section 5.08(c)(v) below, all amounts owing to such Borrower, such other
Obligor or such Excluded Asset or Immaterial Subsidiary of such Borrower by the underlying borrower or other obligated party are
remitted by such borrower or obligated party (or the applicable administrative agents, collateral agents or equivalent Person)
directly to the accounts of such Borrower, such other Obligor, such Excluded Asset and such Immaterial Subsidiary, respectively,

 

    126

     

    

 

(v)         
in the event that such Borrower or such other Obligor is acting as an agent or administrative agent (or analogous capacity)
under any loan documents with respect to any Bank Loan and such Borrower or such other Obligor does not hold all of the credit
extended to the underlying borrower under the relevant underlying loan documents, ensure that all funds held by such Borrower or
such other Obligor in such capacity as agent or administrative agent are segregated from all other funds of such Borrower or such
other Obligor and are clearly identified as being held in an agency capacity, and

 

(vi)            
cause all credit or loan agreements, any notes and all assignment and assumption agreements relating to any Portfolio Investment
of such Borrower or such other Obligor constituting part of the Collateral to be held by (x) the Collateral Agent, (y) the
Custodian pursuant to the terms of the applicable Custodian Agreement (or another custodian reasonably satisfactory to the Administrative
Agent), or (z) pursuant to an appropriate intercreditor agreement, so long as the Custodian (or custodian) has agreed to grant
access to such loan and other documents to the Administrative Agent pursuant to an access or similar agreement between such Borrower
and the Custodian (or custodian) in form and substance reasonably satisfactory to the Administrative Agent; provided that
such Borrower’s obligation to deliver underlying documentation may be satisfied by delivery of copies of such agreements.

 

Notwithstanding anything to the contrary contained
herein, (1) nothing contained herein shall prevent a Borrower from having a Participation Interest in a portfolio investment held
by an Excluded Asset and (2)if any instrument, promissory note, agreement, document or certificate held by the Custodian is destroyed
or lost not as a result of any action of such Borrower, then any original of such instrument, promissory note, agreement, document
or certificate shall be deemed held by the Custodian for all purposes hereunder; provided that, when such Borrower has actual
knowledge of any such destroyed or lost instrument, promissory note, agreement, document or certificate, it uses all commercially
reasonable efforts to obtain from the underlying borrower, and deliver to the Custodian, a replacement instrument, promissory note,
agreement, document or certificate.

 

SECTION 5.09.         
Use of Proceeds. Such Borrower will use the proceeds of its Loans and the issuances of Letters of Credit issued on
behalf of such Borrower for general corporate purposes of such Borrower and its Subsidiaries in the ordinary course of business,
including, (a) purchasing shares of its common stock in connection with the redemption (or buyback) of its shares or, in the case
of an Unlisted Borrower, in connection with a Tender Offer, (b) for (x) cash consideration paid or payable or (y) cash paid on
account of fractional shares, in each case of this clause (b), in connection with a Borrower Merger, and (c) making other distributions,
contributions and investments not prohibited by the Loan Documents to which such Borrower or any other member of its Obligor Group
is a party, and the acquisition and funding (either directly or through one or more of its wholly-owned Subsidiaries) of leveraged
loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock, Hedging Agreements and other
Portfolio Investments of such Borrower, in each case to the extent otherwise permitted hereunder; provided that neither the Administrative
Agent nor any Lender shall have any responsibility as to the use of any of such proceeds. No part of the proceeds of any Loan made
to such Borrower will be used in violation of applicable law or, directly or indirectly, for the purpose, whether immediate, incidental
or ultimate, of buying or carrying any Margin Stock (except as set forth in Section 3.11(d)). Upon the request of any Lender, the
applicable Borrower shall furnish to such Lender a statement in conformity with the requirements of FR Form G-3 or FR Form U-1,
as applicable, referred to in Regulation U. Such Borrower will not request any Borrowing or Letter of Credit, and such Borrower
shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall
not use, the proceeds of any Borrowing made to such Borrower or Letter of Credit issued on behalf of such Borrower (A) in furtherance
of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person
in violation of any Anti-Corruption Laws applicable to such Borrower, (B) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, in violation of any Sanctions applicable to such Borrower,
or in any Sanctioned Country, to the extent such activities, businesses or transactions would be prohibited by Sanctions if conducted
by a corporation incorporated in the United States, or (C) in any manner that would result in the violation of any Sanctions applicable
to any party hereto.

 

    127

     

    

 

SECTION 5.10.         
Status of RIC and BDC. Such Borrower shall at all times maintain its status as a RIC under the Code, and as a “business
development company” under the Investment Company Act.

 

SECTION 5.11.         
Investment and Valuation Policies. Such Borrower shall promptly advise the Administrative Agent and the Lenders of
any material change in either its Investment Policies or Valuation Policy.

 

SECTION 5.12.         
Portfolio Valuation and Diversification, Etc.

 

(a)         
Industry Classification Groups. For purposes of this Agreement, such Borrower, in its reasonable determination, shall
assign (including in connection with a Borrower Merger) each Portfolio Investment owned by it or any other member of its Obligor
Group to an Industry Classification Group. To the extent that such Borrower reasonably determines that any such Portfolio Investment
is not adequately correlated with the risks of other Portfolio Investments assigned to an Industry Classification Group, such Borrower
may assign such Portfolio Investment to an Industry Classification Group that is more closely correlated to such Portfolio Investment.
In the absence of adequate correlation, such Borrower shall be permitted to, upon notice to the Collateral Agent for distribution
to each Lender, create up to three additional industry classification groups for purposes of this Agreement; provided that
once any Borrower has created an additional industry classification group, such industry classification group may be used by any
other Borrower as an Industry Classification Group; provided further that no more than three different additional industry
classification groups may be created by all of the Borrowers in the aggregate pursuant to this paragraph (a).

 

    128

     

    

 

(b)         
Portfolio Valuation Etc.

 

(i)          
Settlement Date Basis. For purposes of this Agreement, all determinations of whether an investment is to be included
as a Portfolio Investment shall be determined on a settlement date basis (meaning that any investment that has been purchased will
not be treated as a Portfolio Investment until such purchase has settled, and any Portfolio Investment which has been sold will
not be excluded as a Portfolio Investment until such sale has settled); provided that no such investment shall be included as a
Portfolio Investment to the extent it has not been paid for in full.

 

(ii)         
Determination of Values. Such Borrower will conduct reviews of the value to be assigned to each of its Portfolio
Investments included in the Borrowing Base of such Borrower as follows:

 

(A)          Quoted Investments—External Review. With respect to Portfolio Investments (including Cash Equivalents) held
by such Borrower for which market quotations are readily available (“Quoted Investments”), such Borrower shall,
not less frequently than once each calendar week, determine the market value of such Quoted Investments owned by it or any other
member of its Obligor Group which shall, in each case, be determined in accordance with one of the following methodologies (as
selected by such Borrower):

 

(w)       in
the case of public and 144A securities, the average of the bid prices as determined by at least two Approved Dealers selected
by such Borrower,

 

(x)        in
the case of Bank Loans, the average of the bid prices as determined by at least two Approved Dealers selected by such Borrower
or an Approved Pricing Service which makes reference to at least two Approved Dealers with respect to such Bank Loans,

 

(y)       in
the case of any Quoted Investment traded on an exchange, the closing price for such Portfolio Investment most recently posted on
such exchange, and

 

(z)        in
the case of any other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service; and

 

(B)             
Unquoted Investments—External Review. With respect to Portfolio Investments owned by such Borrower or any other
member of its Obligor Group for which market quotations are not readily available (“Unquoted Investments”),
such Borrower shall value such Unquoted Investments quarterly in a manner consistent with its valuation policy, as the same may
be amended, supplemented, waived or otherwise modified from time to time consistent with industry practice for business development
companies and in a manner not prohibited by this Agreement (the “Valuation Policy”), including valuation of
at least 35% by value of all Unquoted Investments included in the Borrowing Base of such Borrower using the assistance of
an Approved Third Party Appraiser.

 

    129

     

    

 

(C)             
Internal Review. Such Borrower shall conduct an internal review of the aggregate value of the Portfolio Investments
owned by such Borrower or any other member of its Obligor Group included in the Collateral Pool of such Borrower or the Borrowing
Base of such Borrower, at least once each calendar week, which shall take into account any event of which such Borrower has knowledge
that materially adversely affects the aggregate value of such Portfolio Investments included in the Collateral Pool of such Borrower
or the Borrowing Base of such Borrower. If, based upon such weekly internal review, such Borrower determines that a Borrowing Base
Deficiency with respect to such Borrower exists, then such Borrower shall, within five Business Days as provided in Section 5.01(e),
deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base of such Borrower and shall take the actions,
and make the payments and prepayments on the Loans made to such Borrower (and/or provide cover for Letters of Credit issued on
behalf of such Borrower), all as more specifically set forth in Section 2.09(c).

 

(D)            
Failure to Determine Values. If such Borrower shall fail to determine the value of any Portfolio Investment owned
by such Borrower or any other member of its Obligor Group as at any date pursuant to the requirements (but subject to the exclusions)
of the foregoing subclauses (A) through (C), the “Value” of such Portfolio Investment as at such date shall be
deemed to be zero for purposes of the Borrowing Base of such Borrower.

 

provided that, each Borrower shall value substantially
all Portfolio Investments held by such Borrower or any other member of its Obligor Group pursuant to the foregoing requirements
no less frequently than once in any rolling twelve-month period.

 

(E)             
Initial Value of Assets. Notwithstanding anything to the contrary contained herein, from the Restatement Effective
Date until the date when the valuation reports are required to be delivered under Section 5.01(i) for the quarter ending December
31, 2020, the Value of any Portfolio Investment included in the Borrowing Base with respect to each Borrower shall be the Value
as determined in a manner consistent with this Section 5.12 and as delivered to the Collateral Agent on or prior to the Restatement
Effective Date.

 

(iii)            
Scheduled Testing of Values.

 

(A)            
Each April 30, July 31, October 31 and February 28 of each calendar year, commencing on October 31, 2020 (or such other
dates as are agreed to by such Borrower and the Collateral Agent, but in no event less frequently than once per calendar quarter,
with respect to such Borrower, each a “Valuation Testing Date”), the Collateral Agent through an Independent
Valuation Provider will test the values determined pursuant to Section 5.12(b)(ii) above of those Unquoted Investments owned by
such Borrower or any other member of its Obligor Group included in the Borrowing Base of such Borrower selected by the Collateral
Agent; provided, that the aggregate fair value of such Unquoted Investments tested on any Valuation Testing Date will be
equal to the Tested Amount (as defined below) (or as near thereto as reasonably practical); provided further that, if more
than one Borrower holds an Investment in the same Unquoted Investment, in no event shall more than one Independent Valuation Provider
value such Unquoted Investment on the applicable Valuation Testing Date without the written consent of each applicable Borrower.
For the avoidance of doubt, Unquoted Investments that are part of the Collateral but not included in the Borrowing Base of such
Borrower as of a Valuation Testing Date (the “Applicable Valuation Testing Date”) shall not be subject to testing
under this Section 5.12(b)(iii); provided that such Unquoted Investment shall continue to be excluded from the Borrowing
Base until such time as the applicable Borrower determines to include it in the Borrowing Base and it was eligible to be included
in the Borrowing Base as part of the Tested Amount as of the most recent Valuation Testing Date prior to such time.

 

    130

     

    

 

(B)             
For purposes of this Agreement, the “Tested Amount” with respect to a Borrower shall be equal to the greater
of: (i) an amount equal to (y) 125% of the Covered Debt Amount of such Borrower (as of the applicable Valuation Testing Date) minus
(z) the sum of the values of all Cash and all Quoted Investments included in the Borrowing Base of such Borrower (as of the applicable
Valuation Testing Date) and (ii) 10% of the aggregate value of all Unquoted Investments included in the Borrowing Base of such
Borrower (as of the applicable Valuation Testing Date); provided, however, in no event shall more than 25% (or, if
clause (ii) applies, 10%, or as near thereto as reasonably practicable) of the aggregate value of the Unquoted Investments included
in the Borrowing Base of such Borrower be tested by the Independent Valuation Provider in respect of any applicable Valuation Testing
Date. If the Value of the Unquoted Investments included in the Borrowing Base is less than the “Tested Amount” as calculated
in the immediately preceding sentence, then the “Tested Amount” shall equal the Value of such Unquoted Investments.
If more than one Borrower holds an investment in the same Unquoted Investment, and an Independent Valuation Provider values such
Unquoted Investment, then such Unquoted Investment shall be deemed valued by the Independent Valuation Provider for the purposes
of determining the “Tested Amount” for each Borrower that holds such investment.

 

(C)             
With respect to any Unquoted Investment of any Borrower, if the value of such Unquoted Investment determined pursuant to
Section 5.12(b)(ii) by such Borrower is not more than the lesser of (1) five (5) points more than the midpoint of the valuation
range (expressed as a percentage of par) provided by the Independent Valuation Provider (provided that the value of such Unquoted
Investment is customarily quoted as a percentage of par) and (2) 110% of the midpoint of the valuation range provided by the Independent
Valuation Provider, then the value for such Unquoted Investment determined in accordance with Section 5.12(b)(ii) by such Borrower
shall continue to be used as the “Value” for purposes of this Agreement. If the value of any Unquoted Investment determined
pursuant to Section 5.12(b)(ii) by such Borrower is more than the lesser of the values set forth in clause (C)(1) and (2) (to the
extent applicable), then for such Unquoted Investment, the “Value” for purposes of this Agreement shall become the
lesser of (x) the highest value of the valuation range provided by the Independent Valuation Provider, (y) five (5) points more
than the midpoint of the valuation range (expressed as a percentage of par) provided by the Independent Valuation Provider (provided
that the value of such Unquoted Investment is customarily quoted as a percentage of par) and (z) 110% of the midpoint of the valuation
range provided by the Independent Valuation Provider; provided that, if a Portfolio Investment (including, for the avoidance
of doubt, a Participation Interest) is acquired (other than in connection with a Borrower Merger) during a fiscal quarter and until
such time as the Value is obtained with respect to such Portfolio Investment pursuant to Section 5.12(b)(ii)(A), 5.12(b)(ii)(B)
or 5.12(b)(iii), the “Value” of such Portfolio Investment shall be deemed to be equal to the lower of (x) the value
of such Portfolio Investment determined pursuant to Section 5.12(b)(ii)(C) and (y) the cost of such Unquoted Investment; provided
further that, if a Portfolio Investment is acquired in connection with a Borrower Merger during a fiscal quarter and until
such time as the Value is obtained with respect to such Portfolio Investment pursuant to Section 5.12(b)(ii)(A), 5.12(b)(ii)(B)
or 5.12(b)(iii), the “Value” of such Portfolio Investment shall be the Value as most recently determined pursuant to
Section 5.12 with respect to such Non-Surviving Obligor (it being the understanding that the Value determined by an Approved Third-Party
Appraiser or an Independent Valuation Provider of the Portfolio Investments of the Non-Surviving Obligors as of the most recently
ended quarterly period or Valuation Testing Date shall carry over to the Surviving Obligor until a new value is obtained under
Section 5.12(b)(ii)).

 

    131

     

    

 

(iv)            
Supplemental Testing of Values.

 

(A)            
Notwithstanding the foregoing, the Administrative Agent, the Collateral Agent, each individually or at the request of the
Required Lenders, shall, with respect to any Borrower, at any time have the right, solely for purposes of the Borrowing Base of
such Borrower, to request, in its reasonable discretion, any Portfolio Investment included in the Borrowing Base of such Borrower
with a value determined pursuant to Section 5.12(b)(ii) to be independently tested by the Independent Valuation Provider.
There shall be no limit on the number of such tests that may be requested by the Administrative Agent or the Collateral Agent in
its reasonable discretion. If (x) the value determined by such Borrower pursuant to Section 5.12(b)(ii) is less than
the value determined by the Independent Valuation Provider pursuant to this clause, then the value determined by such Borrower
pursuant to Section 5.12(b)(ii) shall continue to be used as the “Value” for purposes of this Agreement and (y) if
the value determined by such Borrower pursuant to Section 5.12(b)(ii) is greater than the value determined by the Independent
Valuation Provider pursuant to this clause and the difference between such values is: (1) less than or equal to 5% of
the value determined by such Borrower pursuant to Section 5.12(b)(ii), then the value determined by such Borrower pursuant
to Section 5.12(b)(ii) shall continue to be used as the “Value” of such Portfolio Investment for purposes of this
Agreement; (2) greater than 5% and less than or equal to 20% of the value determined by such Borrower pursuant to
Section 5.12(b)(ii), then the “Value” of such Portfolio Investment for purposes of this Agreement shall become
the average of the value determined by such Borrower pursuant to Section 5.12(b)(ii) and the value determined by the Independent
Valuation Provider pursuant to this clause; and (3) greater than 20% of the value determined by such Borrower pursuant
to Section 5.12(b)(ii), then such Borrower and the Administrative Agent or the Collateral Agent, as applicable, shall retain
an additional third-party appraiser and, upon the completion of such appraisal, the “Value” of such Portfolio Investment
for purposes of this Agreement shall become the average of the three valuations (with the value of the Independent Valuation Provider
determined pursuant to this clause to be used as the “Value” of such Portfolio Investment until the third value is
obtained). For the avoidance of doubt, Portfolio Investments that are part of the Collateral but not included in the Borrowing
Base of such Borrower as of the Applicable Valuation Testing Date shall not be subject to testing under this Section 5.12(b)(iv);
provided that such Portfolio Investment shall continue to be excluded from the Borrowing Base until such time as the applicable
Borrower determines to include it in the Borrowing Base and it was eligible to be included in the Borrowing Base as part of the
Tested Amount as of the most recent Valuation Testing Date prior to such time.

 

    132

     

    

 

(B)             
Except as otherwise provided herein, the Value of any Portfolio Investment for which the Independent Valuation Provider’s
value is used shall be the midpoint of the range (if any) determined by the Independent Valuation Provider. The Independent Valuation
Provider shall apply a recognized valuation methodology that is commonly accepted by the business development company industry
for valuing Portfolio Investments of the type being valued and held by such Borrower and any other member of its Obligor Group.

 

(C)             
For the avoidance of doubt, the Value of any Portfolio Investment determined in accordance with this Section 5.12 shall
be the Value of such Portfolio Investment for purposes of this Agreement until a new Value for such Portfolio Investment is subsequently
determined in accordance with this Section 5.12.

 

(D)            
The reasonable and documented out-of-pocket costs of any valuation reasonably incurred by the Administrative Agent or the
Collateral Agent, as applicable, under this Section 5.12 shall be at the expense of the applicable Borrower; provided
that the aggregate of all Borrowers’ obligations to reimburse valuation costs incurred by the Administrative Agent and the
Collateral Agent, collectively, pursuant to this Section 5.12(b)(iv) shall be limited to an aggregate annual amount equal
to the greater of (x) $200,000 and (y) 0.05% of the total Commitments (provided, in the case of any Borrower, such Borrower’s
annual reimbursement obligation shall in no event be greater than 0.05% of the total Subcommitments allocated to such Borrower).

 

(E)             
In addition, the values determined by the Independent Valuation Provider shall be deemed to be “Information”
hereunder and subject to Section 9.13 hereof.

 

(F)             
The Administrative Agent or the Collateral Agent, as applicable, shall provide a copy of the final results of any valuation
performed by the Independent Valuation Provider or an Approved Third-Party Appraiser to any Lender promptly upon such Lender’s
request, except to the extent that such recipient has not executed and delivered a customary and reasonable non-reliance letter,
confidentiality agreement or similar agreement requested or required by such Independent Valuation Provider or Approved Third-Party
Appraiser, as applicable.

 

    133

     

    

 

(v)         
  For the avoidance of doubt, any Values determined by the Independent Valuation Provider pursuant to Sections 5.12(b)(iii)
and (iv) shall only be required to be used for purposes of calculating the Borrowing Base of such Borrower and shall not be required
to be utilized by any Borrower for any other purpose, including, without limitation, the delivery of financial statements or valuations
required under ASC 820 or the Investment Company Act.

 

(vi)           The Independent Valuation Provider shall be instructed to conduct its tests in a manner not disruptive in any material respect
to the business of any Borrower. The Collateral Agent shall notify the applicable Borrower of its receipt of the final results
of any valuation performed by the Independent Valuation Provider promptly upon its receipt thereof and shall provide a copy of
such results and the related report to such Borrower promptly upon such Borrower’s request.

 

(c)         
Investment Company Diversification Requirements. Such Borrower will, and will cause its Subsidiaries (other than
Subsidiaries that are exempt from the Investment Company Act) at all times to comply in all material respects with the portfolio
diversification and similar requirements set forth in the Investment Company Act applicable to business development companies.
Such Borrower will at all times, subject to applicable grace periods set forth in the Code, comply with the portfolio diversification
and similar requirements set forth in the Code applicable to RICs.

 

(d)         
Participation Interests. The Value attributable to any Participation Interest shall be the Value determined with
respect to the underlying portfolio investment related to such Participation Interest in accordance with this Section 5.12, provided
any participation interest that does not satisfy the definition of Participation Interest shall have a Value of zero for purposes
of this Agreement.

 

SECTION 5.13.         
Calculation of Borrowing Base. For purposes of this Agreement, the “Borrowing Base” with respect
to a Borrower shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the
Value of each Portfolio Investment of such Borrower in the Collateral Pool of such Borrower by (y) the applicable Advance
Rate, provided that:

 

(a)         
if, as of such date, the Adjusted Debt to Equity Ratio is (i) less than 1.0:1.0, the Advance Rate applicable to that portion
of the aggregate Value of such Portfolio Investments of such Borrower of all issuers in a consolidated group of corporations or
other entities in accordance with GAAP exceeding 6% of the aggregate Value of all such Portfolio Investments in the Collateral
Pool of such Borrower, shall be 50% of the otherwise applicable Advance Rate, (ii) greater than or equal to 1.0:1.0 and less
than 1.20:1.0, the Advance Rate applicable to that portion of the aggregate Value of such Portfolio Investments of such Borrower
of all issuers in a consolidated group of corporations or other entities in accordance with GAAP exceeding 5% of the aggregate
Value of all such Portfolio Investments in the Collateral Pool of such Borrower, shall be 50% of the otherwise applicable
Advance Rate or (iii) greater than or equal to 1.20:1.0, the Advance Rate applicable to that portion of the aggregate Value of
such Portfolio Investments of such Borrower of all issuers in a consolidated group of corporations or other entities in accordance
with GAAP exceeding 4% of the aggregate Value of all such Portfolio Investments in the Collateral Pool of such Borrower, shall
be 50% of the otherwise applicable Advance Rate;

 

    134

     

    

 

(b)         
if, as of such date, the Adjusted Debt to Equity Ratio is (i) less than 1.0:1.0, the Advance Rate applicable to that portion
of the aggregate Value of such Portfolio Investments of such Borrower of all issuers in a consolidated group of corporations or
other entities in accordance with GAAP exceeding 12% of the aggregate Value of all such Portfolio Investments in the Collateral
Pool of such Borrower shall be 0%, (ii) greater than or equal to 1.0:1.0 and less than 1.20:1.0, the Advance Rate applicable
to that portion of the aggregate Value of such Portfolio Investments of such Borrower of all issuers in a consolidated group of
corporations or other entities in accordance with GAAP exceeding 10% of the aggregate Value of all such Portfolio Investments
in the Collateral Pool of such Borrower shall be 0% or (iii) greater than 1.20:1.0, the Advance Rate applicable to that portion
of the aggregate Value of such Portfolio Investments of such Borrower of all issuers in a consolidated group of corporations or
other entities in accordance with GAAP exceeding 8% of the aggregate Value of all such Portfolio Investments in the Collateral
Pool of such Borrower shall be 0%;

 

(c)         
if, as of such date, the Adjusted Debt to Equity Ratio is (i) less than 1.0:1.0, the Advance Rate applicable to that portion
of the aggregate Value of such Portfolio Investments of such Borrower in any single Industry Classification Group that exceeds 25%
of the aggregate Value of all such Portfolio Investments in the Collateral Pool of such Borrower shall be 0%; provided
that, with respect to the Portfolio Investments of such Borrower in a single Industry Classification Group from time to time designated
by such Borrower to the Collateral Agent, such 25% figure shall be increased to 30% and, accordingly, only to the extent that the
aggregate Value of such Portfolio Investments of such Borrower in such single Industry Classification Group that exceeds 30%
of the aggregate Value of all such Portfolio Investments in the Collateral Pool of such Borrower shall be 0%, (ii) greater
than or equal to 1.0:1.0 and less than 1.20:1.0, the Advance Rate applicable to that portion of the aggregate Value of such Portfolio
Investments of such Borrower in any single Industry Classification Group that exceeds 22.5% of the aggregate Value of all
such Portfolio Investments in the Collateral Pool of such Borrower shall be 0%; provided that, with respect to the
Portfolio Investments of such Borrower in a single Industry Classification Group from time to time designated by such Borrower
to the Collateral Agent, such 22.5% figure shall be increased to 25% and, accordingly, only to the extent that the aggregate Value
of such Portfolio Investments of such Borrower in such single Industry Classification Group that exceeds 25% of the aggregate
Value of all such Portfolio Investments in the Collateral Pool of such Borrower shall be 0% or (iii) greater than 1.20:1.0,
the Advance Rate applicable to that portion of the aggregate Value of such Portfolio Investments of such Borrower in any single
Industry Classification Group that exceeds 20% of the aggregate Value of all such Portfolio Investments in the Collateral
Pool of such Borrower shall be 0%; provided that, with respect to the Portfolio Investments of such Borrower in a single
Industry Classification Group from time to time designated by such Borrower to the Collateral Agent, such 20% figure shall be increased
to 22.5% and, accordingly, only to the extent that the aggregate Value of such Portfolio Investments of such Borrower in such single
Industry Classification Group that exceeds 22.5% of the aggregate Value of all such Portfolio Investments in the Collateral
Pool of such Borrower shall be 0%;

 

    135

     

    

 

(d)         
if, as of such date, the Adjusted Debt to Equity Ratio is (i) less than 1.0:1.0, the Advance Rate applicable to that portion
of the aggregate Value of investments of such Borrower and such other Obligors in Non-Core Investments that exceeds 20% of the
aggregate Value of all such Portfolio Investments in the Collateral Pool of such Borrower shall be 0%, (ii) greater than or
equal to 1.0:1.0 and less than 1.20:1.0, the Advance Rate applicable to that portion of the aggregate Value of investments of such
Borrower and such other Obligors in Non-Core Investments that exceeds 17.5% of the aggregate Value of all such Portfolio Investments
in the Collateral Pool of such Borrower shall be 0% or (iii) greater than 1.20:1.0, the Advance Rate applicable to that portion
of the aggregate Value of investments of such Borrower and such other Obligors in Non-Core Investments that exceeds 15% of the
aggregate value of all such Portfolio Investments in the Collateral Pool of such Borrower shall be 0%;

 

(e)         
the Advance Rate applicable to such Borrower’s investments in any Excluded Asset or any Aggregator shall be 0%
(for the avoidance of doubt, the Value attributable to any Participation Interest held by a Borrower shall be the Value determined
with respect to the underlying portfolio investment related to such Participation Interest in accordance with Section 5.12);

 

(f)         
if, as of such date, the Adjusted Debt to Equity Ratio is less than 1.0:1.0, the aggregate Value of investments of such
Borrower and such other Obligors in Cash, Cash Equivalents, Short-Term U.S. Government Securities, Performing First Lien Bank
Loans and Performing Second Lien Bank Loans of such Borrower and such other Obligors may not be less than 50% of the aggregate
Value of all Portfolio Investments in the Collateral Pool of such Borrower; provided that this paragraph (f) shall not apply
to a Borrower and the other members in its Obligor Group at any time the sum of the Combined Debt Amount of such Borrower exceeds
67% of the Other Debt Amount of such Borrower;

 

(g)         
if, as of such date, the Adjusted Debt to Equity Ratio is less than 1.0:1.0, the aggregate Value of investments of such
Borrower and such other Obligors in Cash, Cash Equivalents, Short-Term U.S. Government Securities and Performing First Lien
Bank Loans of such Borrower and such other Obligors may not be less than 20% of the aggregate Value of all Portfolio Investments
in the Collateral Pool of such Borrower; provided that this paragraph (g) shall not apply to a Borrower and the other members
in its Obligor Group at any time the sum of the Combined Debt Amount of such Borrower exceeds 67% of the Other Debt Amount of such
Borrower;

 

    136

     

    

 

(h)         
no Portfolio Investment of such Borrower may be included in the Borrowing Base of such Borrower until such time as such
Portfolio Investment has been Delivered (as defined in the Guarantee and Security Agreement to which such Borrower is a party)
to the Collateral Agent, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein;
provided that in the case of any Portfolio Investment of such Borrower in which the Collateral Agent has a first-priority
perfected security interest pursuant to a valid Uniform Commercial Code filing, such Portfolio Investment may be included
in the Borrowing Base of such Borrower so long as all remaining actions to complete “Delivery” are satisfied within 7 days
of such inclusion (or, until April 15, 2021, within thirty (30) days of such inclusion, or anytime, such longer period up to sixty
(60) days as the Administrative Agent and the Collateral Agent may agree in their respective sole discretion); provided further
that voting stock of any Controlled Foreign Corporation of such Borrower or such other Obligor in excess of 65% of the issued
and outstanding voting stock of such Controlled Foreign Corporation shall not be included as a Portfolio Investment for purposes
of calculating the Borrowing Base of such Borrower;

 

(i)          
no Participation Interest (other than any Participation Interest sold to such Borrower or other Obligor by an Aggregator)
may be included in the Borrowing Base of such Borrower for more than 90 days; and

 

(j)          
if, as of such date, with respect to any Borrower, (i) the Borrowing Base (without giving effect to any adjustment required
pursuant to this paragraph (j), the “Gross Borrowing Base”) is greater than or equal to 1.5 times the Senior
Debt Amount and either (A) the Adjusted Debt to Equity Ratio is greater than or equal to 1.0:1.0 and less than 1.20:1.0, then such
Borrower’s Borrowing Base shall be reduced to the extent necessary such that the contribution of Senior Investments to such
Borrower’s Borrowing Base may not be less than 20% of the Borrowing Base or (B) the Adjusted Debt to Equity Ratio is greater
than or equal to 1.20:1.0, then such Borrower’s Borrowing Base shall be reduced to the extent necessary such that the contribution
of Senior Investments to such Borrower’s Borrowing Base may not be less than 35% of the Borrowing Base, (ii) the Gross Borrowing
Base is greater than or equal to 1.25 times and less than 1.5 times the Senior Debt Amount and either (A) the Adjusted Debt to
Equity Ratio is greater than or equal to 1.0:1.0 and less than 1.20:1.0, then such Borrower’s Borrowing Base shall be reduced
to the extent necessary such that the contribution of Senior Investments to such Borrower’s Borrowing Base may not be less
than 30% of the Borrowing Base or (B) the Adjusted Debt to Equity Ratio is greater than or equal to 1.20:1.0, then such Borrower’s
Borrowing Base shall be reduced to the extent necessary such that the contribution of Senior Investments to such Borrower’s
Borrowing Base may not be less than 40% of the Borrowing Base, (iii) the Gross Borrowing Base is less than 1.25 times the Senior
Debt Amount and either (A) the Adjusted Debt to Equity Ratio is greater than or equal to 1.0:1.0 and less than 1.20:1.0, then such
Borrower’s Borrowing Base shall be reduced to the extent necessary such that the contribution of Senior Investments to such
Borrower’s Borrowing Base may not be less than 45% of the Borrowing Base or (B) the Adjusted Debt to Equity Ratio is greater
than or equal to 1.20:1.0, then such Borrower’s Borrowing Base shall be reduced to the extent necessary such that the contribution
of Senior Investments to such Borrower’s Borrowing Base may not be less than 60% of the Borrowing Base.

 

    137

     

    

 

For the avoidance of doubt, (a) to avoid double-counting
of excess concentrations, any Advance Rate reductions set forth under this Section 5.13 shall be without duplication of any other
such Advance Rate reductions and (b) to the extent the Borrowing Base of a Borrower is required to be reduced to comply with this
Section 5.13, such Borrower shall be permitted to choose the Portfolio Investments of such Borrower to be excluded from the Borrowing
Base to effect such reduction.

 

As used herein, with respect to any Borrower
or any other member of its Obligor Group, the following terms have the following meanings:

 

“Advance Rate” means, as
to any Portfolio Investment of a Borrower and subject to adjustment as provided in Section 5.13(a) through (j), as applicable,
the following percentages with respect to such Portfolio Investment:

 

	 	Less than 1.00x Adjusted Debt to Equity Ratio	1.00x ≤ Adjusted Debt to Equity Ratio < 1.20x	1.20x ≤ Adjusted Debt to Equity Ratio < 2.00x
	Portfolio Investment1	Quoted	Unquoted	Quoted	Unquoted	Quoted	Unquoted
	Cash, Cash Equivalents and Short-Term U.S. Government Securities	100.0%	N/A	100.0%	N/A	100.0%	N/A
	Long-Term U.S. Government Securities 	95.0%	N/A	95.0%	N/A	95.0%	N/A
	Performing First Lien Bank Loans	82.5%	72.5%	77.5%	67.5%	75.0%	65.0%
	Performing Second Lien Bank Loans	70.0%	60.0%	65.0%	55.0%	60.0%	50.0%
	Performing Cash Pay High Yield Securities	60.0%	50.0%	55.0%	45.0%	50.0%	40.0%
	Performing Cash Pay Mezzanine Investments	55.0%	45.0%	50.0%	40.0%	45.0%	35.0%
	Performing Principal Finance Debt Assets	55.0%	45.0%	50.0%	40.0%	45.0%	35.0%
	Performing Preferred Stock	55.0%	45.0%	50.0%	40.0%	45.0%	35.0%
	Performing Principal Finance Preferred Stock Assets	55.0%	45.0%	50.0%	40.0%	45.0%	35.0%
	Performing Non-Cash Pay High Yield Securities	40.0%	30.0%	35.0%	25.0%	30.0%	20.0%
	Performing Non-Cash Pay Mezzanine Investments	40.0%	30.0%	35.0%	25.0%	30.0%	20.0%
	Non-Performing First Lien Bank Loans	45.0%	40.0%	42.5%	37.5%	40.0%	35.0%
	Non-Performing Second Lien Bank Loans	35.0%	30.0%	30.0%	25.0%	25.0%	20.0%
	Non-Performing High Yield Securities	20.0%	20.0%	20.0%	20.0%	20.0%	20.0%
	Non-Performing Mezzanine Investments	20.0%	20.0%	20.0%	20.0%	20.0%	20.0%
	Non-Performing Preferred Stock	20.0%	20.0%	20.0%	20.0%	20.0%	20.0%
	Performing DIP Loans	40.0%	35.0%	35.0%	30.0%	30.0%	25.0%
	Performing Common Equity	30.0%	20.0%	30.0%	20.0%	30.0%	20.0%
	Performing Principal Finance Common Equity Assets	30.0%	20.0%	30.0%	20.0%	30.0%	20.0%
	Non-Performing Common Equity	0%	0%	0%	0%	0%	0%
	Non-Performing Principal Finance Assets	0%	0%	0%	0%	0%	0%

 

 

1 For the avoidance of doubt, the above categories
are intended to be indicative of the traditional investment types. All determinations of whether a particular Portfolio Investment
belongs to one category or another shall be made by the applicable Borrower on a consistent basis with the foregoing. For example,
(A) a secured bank loan at a holding company, the only assets of which are the shares of an operating company, may constitute
Mezzanine Investments but would not ordinarily constitute a Bank Loan, (B) a Performing Principal Finance Asset that is a debt
investment with respect to which any of the tranches junior to such Principal Finance Asset are not Performing may constitute
Performing Principal Finance Preferred Stock Assets or Performing Principal Finance Common Equity Assets, as applicable, but would
not ordinarily constitute a Performing Principal Finance Debt Asset and (C) a Principal Finance Asset that is preferred equity
with respect to which any of the tranches junior to such Principal Finance Asset are not Performing may constitute Performing
Principal Finance Common Equity Assets, but would not ordinarily constitute a Performing Principal Finance Preferred Stock Asset.

 

    138

     

    

 

“Bank Loans” means debt
obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded and unfunded
portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans,
bridge loans and senior subordinated loans) which are generally documented under documentation substantially similar to documents
used under a syndicated loan or credit facility or pursuant to any loan agreement, note purchase agreement or other similar financing
arrangement facility, whether or not syndicated.

 

“Bankruptcy Code” means
the United States Bankruptcy Code, 11 U.S.C. Section 101 et seq.

 

“Capital Stock” of any
Person means any and all shares of corporate stock (however designated) of, and any and all other equity interests and participations
representing ownership interests (including membership interests and limited liability company interests) in, such Person.

 

“Cash” has the meaning
assigned to such term in Section 1.01 of this Agreement.

 

“Cash Equivalents” has
the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Cash Pay Bank Loans” means
First Lien Bank Loans and Second Lien Bank Loans as to which, at the time of determination, (x) for which not less than 2/3rds
of the interest (including accretions and “pay-in-kind” interest) for the current period is payable in cash at least
quarterly or (y)(i) if such Bank Loan is a floating rate obligation, cash interest in an amount greater than or equal to 4.5% above
LIBOR is payable at least quarterly or (ii) if such Bank Loan is a fixed rate obligation, cash interest in an amount greater than
or equal to 8% per annum is payable at least quarterly.

 

“CDO Securities” means
debt securities, equity securities or composite or combination securities (i.e. securities consisting of a combination of debt
and equity securities that are issued in effect as a unit), including synthetic securities that provide synthetic credit exposure
to debt securities, equity securities or composite or combination securities (or other investments that similarly represent an
investment in underlying levered portfolios), that, in each case, entitle the holders thereof to receive payments that (i) depend
on the cash flow from a portfolio consisting primarily of ownership interests in debt securities, corporate loans or asset-backed
securities or (ii) are subject to losses owing to credit events (howsoever defined) under credit derivative transactions with
respect to debt securities, corporate loans or asset-backed securities.

 

    139

     

    

 

“First Lien Bank Loan”
means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest (subject to any
Permitted Prior Working Capital Lien and other customary encumbrances) on a substantial portion of the assets of the respective
borrower and guarantors obligated in respect thereof. For the avoidance of doubt, the “last out” portion of any “last
out” Bank Loan shall not constitute a First Lien Bank Loan.

 

“High Yield Securities”
means debt Securities (a) issued by public or private issuers, (b) issued pursuant to an effective registration statement
or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) and (c) that are not Cash Equivalents,
Mezzanine Investments (described under clause (i) of the definition thereof) or Bank Loans.

 

“Long-Term U.S. Government Securities”
means U.S. Government Securities maturing more than one month from the applicable date of determination.

 

“Mezzanine Investments”
means (i) debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof))
(a) issued by public or private issuers, (b) issued without registration under the Securities Act, (c) not issued
pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents
and (e) contractually subordinated in right of payment to other debt of the same issuer and (ii) a Bank Loan that is not a
First Lien Bank Loan, Second Lien Bank Loan or a High Yield Security.

 

“Non-Core Investments”
means, collectively, Portfolio Investments in common equity (including Performing Common Equity), warrants, Preferred Stock, Non-Performing
Bank Loans, Non-Performing High Yield Securities, Non-Performing Mezzanine Investments, Performing Non-Cash Pay High Yield Securities,
Performing Non-Cash Pay Mezzanine Investments and Performing Principal Finance Assets.

 

“Non-Performing Bank Loans”
means, collectively, Non-Performing First Lien Bank Loans and Non-Performing Second Lien Bank Loans.

 

“Non-Performing Common Equity”
means Capital Stock (other than Preferred Stock) and warrants of an issuer having any debt outstanding that is non-Performing.

 

“Non-Performing First Lien Bank Loans”
means First Lien Bank Loans other than Performing First Lien Bank Loans.

 

“Non-Performing High Yield Securities”
means High Yield Securities other than Performing High Yield Securities.

 

“Non-Performing Mezzanine Investments”
means Mezzanine Investments other than Performing Mezzanine Investments.

 

“Non-Performing Preferred Stock”
means Preferred Stock other than Performing Preferred Stock.

 

“Non-Performing Principal Finance
Assets” means Principal Finance Assets other than Performing Principal Finance Assets.

 

    140

     

    

 

“Non-Performing Second Lien Bank
Loans” means Second Lien Bank Loans other than Performing Second Lien Bank Loans.

 

“Performing” means (a)
with respect to any Portfolio Investment of a Borrower that is debt, the issuer of such Portfolio Investment is (i) not then in
default of any payment obligations outstanding with respect to accrued and unpaid interest or principal in respect thereof, after
the expiration of any applicable grace period and (ii) not placed on non-accrual status as disclosed on a Form 10-K or Form 10-Q
as filed by such Borrower with the SEC, (b) with respect to any Portfolio Investment that is Preferred Stock, the issuer of such
Portfolio Investment has not failed to meet any scheduled redemption obligations or to pay its latest declared cash dividend, after
the expiration of any applicable grace period, and (c) with respect to any Portfolio Investment that is a Principal Finance Asset,
(x) each tranche of such Portfolio Investment or other investment that, in each case, is senior to such Portfolio Investment, in
the issuer of such Portfolio Investment satisfies (to the extent applicable) the requirements of the immediately preceding clauses
(a) and (b), and (y) to the extent applicable, the holders of such Portfolio Investment have received in cash all expected distributions
of interest and other payments thereon and cash flows in respect thereof are not currently subject to any deferral or diversion
for the benefit of the holders of any tranche or other investments that rank senior to such Portfolio Investment pursuant to any
waterfall or similar structure.

 

“Performing Cash Pay High Yield Securities”
means High Yield Securities (a) as to which, at the time of determination, (x) not less than 2/3rds of the interest (including
accretions and “pay-in-kind” interest) for the current period is payable in cash at least semi-annually or (y)(i) if
such High Yield Security is a floating rate obligation, cash interest in an amount greater than or equal to 4.5% above LIBOR is
payable at least semi-annually or (ii) if such High Yield Security is a fixed rate obligation, cash interest in an amount greater
than or equal to 8% per annum is payable at least semi-annually, and (b) which are Performing.

 

“Performing Cash Pay Mezzanine Investments”
means Mezzanine Investments (a) as to which, at the time of determination, (x) not less than 2/3rds of the interest (including
accretions and “pay-in-kind” interest) for the current period is payable in cash at least semi-annually or (y)(i) if
such Mezzanine Investment is a floating rate obligation, cash interest in an amount greater than or equal to 4.5% above LIBOR is
payable at least semi-annually or (ii) if such Mezzanine Investment is a fixed rate obligation, cash interest in an amount greater
than or equal to 8% per annum is payable at least semi-annually, and (b) which are Performing.

 

“Performing Common Equity”
means Capital Stock (other than Preferred Stock) and warrants of an issuer all of whose outstanding debt is Performing.

 

“Performing DIP Loans”
means a loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority allowed by
either Section 364(c) or 364(d) of the Bankruptcy Code that is Performing.

 

“Performing First Lien Bank Loans”
means First Lien Bank Loans (which are not Performing DIP Loans) which are Cash Pay Bank Loans and are Performing.

 

    141

     

    

 

“Performing Non-Cash Pay High Yield
Securities” means Performing High Yield Securities other than Performing Cash Pay High Yield Securities.

 

“Performing Non-Cash Pay Mezzanine
Investments” means Performing Mezzanine Investments other than Performing Cash Pay Mezzanine Investments.

 

“Performing Preferred Stock”
means Preferred Stock that is Performing.

 

“Performing Principal Finance Assets”
means Principal Finance Assets which are Performing.

 

“Performing Principal Finance Common
Equity Assets” means Performing Principal Finance Assets which are Capital Stock (other than Preferred Stock).

 

“Performing Principal Finance Debt
Assets” means Performing Principal Finance Assets which are debt Portfolio Investments.

 

“Performing Principal Finance Preferred
Stock Assets” means Performing Principal Finance Assets which are Preferred Stock.

 

“Performing Second Lien Bank Loans”
means Second Lien Bank Loans (which are not Performing DIP Loans) which are Cash Pay Bank Loans and are Performing.

 

“Permitted Prior Working Capital
Lien” means, with respect to a portfolio company that is a borrower under a Bank Loan, a security interest in the accounts
receivable and inventory (and, to the extent applicable, all related property and proceeds thereof) of such portfolio company to
secure a revolving facility for such portfolio company and any of its parents and/or subsidiaries; provided that (i) such
Bank Loan has a second priority lien on such accounts receivable and inventory (and, to the extent applicable, all related property
and proceeds thereof) that is subject to the first priority lien of such revolving facility (or a pari passu lien on such
accounts receivable and inventory (and, to the extent applicable, all related property and proceeds thereof)), (ii) such revolving
facility is not secured by any other assets (other than a pari passu lien or a second priority lien, subject to the pari
passu lien or the first priority lien of the Bank Loan) and does not benefit from any standstill rights or other agreements
(other than customary rights) with respect to any other assets and (iii) the maximum principal amount of such revolving facility
is not greater than 15% of the aggregate enterprise value of such portfolio company (as determined at the time of closing of the
transaction, and thereafter an enterprise value for the applicable portfolio company determined in a manner consistent with the
valuation methodology applied in the valuation for such portfolio company as determined by FS/KKR Advisor (so long as it has the
necessary delegated authority) or such Borrower’s board of directors in a commercially reasonable manner, including the use
of an Approved Third-Party Appraiser in the case of Unquoted Investments).

 

“Preferred Stock” as applied
to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however designated) that ranks
prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution
or winding up of such Person, to any shares (or other interests) of other Capital Stock of such Person, and shall include, without
limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred Capital Stock.

 

    142

     

    

 

“Principal Finance Asset”
means any Portfolio Investment, the repayment of which is primarily dependent upon cash flows generated from the creation, or the
liquidation, of an underlying asset or pool of assets or other investments and which are not investments in CDO Securities; provided
that, notwithstanding anything to the contrary in this Agreement, traditional asset-based or cash flow loans made directly or indirectly
to an operating company, including, without limitation, loans with a borrowing base consisting of receivables and/or inventory,
shall not be deemed to be Principal Finance Assets. Notwithstanding anything to the contrary in this Agreement, a Principal Finance
Asset shall not be treated as a Bank Loan, Mezzanine Investment, High Yield Security, Performing DIP Loan, Performing Preferred
Stock or Performing Common Equity for any purpose under this Agreement.

 

“Second Lien Bank Loan”
means a Bank Loan (other than a First Lien Bank Loan) that is entitled to the benefit of a first and/or second lien and first and/or
second priority perfected security interest (subject to customary encumbrances) on a substantial portion of the assets of the respective
borrower and guarantors obligated in respect thereof.

 

“Securities” means common
and preferred stock, units and participations, member interests in limited liability companies, partnership interests in partnerships,
notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including debt instruments
of public and private issuers and tax-exempt securities (including warrants, rights, put and call options and other options relating
thereto, representing rights, or any combination thereof) and other property or interests commonly regarded as securities or any
form of interest or participation therein, but not including Bank Loans.

 

“Securities Act” means
the United States Securities Act of 1933, as amended.

 

“Short-Term U.S. Government
Securities” means U.S. Government Securities maturing within one month of the applicable date of determination.

 

“U.S. Government Securities”
has the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Value” means with respect
to any Portfolio Investment, the most recent value as determined pursuant to Section 5.12.

 

SECTION 5.14.         
Status of Listed Borrower. If such Borrower is or becomes a Listed Borrower hereunder, such Borrower shall at all
times from and after the first day it qualifies as a Listed Borrower hereunder maintain its status as a Listed Borrower.

 

SECTION 5.15.         
Borrower Mergers. In connection with a Borrower Merger, the Surviving Borrower will deliver to the Administrative
Agent (a) on or prior to the consummation of such Borrower Merger, a Merger Confirmation and (b) within five (5) Business Days
of its receipt of a reasonable request from the Administrative Agent: (i) final copies of the definitive agreements governing such
Borrower Merger (but only to the extent not publicly available), (ii) to the extent the applicable Surviving Borrower has a copy,
a file-stamped copy of each certificate of merger evidencing such Borrower Merger and (iii) an updated Borrowing Base Certificate
for the Surviving Borrower.

 

    143

     

    

 

Article
VI

NEGATIVE COVENANTS

 

With respect to a Borrower, until the earlier
to occur of the Release Date with respect to such Borrower and the Facility Termination Date, such Borrower covenants and agrees
(solely on behalf of such Borrower and not on behalf of or with respect to any other Borrower) with the Lenders that:

 

SECTION 6.01.         
Indebtedness. Such Borrower will not, nor will it permit any other member of its Obligor Group to, create, incur,
assume or permit to exist any Indebtedness, except:

 

(a)         
Indebtedness created hereunder or under any other Loan Document;

 

(b)         
Permitted Indebtedness and Special Longer-Term Unsecured Indebtedness in an aggregate principal amount that, in each case,
taken together with other Indebtedness of such Borrower, (1) does not exceed, at the time it is incurred, the amount required
to comply with the provisions of Section 6.07(b) and (2) will not result in the Covered Debt Amount of such Borrower,
at the time it is incurred, exceeding the Borrowing Base of such Borrower, so long as no Default or Event of Default shall have
occurred or be continuing with respect to such Borrower after giving effect to the incurrence of such Permitted Indebtedness or
Special Longer-Term Unsecured Indebtedness; provided that in no event shall the aggregate principal amount of all such Special
Longer-Term Unsecured Indebtedness of such Borrower exceed an amount equal to $1,250,000,000 on or after the Restatement Effective
Date at any one time outstanding;

 

(c)         
Other Permitted Indebtedness;

 

(d)         
Indebtedness of such Borrower and/or such other member of its Obligor Group to or from any other member of such Borrower’s
Obligor Group;

 

(e)         
repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities;

 

(f)         
obligations payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the
ordinary course of business;

 

(g)         
other Indebtedness (including the amortizing portion of any Other Secured Indebtedness in excess of 1% per annum described
in clause (b) of the definition thereof) in an aggregate principal amount not exceeding the Additional Debt Amount with respect
to such Borrower at any one time outstanding and that, taken together with other Indebtedness of such Borrower, (1) does not
exceed, at the time it is incurred, the amount required to comply with the provisions of Section 6.07(b) and (2) will
not result in the Covered Debt Amount of such Borrower, at the time it is incurred, exceeding the Borrowing Base of such Borrower,
so long as no Default or Event of Default with respect to such Borrower shall have occurred or be continuing after giving effect
to the incurrence of such other Indebtedness;

 

    144

     

    

 

(h)         
obligations (including Guarantees) in respect of Standard Securitization Undertakings;

 

(i)          
obligations of such Borrower and/or such other Obligor under a Permitted SBIC Guarantee, any SBIC Equity Commitment and
analogous commitments by such Borrower and/or such other Obligor with respect to any of its SBIC Subsidiaries;

 

(j)          
obligations arising with respect to Hedging Agreements (other than Credit Default Swaps) and Credit Default Swaps entered
into pursuant to Section 6.04(c) or (i);

 

(k)         
with respect to FSK (or any successor), the FSK Notes and with respect to FSKR (or any successor), the FSKR 2025 Notes,
so long as (i) the FSK Notes and FSKR 2025 Notes continue to satisfy all of the criteria specified in the definition of “Unsecured
Longer-Term Indebtedness” other than clause (a) thereof and (ii) no issuance of Additional FSK 2024 Notes, Additional FSK
2025 Notes, Additional FSK 2026 Notes or Additional FSKR 2025 Notes shall result in the principal amounts of all such Additional
FSK 2024 Notes, Additional FSK 2025 Notes, Additional FSK 2026 Notes or Additional FSKR 2025 Notes, as applicable, being more than
50% of the principal amounts of the FSK 2024 Notes, FSK 2025 Notes, FSK 2026 Notes or FSKR 2025 Notes, respectively, as of the
Restatement Effective Date;

 

(l)          
Shorter-Term Unsecured Indebtedness in an aggregate principal amount that, taken together with other Indebtedness of such
Borrower, will not result in the Covered Debt Amount of such Borrower, at the time it is incurred, exceeding the Borrowing Base
of such Borrower, so long as no Default or Event of Default shall have occurred or be continuing with respect to such Borrower
after giving effect to the incurrence of such Shorter-Term Unsecured Indebtedness; provided that in no event shall the aggregate
principal amount of Shorter-Term Unsecured Indebtedness of such Borrower exceed an amount equal to (i) $750,000,000 incurred pursuant
to this Section 6.01(l) on or after the Restatement Effective Date and prior to the first anniversary of the Restatement Effective
Date and (ii) $600,000,000 incurred pursuant to this Section 6.01(l) in any one subsequent annual period after the first anniversary
of the Restatement Effective Date; and

 

(m)         Special Shorter-Term Unsecured Indebtedness in an aggregate principal amount that, taken together with other Indebtedness
of such Borrower, will not result in the Covered Debt Amount of such Borrower, at the time it is incurred, exceeding the Borrowing
Base of such Borrower, so long as no Default or Event of Default shall have occurred or be continuing with respect to such Borrower
after giving effect to the incurrence of such Special Shorter-Term Unsecured Indebtedness; provided that in no event shall
the aggregate principal amount of all such Special Shorter-Term Unsecured Indebtedness of such Borrower exceed an amount equal
to $100,000,000 on or after the Restatement Effective Date at any one time outstanding.

 

    145

     

    

 

SECTION 6.02.         
Liens. Such Borrower will not, nor will it permit any other member of its Obligor Group to, create, incur, assume
or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues
(including accounts receivable) or rights in respect of any thereof, except:

 

(a)         
any Lien on any property or asset of such Borrower or such other Obligors existing on the Restatement Effective Date and
set forth in Part B of Schedule II; provided that (i) no such Lien shall extend to any other property or asset
of such Borrower or such other Obligors and (ii) any such Lien shall secure only those obligations which it secures on the
Restatement Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount
thereof;

 

(b)         
Liens created pursuant to the Security Documents to which such Borrower and/or such other Obligors are a party;

 

(c)         
Liens on Special Equity Interests included in the Portfolio Investments of such Borrower but only to the extent securing
obligations in the manner provided in the definition of “Special Equity Interests” in Section 1.01;

 

(d)         
Liens securing Indebtedness or other obligations in an aggregate principal amount not exceeding the Additional Debt Amount
with respect to such Borrower at any one time outstanding (which may cover Portfolio Investments of such Borrower, but only to
the extent released from the Lien in favor of the Collateral Agent in accordance with the requirements of Section 10.03 of
the Guarantee and Security Agreement to which such Borrower is a party), so long as at the time of the granting of such Lien, (i)
the aggregate principal amount of Indebtedness of such Borrower does not exceed the amount required to comply with the provisions
of Section 6.07(b) and (ii) the Covered Debt Amount of such Borrower does not exceed the Borrowing Base of such Borrower;

 

(e)         
Permitted Liens;

 

(f)         
Liens on the direct ownership interest of such Borrower or such other Obligor in an Excluded Asset to secure obligations
owed to a creditor of such Excluded Asset;

 

(g)         
Liens securing Indebtedness permitted under Section 6.01(e) and (f); and

 

(h)         
Liens created by posting of cash collateral in connection with Hedging Agreements permitted under Section 6.04(c).

 

SECTION 6.03.         
Fundamental Changes and Dispositions of Assets. Such Borrower will not, nor will it permit any other member of its
Obligor Group to, enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself
(or suffer any liquidation or dissolution). Such Borrower will not reorganize under the laws of a jurisdiction other than any jurisdiction
in the United States. Such Borrower will not, nor will it permit any other member of its Obligor Group to, acquire any business
or property from, or capital stock of, or be a party to any acquisition of, any other Person, except for purchases or acquisitions
of Portfolio Investments and other assets in the normal course of the day-to-day business activities of such Borrower and its Subsidiaries
and not in violation of the terms and conditions of this Agreement or any other Loan Document to which such Borrower or any other
member of its Obligor Group is a party. Such Borrower will not, nor will it permit any other member of its Obligor Group to, convey,
sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, any part of its assets, whether
now owned or hereafter acquired, but excluding (w) any transaction permitted under Section 6.05 or 6.12, (x) assets sold or
disposed of in the ordinary course of business (including to make expenditures of cash in the normal course of the day-to-day business
activities of such Borrower and its Subsidiaries and the use of Cash and Cash Equivalents in the ordinary course of business) (other
than the transfer of Portfolio Investments to Excluded Assets or Immaterial Subsidiaries), (y) subject to the provisions of
clause (d) below, the transfer or sale of Portfolio Investments to Excluded Assets or Immaterial Subsidiaries and (z) subject
to the provisions of clauses (c), (e) and (k) below, the ownership interest of such Borrower or any other member of its Obligor
Group in any Excluded Asset or any Immaterial Subsidiary.

 

    146

     

    

 

Notwithstanding the foregoing provisions of
this Section:

 

(a)         
any Subsidiary of such Borrower may be merged or consolidated with or into any Borrower or any other member of its Obligor
Group in connection with a merger or consolidation so long as (i) the surviving entity of such merger or consolidation is an Obligor,
(ii) in the case of a merger or consolidation of a Subsidiary and a Borrower, the surviving entity is a Borrower or (iii) such
merger or consolidation is effected as a Borrower Merger;

 

(b)         
such Borrower and such other Obligors may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary
liquidation or otherwise) to such Borrower or any other member of its Obligor Group;

 

(c)         
the capital stock of any Subsidiary of such Borrower may be sold, transferred or otherwise disposed of (including by way
of consolidation or merger) (i) to such Borrower or any other member of its Obligor Group or (ii) so long as such transaction results
in such Borrower or such other Obligor receiving the proceeds of such disposition, to any other Person, provided that in the case
of this clause (ii) if such Subsidiary is a Subsidiary Guarantor of such Borrower or holds any Portfolio Investments of such Borrower,
(A) such Borrower would have been permitted to designate such Subsidiary as a “Designated Subsidiary” of such Borrower
hereunder, and (B) either (1) the amount of any excess availability under the Borrowing Base of such Borrower immediately
prior to such disposition is not diminished as a result of such disposition to such other Person or (2) the Borrowing Base
of such Borrower immediately after giving effect to such disposition is at least 110% of the Covered Debt Amount of such Borrower;

 

(d)         
such Borrower and such other Obligors may sell, transfer or otherwise dispose of Portfolio Investments to its Excluded Assets
or Immaterial Subsidiaries so long as (i) after giving effect to such sale, transfer or disposition (and any concurrent acquisitions
of Portfolio Investments by such Borrower or payment of outstanding Loans made to such Borrower), the Covered Debt Amount of such
Borrower does not exceed the Borrowing Base of such Borrower and (ii) either (x) the amount of any excess availability
under the Borrowing Base of such Borrower immediately prior to such sale, transfer or disposition is not diminished as a result
of such sale, transfer or disposition or (y) the Borrowing Base of such Borrower immediately after giving effect to such sale,
transfer or disposition is at least 110% of the Covered Debt Amount of such Borrower;

 

    147

     

    

 

(e)         
such Borrower may merge or consolidate with, or acquire, any other Person so long as (i) if such other Person is not
a Borrower, (A) such Borrower is the continuing or surviving entity in such transaction and (B) at the time thereof and after giving
effect thereto (and any concurrent acquisitions of Portfolio Investments by such surviving Borrower or payment of outstanding Loans
made to such surviving Borrower), no Default shall have occurred or be continuing with respect to such Borrower and the Covered
Debt Amount of such Borrower does not exceed the Borrowing Base of such Borrower, (ii) if such other Person is another Borrower
or a member of such other Borrower’s Obligor Group, (A) such other Borrower or a member of such other Borrower’s Obligor
Group is the continuing or surviving entity in such transaction and (B) as of the date of entering into the applicable agreement
governing such merger, consolidation or acquisition, (x) no Default or Event of Default shall have occurred or be continuing with
respect to the surviving Borrower and (y) immediately after giving pro forma effect thereto, no Borrowing Base Deficiency with
respect to the surviving Borrower shall exist, and (iii) if such Borrower or such other Person is a Listed Borrower, a Listed Borrower
or any other member of its Obligor Group is the continuing or surviving entity in such transaction;

 

(f)         
such Borrower may dissolve or liquidate (i) any Immaterial Subsidiary of such Borrower or (ii) any Subsidiary of such Borrower
so long as (a) in connection with such dissolution or liquidation, any and all of the assets of such Subsidiary shall be distributed
or otherwise transferred to such Borrower or any other member of its Obligor Group and (b) such dissolution or liquidation is not
materially adverse to the Lenders and the Borrower determines in good faith that such dissolution or liquidation is in the best
interests of such Borrower;

 

(g)         
such Borrower and such other Obligors may sell, lease, transfer or otherwise dispose of equipment or other property or assets
that do not consist of Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions
does not exceed $25,000,000 in any fiscal year;

 

(h)         
such Borrower and such other Obligors may transfer assets that such Borrower or such other Obligor, as applicable, would
otherwise be permitted to own to an Excluded Asset for the sole purpose of facilitating the transfer of assets from one Excluded
Asset of such Borrower (or a Subsidiary of such Borrower that was an Excluded Asset immediately prior to such disposition) to another
Excluded Asset of such Borrower, directly or indirectly through such Borrower or such other Obligor, as applicable (such assets,
the “Transferred Assets”); provided that (i) no Default exists or is continuing at such time with respect
to such Borrower or such other Obligor or would result from any such transfer to or by such Borrower or such other Obligor, as
applicable, (ii) the Covered Debt Amount of such Borrower shall not exceed the Borrowing Base of such Borrower at such time, (iii)
the Transferred Assets are transferred to such Borrower or such other Obligor, as applicable, by the transferor Excluded Asset
on the same Business Day that such assets are transferred by such Borrower or such other Obligor, as applicable, to the transferee
Excluded Asset, and (iv) following such Transfer such Borrower or such other Obligor, as applicable, has no liability, actual or
contingent, with respect to the Transferred Assets other than Standard Securitization Undertakings;

 

    148

     

    

 

(i)          
if such Borrower is an Unlisted Borrower, such Unlisted Borrower may deposit and use cash to purchase shares of common stock
of such Unlisted Borrower in connection with a Tender Offer;

 

(j)          
such Borrower and such other Obligors may dispose of all or substantially all of their respective assets to any Surviving
Obligor in connection with a Borrower Merger;

 

(k)         
the capital stock of any Subsidiary of such Borrower (other than Excluded Assets covered in clause (c) above) may be sold,
transferred or otherwise disposed of (including by way of consolidation or merger) so long as such transaction results in such
Borrower or such other Obligor receiving the proceeds of such disposition, to any other Person (other than such Borrower or any
of its Affiliates), provided that in the case of this clause (k) if such Subsidiary is a Subsidiary Guarantor of such Borrower
or holds any Portfolio Investments of such Borrower, (1) the amount of any excess availability under the Borrowing Base of such
Borrower immediately prior to such disposition is not diminished as a result of such disposition to such other Person or (2) the
Borrowing Base of such Borrower immediately after giving effect to such disposition is at least 110% of the Covered Debt Amount
of such Borrower; and

 

(l)          
such Borrower and such other Obligors may sell, transfer or otherwise dispose of any or all of its Equity Interests in Aggregators;
provided that the portion of the Participation Interest attributable to such sold, transferred or otherwise disposed Equity Interests
in Aggregators is not then included in the Borrowing Base of such Borrower and such sale, transfer or other disposition would otherwise
be permitted under this Section 6.03 if such Equity Interests were Portfolio Investments sold, transferred or otherwise disposed
of by an Obligor.

 

SECTION 6.04.         
Investments. Such Borrower will not, nor will it permit any other member of its Obligor Group to, acquire, make or
enter into, or hold, any Investments except:

 

(a)         
operating deposit accounts with banks;

 

(b)         
Investments by such Borrower and such other Obligors in any other member of such Borrower’s Obligor Group;

 

(c)         
Hedging Agreements entered into in the ordinary course of such Borrower’s or such other Obligor’s business for
financial planning and not for speculative purposes;

 

    149

     

    

 

(d)         
Portfolio Investments, and Investments in Excluded Assets, to the extent such Portfolio Investments and/or Excluded Assets
are permitted under the Investment Company Act and such Borrower’s Investment Policies; provided that, if such Portfolio
Investment is not included in the Collateral Pool of such Borrower (other than Portfolio Investments (but excluding Cash or Cash
Equivalents) exchanged for Portfolio Investments received in connection with or as a result of a workout or restructuring) and
with respect to Investments in Excluded Assets, then (i) after giving effect to such Investment (and any concurrent acquisitions
of Investments in the Collateral Pool of such Borrower or payment of outstanding Loans of such Borrower), the Covered Debt Amount
of such Borrower does not exceed the Borrowing Base of such Borrower and (ii) if cash or other assets are being contributed or
invested (x) in such Portfolio Investment or used to acquire any interest in such Portfolio Investment that is not included in
the Collateral Pool of such Borrower or (y) in such Excluded Asset, either (1) the amount of any excess availability under the
Borrowing Base of such Borrower immediately prior to such Investment is not diminished as a result of such Investment or (2) the
Borrowing Base of such Borrower immediately after giving effect to such Investment is at least 110% of the Covered Debt Amount
of such Borrower;

 

(e)         
Investments in (or capital contribution to) Excluded Assets to the extent permitted by Section 6.03(d) or (h);

 

(f)         
Investments described on Schedule III hereto;

 

(g)         
Investments in Controlled Foreign Corporations; provided that, if cash or other assets are being contributed or invested
in such Controlled Foreign Corporation, at the time of such Investment, either (x) the amount of any excess availability under
the Borrowing Base of such Borrower immediately prior to such Investment is not diminished as a result of such Investment or (y) the
Borrowing Base of such Borrower immediately after giving effect to such Investment is at least 110% of the Covered Debt Amount
of such Borrower;

 

(h)         
Investments in Immaterial Subsidiaries; provided that, if cash or other assets are being contributed or invested
in such Immaterial Subsidiary, at the time of such Investment, either (x) the amount of any excess availability under the Borrowing
Base of such Borrower immediately prior to such Investment is not diminished as a result of such Investment or (y) the Borrowing
Base of such Borrower immediately after giving effect to such Investment is at least 110% of the Covered Debt Amount of such Borrower;

 

(i)          
Investments constituting Credit Default Swaps in an aggregate amount not to exceed $25,000,000;

 

(j)          
Investments constituting Borrower Mergers;

 

(k)         
additional Investments up to but not exceeding $50,000,000 in the aggregate at any time outstanding; and

 

(l)          
Investments in Aggregators up to but not exceeding $1,250,000,000; provided proceeds of such Investments are used substantially
concurrently by the Aggregators to acquire investments that would be permitted pursuant to Section 6.04(d) if such investments
were Portfolio Investments acquired by an Obligor.

 

    150

     

    

 

For purposes of this Section, the aggregate amount of an Investment
at any time shall be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate fair market value
of property, loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment (calculated at
the time such Investment is made) minus (B) the aggregate amount of dividends, distributions or other payments received
in cash in respect of such Investment; provided that in no event shall the aggregate amount of such Investment be deemed
to be less than zero; and provided further that the amount of an Investment shall not in any event be reduced by reason
of any write-off of such Investment nor increased by any increase in the amount of earnings retained in the Person in which such
Investment or as a result of any other matter (other than any cash or assets contributed by or invested in such Investment).

 

SECTION 6.05.         
Restricted Payments. Such Borrower will not, nor will it permit any other member of its Obligor Group to, declare
or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that such Borrower or such other Obligor
may declare and pay:

 

(a)         
dividends with respect to the capital stock of such Borrower to the extent payable in additional shares of such Borrower’s
common stock;

 

(b)         
dividends and distributions in either case in cash or other property (excluding for this purpose such Borrower’s common
stock) in or with respect to any taxable year of such Borrower (or any calendar year of such Borrower, as relevant) in amounts
not to exceed 110% of the minimum amounts required to be distributed to allow such Borrower to (i) satisfy the minimum distribution
requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain such Borrower’s eligibility to
be taxed as a RIC for any such taxable year, (ii) reduce to zero for any such taxable year such Borrower’s liability for
federal income taxes imposed on (x) such Borrower’s investment company taxable income pursuant to Section 852(b)(1) of the
Code (or any successor thereto), and (y) such Borrower’s net capital gain pursuant to Section 852(b)(3) of the Code (or any
successor thereto), and (iii) reduce to zero such Borrower’s liability for federal excise taxes for any such calendar year
imposed pursuant to Section 4982 of the Code (or any successor thereto);

 

(c)         
any settlement in respect of a conversion feature in any convertible security that may be issued by such Borrower to the
extent made through the delivery of common stock (except in the case of interest (which may be payable in cash));

 

(d)         
Restricted Payments to repurchase Equity Interests of such Borrower from managers, partners, members, directors, officers,
employees or consultants of FS/KKR Advisor, such Borrower or such other Obligor or their respective authorized representatives
upon the death, disability or termination of employment of such employees or termination of their seat on the board of directors
of FS/KKR Advisor, such Borrower or such other Obligor, in an aggregate amount not to exceed $2,500,000 in any calendar year with
unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of $5,000,000 in any calendar
year;

 

    151

     

    

 

(e)         
other Restricted Payments so long as (i) on the date of such other Restricted Payment and after giving effect thereto
(x) the Borrowing Base of such Borrower is at least 110% of the Covered Debt Amount of such Borrower and (y) no Default
shall have occurred and be continuing with respect to such Borrower and (ii) on the date of such other Restricted Payment
such Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate with respect to such Borrower as
at such date demonstrating compliance with subclause (x) after giving effect to such Restricted Payment. For purposes of preparing
such Borrowing Base Certificate, (A) the Value of any Quoted Investment shall be the most recent quotation available for such
Portfolio Investment and (B) the Value of any Unquoted Investment shall be the Value set forth in the Borrowing Base Certificate
with respect to such Borrower most recently delivered by such Borrower to the Administrative Agent and the Lenders pursuant to
Section 5.01(d); provided that such Borrower shall reduce the Value of any Portfolio Investment referred to in this
subclause (B) to the extent necessary to take into account any events of which such Borrower has knowledge that adversely
affect the value of such Portfolio Investment;

 

(f)         
if such Borrower is an Unlisted Borrower, Restricted Payments in connection with a Tender Offer, so long as no Event of
Default has occurred and is continuing and such Unlisted Borrower is in compliance on a pro forma basis with (i) Section 6.07(a)
as of the last day of such Borrower’s most recent fiscal quarter for which financial statements have been delivered to the
Administrative Agent and (ii) Section 6.07(b) after giving effect to such Restricted Payments; and

 

(g)         
Restricted Payments (i) on account of fractional shares, (ii) as part of the purchase price or (iii) in the form of a Tax
Dividend (as defined in the Agreement and Plan of Merger, dated as of July 22, 2018, by and among FS Investment Corporation, IC
Acquisition, Inc., Corporate Capital Trust, Inc. and FS/KKR Advisor) or distribution that serves a similar purpose in any other
agreement governing a Borrower Merger, in each case in connection with a Borrower Merger or other payments incidental thereto.

 

In addition to the foregoing, such Borrower
shall ensure that payments or distributions of the type described in this Section 6.05 made by an Excluded Asset of such Borrower
are made ratably in accordance with the Equity Interests in such Excluded Asset.

 

In calculating the amount of Restricted Payments
made by such Borrower during any period referred to in paragraph (b) above, any Restricted Payments made by such Borrower’s
Designated Subsidiaries or any of its other Excluded Assets that is a Subsidiary during such period (other than any such Restricted
Payments that are made directly or indirectly to such Borrower and/or such other Obligor or ratably to such Borrower and/or such
other Obligor and any other direct shareholder in any such Designated Subsidiary or Excluded Asset) shall be treated as Restricted
Payments made by such Borrower during such period.

 

    152

     

    

 

Nothing herein shall be deemed to prohibit
the payment of Restricted Payments by any member of a Borrower’s Obligor Group to any other member of such Obligor Group.

 

For the avoidance of doubt, (1) such
Borrower shall not declare any dividend to the extent such declaration violates the provisions of the Investment Company Act applicable
to it and (2) the determination of the amounts referred to in paragraph (b) above shall be made separately for the taxable
year of such Borrower and the calendar year of such Borrower and the limitation on dividends or distributions imposed by such paragraphs
shall apply separately to the amounts so determined.

 

SECTION 6.06.         
Certain Restrictions on Subsidiaries. Such Borrower will not permit any of its Subsidiaries (other than any Excluded
Asset with respect to its assets) to enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other
than (i) the Loan Documents to which such Borrower and/or its Subsidiaries are a party, (ii) any indenture, agreement, instrument
or other arrangement pertaining to other Indebtedness of such Borrower or any of its Subsidiaries permitted hereby to the extent
any such indenture, agreement, instrument or other arrangement does not prohibit, in each case in any material respect, or impose
materially adverse conditions upon, the requirements applicable to such Borrower and its Subsidiaries under the Loan Documents
or (iii) any agreement, instrument or other arrangement pertaining to any lease, sale or other disposition of any asset permitted
by this Agreement so long as the applicable restrictions (x) only apply to such assets and (y) do not restrict prior to the consummation
of such sale or disposition the creation or existence of the Liens in favor of the Collateral Agent pursuant to the Security Documents
or otherwise required by this Agreement, or the incurrence of payment of Indebtedness under this Agreement or the ability of such
Borrower and its Subsidiaries to perform any other obligation under any of the Loan Documents) that prohibits, in each case in
any material respect, or imposes materially adverse conditions upon, the incurrence or payment of Indebtedness of such Borrower,
the granting of Liens by such Borrower, the declaration or payment of dividends by such Borrower, the making of loans, advances,
guarantees or Investments or the sale, assignment, transfer or other disposition of property, in each case of such Borrower.

 

SECTION 6.07.         
Certain Financial Covenants.

 

(a)         
Minimum Shareholders’ Equity. Such Borrower will not permit its Shareholders’ Equity at the last day
of any fiscal quarter of such Borrower to be less than the greater of (1) 30% of the total assets of such Borrower and its Subsidiaries
as at the last day of such fiscal quarter (determined on a consolidated basis in accordance with GAAP) and (2) the sum of (A) $1,968,200,000.00
(in the case of FSK), or $2,720,900,000.00 (in the case of FSKR), or $4,689,100,000.00 (upon a Borrower Merger of FSK and FSKR),
plus (B) 37.5% of the net cash proceeds of the sale of Equity Interests by such Borrower after April 15, 2021 (other than
proceeds of any distribution or dividend reinvestment plan), plus (C) 65% of the increase in Shareholders’ Equity
of such Borrower solely resulting from a merger with any Person other than a Borrower measured as of the date of the consummation
of such merger.

 

    153

     

    

 

(b)         
Asset Coverage Ratio.

 

(i)          
In the case of any Listed Borrower, such Borrower will not permit its Asset Coverage Ratio to be, at any time, less than
the greater of (x) 1.50 to 1.00 and (y) the statutory requirements then applicable to such Borrower.

 

(ii)         
In the case of any Unlisted Borrower, such Borrower will not permit (A) its Asset Coverage Ratio to be, at any time, less
than 1.75 to 1.00 or (B) its Asset Coverage Ratio (calculated including the effects of SEC Release No. 33837/April 8, 2020) to
be, at any time, less than the statutory requirements then applicable to such Borrower.

 

SECTION 6.08.         
Transactions with Affiliates. Such Borrower will not, and will not permit any other member of its Obligor Group to
enter into any transactions with any of its Affiliates, even if otherwise permitted under this Agreement, except (a) transactions
in the ordinary course of business at prices and on terms and conditions not less favorable to such Borrower or such other Obligor,
as applicable, than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between
or among such Borrower and any other member of its Obligor Group not involving any other Affiliate of such Obligor Group, (c) transactions
and documents governing transactions permitted under Section 6.03 (including, for the avoidance of doubt, any Borrower Merger
or any other merger or consolidation of one or more Borrowers and/or other Obligors), 6.04(e) and 6.05, (d) the Affiliate
Agreements and the transactions provided in the Affiliate Agreements (in each case, as such agreements are amended, modified or
supplemented from time to time in a manner not materially adverse to the Lenders), (e) transactions described or referenced
on Schedule IV, (f) any Investment that results in the creation of an Affiliate, (g) transactions with one or more Affiliates
(including co-investments) as permitted by any SEC exemptive order (as may be amended from time to time), any no-action letter
or as otherwise permitted by applicable law, rule or regulation and SEC staff interpretations thereof, (h) the payment of compensation
and reimbursement of expenses and indemnification to officers and directors in the ordinary course of business, (i) this Agreement
and the other Loan Documents, and the transactions contemplated herein and therein, (j) agreements among the Borrowers, the other
Obligors and/or their respective Affiliates entered into in connection with the administration of this Agreement and/or the other
Loan Documents, and the transactions contemplated therein or (k) any Permitted Advisor Loan.

 

SECTION 6.09.         
Lines of Business. Such Borrower will not, nor will it permit any other member of its Obligor Group to, engage in
any business in a manner that would violate its Investment Policies in any material respect.

 

SECTION 6.10.         
No Further Negative Pledge. Such Borrower will not, and will not permit any other member of its Obligor Group to,
enter into any agreement, instrument, deed or lease which prohibits or limits in any material respect the ability of such Borrower
or any other member of its Obligor Group to create, incur, assume or suffer to exist any Lien upon any of its properties, assets
or revenues, whether now owned or hereafter acquired, or which requires the grant of any security for an obligation if security
is granted for another obligation, except the following: (a) this Agreement and the other Loan Documents to which such Obligor
is a party; (b) covenants in documents creating Liens permitted by Section 6.02 (including covenants with respect to Designated
Indebtedness Obligations or Designated Indebtedness Holders under (and in each case, as defined in) the Guarantee and Security
Agreement to which such Obligor is a party) prohibiting further Liens on the assets encumbered thereby; (c) customary restrictions
contained in leases not subject to a waiver; (d) any agreement that imposes such restrictions only on Equity Interests in Excluded
Assets of such Borrower; and (e) any other agreement that does not restrict in any manner (directly or indirectly) Liens created
pursuant to the Loan Documents to which such Obligor is a party on any Collateral securing the “Secured Obligations”
under and as defined in the Guarantee and Security Agreement to which such Obligor is a party and does not require (other than
pursuant to a grant of a Lien under the Loan Documents to which such Obligor is a party) the direct or indirect granting of any
Lien securing any Indebtedness or other obligation by virtue of the granting of Liens on or pledge of property of such Borrower
or such other Obligor to secure the Loans made to such Borrower, or any Hedging Agreement of such Borrower or such other Obligor.

 

    154

     

    

 

SECTION 6.11.         
Modifications of Certain Documents. Such Borrower will not consent to any modification, supplement or waiver of (a)
any of the provisions of any agreement, instrument or other document evidencing or relating to any Permitted Indebtedness, any
Special Longer-Term Unsecured Indebtedness, the FSK Notes or the FSKR 2025 Notes and any Shorter-Term Unsecured Indebtedness that
would result in such Permitted Indebtedness not meeting the requirements of the definition of “Permitted Indebtedness”,
such Special Longer-Term Unsecured Indebtedness not meeting the requirements of the definition of “Special Longer-Term Unsecured
Indebtedness”, the FSK Notes or the FSKR 2025 Notes, as applicable, not meeting the requirements of the definition of “Unsecured
Longer-Term Indebtedness” (other than clause (2)(a) thereof), such Shorter-Term Unsecured Indebtedness not meeting the requirements
of the definition of “Shorter-Term Unsecured Indebtedness”, in each case, set forth in Section 1.01 of this Agreement,
unless following such amendment, modification or waiver, such Permitted Indebtedness, such Special Longer-Term Unsecured Indebtedness,
the FSK Notes, the FSKR 2025 Notes or such Shorter-Term Unsecured Indebtedness would otherwise be permitted under Section 6.01,
or (b) any of the Affiliate Agreements to which such Borrower is a party (i) other than in connection with a Borrower Merger or
(ii) unless such modification, supplement or waiver is not materially less favorable to such Borrower than could be obtained on
an arm’s-length basis from unrelated third parties, in each case, without the prior consent of the Administrative Agent (with
the approval of the Required Lenders).

 

Without limiting the foregoing, such Borrower
may, at any time and from time to time, without the consent of the Administrative Agent or the Required Lenders, freely amend,
restate, terminate, or otherwise modify any documents, instruments and agreements evidencing, securing or relating to Indebtedness
of such Borrower permitted pursuant to Section 6.01(d), including increases in the principal amount thereof, modifications to the
advance rates and/or modifications to the interest rate, fees or other pricing terms so long as following any such action such
Indebtedness continues to be permitted under Section 6.01(d).

 

    155

     

    

 

SECTION 6.12.         
Payments of Other Indebtedness. Such Borrower will not, nor will it permit any other member of its Obligor Group
to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous
fund for the purchase, redemption, retirement or other acquisition of, or make any voluntary payment or prepayment of the principal
of or interest on, or any other amount owing in respect of, any Permitted Indebtedness or any Indebtedness of such Borrower that
is not then included in the Covered Debt Amount of such Borrower, except for:

 

(a)         
the refinancing of such Indebtedness (other than any Permitted Advisor Loan or the FSK 2025-2 Notes, which are addressed
in clauses (e) and (f) below, respectively) with Indebtedness permitted under Section 6.01(b) or with the proceeds of any issuance
of Equity Interests;

 

(b)         
regularly scheduled payments, prepayments or redemptions of principal and interest in respect thereof required pursuant
to the instruments evidencing such Indebtedness and the payment when due of the types of fees and expenses that are customarily
paid in connection with such Indebtedness (it being understood that: (w) the conversion features into Permitted Equity Interests
under convertible notes; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests;
and (y) any cash payment on account of interest or expenses or fractional shares on such convertible notes made by such Borrower
in respect of such triggering and/or settlement thereof, shall be permitted under this clause (b));

 

(c)         
payments and prepayments thereof required to comply with requirements of Section 2.09(c);

 

(d)         
other payments and prepayments, which may, for the avoidance of doubt, be made with proceeds of the Loans (including, without
limitation, with respect to FSK (or any successor), payments and prepayments of the FSK Notes and with respect to FSKR (or any
successor), payments and prepayments of the FSKR 2025 Notes, but excluding, with respect to FSK (or any successor), payments and
prepayments of the FSK 2025-2 Notes or, with respect to any Obligor, any Permitted Advisor Loan, which are addressed in clauses
(e) and (f) below, respectively), so long as at the time of and immediately after giving effect to such payment or prepayment,
as applicable, (i)  no Default or Event of Default shall have occurred and be continuing with respect to such Borrower and
(ii) if such payment or prepayment, as applicable, were treated as a “Restricted Payment” for the purposes of
determining compliance with Section 6.05(e), such payment or prepayment, as applicable, would be permitted to be made under
Section 6.05(e);

 

(e)         
with respect to FSK (or any successor), any payments and prepayments with respect to the FSK 2025-2 Notes so long as, (i)
at the time of and immediately after giving effect to such payment or prepayment, as applicable, no Default or Event of Default
shall have occurred and be continuing with respect to FSK and (ii) the Borrowing Base of FSK immediately after giving effect
to such payment or prepayment, as applicable, is at least 115% of the Covered Debt Amount of FSK; and

 

(f)         
any payments and prepayments with respect to any Permitted Advisor Loan so long as, (i) at the time of and immediately after
giving effect to such payment or prepayment, as applicable, no Default or Event of Default shall have occurred and be continuing
with respect to the applicable Borrower and (ii) the Borrowing Base of such Borrower immediately after giving effect to such
payment or prepayment, as applicable, is at least 115% of the Covered Debt Amount of such Borrower;

 

    156

     

    

 

provided that, in no event shall such Borrower or any
other member of its Obligor Group be permitted to prepay or settle (whether as a result of a mandatory redemption, conversion or
otherwise) any such Indebtedness, if after giving effect thereto, the Covered Debt Amount of such Borrower would exceed the Borrowing
Base of such Borrower; provided further that, no Borrower shall be permitted to give any notice of prepayment or redemption
to any holders of Indebtedness not included in the Covered Debt Amount of such Borrower, if, at the time of the giving of such
notice, the inclusion of such Indebtedness in the Covered Debt Amount of such Borrower would result in a Borrowing Base Deficiency
with respect to such Borrower.

 

Article
VII

EVENTS OF DEFAULT

 

With respect to a Borrower, until the earlier
to occur of the Release Date with respect to such Borrower and the Facility Termination Date, if any of the following events (“Events
of Default”) shall occur and be continuing with respect to such Borrower (but only with respect to such Borrower and
not with respect to any other Borrower):

 

(a)         
such Borrower shall (i) fail to pay any principal of any Loan made to such Borrower or any reimbursement obligation
in respect of any LC Disbursement with respect to such Borrower when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or otherwise or (ii) fail to deposit any amount into the Letter
of Credit Collateral Account of such Borrower as required by Section 2.08(a) on the Commitment Termination Date;

 

(b)         
such Borrower shall fail to pay any interest on any Loan made to such Borrower or any fee or any other amount (other than
an amount referred to in clause (a) of this Article) payable by such Borrower under this Agreement or under any other Loan
Document to which such Borrower or any other member of its Obligor Group is a party, when and as the same shall become due and
payable, and such failure shall continue unremedied for a period of five or more Business Days;

 

(c)         
any representation or warranty made (or deemed made pursuant to Section 4.02) by or on behalf of such Borrower or any
of its Subsidiaries in or in connection with this Agreement or any other Loan Document to which such Borrower or any other member
of its Obligor Group is a party or any amendment or modification hereof or thereof, or in any report, certificate, financial statement
or other document furnished by or on behalf of such Borrower or any of its Subsidiaries pursuant to or in connection with this
Agreement or any other Loan Document to which such Borrower or any other member of its Obligor Group is a party or any amendment
or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect;

 

(d)         
such Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.03
(with respect to such Borrower’s existence), Sections 5.08(a) and (b), Section 5.09 (solely with respect to a violation
of applicable Sanctions), or in Article VI or such Borrower or any other member of its Obligor Group shall default in
the performance of any of its obligations contained in Section 7 of the Guarantee and Security Agreement to which such Borrower
is a party, or (ii) Sections 5.01(d) and (e), or Section 5.02 and such failure, in the case of this clause
(ii), shall continue unremedied for a period of five or more Business Days after notice thereof by the Administrative Agent (given
at the request of any Lender) to such Borrower; provided that to the extent failure of such Borrower or any other member
of its Obligor Group to “Deliver” (as defined in the Guarantee and Security Agreement to which it is a party) any particular
Investment to the extent required  by Section 7.01 of the Guarantee and Security Agreement to which it is a party would not
constitute a Default or an Event of Default of such Borrower under Section 7.01(p) (assuming such investments were included in
the Collateral Pool), such failure to Deliver shall not constitute a Default of such Borrower under this clause (d).

 

    157

     

    

 

(e)         
a Borrowing Base Deficiency with respect to such Borrower shall occur and continue unremedied for a period of five or more
Business Days after delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency pursuant to Section 5.01(e);
provided that it shall not be an Event of Default hereunder if such Borrower shall present the Administrative Agent with
a reasonably feasible plan to enable such Borrowing Base Deficiency to be cured within 30 Business Days (which 30-Business
Day period shall include the five Business Days permitted for delivery of such plan), so long as such Borrowing Base Deficiency
is cured within such 30-Business Day period;

 

(f)         
such Borrower or any other member of its Obligor Group, as applicable, shall fail to observe or perform any covenant, condition
or agreement with respect to such Borrower or such other Obligor contained in this Agreement (other than those specified in clause (a),
(b), (d), or (e) of this Article) or any other Loan Document to which such Borrower or such other Obligor is a party and such failure
shall continue unremedied for a period of 30 or more days after notice thereof from the Administrative Agent (given at the
request of any Lender) to such Borrower;

 

(g)         
such Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless
of amount) in respect of any Material Indebtedness of such Borrower, when and as the same shall become due and payable, taking
into account (other than with respect to payments of principal) any applicable grace period;

 

(h)         
any event or condition occurs that results in any Material Indebtedness of such Borrower or any of its Subsidiaries (i)
becoming due prior to its scheduled maturity or (ii) that shall continue unremedied for any applicable period of time sufficient
to enable or permit the holder or holders of any Material Indebtedness of such Borrower or such Subsidiary or any trustee or agent
on its or their behalf to, as a result of an event of default under such Material Indebtedness, cause any Material Indebtedness
of such Borrower or such Subsidiary to become due, or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity (for the avoidance of doubt, after giving effect to any applicable grace period), unless, in the
case of this clause (ii), so long as all Subcommitments have not been terminated with respect to such Borrower and the Loans made
to such Borrower declared due and payable in whole, such event or condition is no longer continuing or has been waived in accordance
with the terms of such Material Indebtedness such that the holder or holders thereof or any trustee or agent on its or their behalf
are no longer enabled or permitted to cause such Material Indebtedness to become due, or to require the prepayment, repurchase,
redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (h) shall not apply (1) to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness,
(2) to convertible debt that becomes due as a result of a conversion or redemption event, other than as a result of an “event
of default” (as defined in the documents governing such convertible Material Indebtedness) or (3) in the case of clause (h)(ii),
to any Indebtedness of a Designated Subsidiary to the extent the event or condition giving rise to the circumstances in clause
(h)(ii) was not a payment or insolvency default;

 

    158

     

    

 

(i)          
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of such Borrower or any of its Significant Subsidiaries (or group of Subsidiaries of such Borrower that
if consolidated would constitute a Significant Subsidiary of such Borrower) or its debts, or of a substantial part of its assets,
under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Borrower or any of its Significant
Subsidiaries (or group of Subsidiaries of such Borrower that if consolidated would constitute a Significant Subsidiary of such
Borrower) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed
and unstayed for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered;

 

(j)          
such Borrower or any of its Significant Subsidiaries (or group of Subsidiaries of such Borrower that if consolidated would
constitute a Significant Subsidiary of such Borrower) shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar
law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or petition described in clause (i) of this Article, (iii) apply for or consent to the appointment of
a receiver, trustee, custodian, sequestrator, conservator or similar official for such Borrower or any of its Significant Subsidiaries
(or group of Subsidiaries of such Borrower that if consolidated would constitute a Significant Subsidiary of such Borrower) or
for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose
of effecting any of the foregoing;

 

(k)         
such Borrower or any of its Significant Subsidiaries (or group of Subsidiaries of such Borrower that if consolidated would
constitute a Significant Subsidiary of such Borrower) shall become unable, admit in writing its inability or fail generally to
pay its debts as they become due;

 

    159

     

    

 

(l)          
one or more judgments for the payment of money in an aggregate amount exceeding $200,000,000 shall be rendered against such
Borrower or any of its Subsidiaries or any combination thereof and (i) the same shall remain undischarged for a period of 30
consecutive days following the entry of such judgment during which 30 day period such judgment shall not have been vacated,
stayed, discharged or bonded pending appeal, or liability for such judgment amount shall not have been admitted by an insurer of
reputable standing, or (ii) any action shall be legally taken by a judgment creditor to attach or levy upon any assets of
such Borrower or any of its Subsidiaries to enforce any such judgment;

 

(m)         an ERISA Event with respect to such Borrower shall have occurred that, when taken together with all other ERISA Events with
respect to such Borrower that have occurred, could reasonably be expected to result in a Material Adverse Effect with respect to
such Borrower;

 

(n)         
a Change in Control with respect to such Borrower shall occur;

 

(o)         
neither FS/KKR Advisor (so long as it is a joint venture entity between (i) KKR Credit Advisors (US) LLC and/or one or more
of its Affiliates and (ii) Franklin Square Holdings, L.P. and/or one or more of its Affiliates, and pursuant to which joint venture
(x) KKR Credit Advisors (US) LLC and/or one or more of its Affiliates owns at least 50% of the voting equity interests of all classes
and (y) of the members of the investment committee with the sole authority to make investment-related decisions for the joint venture,
at least 50% are employees, partners, managers and/or members of KKR Credit Advisors (US) LLC and/or one or more of its Affiliates
(and, for the avoidance of doubt, no such investment-related decision will be made without the consent of such employees, partners,
managers and/or members, except if one or more of such employees, partners, managers and/or members recuses himself or herself
in connection with an actual or perceived conflict of interest or any other determination by such person, is incapacitated or is
otherwise unable to provide consent)) nor any Subsidiary of FS/KKR Advisor that is organized under the laws of a jurisdiction located
in the United States of America and in the business of managing or advising clients shall be the investment advisor for such Borrower;

 

(p)         
the Liens created by the Security Documents to which such Borrower or any other member of its Obligor Group is a party shall,
at any time with respect to Portfolio Investments included in the Collateral Pool of such Borrower having an aggregate Value in
excess of 5% of the aggregate Value of all Portfolio Investments included in the Collateral Pool of such Borrower, not be
valid and perfected (to the extent perfection by filing, registration, recordation, possession or control is required herein or
therein) in favor of the Collateral Agent, free and clear of all other Liens (other than Liens permitted under Section 6.02
or under the respective Security Documents to which such Borrower or any other member of its Obligor Group is a party); provided
that if such default is as a result of any action of the Administrative Agent or the Collateral Agent or a failure of the Administrative
Agent or the Collateral Agent to take any action within its control, then there shall be no Default or Event of Default hereunder
unless such default shall continue unremedied for a period of ten (10) consecutive Business Days after such Borrower receives written
notice of such default thereof from the Administrative Agent unless the continuance thereof is a result of a failure of the Administrative
Agent or the Collateral Agent to take an action within their control;

 

    160

     

    

 

(q)         
except for expiration or termination in accordance with its terms, any of the Security Documents to which such Borrower
or any other member of its Obligor Group is a party shall for whatever reason be terminated or cease to be in full force and effect
in any material respect, or the enforceability thereof shall be contested by such Borrower or any other member of its Obligor Group;

 

(r)          
such Borrower or any other member of its Obligor Group shall at any time, without the consent of the Required Lenders, (i) modify,
supplement or waive in any material respect its Investment Policies (other than any modification, supplement or waiver required
by any applicable law, rule or regulation or Governmental Authority); provided that a modification, supplement or waiver
shall not be deemed a modification in any material respect of its Investment Policies if the effect of such modification, supplement
or waiver is that the permitted investment size of the Portfolio Investments proportionately increases as the size of such Borrower’s
capital base changes; (ii) modify, supplement or waive in any material respect its Valuation Policy (other than any modification,
supplement or waiver (w) required under GAAP, (x) required by any applicable law, rule or regulation or Governmental Authority,
or (y) when taken as a whole is not adverse to the Lenders when compared to its Valuation Policy in effect as of the Restatement
Effective Date), (iii) fail to comply with its Valuation Policy in any material respect, or (iv) fail to comply with
its Investment Policies if such failure could reasonably be expected to result in a Material Adverse Effect with respect to such
Borrower, and in the case of clauses (iii) and (iv) of this paragraph (r), such failure shall continue unremedied
for a period of 30 or more days after the earlier of notice thereof by the Administrative Agent (given at the request of any
Lender) to such Borrower or knowledge thereof by a Financial Officer of such Borrower;

 

then, and in every such event (other than an event described
in clause (i) or (j) of this Article), and at any time thereafter during the continuance of such event, the Administrative
Agent may, and at the request of the Required Lenders shall, by notice to such Borrower, take either or both of the following actions,
at the same or different times: (i) terminate all Subcommitments to such Borrower, and thereupon such Subcommitments shall
be permanently terminated, and (ii) declare the Loans made to such Borrower then outstanding to be due and payable in whole
(or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of such Loans so declared to be due and payable, together with accrued interest thereon and all fees
and other obligations of such Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by such Borrower; and in case of any event with respect to
such Borrower described in clause (i) or (j) of this Article, all Subcommitments to such Borrower shall automatically
terminate and the principal of the Loans made to such Borrower then outstanding, together with accrued interest thereon and all
fees and other obligations of such Borrower accrued hereunder, shall automatically become due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by such Borrower.

 

    161

     

    

 

In the event that the Loans made to a Borrower
shall be declared, or shall become, due and payable pursuant to the immediately preceding paragraph then, upon notice from the
Administrative Agent or Lenders with LC Exposure representing more than 50% of the total LC Exposure of a Class with respect
to such Borrower demanding the deposit of cash collateral pursuant to this paragraph, such Borrower shall immediately deposit into
the Letter of Credit Collateral Account of such Borrower cash in an amount equal to 102% of the LC Exposure of such Class
with respect to such Borrower as of such date plus any accrued and unpaid interest thereon; provided that the obligation
to deposit such cash shall become effective immediately, and such deposit shall become immediately due and payable, without demand
or other notice of any kind, upon the occurrence of any Event of Default with respect to such Borrower described in clause (i)
or (j) of this Article.

 

Article
VIII

THE ADMINISTRATIVE AGENT

 

Each of the Lenders and the Issuing Banks
hereby irrevocably appoints the Administrative Agent as its agent hereunder and under the other Loan Documents and authorizes the
Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent
by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.

 

Each of the Lenders and the Issuing Banks
hereby irrevocably appoints the Collateral Agent as the collateral agent hereunder and under the other Loan Documents and authorizes
the Collateral Agent to have all the rights and benefits hereunder and thereunder (including Section 9 of the Guarantee and Security
Agreement), and to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the
terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.

 

The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to, make investments
in and generally engage in any kind of business trust or other business with any Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder and such Person and its Affiliates may accept fees and other consideration
from any Borrower or any Subsidiary or other Affiliate thereof for services in connection with this Agreement or otherwise without
having to account for the same to the other Lenders.

 

The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality
of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing with respect to any Borrower, (b) the Administrative Agent shall not have
any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing by the Required
Lenders, and (c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not
have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower or any
of its Subsidiaries that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates
in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or
in the other Loan Documents) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default with respect to a Borrower unless and until written notice thereof is given to the
Administrative Agent by such Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any
other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in
connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein or therein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,
any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth
in Article IV or elsewhere herein or therein, other than to confirm receipt of items expressly required to be delivered to
the Administrative Agent.

 

    162

     

    

 

The Administrative Agent shall be entitled
to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any e-mail, Internet or intranet website posting or other distribution) believed by it to
be genuine and to have been signed or sent by the proper Person. The Administrative 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 Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), 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.

 

The Administrative Agent may perform any and
all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent.
The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their
respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 

The Administrative Agent may resign at any
time by notifying the Lenders, the Issuing Banks and the Borrowers. Upon any such resignation, the Required Lenders shall have
the right, with the consent of the Borrowers not to be unreasonably withheld (or, if an Event of Default has occurred and is continuing
with respect to a Borrower, in consultation with such Borrower), to appoint a successor, which is a Lender. If no successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent’s resignation shall nonetheless
become effective except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or
the Issuing Banks under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed and (1) the retiring Administrative Agent shall
be discharged from its duties and obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative
Agent (and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made
by or to each Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in this
paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed
to and become vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent and the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom
as provided above in this paragraph). The fees payable by each Borrower to a successor Administrative Agent shall be the same as
those payable to its predecessor unless otherwise agreed between such Borrower and such successor. After the Administrative Agent’s
resignation hereunder, the provisions of this Article and Section 9.03 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 Administrative Agent.

 

    163

     

    

 

Each Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender 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 Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information
as it shall from time to time deem appropriate, continue to make its own analysis and decisions in taking or not taking action
under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

Except as otherwise provided in Section 9.02(b)
with respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise),
consent to any modification, supplement or waiver under any of the Loan Documents; provided that, without the prior consent
of each Lender, the Administrative Agent shall not (except as provided herein or in the Security Documents) release all or substantially
all of the Collateral or otherwise terminate all or substantially all of the Liens under any Security Document providing for collateral
security, agree to additional obligations being secured by all or substantially all of such collateral security, or alter the relative
priorities of the obligations entitled to the benefits of the Liens created under the Security Documents with respect to all or
substantially all of the Collateral of any Borrower, except that no such consent shall be required, and the Administrative Agent
is hereby authorized, to (1) release (which such release shall be automatic and require no further action from any party)
any Lien covering property that is the subject of either a disposition of property permitted hereunder or a disposition to which
the Required Lenders have consented, (2) release from any Guarantee and Security Agreement any “Subsidiary Guarantor”
(and any property of such Subsidiary Guarantor) that is designated as a “Designated Subsidiary” by the applicable Borrower
or becomes an Excluded Asset or an Immaterial Subsidiary with respect to a Borrower in accordance with this Agreement or which
is no longer required to be a “Subsidiary Guarantor”, so long as in the case of this clause (2): (A) immediately
after giving effect to any such release (and any concurrent acquisitions of Portfolio Investments by the applicable Borrower or
payment of outstanding Indebtedness of such Borrower), the Covered Debt Amount of such Borrower does not exceed the Borrowing Base
of such Borrower and such Borrower delivers a certificate of a Financial Officer to such effect to the Administrative Agent, (B) either
(I) the amount of any excess availability under the Borrowing Base of such Borrower immediately prior to such release is not
diminished as a result of such release or (II) the Borrowing Base of such Borrower immediately after giving effect to such
release is at least 110% of the Covered Debt Amount of such Borrower and (C) no Default or Event of Default has occurred and
is continuing with respect to such Borrower, (3) spread Liens to any Designated Indebtedness of a Borrower or Hedging Agreement
Obligations (as such terms are defined in the Guarantee and Security Agreement to which such Borrower is a party) in accordance
with the Guarantee and Security Agreement to which such Borrower is a party and (4) release from any Guarantee and Security Agreement
any Obligor (and any property of such Obligor) that is concurrently being joined as an Obligor under any other Guarantee and Security
Agreement in connection with a transaction permitted hereunder.

 

    164

     

    

 

None of the Syndication Agent, any Documentation
Agent or any Joint Lead Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other
Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit
of the indemnities provided for hereunder.

 

The Administrative Agent may treat any Loans
and Revolving Credit Exposure of any Class of the Non-Extending Lenders that are outstanding at any time as a distinct Class of
Loans and Revolving Credit Exposure from any outstanding Commitments, Loans and Revolving Credit Exposure of the Extending Lenders;
provided that any such treatment is solely for administrative purposes and will not affect any Lender’s rights or obligations
hereunder.

 

Article
IX

MISCELLANEOUS

 

SECTION 9.01.         
Notices; Electronic Communications

 

(a)         
Notices Generally. All notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or (to the extent permitted by
Section 9.01(b)), as follows:

 

(i)           
if to a Borrower, to such Borrower at 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: William Goebel (telecopy:
(215) 339-1931), e-mail: Credit.notices@fsinvestments.com and kkrcreditlegal@kkr.com; and, if to FSK, with a copy to FSIC_Team@fsinvestments.com,
and if to FSKR, with a copy to FSICII_Team@fsinvestments.com, and, in each case, with an additional copy (which shall not constitute
notice) to Dechert LLP, 1095 Avenue of the Americas, New York, New York 10036, Attention: Jay R. Alicandri (telecopy: (212) 698-3599);

 

    165

     

    

 

(ii)          
if to the Administrative Agent, to JPMorgan Loan Services, 500 Stanton Christiana Road, Ops 2, 3rd Floor Newark, Delaware
19713, Attention of Loan and Agency Services Group (telecopy: 1 (302) 634-4733), e-mail: michelle.keesee@chase.com;

 

(iii)          if to the Collateral Agent, to ING Capital LLC, 1133 Avenue of the Americas, New York, New York 10036, Attention: Dominik
Breuer, e-mail: Dominik.Breuer@ing.com; and

 

(iv)          if to any Issuing Bank or other Lender, to it at its address (or telecopy number or e-mail) set forth in its Administrative
Questionnaire.

 

Any party hereto may change its address or telecopy number or
e-mail address for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications
given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of
receipt. Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective
as provided in said paragraph (b).

 

(b)         
Electronic Communications. Notices and other communications to the Lenders and the Issuing Banks hereunder may be
delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures
approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender or any Issuing
Bank pursuant to Article II if such Lender or such Issuing Bank, as applicable, has notified the Administrative Agent that
it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or any Borrower may,
in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or communications. Unless
otherwise notified by the Administrative Agent to the Borrowers, the Borrowers may satisfy their respective obligations to deliver
documents or notices to the Administrative Agent or the Lenders under Sections 5.01 and 5.02 by delivering an electronic
copy to:  michelle.keesee@chase.com, or such other e-mail address(es) as provided to the Borrowers in a notice from the Administrative
Agent, (and the Administrative Agent shall promptly provide notice thereof to the Lenders).

 

Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i)
of notification that such notice or communication is available and identifying the website address therefor.

 

    166

     

    

 

In no event shall the Administrative Agent
or any Lender have any liability to the Borrowers or any other Person for damages of any kind (whether in tort contract or otherwise)
arising out of any transmission of communications through the internet, except in the case of direct damages, to the extent such
damages are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the willful
misconduct or gross negligence of such relevant Person.

 

(c)         
Documents to be Delivered under Sections 5.01 and 5.02. For so long as an IntralinksTM or equivalent
website is available to each of the Lenders hereunder, each Borrower may satisfy its obligation to deliver documents to the Administrative
Agent or the Lenders under Sections 5.01 and 5.02 by delivering either an electronic copy in the manner specified in
Section 9.01(b) or a notice identifying the website where such information is located for posting by the Administrative Agent on
IntralinksTM or such equivalent website; provided that the Administrative Agent shall have no responsibility to maintain
access to IntralinksTM or an equivalent website.

 

SECTION 9.02.         
Waivers; Amendments.

 

(a)         
No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent, any Issuing Bank or any
Lender 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 Administrative Agent, the
Issuing Banks and the Lenders 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 Borrower therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section, 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 making
of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative
Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.

 

(b)         
Amendments to this Agreement. 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 applicable Borrowers and the Required Lenders or by
the applicable Borrowers and the Administrative Agent with the consent of the Required Lenders (it being understood that in no
event will any waiver, amendment or modification apply to any Borrower without the prior written consent of such Borrower); provided
that, no such agreement shall:

 

(i)           
increase the Commitment of any Lender without the written consent of such Lender,

 

(ii)          
reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable
hereunder, without the written consent of each Lender directly affected thereby,

 

    167

     

    

 

(iii)        
postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon,
or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration
of any Commitment, without the written consent of each Lender directly affected thereby,

 

(iv)         change Section 2.17(b), (c) or (d) in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender directly adversely affected thereby,

 

(v)         
change any of the provisions of this Section or the definition of the term “Required Lenders” or any other provision
hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender,

 

(vi)         other than as permitted by this Agreement, the applicable Guarantee and Security Agreement or any other applicable Loan
Document, release all or substantially all of the Collateral from the Lien created under such Guarantee and Security Agreement
or release all or substantially all of the Obligors from their obligations as Subsidiary Guarantors thereunder, without the written
consent of each Lender, or

 

(vii)        amend the definition of “Applicable Percentage”, “Applicable Dollar Percentage” or “Applicable
Multicurrency Percentage”, without the written consent of each Lender directly affected thereby;

 

provided further that (x) no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative Agent or any Issuing Bank hereunder without the prior
written consent of the Administrative Agent or such Issuing Bank, as the case may be and (y) the consent of Lenders holding
not less than two-thirds of the holders of the total Revolving Credit Exposures with respect to the applicable Borrower and unused
Subcommitments with respect to such Borrower will be required for any adverse change (from the Lenders’ perspective) affecting
the provisions of this Agreement solely relating to the calculation of the Borrowing Base of such Borrower (excluding changes to
the provisions of Section 5.12(b)(iii) or (iv), but including changes to the provisions of Section 5.12(c)(ii) and the
definitions set forth in Section 5.13) unless otherwise expressly provided herein.

 

For purposes of this Section, the “scheduled
date of payment” of any amount shall refer to the date of payment of such amount specified in this Agreement, and shall not
refer to a date or other event specified for the mandatory or optional prepayment of such amount. In addition, whenever a waiver,
amendment or modification requires the consent of a Lender “affected” thereby, such waiver, amendment or modification
shall, upon consent of such Lender, become effective as to such Lender whether or not it becomes effective as to any other Lender,
so long as the Required Lenders consent to such waiver, amendment or modification as provided above.

 

    168

     

    

 

Anything in this Agreement to the contrary
notwithstanding, no waiver or modification of any provision of this Agreement or any other Loan Document that could reasonably
be expected to adversely affect the Lenders of any Class in a manner that does not affect all Classes equally shall be effective
against the Lenders of such Class unless the Required Lenders of such Class shall have concurred with such waiver, amendment or
modification as provided above; provided, however, in no other circumstances shall the concurrence of the Required
Lenders of a particular Class be required for any waiver, amendment or modification of any provision of this Agreement or any other
Loan Document.

 

(c)         
Amendments to Security Documents. Except to the extent otherwise expressly set forth in the applicable Guarantee
and Security Agreement or the other Loan Documents, no Security Document nor any provision thereof may be waived, amended or modified,
nor may the Liens granted under such Guarantee and Security Agreement be spread to secure any additional obligations (excluding
(x) any increase in the Loans made to any Borrower and Letters of Credit issued on behalf of any Borrower hereunder pursuant to
a Commitment Increase under Section 2.07(e), (y) any increase in any Other Secured Indebtedness permitted hereunder and (z)
the spreading of such Liens to any Designated Indebtedness or Hedging Agreement Obligations (as such terms are defined in the applicable
Guarantee and Security Agreement) as provided for in the applicable Guarantee and Security Agreement) except pursuant to an agreement
or agreements in writing entered into by the applicable Borrower and the Collateral Agent with the consent of the Required Lenders;
provided that, except as otherwise expressly permitted by the Loan Documents to which the applicable Borrower is a party,
(i) without the written consent of each Lender, no such agreement shall release all or substantially all of the members of
any Borrower’s Obligor Group from their respective obligations under the Security Documents to which such Borrower or any
other member of its Obligor Group is a party and (ii) without the written consent of each Lender, no such agreement shall
release all or substantially all of the collateral security or otherwise terminate all or substantially all of the Liens under
the Security Documents to which such Borrower or any other member of its Obligor Group is a party, alter the relative priorities
of the obligations entitled to the Liens created under the Security Documents to which such Borrower or any other member of its
Obligor Group is a party (except in connection with securing additional obligations equally and ratably with the Loans made to
such Borrower and other obligations of such Borrower hereunder) with respect to all or substantially all of the collateral security
provided thereby, or release all or substantially all of the guarantors under the Guarantee and Security Agreement to which such
Borrower is a party from their guarantee obligations thereunder, except that, in each case described in clause (i) or (ii), no
such consent shall be required, and the Administrative Agent is hereby authorized (and so agrees with each Borrower) to direct
the Collateral Agent under the Guarantee and Security Agreement to which such Borrower is a party (in addition to the rights of
such parties under the Guarantee and Security Agreement to which such Borrower is a party), to (1) release any Lien covering
property (and to release any such guarantor) that is the subject of either a disposition of property permitted hereunder or a disposition
to which the Required Lenders or the required number or percentage of Lenders have consented (and such Lien shall be released automatically
to the extent provided in Section 10.03 of the Guarantee and Security Agreement to which such Borrower is a party), (2) release
from any Guarantee and Security Agreement any “Subsidiary Guarantor” (and any property of such Subsidiary Guarantor)
that is designated as a “Designated Subsidiary” by the applicable Borrower, becomes an Excluded Asset or an Immaterial
Subsidiary of the applicable Borrower in accordance with this Agreement or is otherwise no longer required to be a “Subsidiary
Guarantor” of such Borrower (including, without limitation, because it ceases to be consolidated on the applicable Borrower’s
financial statements) and, so long as (A) after giving effect to any such release under this clause (2) (and any concurrent
acquisition of Portfolio Investments by such Borrower or payment of outstanding Loans made to such Borrower), the Covered Debt
Amount of such Borrower does not exceed the Borrowing Base of such Borrower and such Borrower delivers a certificate of a Financial
Officer of such Borrower to such effect to the Administrative Agent, (B) either (I) the amount of any excess availability
under the Borrowing Base of such Borrower immediately prior to such release is not diminished as a result of such release or (II) the
Borrowing Base of such Borrower immediately after giving effect to such release is at least 110% of the Covered Debt Amount
of such Borrower and (C) no Event of Default has occurred and is continuing with respect to such Borrower and (3) release
from any Guarantee and Security Agreement any Obligor (and any property of such Obligor) that is concurrently being joined as an
Obligor under any other Guarantee and Security Agreement in connection with a transaction permitted hereunder.

 

    169

     

    

 

(d)         
Replacement of Non-Consenting Lender. If, in connection with any proposed change, waiver, amendment, consent, discharge
or termination to any of the provisions of this Agreement requiring (i) the consent of “each Lender” or “each
Lender affected thereby” or (ii) the consent of “two-thirds of the holders of the total Revolving Credit Exposures
with respect to the applicable Borrower and unused Subcommitments with respect to such Borrower” that has been approved by
the Required Lenders, the consent of one or more Lenders whose consent is required for such proposed change, waiver, amendment,
consent, discharge or termination is not obtained, or if any Lender shall decline to consent to the addition of a “Borrower”
pursuant to Section 9.19, then (so long as no Event of Default has occurred and is continuing with respect to any Borrower) the
Borrowers shall have the right, at their sole cost and expense, to replace each such non-consenting Lender or Lenders with one
or more replacement Lenders pursuant to Section 2.19(b) so long as at the time of such replacement, each such replacement
Lender consents to the proposed change, waiver, discharge, termination or addition.

 

SECTION 9.03.         
Expenses; Indemnity; Damage Waiver.

 

(a)         
Costs and Expenses. Each Borrower shall, severally and not jointly, pay (solely with respect to obligations owed
by such Borrower and on behalf of such Borrower, and not with respect to obligations owed by or on behalf of any other Borrower)
(i) all reasonable and documented out-of-pocket expenses incurred with respect to such Borrower by the Administrative Agent and
its Affiliates (with respect to legal fees, limited to the reasonable and documented out-of-pocket fees, charges and disbursements
of one outside counsel for the Administrative Agent and its Affiliates collectively) (whether or not the transactions contemplated
hereby or thereby shall be consummated), subject to any limitation previously agreed in writing, (ii) all reasonable and documented
out-of-pocket expenses incurred by the applicable Issuing Bank in connection with the issuance, amendment, renewal or extension
of any Letter of Credit on behalf of such Borrower or any demand for payment by such Borrower thereunder, (iii) all reasonable
and documented out-of-pocket expenses incurred with respect to such Borrower by the Administrative Agent, the applicable Issuing
Bank or any Lender (with respect to legal fees, limited to the documented fees, charges and disbursements of one outside counsel
(and, in the case of an actual conflict of interest where the Administrative Agent, the applicable Issuing Bank or any Lender affected
by such conflict informs such Borrower of such conflict and thereafter retains its own counsel, another firm of counsel for any
such affected Person) for the Administrative Agent, the applicable Issuing Bank and any Lender collectively), in connection with
the enforcement or protection of such Person’s respective rights in connection with this Agreement and the other Loan Documents
to which such Borrower or any other member of its Obligor Group is a party, including its rights under this Section, or in connection
with the Loans made to such Borrower or Letters of Credit issued on behalf of such Borrower hereunder, including all such documented
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect thereof and (iv) and all reasonable
and documented out-of-pocket costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration,
recording or perfection of any security interest in such Borrower’s assets contemplated by any Security Document to which
such Borrower or any other member of its Obligor Group is a party or any other document referred to therein. All amounts payable
under this paragraph (a) that are not attributable solely to a specific Borrower (as a result of such payment obligations arising
out of Borrowings of such Borrower or breaches or violation by such Borrower of the terms hereof or of applicable law) shall be
the several obligations of all Borrowers, allocated on a Pro-Rata Basis or otherwise as equitably allocated among the Borrowers
and notified to the Administrative Agent by each of the Borrowers.

 

    170

     

    

 

(b)         
Indemnification by the Borrowers. Each Borrower shall, severally and not jointly (solely with respect to and on behalf
of such Borrower, and not with respect to or on behalf of any other Borrower), indemnify the Administrative Agent, the applicable
Issuing Bank, each Joint Lead Arranger and each Lender, and each Related Party of any of the foregoing Persons (with respect to
a Borrower, each such Person being called an “Indemnitee”) against, and hold each Indemnitee of such Borrower
harmless from, any and all losses, claims, damages, liabilities and related expenses (with respect to legal fees, limited to the
reasonable and documented out-of-pocket fees, charges and disbursements of one outside counsel (and, in the case of an actual conflict
of interest where the Indemnitee affected by such conflict informs such Borrower of such conflict and thereafter retains its own
counsel, another firm of counsel for any such affected Indemnitee) for the Indemnitees collectively (other than the allocated costs
of internal counsel)), incurred by or asserted against any Indemnitee of such Borrower arising out of, in connection with, or as
a result of (i) the execution or delivery by such Borrower of this Agreement or any agreement or instrument contemplated hereby
to which such Borrower or any other member of its Obligor Group is a party, the performance by the parties hereto of their respective
obligations hereunder owed by or to or otherwise arising with respect to such Borrower or the consummation of the Transactions
to which such Borrower or any other member of its Obligor Group is a party or any other transactions contemplated hereby to which
such Borrower or any other member of its Obligor Group is a party, (ii) any Loan made to such Borrower or Letter of Credit
issued on behalf of such Borrower or the use by such Borrower of the proceeds received by such Borrower therefrom (including any
refusal by the applicable Issuing Bank to honor a demand for payment under a Letter of Credit issued on behalf of such Borrower
if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or (iii) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
tort or any other theory and regardless of whether any Indemnitee of such Borrower is a party thereto, in each case of this paragraph
(b), solely to the extent directly related to such Borrower or, if relating to more than one Borrower (or to no specific Borrower),
each relevant Borrower shall be responsible for its proportionate share of any such amounts determined in accordance with the respective
allocations of the Subcommitments hereunder or as the relevant Borrowers may otherwise agree; provided that such indemnity
shall not, as to any Indemnitee of such Borrower, be available to the extent that such losses, claims, damages, liabilities or
related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from
(A) the bad faith, willful misconduct or gross negligence of such Indemnitee, (B) a claim brought by such Borrower or
such other Obligor against such Indemnitee for material breach of such Indemnitee’s obligations under this Agreement or the
other Loan Documents to which such Borrower or any other member of its Obligor Group is a party, if there has been a final and
nonappealable judgment against such Indemnitee on such claim as determined by a court of competent jurisdiction or (C) a claim
arising as a result of a dispute between Indemnitees of such Borrower (other than (x) any dispute involving claims against the
Administrative Agent, the applicable Issuing Bank, any Joint Lead Arranger or any Lender, in each case in their respective capacities
as such, and (y) claims arising out of any act or omission by such Borrower or its Affiliates). This Section 9.03(b) shall not
apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

    171

     

    

 

No Borrower shall be liable to any Indemnitee
for any special, indirect, consequential or punitive damages arising out of, in connection with, or as a result of the Transactions
to which such Borrower is a party asserted by any Indemnitee against any Borrower or any other member of its Obligor Group, provided
that the foregoing limitation shall not be deemed to impair or affect the obligations of any Borrower under the preceding provisions
of this subsection.

 

(c)         
Reimbursement by Lenders. To the extent that any Borrower fails to pay any amount required to be paid by it to the
Administrative Agent or the applicable Issuing Bank under paragraph (a) or (b) of this Section, each Lender severally
agrees to pay to the Administrative Agent or the applicable Issuing Bank, as the case may be, such Lender’s Applicable Percentage
or Applicable Multicurrency Percentage, as applicable, with respect to such Borrower (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified
loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent
or the applicable Issuing Bank in its capacity as such.

 

(d)         
Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, no party hereto shall assert, and
each party hereto hereby waives, any claim against any other party (or any Related Party to such party), on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof, provided that nothing contained in this sentence shall
limit any Borrower’s indemnification obligations under Section 9.03 to the extent such special, indirect consequential or
punitive damages are included in any third party claim in connection with which any Indemnitee is entitled to indemnification thereunder.

 

(e)         
Payments. All amounts due under this Section shall be payable promptly after written demand therefor.

 

    172

     

    

SECTION
9.04.  Successors and Assigns.

 

(a)       Assignments
Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit),
except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder (which, for the avoidance
of doubt, shall not include the reallocation of any Subcommitments between Borrowers hereunder) without the prior written consent
of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii)
no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section (and any
attempted assignment or transfer by any Lender which is not in accordance with this Section shall be treated as provided in the
last sentence of Section 9.04(b)(iii)). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any
Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby, the Related Parties of each of
the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason
of this Agreement.

 

(b)       Assignments
by Lenders.

 

(i)       Assignments
Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more assignees all or
a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans and LC
Exposure at the time owing to it), provided that, following any such assignment, the Lenders shall hold the same percentage
of Subcommitments, Loans and LC Exposure across all Borrowers (and the same percentage of Commitments as Subcommitments).

 

Notwithstanding
anything to the contrary contained herein, each Borrower’s consent shall be required with respect to an assignment to any
Disqualified Lender unless an Event of Default under clause (a), (b), (i), (j) or (k) of Article VII has occurred and is continuing
with respect to such Borrower, provided that the foregoing shall not limit the consent rights with respect to an assignment
to any Disqualified Lender of any Borrower for which an Event of Default under clause (a), (b), (i), (j) or (k) of Article VII
has not occurred or is not continuing.

 

(ii)       Certain
Conditions to Assignments. Assignments shall be subject to the following additional conditions:

 

(A)       prior
written consent (such consent not to be unreasonably withheld or delayed) of:

 

(1)       each
Borrower; provided, that no consent of a Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender,
or, if an Event of Default under clause (a), (b), (i), (j) or (k) of Article VII has occurred and is continuing with respect to
such Borrower, any other assignee; provided further, that a Borrower shall be deemed to have consented to any such assignment
unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received written
notice thereof; and

 

    173 

     

    

(2)       the
Administrative Agent and the Issuing Banks; provided no consent of the Administrative Agent or the Issuing Banks shall be required
for an assignment by a Lender to a Lender or an Affiliate of a Lender with prior written notice by such assigning Lender to the
Administrative Agent and the Issuing Banks;

 

(B)       except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans to all Borrowers and LC Exposure with respect to all Borrowers of a Class, the amount of the
Commitment of such Class of the assigning Lender subject to each such assignment (determined as of the date the Assignment and
Assumption in substantially the form of Exhibit A hereto with respect to such assignment is delivered to the Administrative Agent)
shall not be less than U.S. $5,000,000 unless the Borrowers and the Administrative Agent otherwise consent; provided that
no such consent of a Borrower shall be required if an Event of Default under clause (a), (b), (i), (j) or (k) of Article VII has
occurred and is continuing with respect to such Borrower;

 

(C)       each
partial assignment of any Class of Commitments (or any related Revolving Credit Exposure) shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement in respect of such Class of
Commitments, including a ratable portion of the Loans, the applicable LC Exposure and the Subcommitments with respect to each
Borrower;

 

(D)       the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of U.S. $3,500 (which fee shall not be payable in connection with an assignment to a Lender or
to an Affiliate of a Lender) (for which no Obligor shall be obligated); and

 

(E)       the
assignee, if it shall not already be a Lender of the applicable Class, shall deliver to the Administrative Agent an Administrative
Questionnaire.

 

(iii)       Effectiveness
of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section, from and after the
effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released
from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits of Sections 2.14, 2.15, 2.16 and 9.03 with respect to facts and circumstances occurring prior to the effective date
of such assignment). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with paragraph (e) of this Section.

 

    174 

     

    

(c)       Maintenance
of Register by Administrative Agent. The Administrative Agent, acting for this purpose as an agent of each Borrower, shall
maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and the Subcommitments of, principal amount (and
stated interest) of the Loans of and LC Disbursements owing to, each Lender with respect to such Borrower pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and each Borrower, the Administrative Agent, the Issuing Banks and the Lenders may treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice
to the contrary. The Register shall be available for inspection by any Borrower, any Issuing Bank and any Lender, at any reasonable
time and from time to time upon reasonable prior notice. The Administrative Agent agrees to provide any Borrower with official
copies of the Register upon reasonable request.

 

(d)       Acceptance
of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the
information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.

 

    175 

     

    

(e)       Participations.
Any Lender may, with the consent of the Borrowers (such consent not to be unreasonably withheld or delayed), sell participations
to one or more banks or other entities other than a Disqualified Lender (a “Participant”) in all or a portion
of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion of
its Commitments and the Loans and LC Disbursements owing to it); provided that, following any such sale of participations,
the Participants shall hold the same percentage of Subcommitments, Loans and LC Exposure across all Borrowers (and the same percentage
of Commitments as Subcommitments); provided further, that a Borrower shall be deemed to have consented to any such sale
unless it shall object thereto by written notice to such Lender (with copy to the Administrative Agent) within 5 Business Days
after having received notice thereof; and (i) such Lender’s obligations under this Agreement and the other Loan Documents
shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations, (iii) each Borrower, the Administrative Agent, each Issuing Bank and the other Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other
Loan Documents and (iv) consent of a Borrower shall not be required for (A) a participation to a Lender, an Affiliate of a Lender,
or if an Event of Default has occurred and is continuing with respect to such Borrower or (B) if such Participant does not have
the right to receive any non-public information that may be provided pursuant to this Agreement and the Lender selling such participation
agrees with the Borrowers at the time of the sale of such participation that it will not deliver any non-public information to
such Participant. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification
or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described
in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (f) of this Section, each Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were
a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section (subject to the requirements and
limitations therein, including the requirements under Sections 2.16(e), (f) and (g) (it being understood that the documentation
required under these paragraphs shall be delivered to the participating Lender)). Each Lender that sells a participation agrees,
at the applicable Borrower’s request and expense, to use reasonable efforts to cooperate with such Borrower to effectuate
the provisions of Section 2.19 with respect to any Participant. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 9.08 as though it were a Lender; provided such Participant agrees to be subject to
Section 2.17(d) as though it were a Lender hereunder. Each Lender that sells a participation shall, acting solely for this purpose
as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and
the principal amounts (and stated interest) of each Participant’s interest in the Commitments, Subcommitments, Loans, Letters
of Credit or other obligations under the Loan Documents (the “Participant Register”) and shall not have any
obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant’s interest in any Commitments, Subcommitments, Loans, Letters of Credit or its other obligations
under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment,
Subcommitments, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations or Section 1.163-5(b) of the proposed United States Treasury Regulations. The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant
Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

 

(f)       Limitations
on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.14, 2.15 or
2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrowers’ prior written consent. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Borrowers
are notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply
with Section 2.16 as though it were a Lender and in the case of a Participant claiming exemption for portfolio interest under
Section 871(h) or 881(c) of the Code, the applicable Lender shall provide the Borrowers with satisfactory evidence that the participation
is in registered form and shall permit the Borrowers to review such register as reasonably needed for the Borrowers to comply
with their respective obligations under applicable laws and regulations. Each Participant agrees to be subject to the provisions
of Section 2.19 as if it were an assignee under paragraph (b) of this Section.

 

    176 

     

    

(g)       Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any other central bank
having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder
or substitute any such assignee for such Lender as a party hereto.

 

(h)       No
Assignments or Participations to Natural Persons, the Borrowers or Affiliates or Certain Other Persons. Anything in this Section
to the contrary notwithstanding, no Lender may (i) assign or participate any interest in any Loan made to any Borrower or LC Exposure
with respect to any Borrower held by it hereunder to any natural person (or a holding company, investment vehicle or trust for,
or owned and operated for the primary benefit of, a natural person) or to any Borrower or any of their respective Affiliates or
Subsidiaries (including, without limitation, their respective Designated Subsidiaries) without the prior consent of each Lender
or (ii) assign any interest in any Subcommitment, Loan or LC Exposure held by it hereunder to any Person known by such Lender
at the time of such assignment to be a Defaulting Lender, a Subsidiary of a Defaulting Lender or a Person who, upon consummation
of such assignment would be a Defaulting Lender.

 

(i)       Multicurrency
Lenders. Any assignment by a Multicurrency Lender, so long as no Event of Default has occurred and is continuing with respect
to any Borrower, must be to a Person that is able to fund and receive payments on account of each outstanding Agreed Foreign Currency
at such time without the need to obtain any authorization referred to in clause (c) of the definition of “Agreed Foreign
Currency”.

 

(j)       Certain
Matters Relating to Disqualified Lenders. The Administrative Agent shall not be responsible or have liability for, or have
any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Lenders.
Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or
inquire as to whether any Lender is a Disqualified Lender or (y) have any liability with respect to or arising out of any assignment
or participation of Loans, or disclosure of confidential information, to any Disqualified Lender. The list of Disqualified Lenders
will be made available by the Administrative Agent to any Lender, participant or potential Lender or participant upon request.

 

    177 

     

    

SECTION
9.05.  Survival. All covenants, agreements, representations and warranties made by each Borrower herein and in
the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been
relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans
to such Borrower and issuance of any Letters of Credit on behalf of such Borrower, regardless of any investigation made by any
such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had
notice or knowledge of any Default with respect to such Borrower or incorrect representation or warranty made by such Borrower
at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued
interest on any Loan made to such Borrower or any fee or any other amount payable by such Borrower under this Agreement is outstanding
and unpaid or any Letter of Credit issued on behalf of such Borrower is outstanding and so long as the Subcommitments of such
Borrower have not expired or terminated. The provisions of Sections 2.14, 2.15, 2.16 and 9.03 and Article VIII shall survive and
remain in full force and effect regardless of the consummation of the transactions contemplated hereby to which such Borrower
or any other member of its Obligor Group is a party, the repayment of the Loans made to such Borrower, the expiration or termination
of the Letters of Credit issued on behalf of such Borrower and the Subcommitments of such Borrower or the termination of this
Agreement or any provision hereof with respect to such Borrower.

 

SECTION
9.06.  Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)       Counterparts;
Integration; Effectiveness; Electronic Execution. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to
the Administrative Agent constitute the entire contract between and among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as
provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and
when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each
of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. Delivery of an executed counterpart of a signature page to this Agreement by telecopy or e-mail shall
be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)       Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION
9.07.  Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

    178 

     

    

SECTION
9.08.  Right of Setoff. If an Event of Default shall have occurred and be continuing with respect to a Borrower,
each Lender, each Issuing Bank and each of their respective Affiliates is hereby authorized at any time and from time to time,
to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final, in whatever Currency) at any time held and other obligations at any time owing by such Lender, such Issuing Bank or
any such Affiliate to or for the credit or the account of such Borrower against any of and all the obligations of such Borrower
now or hereafter existing under this Agreement or any other Loan Document held by such Lender, such Issuing Bank or their respective
Affiliates, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations
may be contingent or unmatured, or are owed to a branch, office or Affiliate of such Lender different from the branch, office
or Affiliate holding such deposit or obligated on such Indebtedness of such Borrower. The rights of each Lender, each Issuing
Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of
setoff) which such Lender, such Issuing Bank or such Affiliate may have; provided that in the event that any Defaulting
Lender exercises any such right of setoff, (a) all amounts so set off will be paid over immediately to the Administrative Agent
for further application in accordance with the provisions of Section 2.18 and, pending such payment, will be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks
and the Lenders and (b) the Defaulting Lender will provide promptly to the Administrative Agent a statement describing in reasonable
detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees promptly
to notify the applicable Borrower after any such set-off and application made by such Lender; provided further, that the
failure to give such notice shall not affect the validity of such set-off and application.

 

SECTION
9.09.  Governing Law; Jurisdiction; Etc.

 

(a)       Governing
Law. This Agreement and the other Loan Documents shall be construed in accordance with and governed by the law of the State
of New York.

 

(b)       Submission
to Jurisdiction. Each party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property,
to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States
District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each
of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative
Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against
any Borrower or its properties in the courts of any jurisdiction.

 

    179 

     

    

(c)       Waiver
of Venue. Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court.

 

(d)       Service
of Process. Each party to this Agreement (i) irrevocably consents to service of process in the manner provided for notices
in Section 9.01 and (ii) agrees to the extent permitted by applicable law that service as provided in the manner provided for
notices in Section 9.01 is sufficient to confer personal jurisdiction over such party in any proceeding in any court and otherwise
constitutes effective and binding service in every respect. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by law.

 

SECTION
9.10.  WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

SECTION
9.11.  Judgment Currency. This is an international loan transaction in which the specification of Dollars or any
Foreign Currency, as the case may be (the “Specified Currency”), and payment in New York City or the country
of the Specified Currency, as the case may be (the “Specified Place”), is of the essence, and the Specified
Currency shall be the currency of account in all events relating to Loans denominated in the Specified Currency. The payment obligations
of any Borrower under this Agreement shall not be discharged or satisfied by an amount paid in another currency or in another
place, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on conversion to the Specified Currency
and transfer to the Specified Place under normal banking procedures does not yield the amount of the Specified Currency at the
Specified Place due hereunder. If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder
in the Specified Currency into another currency (the “Second Currency”), the rate of exchange that shall be
applied shall be the rate at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified
Currency with the Second Currency on the Business Day next preceding the day on which such judgment is rendered. The obligation
of each Borrower, severally and not jointly, in respect of any such sum due from such Borrower to the Administrative Agent or
any Lender hereunder or under any other Loan Document to which such Borrower or any other member of its Obligor Group is a party
(in this Section called an “Entitled Person”) shall, notwithstanding the rate of exchange actually applied
in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by such Entitled Person
of any sum adjudged to be due from such Borrower hereunder in the Second Currency such Entitled Person may in accordance with
normal banking procedures purchase and transfer to the Specified Place the Specified Currency with the amount of the Second Currency
so adjudged to be due; and such Borrower hereby, severally and not jointly with any other Borrower, and as a separate obligation
and notwithstanding any such judgment, agrees to indemnify such Entitled Person against, and to pay such Entitled Person on demand,
in the Specified Currency, the amount (if any) by which the sum originally due from such Borrower to such Entitled Person in the
Specified Currency hereunder exceeds the amount of the Specified Currency so purchased and transferred.

 

    180 

     

    

SECTION
9.12.  Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting,
this Agreement. None of the Joint Lead Arrangers or Syndication Agent shall have any responsibility under this Agreement.

 

SECTION
9.13.  Treatment of Certain Information; Confidentiality.

 

(a)       Treatment
of Certain Information. Each Borrower acknowledges that from time to time financial advisory, investment banking and other
services may be offered or provided to such Borrower or one or more of its Subsidiaries (in connection with this Agreement or
otherwise) by any Lender or by one or more subsidiaries or affiliates of such Lender and such Borrower hereby authorizes each
Lender to share any information delivered to such Lender by such Borrower and its Subsidiaries pursuant to this Agreement, or
in connection with the decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood
that any such subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section
as if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans, the expiration or termination of
the Letters of Credit and the Commitments or the Subcommitments or the termination of this Agreement or any provision hereof.

 

    181 

     

    

(b)       Confidentiality.
Each of the Administrative Agent, the Collateral Agent, the Lenders, the Joint Lead Arrangers and the Issuing Banks agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates
and to its Related Parties (it being understood (A) that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential to the same extent as provided in this paragraph
(b) and (B) it will be responsible for any breach of the terms of this paragraph by the Persons to whom it disclosed any Information
pursuant to this clause (i) other than any Person who has agreed in writing with the applicable Borrower to separately maintain
the confidentiality of such Information) on a confidential and need-to-know basis, (ii) to the extent requested by any regulatory
authority with competent jurisdiction over it or its Affiliates (including any self-regulatory authority), (iii) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process (provided that, except in the case of any
ordinary course examination by a regulatory, self-regulatory or governmental agency, it will use its commercially reasonable efforts
to notify the applicable Borrower of any such disclosure prior to making such disclosure to the extent permitted by applicable
law, rule or regulation), (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under
any other Loan Document to which the applicable Borrower or any other member of its Obligor Group is a party or any action or
proceeding relating to this Agreement or any other Loan Document to which the applicable Borrower or any other member of its Obligor
Group is a party or the enforcement of rights against the applicable Borrower hereunder or thereunder, (vi) subject to an agreement
containing provisions substantially the same as those of this Section, to (w) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement; provided that, such Person would
be permitted to be an assignee or participant pursuant to the terms hereof and such Person is not a Disqualified Lender, (x) any
actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the applicable Borrower
and their respective obligations, (y) any rating agency in connection with rating the applicable Borrower or its Subsidiaries
or the Loans made to such Borrower or credit insurance provider with respect to such Borrower or (z) the CUSIP Service Bureau
or any similar organization, (vii) with the consent of the Borrowers or (viii) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender,
any Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source other than any Borrower or their
respective Affiliates and is not actually known by it to be in breach of any other Person’s confidentiality obligations
to the applicable Borrower.

 

For
purposes of this Section, “Information” means, with respect to a Borrower, all information provided by FS/KKR Advisor
(or any new or successor investment advisor, investment co-advisor and/or investment sub-advisor not otherwise prohibited under
this Agreement), such Borrower or any of its Subsidiaries relating to FS/KKR Advisor (or any new or successor investment advisor,
investment co-advisor and/or investment sub-advisor not otherwise prohibited under this Agreement), such Borrower or any of its
Subsidiaries or any of their respective businesses or any portfolio investment (including Portfolio Investments and including
the Value of such Portfolio Investments), other than any such information that is available to the Administrative Agent, the Collateral
Agent any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by FS/KKR Advisor (or any new or successor
investment advisor, investment co-advisor and/or investment sub-advisor not otherwise prohibited under this Agreement), such Borrower
or any of its Subsidiaries, and is not actually known by it to be in breach of any other Person’s confidentiality obligations
to such Borrower; provided that, in the case of information received from FS/KKR Advisor (or any new or successor investment
advisor, investment co-advisor and/or investment sub-advisor not otherwise prohibited under this Agreement), such Borrower or
any of its Subsidiaries after the Restatement Effective Date, such information shall be deemed confidential at the time of delivery
unless clearly identified therein as nonconfidential until the first date that any Lender provides notice to the Administrative
Agent and the Borrowers that such Lender does not have the right to receive any non-public information that may be provided pursuant
to this Agreement, after which date such information shall be clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.

 

    182 

     

    

SECTION
9.14.  USA PATRIOT Act. Each Lender hereby notifies each Borrower that pursuant to the requirements of the USA
PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it is required to obtain, verify and record information
that identifies such Borrower, which information includes the name and address of such Borrower and other information that will
allow such Lender to identify such Borrower in accordance with said Act.

 

SECTION
9.15.  Acknowledgment and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents
to, and acknowledges and agrees to be bound by:

 

(a)       the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)       the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)        a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable
Resolution Authority.

 

SECTION
9.16.  No Fiduciary Duty. Each Lender and their Affiliates (collectively, solely for purposes of this paragraph,
the “Lenders”), may have economic interests that conflict with those of each Borrower and the other members
of such Borrower’s Obligor Group, their respective stockholders and/or their respective affiliates. Each Borrower and each
such other Obligor agree that nothing in this Agreement or the Loan Documents to which such Borrower or such other Obligor is
a party or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty
between any Lender, on the one hand, and such Borrower or such other Obligor, their respective stockholders or their respective
affiliates, on the other. Each Borrower and each such other Obligor acknowledges and agrees that (i) the transactions contemplated
by the Loan Documents to which such Borrower or any other member of its Obligor Group is a party (including the exercise of rights
and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and
such Borrower and such other Obligors, on the other, and (ii) solely in connection therewith and solely with the process leading
thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of such Borrower, such other Obligor, their
respective stockholders or their respective affiliates with respect to the transactions contemplated hereby to which such Borrower
or any other member of its Obligor Group is a party (or the exercise of rights or remedies with respect thereto) or the process
leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise such Borrower, such other
Obligor, their respective stockholders or their respective affiliates on other matters) or any other obligation to such Borrower
or such other Obligor except the obligations expressly set forth in the Loan Documents to which such Borrower or any other member
of its Obligor Group is a party and (y) each Lender is acting hereunder solely as principal and not as the agent or fiduciary
of such Borrower or such other Obligor, their respective management, stockholders or creditors, or any other Person. Each Borrower
and each such other Obligor acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it
deemed appropriate and that it is responsible for making its own independent judgment with respect to the transactions contemplated
by the Loan Documents to which such Borrower or any other member of its Obligor Group is a party and the process leading thereto.
Each Borrower and each such other Obligor agrees that it will not claim that any Lender has rendered advisory services hereunder
of any nature or respect, or owes a fiduciary or similar duty to such Borrower or such other Obligor, solely in connection with
the transactions contemplated by the Loan Documents to which such Borrower or any other member of its Obligor Group is a party
or the process leading thereto.

 

    183 

     

    

SECTION
9.17.  Termination. With respect to each Borrower, promptly upon the earlier to occur of the Release Date with
respect to a Borrower and the Facility Termination Date, the Administrative Agent shall direct the Collateral Agent to, on behalf
of the Administrative Agent, the Collateral Agent and the Lenders, deliver to such Borrower such termination statements and releases
and other documents necessary or appropriate to evidence the release of such Borrower from this Agreement, the Loan Documents
to which such Borrower or any other member of its Obligor Group is a party, and each of the documents securing the obligations
of such Borrower (and, in the case of the Facility Termination Date, with respect to each of the foregoing, the termination thereof)
hereunder as such Borrower may reasonably request, all at the sole cost and expense of such Borrower.

 

SECTION
9.18.  Limited Recourse. The Administrative Agent, the Collateral Agent, each Issuing Bank and each Lender hereby
acknowledge and agree that any obligations of any Borrower and the other members of its Obligor Group arising in connection herewith
shall be limited in all cases to such Borrower (or its successor in a Borrower Merger), such other Obligors and their respective
assets, and none of the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender shall seek satisfaction of
any such obligation from the shareholders of such Borrower, from any other Borrower or any of its respective Subsidiaries (except
with respect to a Borrower Merger in which such other Borrower or its Subsidiaries are the Surviving Obligors), or from the shareholders
of any other Borrower or from any other Person, nor shall the Administrative Agent, the Collateral Agent, any Issuing Bank or
any Lender seek satisfaction of any such obligation from any trustee, officer or director of any Borrower or any of its respective
Subsidiaries. Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge and agree that the fees,
expenses and charges incurred by any Borrower hereunder may be reallocated from time to time among the Borrowers on a reasonable
basis (unless another basis is required by applicable law) as agreed by the applicable Borrowers and notified to the Administrative
Agent in writing (but, for clarity, no such reallocation shall relieve any applicable Borrower from its obligations hereunder
in respect of such fees, expenses and charges hereunder until they have been fully paid as a consequence of such reallocation).

 

    184 

     

    

SECTION
9.19.  Designation of Additional Borrowers. Any closed-end fund that has elected to be regulated as a “business
development company” within the meaning of the Investment Company Act and qualifies as a RIC, for which FS/KKR Advisor is
the investment advisor and that is not already a party under this Agreement may from time to time become a Borrower hereunder
with the consent of the existing Borrowers, the Administrative Agent, each Issuing Bank and each Lender, by executing and delivering
to the Administrative Agent a Joinder Agreement, and such new Borrower shall concurrently deliver such proof of corporate or other
action, incumbency of officers, opinions of counsel, and other documents, in each case, as is consistent with those delivered
by a Borrower pursuant to Section 4.01 upon the Original Effective Date or as the Administrative Agent shall have reasonably requested.
Upon the designation of any additional Borrower, the allocations of the Subcommitments, Loans and LC Exposure among each of the
Borrowers shall be reallocated subject to and in accordance with the terms and conditions set forth in Section 2.07(g).

 

SECTION
9.20.  Borrower Merger. Notwithstanding that the consummation of a Borrower Merger may be undertaken in discrete
steps, the order of such events shall not result in any Default or Event of Default hereunder so long as the Surviving Obligors
are otherwise in compliance with the terms of this Agreement and the other Loan Documents immediately after the consummation of
such Borrower Merger. Upon the consummation of a Borrower Merger,

 

(a)       the
obligations of each Non-Surviving Obligor in respect of any Subcommitments, Loans, Letters of Credit, indemnities and fees and
expenses owed by it shall be deemed assumed by the Surviving Obligors in such Borrower Merger,

 

(b)       each
Subsidiary of a Non-Surviving Borrower that becomes a Subsidiary of the Surviving Borrower shall be deemed a Subsidiary Guarantor
of the Surviving Borrower to the extent such Subsidiary was a Subsidiary Guarantor of the Non-Surviving Obligor immediately prior
to the consummation of such Borrower Merger (and shall enter into such document, certificate and agreement, and take such actions
as required by Section 5.08(a)), and

 

(c)       each
Non-Surviving Obligor shall be released from all representations, warranties and covenants made by it hereunder or under any other
Loan Document and such Non-Surviving Obligor shall no longer be deemed a “Borrower”, a “Subsidiary Guarantor”
or an “Obligor”, as applicable, for any purpose hereunder or under the other Loan Documents and, to the extent any
provision of this Agreement (other than Sections 6.03(e)) or any other Loan Document would be violated or breached by such Non-Surviving
Obligor (or any non-compliance by such Non-Surviving Obligor with any such provision would result in a Default or Event of Default)
as a result of the consummation of such Borrower Merger, such provision shall be deemed modified with respect to such Non-Surviving
Obligor to the extent necessary to give effect to such Borrower Merger.

 

    185 

     

    

SECTION
9.21.          Certain ERISA Matters.    (a) Each Lender (x) represents and
warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender
party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each
Joint Lead Arranger and their respective Affiliates, that at least one of the following is and will be true:

 

(i)       such
Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans
in connection with the Loans, the Letters of Credit, the Subcommitments or the Commitments,

 

(ii)       the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to, and covers, such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Subcommitments, the
Commitments and this Agreement, and the conditions for exemptive relief thereunder are and will continue to be satisfied in connection
therewith,

 

(iii)       (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part
VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter
into, participate in, administer and perform the Loans, the Letters of Credit, the Subcommitments, the Commitments and this Agreement,
(C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Subcommitments,
the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to
the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Subcommitments,
the Commitments and this Agreement, or

 

(iv)       such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)       In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not
provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a),
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt,
to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, or any Joint Lead Arranger
or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the
reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related
to hereto or thereto).

 

    186 

     

    

(c)       The
Administrative Agent, and each Joint Lead Arranger hereby informs the Lenders that each such Person is not undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby,
and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
(i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Subcommitments, the Commitments
and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit, the Subcommitments or the Commitments
for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender
or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise,
including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency
fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees,
deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage
or other early termination fees or fees similar to the foregoing.

 

SECTION
9.22.  Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support “QFC
Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows
with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and
Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws
of the State of New York and/or of the United States or any other state of the United States):

 

    187 

     

    

In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event
a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of
the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported
QFC or any QFC Credit Support.

 

SECTION
9.23.  Amendment and Restatement. On the Restatement Effective Date, the Existing Credit Facility
shall be amended and restated in its entirety by this Agreement, and the Existing Credit Facility shall thereafter be of no further
force and effect. It is the intention of each of the parties hereto that the Existing Credit Facility be amended and restated
hereunder so as to preserve the perfection and priority of all Liens securing the “Secured Obligations” under the
Loan Documents and that all “Secured Obligations” of each Borrower and the other members of its Obligor Group hereunder
shall continue to be secured by Liens evidenced under the applicable Security Documents, and that this Agreement does not constitute
a novation or termination of the Indebtedness and obligations existing under the Existing Credit Facility. Unless specifically
amended hereby, each of the Loan Documents shall continue in full force and effect and, from and after the Restatement Effective
Date, all references to the “Credit Agreement” contained therein shall be deemed to refer to this Agreement.

 

[Signature
pages follow]

 

    188 

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as
of the day and year first above written.

	 	 	 
	 	FS KKR CAPITAL CORP.
	 	 	 
	 	By:	/s/ William
    Goebel
	 	 	Name: William Goebel
	 	 	Title: Chief Accounting Officer

	 	 	 
	 	FS KKR CAPITAL CORP. II
	 	 	 
	 	By:	/s/ William
    Goebel
	 	 	Name: William Goebel
	 	 	Title: Chief Accounting Officer

  

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

    as Administrative Agent, an Issuing Bank and a Lender
	 	 	 
	 	By:	/s/ Alfred
    Chi
	 	 	Name: Alfred Chi
	 	 	Title: Vice President

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	ING CAPITAL LLC, as Collateral Agent,
    an Issuing Bank and a Lender
	 	 	 
	 	By:	/s/ Patrick
    Frish
	 	 	Name: Patrick Frish
	 	 	Title: Managing Director

 

	 	 	 
	 	By:	/s/ Dominik
    Breuer
	 	 	Name: Dominik Breuer
	 	 	Title: Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	BANK OF MONTREAL, as an Issuing
    Bank and a Lender
	 	 	 
	 	By:	/s/ Michael
    Orphanides
	 	 	Name: Michael Orphanides
	 	 	Title: Managing Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	TRUIST BANK, as an Issuing Bank
    and a Lender
	 	 	 
	 	By:	/s/ Hays
    Wood
	 	 	Name: Hays Wood
	 	 	Title: Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	MUFG UNION BANK, N.A., as a Lender
	 	 	 
	 	By:	/s/ Jeanne
    Horn
	 	 	Name: Jeanne Horn
	 	 	Title: Managing Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	Sumitomo Mitsui Banking Corp., as
    an Extending Lender
	 	 	 
	 	By:	/s/ Glenn
    Autorino
	 	 	Name: Glenn Autorino
	 	 	Title: Managing Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

 

	 	 	 
	 	Mizuho Bank Ltd., as an Extending
    Lender
	 	 	 
	 	By:	/s/ Donna
    DeMagistris
	 	 	Name: Donna DeMagistris
	 	 	Title: Authorized Signatory

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	HSBC Bank USA, N.A., as a Lender
	 	 	 
	 	By:	/s/ Richard
    Harris
	 	 	Name: Richard Harris
	 	 	Title: Director, Financial Sponsors Group

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

 

	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender
	 	 	 
	 	By:	/s/ Chris
    Choi
	 	 	Name: Chris Choi
	 	 	Title: Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	Citibank, N.A., as a Lender
	 	 	 
	 	By:	/s/ Erik
    Andersen
	 	 	Name: Erik Andersen
	 	 	Title: Vice President

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	Credit Suisse AG, Cayman Islands
    Branch, as an Extending Lender
	 	 	 
	 	By:	/s/ Doreen
    Barr
	 	 	Name: Doreen Barr
	 	 	Title: Authorized Signatory

	 	 	 
	 	By:	/s/ Komal
    Shah
	 	 	Name: Komal Shah
	 	 	Title: Authorized Signatory

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	INDUSTRIAL AND COMMERCIAL BANK OF
    CHINA, NEW YORK BRANCH, as an Extending Lender
	 	 	 
	 	By:	/s/ Charles
    Inkeles
	 	 	Name: Charles Inkeles
	 	 	Title: Executive Director

	 	 	 
	 	By:	/s/ Jeffrey
    Roth
	 	 	Name: Jeffrey Roth
	 	 	Title: Executive Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	ROYAL BANK OF CANADA, as an Extending
    Lender
	 	 	 
	 	By:	/s/ Glenn
    Van Allen
	 	 	Name: Glenn Van Allen
	 	 	Title: Authorized Signatory

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	GOLDMAN SACHS BANK USA, as an Extending
    Lender
	 	 	 
	 	By:	/s/ Ryan
    Durkin
	 	 	Name: Ryan Durkin
	 	 	Title: Authorized Signatory

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	STATE STREET BANK AND TRUST COMPANY,
    as an Extending Lender
	 	 	 
	 	By:	/s/ John
    Doherty
	 	 	Name: John Doherty
	 	 	Title: Vice President

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	BARCLAYS BANK PLC, as an Extending
    Lender
	 	 	 
	 	By:	/s/ Ronnie
    Glenn
	 	 	Name: Ronnie Glenn
	 	 	Title: Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.,
    as an Extending Lender
	 	 	 
	 	By:	/s/ Michael
    King
	 	 	Name: Michael King
	 	 	Title: Vice President

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	Societe Generale, as an Extending
    Lender
	 	 	 
	 	By:	/s/ Nick
    Heptinstall
	 	 	Name: Nick Heptinstall
	 	 	Title: Managing Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH,
    as an Extending Lender
	 	 	 
	 	By:	/s/ Annie
    Chung
	 	 	Name: Annie Chung
	 	 	Title: Director
	 	 	Annie.Chung@db.com
	 	 	+1-212-250-6375

	 	 	 
	 	By:	/s/ Ming
    K. Chu
	 	 	Name: Ming K. Chu
	 	 	Title: Director
	 	 	Ming.K.Chu@db.com
	 	 	+1-212-250-5451

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	Cadenze Bank, N.A., as an Extending
    Lender
	 	 	 
	 	By:	/s/ Donald
    G. Prestons
	 	 	Name: Donald G. Prestons
	 	 	Title: Senior Vice President

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	CIT Bank, N.A., as a Non-Extending
    Lender
	 	 	 
	 	By:	/s/ Robert
    L. Klein
	 	 	Name: Robert L. Klein
	 	 	Title: Director

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
    as a Lender
	 	 	 
	 	By:	/s/ Jenny
    Maloney
	 	 	Name: Jenny Maloney
	 	 	Title: Vice President

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	BNP Paribas, as an Extending Lender
	 	 	 
	 	By:	/s/ Warren
    Eckstein
	 	 	Name: Warren Eckstein
	 	 	Title: Managing Director
	 	 	 
	 	 	Telephone Number: 917-690-9900

	 	 	 
	 	BNP Paribas, as an Extending Lender
	 	 	 
	 	By:	/s/ Yelizaveta
    Shabetayev
	 	 	Name: Yelizaveta Shabetayev
	 	 	Title: Director
	 	 	 
	 	 	Telephone Number: 917-362-0004

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	Stifel Bank & Trust, as an Extending
    Lender
	 	 	 
	 	By:	/s/ Joseph
    L. Sooter, Jr.
	 	 	Name: Joseph L. Sooter, Jr.
	 	 	Title: Senior Vice President

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	United Community Bank d/b/a Seaside
    Bank and Trust, as a Non-Extending Lender
	 	 	 
	 	By:	/s/ David
    E. Robinson
	 	 	Name: David E. Robinson
	 	 	Title: Regional Credit Officer

 

[Senior
Secured Revolving Credit Agreement]

 

    

     

    

 

	 	 	 
	 	LIBERTY BANK, Middletown, CT, as
    a Non-Extending Lender
	 	 	 
	 	By:	/s/ Brian
    P. Rice
	 	 	Name: Brian P. Rice
	 	 	Title: Vice President, Special Assets Officer

 

[Senior
Secured Revolving Credit Agreement]Exhibit 10.1
FULL AND FINAL SETTLEMENT AND RELEASE AGREEMENT 
THIS FULL AND FINAL SETTLEMENT AND RELEASE AGREEMENT (“Agreement”) is entered into as of December 23, 2020 (“Effective Date”) by and among Dimension Energy Services, LLC (“Dimension”), Sunbelt Tractor & Equipment Company (“Sunbelt”), Sanchez Oil & Gas Corporation (“Sanchez O&G”), Mesquite Energy, Inc. f/k/a Sanchez Energy Corporation (“MEI”), Sanchez Midstream Partners LP (“SNMP”), Seco Pipeline, LLC (“Seco”), and Sanchez Midstream Partners GP, LLC (“SNMGP”).  Dimension, Sunbelt, Sanchez O&G, SNMP, Seco, SNMGP, and MEI may be referred to together as the “Parties.”  
​
WHEREAS, the Parties acknowledge that bona fide disputes and controversies exist between them, both as to liability and the amount thereof, arising out of work performed by Dimension and materials and equipment provided by Sunbelt on the SECO Pipeline in Webb and LaSalle Counties, Texas (the “Project”), the subject matter of which is more fully set forth in the pleadings in the cases styled: 
​
		●	No. 2017-85247, Dimension Energy Services, LLC v. Sanchez Oil & Gas Corporation, et al., in the 165th Judicial District Court of Harris County, Texas; 	

​
		●	No. 2018-CVI-001651D1, Sunbelt Tractor & Equipment Company v. Dimension Energy Services, LLC, et al., in the 49th Judicial District Court of Webb County, Texas; 	

​
		●	No. 2018CVI0011651D1-A, Sunbelt Tractor & Equipment Company v. Dimension Energy Services, LLC, in the 49th Judicial District Court of Webb County, Texas; and 	

​
		●	No. 18-08-00177-CVL, Sunbelt Tractor & Equipment Company v. Dimension Energy Services, LLC, et al., in the 81st Judicial District Court of La Salle County, Texas 	

​
(collectively, the “Lawsuits”), which pleadings are incorporated herein by reference.  In addition, the Parties acknowledge that Dimension and Sunbelt have filed certain affidavits asserting liens against the Project’s oil, gas, pipeline, and other mineral property that encompasses the Project which is more specifically described in the affidavits (the “Lien Affidavits”), and that certain other of Dimension’s subcontractors, suppliers, vendors, and/or other third parties have either filed Lien Affidavits claiming liens on the Project, or have asserted claims and/or brought suit for unpaid work performed or materials supplied for the Project (“Third Party Claims”).
​
WHEREAS, the Parties wish to compromise and settle all disputes and claims arising out of or related to the Project, the Lawsuits, and the Lien Affidavits.  It is understood between the Parties that Dimension, Sanchez O&G, MEI, and SNMP have expressly denied, and continue to deny all material allegations made against them in the Lawsuits, and nothing in this Agreement shall be construed as an admission of liability by any Party, all such liability being expressly denied.
​
NOW, THEREFORE, in consideration of the recitals specified above, the mutual covenants, promises, undertakings and agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby agreed to and acknowledged, the Parties, with intent to be legally obligated hereunder, do hereby agree as follows: 

1

	1.	SNMP agrees to pay or cause to be paid, and Dimension agrees to accept, One Million Two Hundred and Ninety-Six Thousand Dollars ($1,296,000.00) (the “Dimension Settlement Amount”), in full and final compromise and settlement of any and all claims made by Dimension against Sanchez O&G, MEI, and/or SNMP in connection with the Lawsuits, the Project, the Lien Affidavits, and the Third Party Claims.  The Dimension Settlement Amount shall be paid by wire transfer on or before December 30, 2020 to the IOLTA account of attorneys for Dimension set forth below, to be held in trust pending satisfaction of the requirements of paragraph 3 of this Agreement:

​
U.S. Bank National Association
800 Nicollet Mall
Minneapolis, MN 55402
ABA Routing Number: 091000022
Account Number: 1602-3010-8765
Account Name: Dorsey & Whitney LLP Trust Account
Message: Dimension Energy Services – 513199
​
	2.	SNMP agrees to pay or cause to be paid, and Sunbelt agrees to accept, Three Hundred and Fifty-Four Thousand Dollars ($354,000.00) (the “Sunbelt Settlement Amount”), in full and final compromise and settlement of any and all claims made by Sunbelt against Dimension, Sanchez O&G, MEI, and/or SNMP in connection with the Lawsuits, the Project, the Lien Affidavits, and the Third Party Claims.  The Sunbelt Settlement Amount shall be paid on or before December 30, 2020 to the IOLTA account of attorneys for Sunbelt, to be held in trust pending satisfaction of the requirements of paragraph 4 of this Agreement:

​
Compass Bank – Houston
ABA Routing Number: 113010547
Account Number: 36223421
Account Name: Timothy R. Ploch, P.C.
Message: Sunbelt Tractor & Equipment Company/Dimension 8584
​
	3.	Within ten (10) days of receipt of the Dimension Settlement Amount as set forth in paragraph 1, Dimension shall furnish Sanchez O&G, MEI, and SNMP with lien releases for all Lien Affidavits filed by Dimension in connection with the Project and/or the Lawsuits.  

​
	4.	Within ten (10) days of receipt of the Sunbelt Settlement Amount as set forth in paragraph 2, Sunbelt shall furnish Sanchez O&G, MEI, and SNMP with lien releases for all Lien Affidavits filed by Sunbelt in connection with the Project and/or the Lawsuits.  

​
	5.	Within two (2) days of receipt of the Dimension Settlement Amount as set forth in paragraph 1, Dimension shall withdraw all proofs of claim, including, but not limited to Claim Numbers 73, 74, and 75, that Dimension filed against Sanchez Energy Corporation in Bankruptcy Case No. 19-34508, In re Sanchez Energy Corporation, et al.  

​
	6.	The following release is effective immediately upon payment of the Dimension Settlement Amount by SNMP in accordance with paragraph 1 of this Agreement:

​
		a.	Dimension, on behalf of itself and its present and former affiliates, representatives, officers, directors, managers, owners, subsidiaries and parent corporations, predecessors, successors and assigns, employees, partners, members, shareholders, attorneys and agents acting on its behalf, 

2

			hereby irrevocably and unconditionally RELEASES, ACQUITS, and FOREVER DISCHARGES Sanchez O&G, MEI, and SNMP, and each of their past, present, and future owners, parent entities, members, officers, directors, managers, subsidiaries, attorneys, agents, employees, representatives, advisors, affiliates, partners, predecessors and successors in interest, assigns, benefit plans, any other persons or firms for whose acts or omissions Sanchez O&G, MEI, and/or SNMP could be legally responsible, (collectively, the “Sanchez Released Parties”), and Sunbelt and each of its past, present, and future owners, parent entities, members, officers, directors, subsidiaries, attorneys, agents, employees, representatives, advisors, affiliates, partners, predecessors and successors in interest, assigns, benefit plans, any other persons or firms for whose acts or omissions Sunbelt could be legally responsible, (collectively, the “Sunbelt Released Parties”) from any and all charges, demands, complaints, claims, liens, obligations, liabilities, or causes of action, known or unknown, fixed or contingent, liquidated or unliquidated, that Dimension had, now has, might have had, or might have in the future against the Sanchez Released Parties or the Sunbelt Released Parties as of the execution date of this Agreement arising out of or related to the Lawsuits, the Project, and the Lien Affidavits, whether or not asserted in the Lawsuits.  

​
	7.	The following release is effective immediately upon payment of the Sunbelt Settlement Amount by SNMP in accordance with paragraph 1 of this Agreement:

​
		a.	Sunbelt, on behalf of itself and its present and former affiliates, representatives, officers, directors, managers, owners, subsidiaries and parent corporations, predecessors, successors and assigns, employees, partners, members, shareholders, attorneys and agents acting on its behalf, hereby irrevocably and unconditionally RELEASES, ACQUITS, and FOREVER DISCHARGES Dimension, Sanchez O&G, MEI, SNMP, Seco, SNMGP, and each of their past, present, and future owners, parent entities, members, officers, directors, managers, subsidiaries, attorneys, agents, employees, representatives, advisors, affiliates, partners, predecessors and successors in interest, assigns, benefit plans, any other persons or firms for whose acts or omissions Dimension, Sanchez O&G, MEI, SNMP, Seco, or SNMGP could be legally responsible, (collectively, the “Defendant Released Parties”), from any and all charges, demands, complaints, claims, judgments, liens, obligations, liabilities, or causes of action, known or unknown, fixed or contingent, liquidated or unliquidated, that Sunbelt had, now has, might have had, or might have in the future against the Defendant Released Parties as of the execution date of this Agreement arising out of or related to the Lawsuits, the Project, and the Lien Affidavits, whether or not asserted in the Lawsuits.  

​
	8.	The following release is effective immediately upon receipt of the Lien Releases in accordance with paragraphs 3 and 4 of this Agreement:

​
		a.	With regard to the Lien Releases in paragraph 3, Sanchez O&G, MEI, and SNMP, on behalf of themselves and their present and former affiliates, representatives, officers, directors, managers, owners, subsidiaries and parent corporations, predecessors, successors and assigns, employees, partners, members, shareholders, attorneys and agents acting on their behalf, hereby irrevocably and unconditionally RELEASE, ACQUIT, and FOREVER DISCHARGE Dimension, and each of its past, present, and future owners, parent entities, members, officers, directors, managers, 

3

			subsidiaries, attorneys, agents, employees, representatives, advisors, affiliates, partners, predecessors and successors in interest, assigns, benefit plans, any other persons or firms for whose acts or omissions Dimension could be legally responsible, (collectively, the “Dimension Released Parties”), from any and all charges, demands, complaints, claims, liens, obligations, liabilities, or causes of action, known or unknown, fixed or contingent, liquidated or unliquidated, that Sanchez O&G, MEI, and/or SNMP had, now has, might have had, or might have in the future against the Dimension Released Parties as of the execution date of this Agreement arising out of or related to the Lawsuits, the Project, and the Lien Affidavits, whether or not asserted in the Lawsuits.   

​
		b.	With regard to the lien releases in paragraph 4, Sanchez O&G, MEI, SNMP, Seco, and SNMGP, on behalf of themselves and their present and former affiliates, representatives, officers, directors, owners subsidiaries and parent corporations, predecessors, successors and assigns, employees, partners, members, shareholders, attorneys and agents acting on their behalf, hereby irrevocably and unconditionally RELEASE, ACQUIT, and FOREVER DISCHARGE Sunbelt, and the Sunbelt Released Parties from any and all charges, demands, complaints, claims, liens, obligations, liabilities, or causes of action, known or unknown, fixed or contingent, liquidated or unliquidated, that Sanchez O&G, MEI, SNMP, Seco, and/or SNMGP  had, now has, might have had, or might have in the future against the Sunbelt Released Parties as of the execution date of this Agreement arising out of or related to the Lawsuits, the Project, and the Lien Affidavits, whether or not asserted in the Lawsuits

​
​
		9.	INDEMNITY - Dimension represents and warrants to Sanchez O&G, MEI, and SNMP that Dimension has not assigned, conveyed, or transferred, or attempted or purported to assign, convey, or transfer, in any manner or degree whatsoever, to any person or entity, any rights, claims or remedies against Sanchez O&G, MEI, and SNMP or any rights, claims or remedies released in this Agreement (the “Dimension Released Claims”).  Dimension covenants and agrees not to sue any Released Party in any court or tribunal and not to file or aid in the institution or prosecution of any action, lawsuit, or cause of action (whether by direct action, counterclaim, cross claim, or interpleader) regarding any of the Dimension Released Claims, and that it is forever barred from asserting or bringing or aiding in the bringing of any claim asserting a Dimension Released Claim.  

​
Dimension also represents to Sanchez O&G, MEI, and SNMP that upon receipt of the Lien Releases set forth in Paragraph 3 of this Agreement, there are no liens, interests, demands for payments, or subrogation rights possibly enforceable against the proceeds of this settlement or against Sanchez O&G, MEI, and/or SNMP in connection with this settlement, the Project, or the Lawsuits.  If any such Dimension Released Claim, lien, interests or subrogation rights, whether known or unknown as of the execution of this Agreement, are asserted against the settlement proceeds, the Project, or against Sanchez O&G, MEI, and/or SNMP in connection with this settlement, then, in consideration of the obligations provided herein, Dimension covenants to defend, indemnify and hold harmless Sanchez O&G, MEI, and SNMP for any costs, expenses, reasonable attorney’s fees, claims, actions or judgments resulting from the assertion or enforcement of such Dimension Released Claim, lien, interest, or subrogation right of whatever nature or character which may be asserted by any person, firm, corporation, or entity claiming by, through, or under Dimension, in any manner arising from the Lawsuits, the Project, or the Lien Affidavits. 
​

4

ThESE indemnity provisionS applY even if such claims, demands, judgments, actions, or causes of action, were caused in whole or in part by any act, omission, negligence, gross negligence, malice, intentional conduct, violation of statute or common law, violation of any regulation, or any conduct by or on BEHALF OF ANY OF THE PERSONS OR ENTITIES INDEMNIFIED HEREUNDER related to or arising out of the WORK PERFORMED BY DIMENSION AND/OR ITS SUBCONTRACTORS, SUPPLIERS, OR VENDORS RELATING TO THE PROJECT. It is the intention of the parties that this indemnity provision shall survive the execution and completion of other obligations in this Agreement, and shall not require any additional payment or consideration as a condition precedent for recovery.
​
		10.	Within ten (10) days of the Effective Date of this Agreement and the disbursement of the Dimension Settlement Amount and the Sunbelt Settlement Amount, the Parties are to file agreed joint motions and orders to dismiss the Lawsuits with prejudice and/or to release any judgment therein.  

      ​
		11.	Within ten (10) days of the Effective Date of this Agreement and the disbursement of the Sunbelt Settlement Amount, Sunbelt agrees to file a release of judgment in the Court from which it obtained its judgment against Dimension, and Sunbelt also agrees to file a release of abstract in every county in which it abstracted its judgment against Dimension. Sunbelt agrees to provide file-marked copies of the release of judgment and releases of abstract to counsel for Dimension.

​
		12.	The Parties agree that all terms of settlement are confidential and shall not be disclosed except: (a) as necessary to comply with a properly served subpoena and Court order; (b) in the case of disclosure to professional advisor(s) and affiliates for financial planning, tax, and/or accounting purposes; (c) for purposes of negotiation and settlement by Dimension of claims by their subcontractors and vendors in connection with this Agreement or the Project; or (d) for purposes of financial, tax, and/or accounting reporting required by applicable governing documents, laws and regulations, but only to the extent necessary to comply with same.  

​
		13.	This Agreement is an integrated agreement that sets forth the entire agreement between the Parties and supersedes any and all prior agreements or understandings between the Parties with regard to the Lawsuits or the Project.  This Agreement may not be modified other than by means of a written agreement signed by all of the Parties.  

​
		14.	Each of the signatories to this Agreement warrants that he/she is authorized and empowered to execute this Agreement.  Dimension represents and warrants that they have not sold, assigned, transferred, or conveyed any of the claims covered by this Agreement.  No representations, warranties, or promises have been relied on by any Party to this Agreement other than as set forth in this Agreement and exhibits.

​
		15.	The Parties shall bear their own costs, expenses, and attorneys’ fees.

​
		16.	In executing this Settlement and Release Agreement, Dimension, Sunbelt, Sanchez O&G, MEI, SNMP, Seco, and SNMGP have relied solely upon their own judgment, belief and knowledge and, to the extent they feel it is necessary, has sought the advice and recommendations of its own independently selected counsel concerning the nature, extent and duration of their rights and claims 

5

			relating thereto, the rights affected by this Agreement, the form and content of this Agreement, and the advisability of entering into and executing the Agreement.   

​
		17.	This Agreement is binding upon, and fully enforceable against, any legal representatives or successors-in-interest of the Parties hereto.

​
		18.	If any provision of this Agreement is held invalid, illegal or unenforceable, such shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable provision had never been contained herein, but only to the extent of its invalidity, illegality or unenforceability.

​
		19.	This Agreement shall be governed by and interpreted in accordance with the laws of the State of Texas without regard to its principles regarding conflicts of laws.   Likewise, any litigation arising out of or pertaining to this Agreement shall only be filed and prosecuted in the appropriate court of Houston, Harris County, Texas, that has subject matter jurisdiction (state or federal), which shall be the exclusive venue for any such litigation.

​
		20.	This Agreement is the product of arms-length negotiations.  This Agreement was jointly drafted by counsel for the Parties, and there shall not be a presumption or construction against any signatory.

​
		21.	It is understood and agreed that the Parties do not intend by this Agreement to make any person or entity a third-party beneficiary, except as specifically and expressly provided for herein.

​
		22.	This Agreement is being executed in multiple counterparts, and each will be considered to be an original.  It shall not be necessary that all signatures appear on any one copy.  Facsimile or electronic signatures shall be accepted as original signatures and shall be fully binding and enforceable on the Parties.

​
[SIGNATURE PAGES FOLLOW]
​
​
​
​

6

​
Dimension Energy Services, LLC
Dated:   12-22-20                                        By:   /s/ David Johnson                                          
       David Johnson
       Chief Executive Officer
​
​
​
Sunbelt Tractor & Equipment Company
Dated:   12/22/2020                                     By:   /s/ Kevin Gully                                              
       Kevin Gully
       President
​
​
Sanchez Oil & Gas Corporation 
​
​​
Dated:   December 22, 2020                       By:   /s/ Alfredo Gutierrez                                    
       Alfredo Gutierrez
       Counsel
​
[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]
​

​

​
Sanchez Midstream Partners LP 
​
Dated:                                                          By: SNMP GP, LLC, Its General Partner
 /s/ Gerald F. Willinger                                   
 Gerald F. Willinger
 Chief Executive Officer
​
Sanchez Midstream Partners GP LLC 
​
​​
Dated:                                                          /s/ Gerald F. Willinger                                    
 Gerald F. Willinger
 Chief Executive Officer
​
Seco Pipeline, LLC
​
​​
Dated:                                                          /s/ Gerald F. Willinger                                    
 Gerald F. Willinger
 Chief Executive Officer
​
​
[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]
​

​

​
Mesquite Energy, Inc. f/k/a Sanchez Energy Corporation
​
​​
Dated:   December 22, 2020                       By:   /s/ Greg B. Kopel                                           
       Gregory B. Kopel
       Executive Vice President, General Counsel &
       Corporate Secretary

​

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]