Document:

SHARE
PURCHASE AGREEMENT

 

June
30, 2019

 

mPhase
Technologies, Inc.

 

 and

 

Alpha
Prediction LLP

 

 and

 

Anuj
Kumar Saxena

 

[As
Listed in Schedule I]

 

    	 	 	 

     

    

 

TABLE
OF CONTENTS

 

	Sr.
    No.	 	Particulars	 	Page
    No.
	1.	 	Definitions
    and Interpretation	 	3
	2.	 	Purchase
    and Sale of Sale Shares	 	8
	3.	 	Conditions
    Precedent	 	9
	4.	 	Pre
    Closing Covenants	 	11
	5.	 	Closing,
    Delivery and Payment	 	11
	6.	 	Representations
    and Warranties	 	13
	7.	 	Indemnification
    and Damages	 	16
	8.	 	Termination	 	17
	9.	 	Miscellaneous.	 	17
	10.	 	Schedule
    I- Promoters and Sale Shares	 	22
	11.	 	Schedule
    II- Shareholding Patters	 	24
	12.	 	Schedule
    III- Purchase Price	 	25
	13.	 	Schedule
    IV- Representations and Warranties	 	26
	14.	 	Schedule
    V- Disclosure Letter Format	 	47

 

    	 	1	 

     

    

 

SHARE
PURCHASE AGREEMENT

 

This
SHARE PURCHASE AGREEMENT (“Agreement”) is entered into on the 30th June 2019, BETWEEN:

 

	(1)	Alpha
    Predictions LLP, a limited liability firm registered in India as per laws governing by ROC and having its registered at
    411, Crossroads, NH-48, Wakad, Pune - 41105 (herein after referred to as the “Company”, and is in conversion
    process of Alpha Predictions LLP to Alpha Predictions Pvt Ltd. (Under Indian Companies act) which expression shall, unless
    repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the FIRST PART;
	 	 
	(2)	mPhase
    Technologies, Inc., a company duly incorporated under the laws of New Jersey, USA and having its registered at 9841 Washingtonian
    Blvd, Suite 390 Gaithersburg MD 20878 USA (herein after referred to as the “Acquirer”, which expression
    shall, unless repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the
    SECOND PART; and
	 	 
	(3)	PROMOTERS,
    the details of whom are provided under Schedule I PART A, hereinafter for the purpose of this Agreement collectively
    referred to as “Promoters/ Sellers” which expression shall, unless repugnant to the context or meaning
    thereof, mean and include their respective legal heirs, successors, legal representatives, administrators, executors and assigns)
    of the THIRD PART.

 

(The
Acquirer, the Promoters/Sellers and the Company shall be individually referred to as a “Party” and collectively
referred to as the “Parties”, as the context may require).

 

R
E C I T A L S

 

WHEREAS:

 

	A.	The
    Company is a limited liability firm engaged in the business of providing technology based products and services in the Learning
    Management Solutions space (“Business”).
	 	 
	B.	Post
    conversion The authorized share capital of the Company will be INR 10,00,000/- (Indian Rupees Ten Lac Only) and divided into
    10,00,000 (Ten Lacs) Equity Shares of INR 1/- (Indian Rupees One Only) each. The issued and paid up share capital of the Company
    is INR. 1,00,000/- (Indian Rupees One Lac only) divided into 1,00,000/- (One Lac) Equity Shares of INR 1/- (Indian Rupees
    One Only) each.
	 	 
	C.	As
    on the Effective Date, the Sellers holds and owns 100% (Hundred percent) Equity (defined below), in the aggregate constituting
    100% of the Share Capital of the Company on a Fully Diluted Basis. The shareholding pattern of the Company as on the Effective
    Date is set out in Schedule II.
	 	 
	D.	Acquirer
    desires to acquire the Sale Shares (Post Conversion) (defined below), constituting of the 99% of the shareholding of
    the Sellers in the Company. Consequently, Acquirer has offered to acquire the Sale Shares from the Sellers and the Sellers
    have agreed to sell and transfer the said Sale Shares (free from all Encumbrances and together with all rights, title and
    interest therein on the terms and conditions set forth in this Agreement) to Acquirer for the Purchase Price (defined below).
	 	 
	E.	The
    Post Conversion Sale Shares shall represent 99% (ninety nine percent) of the Share Capital on a Fully Diluted Basis (defined
    below).
	 	 
	F.	The
    Sellers, the Company, and Acquirer have agreed to make certain representations, warranties, covenants and agreements in connection
    with the transactions contemplated by this Agreement.

 

    	 	2	 

     

    

 

NOW
THEREFORE, in consideration of the above recitals, the representations, warranties, covenants and agreements contained in
this Agreement and for other good and valuable consideration, the receipt and adequacy of which are now acknowledged, the Parties
agree as follows:

 

SECTION
1. DEFINITIONS

 

1.1 Defined
Terms

 

The
terms below have the following meanings when used in this Agreement in capitalised form unless otherwise expressed:

 

	 	a.	“Affiliate”
    of a Person (defined below) (the “Subject Person”) shall mean (i) in the case of any Subject Person other
    than a natural Person, any other Person that, either directly or indirectly through one or more intermediate Persons, Controls
    (as defined below), is Controlled by or is under common Control (defined below) with the Subject Person including without
    limitation any general partner, officer or director of such Person and any venture capital fund now or hereafter existing
    which is Controlled by or under common Control with one or more general partners or shares the same management company with
    such Person, and (ii) in the case of any Subject Person that is a natural Person, shall include any Person which is directly
    Controlled by or is under common Control with the individual, and a Relative (defined below) of such Subject Person.;
	 	 	 
	 	b.	“Agreement”
    or “the Agreement” or “this Agreement” shall mean this Share Purchase Agreement and
    shall include the recitals and/or schedules attached hereto, and the contracts, certificates, disclosures and other documents
    to be executed and delivered pursuant hereto, if any and any amendments made to this Agreement by the Parties in writing.
	 	 	 
	 	c.	“Amended
    and Restated Articles” means the amended and restated articles of association to be adopted by the Company at the
    Closing.
	 	 	 
	 	d.	“Assets”
    means assets or properties of every kind, nature, character and description (whether immovable, movable, tangible, intangible,
    absolute, accrued, fixed or otherwise) as operated, hired, rented, owned or leased by a Person from time to time, including
    cash, cash equivalents, receivables, securities, accounts and note receivables, real estate, plant and machinery, equipment,
    trademarks, brands, other intellectual property, raw materials, inventory, furniture, fixtures and insurance owned or used
    by the Company as of the relevant date.
	 	 	 
	 	e.	“Board”
    or “Board of Directors” shall mean and include the Board of Directors of the Company or any committee thereof,
    as constituted from time to time.
	 	 	 
	 	f.	“Business”
    has the meaning set out in Recital A.
	 	 	 
	 	g.	“Business
    Day” means any day other than a Saturday, a Sunday, a public holiday or a day on which banking institutions in Bangalore,
    India are authorised or obligated by Law to be closed.
	 	 	 
	 	h.	“Claims”
    means any demand, claim, action, cause of action, notice, suit, litigation, prosecution, mediation, arbitration, enquiry,
    assessment or proceeding made or brought by or against a Party, however arising and whether present, unascertained, immediate,
    future or contingent, losses, Liabilities, Damages, costs and expenses, including reasonable legal fees and disbursements
    in relation thereto;

 

    	 	3	 

     

    

 

	 	i.	“Closing”
    shall have the meaning ascribed to it in Section 4.1.
	 	 	 
	 	j.	“Closing
    Date” shall mean the date on which the closing occurs, which shall be or before August 31, 2019.
	 	 	 
	 	k.	“Companies
    Act/Act” means the Companies Act, 1956, to the extent not repealed and the Companies Act, 2013, to the extent notified,
    and all amendments or statutory modifications thereto or re-enactment thereof, except where otherwise expressly provided.
	 	 	 
	 	l.	“Conditions
    Precedent” means the conditions precedent to Acquirer’s purchase of the Sale Shares as set out in this Agreement.
	 	 	 
	 	m.	“Control”
    (including the terms “Controlled” by or under common “Control” with) , as used with respect to any
    Person shall mean the direct or indirect power to direct or cause the direction of the management or policies of any Person,
    whether through the ownership of over 50% (Fifty percent) of the voting power of such Person, by agreement or otherwise or
    through the power to appoint more than half of the board of directors, parties or other individuals or exercising similar
    authority with respect to such entity, through contractual arrangements or otherwise or any or all of the above;
	 	 	 
	 	n.	“Court
    Order” means any Judgment, decision, consent decree, injunction, ruling or order of any Governmental Authority that
    is binding on the Company.
	 	 	 
	 	o.	“Damages”
    means (a) any and all monetary (or where the context so requires, monetary equivalent of) damages, fines, fees, penalties,
    Losses, and out-of-pocket expenses (including without limitation any liability imposed under any award, writ, order, judgment,
    decree or direction passed or made by any Person), (b) subject to applicable Law, any punitive, or other exemplary or extra
    contractual damages payable or paid in respect of any contract, and (c) amounts paid in settlement, interest, court costs,
    costs of investigation, reasonable fees and expenses of legal counsel, accountants, and other experts, and other expenses
    of litigation or of any Claim, default, or assessment.
	 	 	 
	 	p.	“Effective
    Date” means the date of execution of this Agreement.
	 	 	 
	 	q.	“Encumbrance”
    with respect to any property or Asset or securities, shall mean (i) any mortgage, charge (whether fixed or floating), pledge,
    Lien, hypothecation, assignment, deed of trust, security interest, equitable interest, title retention agreement, voting trust
    agreement, commitment, restriction or limitation or other encumbrance of any kind securing, or conferring any priority of
    payment in respect of, any obligation of any Person (defined below), including without limitation any right granted
    by a transaction which, in legal terms, is not the granting of security but which has an economic or financial effect similar
    to the granting of security under applicable Law (defined below), (ii) any voting agreement, interest, option, pre-emptive
    rights, right of first offer, refusal or transfer restriction in favour of any Person (defined below) and (iii) any
    adverse claim as to title, possession or use; “Encumber” and “Encumbered” shall be construed accordingly;
	 	 	 
	 	r.	“Equity
    Share” means ordinary equity share of face value INR 10/- (Indian Rupees Ten only) each in the Company.

 

    	 	4	 

     

    

 

	 	s.	“Fully-Diluted
    Basis” means the total of all classes of shares outstanding on a particular date, combined with all options (whether
    exercised or not), warrants (whether exercised or not), convertible securities of all kinds, any other arrangements relating
    to the Company’s equity, and the effect of any anti-dilution protection regarding previous financings, all on an “as
    if converted” basis where “as if converted” basis means as if such instrument, option or security had been
    converted into Equity Shares;
	 	 	 
	 	t.	“Governmental
    Approval” means a permit, license, consent, approval, certificate, qualification, specification, exemption, registration
    or other authorisation including filing of a notification, report or assessment obtained or to be filed as the case may be
    as per the applicable Laws in India with any governmental, semi-governmental, administrative, fiscal, quasi-judicial or judicial
    body or entity in India;
	 	 	 
	 	u.	“Governmental
    Authority” means any governmental, judicial, quasi-judicial, legislative, executive, administrative or regulatory
    authority of any national, state or local government (including municipal governments), or any ministry, subdivision, agency,
    commission, office, court authority or instrumentality of such body, in any part of the world.
	 	 	 
	 	v.	“Indebtedness”
    means with respect to any Person, all indebtedness of such Person (whether present, future or contingent) and includes without
    limitation (a) all obligations of such Person for borrowed money or with respect to advances of any kind, whether or not evidenced
    by a contract, note, bond, debenture, letter of credit, draft or similar instrument; (b) all obligations of such Person for
    the deferred purchase price of property, goods or services; (c) all indebtedness of others secured by (or for which the holder
    of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Encumbrance on property of such
    Person; (d) all guarantees by such Person; (e) all liabilities or obligations of such Person to pay any sums or amounts whether
    under a contract or otherwise; and (f) that portion of obligations with respect to capital leases that is properly classified
    as a liability on a balance sheet in conformity with Indian GAAP;
	 	 	 
	 	w.	“INR”,
    “Indian Rupees” or “Rupees” means the lawful currency of India.
	 	 	 
	 	x.	“Indemnified
    Party” has the meaning set out in Section 6.1.
	 	 	 
	 	y.	“Indemnifying
    Party” has the meaning set out in Section 6.1.
	 	 	 
	 	z.	“Intellectual
    Property” means collectively or individually, the following worldwide rights relating to intangible property, whether
    or not filed, perfected, registered or recorded and whether now or hereafter existing, filed, issued or acquired: (a) patents,
    patent applications, patent disclosures, patent rights, (b) rights associated with works of authorship, including without
    limitation, copyrights, copyright applications, copyright registrations; (c) rights in trademarks, trademark registrations,
    and applications thereof, trade names, service marks, service names, logos, or trade dress; (d) rights relating to the protection
    of trade secrets and confidential information; (e) internet domain names, Internet and World Wide Web (WWW) URLs or addresses;
    (f) all other intellectual, information or proprietary rights anywhere in the world including rights of privacy and publicity,
    rights to publish information and content in any media.
	 	 	 
	 	aa.	“Judgment”
    means any judgment, writ, order, decree, award or injunction of or by any arbitrator, court, judge, justice or magistrate,
    including any bankruptcy court or judge and any order, ruling or action of or by any Governmental Authority.

 

    	 	5	 

     

    

 

	 	bb.	“Law”
    or “Laws” shall mean any statute, law, regulation, ordinance, rule, Court Order, notification, order, decree,
    bye-law, permits, licenses, approvals, consents, authorisations, government approvals, directives, guidelines, requirements
    or other governmental restrictions, or any similar form of decision of, or determination by, or any interpretation, policy
    or administration, having the force of law of any of the foregoing, by any authority having jurisdiction over the matter in
    question, whether in effect as of the date of this Agreement or thereafter;
	 	 	 
	 	cc.	“Liabilities”
    means with respect to any person any direct or indirect liability, Indebtedness, obligation, expense, deficiency, guaranty
    or endorsement of or by such person of any type, known or unknown, and whether accrued, absolute, contingent, unmatured, matured,
    otherwise due or to become due.
	 	 	 
	 	dd.	“Lien”
    means any Claim, lien, pledge, option, charge, easement, security interest, deed of trust, mortgage, right-of-way, encroachment,
    building restriction, conditional sales agreement, encumbrance or other right of third parties (including rights of pre-emption),
    whether voluntarily incurred or arising by operation of Law, and includes any agreement to give any of the above in the future,
    and any contingent sale or other title retention agreement or Lease in the nature of them.
	 	 	 
	 	ee.	“Long
    Stop Date” shall mean [insert date], or such later date as may be agreed between the Parties;
	 	 	 
	 	ff.	“Losses”
    means any and all losses, Liabilities, Claims, damages, write downs, reductions in value (including reduction in the value
    of the Sale Shares), costs (including costs of any assessment, investigation, defence, settlement or proceedings in respect
    of Tax or any other legal proceedings), expenses (including reasonable legal costs and attorneys’ fees) or other obligations.
	 	 	 
	 	gg.	“Material
    Adverse Effect” shall mean any change or effect (including but not limited to change in applicable Law) that would
    have (or could reasonably be expected to have), or is likely to a materially adverse impact to (a) the business, operations,
    Assets, condition (financial or otherwise), operating results of the Company; or (b) the ability of the Parties to consummate
    the transactions contemplated herein; or (c) the validity, legality or enforceability of the rights or remedies of the Acquirer
    under the Transaction Documents; or (d) any effect resulting from changes in general market, economic, financial, legal or
    political conditions which has an adverse effect on the transactions contemplated in the Transaction Documents;
	 	 	 
	 	hh.	“Person”
    means any individual, firm, company, Governmental Authority, joint venture, association or partnership (whether or not having
    separate legal personality).
	 	 	 
	 	ii.	“Purchase
    Price” means an amount of INR 99,000 (Rupees Ninety Nine Thousand (only) to be paid by Acquirer to the Sellers towards
    the acquisition of the Sale Shares in the manner as provided in Schedule III.
	 	 	 
	 	jj.	“Related
    Party/ies” shall mean in respect of a Person, such Person’s Affiliates, Relatives, associates, Shareholders,
    Directors and senior management personnel (including Affiliates and Relatives of the foregoing), it being agreed that the
    Promoters (and their Affiliates and Relatives) shall in all cases be deemed to be Related Parties of the Company;
	 	 	 
	 	kk.	“Relative”
    shall have the meaning as set forth in Section 2(77) of the Companies Act, 2013;
	 	 	 
	 	ll.	“Sale
    Shares” means 100% Equity held by the Sellers in the manner as provided in Schedule I Part B constituting
    99% of the share capital of the Company on a Fully Diluted Basis.

 

    	 	6	 

     

    

 

	 	mm.	“Shareholders
    Agreement” means the agreement executed between the Company, Acquirer and the Sellers as of the Closing Date or
    to be executed as on 30th June 2019 setting out the terms governing their relationship inter-se;
	 	 	 
	 	nn.	“Shareholders”
    shall mean the shareholders, from time to time, of the Company;
	 	 	 
	 	oo.	“Share
    Purchase” has the meaning set out in Section 2.1.
	 	 	 
	 	pp.	“Tax”
    or “Taxes” means all forms of direct and indirect taxation whatsoever and any levy, charge, impost, duty,
    fee, deduction or withholding that is assessed, levied, imposed or collected by any Governmental Authority, including taxes
    on income, services, wealth, fringe benefits, gross receipts, net proceeds, turnover, payroll, consumption, employment, excise,
    severance, stamp duty, occupation, premium, windfall profits, environmental, value added, minimum alternative, customs duties,
    capital stock, securities, franchise, profits, social security, unemployment, disability, real property, personal property,
    leasing, sales, use, Transfer, licence, registration, advance or estimated tax of any kind whatsoever, including any interest,
    penalty, or addition in connection with it, whether disputed or not.
	 	 	 
	 	qq.	“Transaction
    Documents” means this Agreement and any other agreement, document, certificate, consent, undertaking or instrument
    delivered by the Parties and/or their Affiliates pursuant to or in connection with this Agreement including the Shareholders
    Agreement.
	 	 	 
	 	rr.	“Transfer”
    (including with correlative meaning, the terms “Transferred by” and “Transferability”) shall mean
    to transfer, sell, assign, pledge, hypothecate, create a security interest in or lien on, place in trust (voting or otherwise),
    exchange, gift or transfer by operation of Law or in any other way subject to any Encumbrance or dispose of, whether or not
    voluntarily;

 

1.2 Interpretation.

 

In
this Agreement:

 

	 	a.	Words
    denoting any gender shall be deemed to include all other genders;
	 	 	 
	 	b.	Words
    importing the singular shall include the plural and vice versa, where the context so requires;
	 	 	 
	 	c.	The
    terms “hereof”, “herein”, “hereby”, “hereto” and other derivatives or similar
    words, refer to this entire Agreement or specified Sections of this Agreement, as the case may be;
	 	 	 
	 	d.	Reference
    to the term “Section” or “Schedule” shall be a reference to the specified Section or Schedule of this
    Agreement;
	 	 	 
	 	e.	Any
    reference to “writing” includes printing, typing, lithography and other means of reproducing words in a permanent
    visible form.
	 	 	 
	 	f.	The
    term “directly or indirectly” means directly or indirectly through one or more intermediary persons or through
    contractual or other legal arrangements, and “direct or indirect” shall have correlative meanings;
	 	 	 
	 	g.	All
    headings and sub-headings of Sections and Schedules, and use of bold typeface are for convenience only and shall not affect
    the construction or interpretation of any provision of this Agreement;

 

    	 	7	 

     

    

 

	 	h.	Reference
    to any legislation or Law or to any provision thereof shall include references to any such Law as it may, after the Effective
    Date, from time to time, be amended, supplemented or re-enacted, and any reference to statutory provision shall include any
    subordinate legislation made from time to time under that provision;
	 	 	 
	 	i.	Reference
    to the word “include” or “including” shall be construed without limitation;
	 	 	 
	 	j.	The
    Schedules hereto shall constitute an integral part of this Agreement;
	 	 	 
	 	k.	Terms
    defined in this agreement shall include their correlative terms;
	 	 	 
	 	l.	Time
    is of the essence in the performance of the Parties’ respective obligations. If any time period specified herein is
    extended, such extended time shall also be of essence;
	 	 	 
	 	m.	References
    to the knowledge, information, belief or awareness of any Person shall be deemed to include the knowledge, information, belief
    or awareness of such Person after examining all information which would be expected or required from a Person of ordinary
    prudence;
	 	 	 
	 	n.	The
    Parties acknowledge that they and their respective counsel have read and understood the terms of this Agreement and have participated
    equally in the negotiation and drafting. No provisions of this Agreement shall be interpreted in favour of, or against, any
    Party by reason of the extent to which such Party or its counsel participated in the drafting hereof or by reason of the extent
    to which any such provision is inconsistent with any prior draft hereof;
	 	 	 
	 	o.	All
    references to this Agreement or any other Transaction Document shall be deemed to include any amendments or modifications
    to this Agreement or the relevant Transaction Document, as the case may be, from time to time;
	 	 	 
	 	p.	Reference
    to days, months and years are to calendar days, calendar months and calendar years, respectively, unless defined otherwise
    or inconsistent with the context or meaning thereof; and
	 	 	 
	 	q.	Any
    word or phrase defined in the recitals or in the body of this Agreement as opposed to being defined in Section 1.1 shall have
    the meaning so assigned to it, unless the contrary is expressly stated or the contrary clearly appears from the context.

 

SECTION
2. PURCHASE AND SALE OF sale
SHARES

 

	2.1	Subject
    to the satisfaction or waiver of the Conditions Precedent immediately prior to Closing, Acquirer shall, on the Closing Date,
    purchase from the Sellers and the Sellers shall sell o Acquirer, as the legal and beneficial owner, the Sale Shares free and
    clear from all Encumbrances and together with all rights, title, interest and benefits appertaining thereto (the “Share
    Purchase”), for the Purchase Price paid by the Acquirer to the Sellers in the manner as provided in Schedule
    III.
	 	 
	2.2	The
    Sellers hereby agree and warrant that pursuant to the receipt of the Purchase Price from Acquirer on the Closing Date, the
    title of the Sale Shares, shall pass on to the Acquirer, free of all Encumbrances whatsoever and together with all legal rights
    and advantages now and hereafter attaching or accruing thereto, so that the Acquirer will upon the Transfer of the Sale Shares
    in its name, receive full legal and beneficial ownership thereof.

 

    	 	8	 

     

    

 

	2.3	Execution
    Date Deliverables. Simultaneously with the execution of this Agreement on the Effective Date:

 

	 	a.	the
    Company shall deliver to the Acquirer a copy certified by a duly authorized director of the Company, of the resolutions duly
    passed by the Board, approving the execution by the Company of the Transaction Documents;
	 	 	 
	 	b.	Each
    of the Sellers shall have executed and delivered to the Acquirer and the Company, a copy of a notarized power of attorney,
    authorizing to execute this Agreement and any other agreements to be entered pursuant to Transaction Documents, to which they
    are a party, on their behalf and binding all other Sellers; and
	 	 	 
	 	c.	the
    Acquirer shall deliver to the Company and Sellers certified by a duly authorized director of the Company, of the resolutions
    duly passed by the Board, approving the execution by the Company of the Transaction Documents.

 

	2.4	The
    Parties shall do or cause to be done all such further acts, deeds, matters and things and execute such further documents and
    papers as may be reasonably required to give effect to sale and Transfer of the Sale Shares under the Agreement.

 

SECTION
3.CONDITIONS PRECEDENT

 

	3.1	Sellers’
    Conditions Precedent to Closing. The obligations of the Acquirer to purchase and pay for the Sale Shares on Closing
    Date are subject to the satisfaction, or waiver in writing by the Acquirer at or prior to the Closing, of the following conditions.

 

	 	a.	Compliance
    with obligations. The Company and the Sellers shall have performed and complied in all respects with all agreements, obligations
    and conditions contained in the Agreement that are required to be performed or complied with on or before Closing and shall
    have obtained all approvals, consents and qualifications necessary to complete the sale and purchase of the Sale Shares;
	 	 	 
	 	b.	Consents
    and Waivers. The Sellers or the Company (as the case may be) will have obtained all necessary consents, waivers and no-objections
    in writing from any Person as may be required under any applicable Law or contract or otherwise for the execution, delivery
    and performance of the Transaction Documents, including without limitation, Consents, waivers and no-objections;
	 	 	 
	 	c.	No
    Proceedings. No administrative, investigatory, judicial, quasi-judicial or arbitration proceedings shall have been brought
    by any Person seeking to enjoin, or seek Damages from any party in connection with the sale and purchase of the Sale Shares,
    and no order, injunction, or other action shall have been issued, pending or threatened, which involves a challenge or seeks
    to or which prohibits, prevents, restrains, restricts, delays, makes illegal or otherwise interferes with the consummation
    of any of the transactions contemplated under the Agreement and the Transaction Documents;
	 	 	 
	 	d.	Capital
    Structure and Shareholding. No change in the capital structure of the Company or shareholding of the Sellers or rights
    attached to the Equity Shares shall have occurred other than pursuant to the Transaction Documents.
	 	 	 
	 	e.	Absence
    of Material Adverse Effect. There shall not have been, on or prior to the Execution Date or as of the Closing Date, any
    event, condition or circumstance of any character that, individually or in the aggregate, constitute(s) or is reasonably expected
    to have a Material Adverse Effect.

 

    	 	9	 

     

    

 

	 	f.	Corporate
    Actions. The Board shall have approved the execution of the Transaction Documents by the Company;
	 	 	 
	 	g.	Execution
    of Transaction Documents. All Transaction Documents, other than this Agreement, shall have been duly executed, stamped
    and delivered by the parties thereto.
	 	 	 
	 	h.	Accuracy
    of Warranties. A certificate, dated as of Closing Date, executed by the Sellers, certifying that the warranties set out
    in Section 5 are true and correct; and

 

	3.2	Acquirer’s
    Conditions Precedent to Closing. The obligations of the Sellers and Company to sell the Sale Shares on Closing Date
    are subject to the satisfaction, or waiver at or prior to the Closing, of the following conditions.

 

	 	a.	Compliance
    with obligations. The Acquirer shall have performed and complied in all respects with all agreements, obligations and
    conditions contained in the Agreement that are required to be performed or complied with on or before Closing and shall have
    obtained all approvals, consents and qualifications necessary to complete the sale and purchase of the Sale Shares;
	 	 	 
	 	b.	Consents
    and Waivers. The Acquirer will have obtained all necessary consents, waivers and no-objections in writing from any Person
    as may be required under any applicable Law or contract or otherwise for the execution, delivery and performance of the Transaction
    Documents, including without limitation, Consents, waivers and no-objections;
	 	 	 
	 	c.	Execution
    of Transaction Documents. All Transaction Documents, other than this Agreement, shall have been duly executed, stamped
    and delivered by the parties thereto.

 

	3.3	Each
    of the Parties shall take all steps necessary to fulfil the Conditions Precedent promptly and expeditiously and in any event
    prior to the Long Stop Date. If any of the Conditions Precedent is not fulfilled, or is not waived, by the Long Stop Date,
    the non-defaulting Party shall have the right, but not the obligation, to terminate this Agreement by written notice to the
    Company and upon issuance of such written notice, this Agreement shall ipso facto terminate, save for any terms of
    this Agreement which are expressly stated to survive the termination of this Agreement.
	 	 
	3.4	Immediately
    upon fulfilment (or waiver on a case to case basis, as applicable) of all the Conditions Precedent, (i) the Sellers and the
    Company shall provide written confirmation of the same (“CP Confirmation Certificate I”) to the Acquirer
    and (ii) the Acquirer shall provide written confirmation (“CP Confirmation Certificate II”) to the Sellers
    and the Company.
	 	 
	3.5	Co-operation.
    The Parties shall co-operate with each other in good faith and provide all requisite assistance for the satisfaction of
    any of the Conditions Precedent upon being reasonably requested to do so by the other Party. If any Party becomes aware of
    anything which will or may prevent any of the Conditions Precedent from being satisfied before the Long Stop Date, the relevant
    Party shall notify the other Party in writing as soon as practicable.

 

    	 	10	 

     

    

 

SECTION
4. pre closing actions

 

	4.1	Between
    the Effective Date and the Closing (the “Interim Period”), except as expressly permitted or required
    by this Agreement or with the prior written consent of the Acquirer, the Company and the Sellers shall:

 

	 	a.	not
    directly or indirectly initiate or engage in discussions or negotiations with any other Person for the purpose of any transactions
    in respect of any Equity Shares or Assets of the Company, including creation of any interest, direct, indirect, current, future
    or contingent, in the Equity Shares or Assets of the Company;
	 	 	 
	 	b.	not
    carry out any action or omission which may affect the proposed transaction under this Agreement or which may reduce or dilute
    the effective shareholding of the Acquirer upon Closing or which may change the shareholding of the Sellers;
	 	 	 
	 	c.	not
    pass any resolution of the Shareholders or Board, which is inconsistent with any provision of, or transactions contemplated
    under, the Transaction Documents;
	 	 	 
	 	d.	carry-on
    the Business only in the ordinary course of business;
	 	 	 
	 	e.	comply
    with all applicable Laws relating to the Business;
	 	 	 
	 	f.	not
    make any amendments to the Memorandum or Articles of the Company except as contemplated in this Agreement; and
	 	 	 
	 	g.	not
    agree or otherwise commit to take any of the actions described in the foregoing sub sections (a) through (f).

 

	4.2	Reporting
    requirements. During the Interim Period, the Company and the Sellers shall promptly advise the Acquirer in writing of
    any event, occurrence, fact, condition, change, development or effect that, individually or in the aggregate, has had or may
    reasonably be expected to have a Material Adverse Effect.
	 	 
	4.3	Access
    to Board Meetings, Properties, Etc. The Sellers and Company shall allow the Acquirer and its representatives to
    have reasonable access until the Closing Date, during normal business hours and upon reasonable notice, to the Company’s
    properties, Books and Records, and other relevant documents.
	 	 
	4.4	No
    Actions to Cause Representations and Warranties to be Untrue. During the Interim Period, except as otherwise expressly
    contemplated in the Transaction Documents or agreed in writing by the Acquirer, the Sellers and Company shall not take, or
    agree or otherwise commit to take, any of the foregoing actions or any other action that if taken would reasonably be expected
    to cause any of the representations or warranties set out in Section 6 to be untrue.

 

SECTION
5.CLOSING, DELIVERY AND PAYMENT

 

	5.1	Closing.
    Subject to the satisfaction or waiver of the Conditions Precedent to Closing, their continued satisfaction or waiver immediately
    prior to Closing and the receipt of CP Confirmation Certificate I by the Acquirer from the Sellers, the Sellers shall Transfer
    and deliver to the Acquirer, and the Acquirer shall, upon reliance on, amongst other things, the representations, warranties
    and undertakings contained in this Agreement, receive and take delivery from the Sellers, all of the right, title and interest
    of the Sellers in the Sale Shares free and clear from all Encumbrances, together with the share certificates and duly stamped
    and executed share transfer forms in relation to the Sale Shares. The Transfer or procurement of the Transfer of the Sale
    Shares by the Sellers to the Acquirer shall constitute the closing of the Share Purchase (“Closing”). The
    Closing shall occur on or before the Closing Date, but not later than the Long Stop Date,
    unless extended by the written agreement of the Parties.

 

    	 	11	 

     

    

 

	5.2	Closing
    Payment and Actions. At Closing, in exchange for the Sale Shares and the delivery or performance by Sellers of all
    those documents, items and actions as may be required to enable the Acquirer to be the legal and registered owner of the Sale
    Shares, the Acquirer shall pay to the Sellers, the Purchase Price by way of pay order or banker’s draft drawn or by
    way of telegraphic transfer to such account(s) as may be notified to the Acquirer in writing at least five (5) Business Days
    prior to the Closing. At Closing the following events shall take place:

 

	 	a.	The
    Sellers shall deliver to the Acquirer the share certificate(s) representing the Sale Shares sold by such Seller, accompanied
    by duly stamped and executed share transfer form (Form SH-7) as prescribed under the Companies Act.
	 	 	 
	 	b.	the
    Company shall and the Sellers shall cause the Company to convene a meeting of the Board for:

 

	 	i.	taking
    on record the duly executed and stamped share transfer forms in respect of the Sale Shares; and
	 	 	 
	 	ii.	approving
    the Share Purchase of Sale Shares from the Sellers to the Acquirer;

 

	 	c.	the
    Company shall make the necessary filings under applicable Law and execute all other documents as may be necessary for the
    conclusive Transfer of the Sale Shares in the name of the Acquirer;
	 	 	 
	 	d.	the
    Company shall make the necessary entries in its register of members and register of share transfer to record the Transfer
    of the Sale Shares from the Sellers to the Acquirer.
	 	 	 
	 	e.	the
    Board shall pass the necessary resolutions towards changing the name of the Officers as an authorised signatory to the Company’s
    bank accounts to the nominee(s) appointed by the Acquirer and intimate the Company’s bankers in relation thereto;
	 	 	 
	 	f.	the
    Company shall adopt the Amended and Restated Articles of the Company, in form and manner satisfactory to the Acquirer in a
    meeting of the shareholders of the Company;
	 	 	 
	 	g.	the
    Company shall file with the jurisdictional Registrar of Companies Form No. MGT-14, in respect of adoption of Amended and Restated
    Articles pursuant to Sections 94 (1) and 117 (1) of the Companies Act and provide a certified copy thereof with the filing
    fee receipt to the Acquirer.

 

	5.3	Deliverables
    at Closing. At the Closing the Company shall deliver to the Acquirer the following documents:

 

	 	a.	Certified
    extract of the resolutions passed by the Board approving the transfer of the Sale Shares from the Sellers to the Acquirer.
	 	 	 
	 	b.	Certified
    extract of the register of members and the share transfer register of the Company evidencing the entries relating to the transfer
    of the Sale Shares from the Sellers to the Acquirer.
	 	 	 
	 	c.	Certificate,
    dated as of the Closing Date, executed by Company and the Sellers, certifying that the representation and warranties made
    by the Sellers and the Company as set out in this Agreement are true and correct as of the Closing.

 

    	 	12	 

     

    

 

	 	d.	A
    certificate, dated as of the Closing executed by Company and the Sellers, certifying to the fulfilment of the Execution Date
    Deliverables set forth in this Agreement.
	 	 	 
	 	e.	Share
    certificate(s) with respect to the Sale Shares with endorsement of name of the Acquirer on the same.
	 	 	 
	 	f.	Any
    other document as may be reasonably required by the Acquirer pursuant to Closing under this Agreement.

 

	5.4	Upon
    Closing, the Acquirer shall hold 99% (Ninety Nine percent) Equity Shares of the Company pursuant to Share Purchase, constituting
    100% of the Fully Diluted Share Capital of the Company.
	 	 
	5.5	The
    obligations of each of the Parties in this Section are interdependent on each other. Closing shall not occur unless all of
    the obligations specified in this Section are complied with and are fully effective. Notwithstanding anything to the contrary,
    all transactions contemplated by this Agreement to be consummated at the Closing shall be deemed to occur simultaneously and
    no such transaction shall be deemed to be consummated unless all such transactions are consummated.

 

SECTION
6. REPRESENTATIONS AND WARRANTIES

 

	6.1	Representation
    and Warranties of the Sellers. The Sellers and Company represents and warrants to the Acquirer that each of the statements
    set out below (Warranties of the Seller) is now and will be true and accurate as of the Effective Date (which representations
    and warranties shall be deemed to be repeated as of the Closing Date by reference to the facts and circumstances then existing
    as if references in such representations and warranties to the Effective Date were references to the Closing Date).
	 	 
	6.2	Authorisation
    by Sellers. This Agreement has been duly authorised, executed and delivered by the Sellers and the Company and creates
    legal, valid and binding obligations of the Sellers, enforceable in accordance with its terms. No consent, approval or authorisation
    of any Person or entity is required in connection with the Sellers’ execution or delivery of this Agreement or the consummation
    by the Sellers of the transactions contemplated by this Agreement, except for the approval of the Board to the transfer of
    the Sale Shares from the Sellers to the Acquirer.
	 	 
	6.3	Organisation.
    The Company is a limited liability partnership duly organised and validly existing under the Laws of India, has full corporate
    power and authority to carry on its business as it is currently being conducted and to own, operate and hold its Assets and
    properties as, and in the places where, such Assets and properties are currently owned, operated or held.
	 	 
	6.4	Share
    Ownership Etc.

 

	 	a.	The
    Sellers are the owner of the Sale Shares. The Sellers have the sole voting power, sole power of disposition and the sole power
    to agree to all of the matters set forth in this Agreement, in each case with respect to all of the Sale Shares proposed to
    be transferred by the Sellers hereunder, with no limitations, qualifications or restrictions on such rights.
	 	 	 
	 	b.	All
    of the Sale Shares held by the Sellers are fully paid and beneficially owned by the Sellers free and clear from all Encumbrances,
    and the Sellers have full right, power and authority to sell, Transfer, convey and deliver to the Acquirer good, valid and
    marketable title to the Sale Shares held by the Sellers in accordance with the terms of this Agreement.

 

    	 	13	 

     

    

 

	 	c.	The
    Sale Shares held by the Sellers are not the subject matter of any claim, action, suit, investigation or other proceeding or
    Judgment or subject to any prohibition, injunction or restriction on sale under any decree or order of any Governmental Authority.
	 	 	 
	 	d.	The
    Sale Shares held by the Sellers were legally acquired, and validly owned and held by the Sellers. The Sellers represents that
    the Sale Shares held by them were acquired and are held in compliance with the applicable Laws and subject to appropriate
    approvals by any Government Authority. The Sale Shares sold by the Sellers represent that percentage of the Share Capital
    of the Company on a Fully Diluted Basis as set forth on Schedule I PART A hereto.
	 	 	 
	 	e.	There
    are no outstanding or authorised obligations, rights including allotment, pre-emptive rights, rights of first refusal pursuant
    to any existing agreement warrants, options, or other agreements including voting agreements, contracts, arrangements entered
    into by the Sellers and binding upon the Company, of any kind that gives any Person the right to purchase or otherwise receive
    the Sale Shares (or any interest therein).
	 	 	 
	 	f.	There
    are no options, agreements or understandings (exercisable now or in the future and contingent or otherwise) which entitle
    or may entitle any Person to create or require to be created any right or Encumbrance over the Sale Shares being transferred
    by it.
	 	 	 
	 	g.	The
    Sellers confirms that they have not directly or indirectly entered into any arrangement or agreement with any Person to sell,
    dispose-off or otherwise deal with the Sale Shares held by the Sellers.
	 	 	 
	 	h.	The
    Sellers have clear and marketable title to the Sale Shares held by the Sellers and are entitled to sell, transfer and convey
    to the Acquirer all of the legal and beneficial interest in such Sale Shares on the terms of this Agreement.
	 	 	 
	 	i.	The
    Sellers have not, nor has anyone authorised on his behalf, done, committed or omitted any act, deed, matter or thing whereby
    any of the Sale Shares owned by the Sellers are or may be forfeited or extinguished.
	 	 	 
	 	j.	the
    Acquirer will acquire a valid and marketable title to the Sale Shares and the said shares to be delivered by the Sellers to
    the Acquirer pursuant to this Agreement will be, when delivered, duly authorized, validly issued, fully paid-up and will be
    free and clear of all Encumbrances and Third Party rights and interests;
	 	 	 
	 	k.	No
    Taxes are required to be deducted at source or withheld by the Acquirer under Law from payments to be made to the Sellers
    for the Sale Shares;
	 	 	 
	 	l.	Upon
    the completion of the transactions contemplated under this Agreement, the Acquirer shall as of the Closing Date hold 99% of
    the issued and paid up share capital of the Company on a Fully Diluted Basis.

 

	6.5	No
    Conflicts. The execution, delivery and performance of and compliance with this Agreement and the consummation of
    the transactions contemplated by this Agreement do not and will not:

 

	 	a.	violate,
    conflict with, result in or constitute a default under, result in the termination, cancellation or modification of, accelerate
    the performance required by, result in a right of termination under, or result in any loss of benefit under: (i) any material
    contract to which the Sellers or the Company is a party; (ii) a material permit/license; (iii) any agreements relating to
    the Indebtedness of the Company, or the Sellers (v) any agreements entered into between any or the Sellers or the Company
    or any of their respective Affiliates;

 

    	 	14	 

     

    

 

	 	b.	violate
    or conflict with any Law to which Company, , the Sellers or any of their respective property is subject;

 

	 	i.	violate
    the provisions of the charter documents of the Company; or
	 	 	 
	 	ii.	impose
    any Encumbrances on the Sale Shares or the Company’s Assets.

 

	6.6	No
    Proceedings. There are no legal or governmental proceedings pending to which either of the Sellers or Company is
    a party or to which any of the property of either of the Sellers or Company or Sale Shares is subject, and which in either
    case could reasonably be expected to have an adverse effect on the power or ability of either of the Sellers or Company to
    perform its obligations under this Agreement.
	 	 
	6.7	Other
    Warranties. The Sellers additionally represents and warrants as provided in Schedule IV. The representations and warranties
    shall be subject to qualified by the Disclosure Letter submitted by the Company and Sellers in the form as under Schedule
    V (if any).
	 	 
	6.8	The
    Sellers hereby represent, warrant and undertake to the Acquirer that the warranties set forth in this Agreement (including
    under Section 6.7) are true, correct, complete and accurate as on the Closing Date and further acknowledges that the Acquirer
    is entering into this Agreement relying on the said warranties.
	 	 
	6.9	Acquirers
    Warranties. the Acquirer hereby represents and warrants to the Sellers and the Company as follows:

 

	 	a.	It
    has all requisite power and authority to enter into this Agreement, to perform its obligations there under and to consummate
    the transaction contemplated hereby. The execution and delivery of this Agreement by the Acquirer and the performance by the
    Acquirer of its obligations hereunder and the consummation by the Acquirer of the transactions contemplated hereby, have been
    duly authorized by all necessary actions.
	 	 	 
	 	b.	This
    Agreement constitutes valid, legally binding and enforceable obligations of the Acquirer.
	 	 	 
	 	c.	It
    has financial resources to undertake its obligations and payment of Purchase Price under the Agreement.

 

	6.10	Each
    of the Parties shall give the other Parties prompt notice in writing of any event, condition or circumstance (whether existing
    on or before the Execution Date or arising thereafter) that would cause any of their respective warranties to become untrue
    or incorrect or incomplete or inaccurate or misleading in any respect, that would constitute a violation or breach of any
    of the warranties as of any date from the Execution Date or that would constitute a violation or breach of any terms and conditions
    contained in this Agreement. This requirement shall not prejudice the right of the Parties to terminate this Agreement pursuant
    to a breach of the terms or to seek indemnity for any breach of the warranties. Each Party undertakes to notify the other
    Parties promptly after becoming aware of such event, in any event no later than 10 (ten) days after becoming aware of such
    event.
	 	 
	6.11	Each
    of the warranties shall be construed as a separate representation, warranty, covenant or undertaking, as the case may be,
    and shall not be limited by inference from the terms of any other representation or warranty or by any other term of this
    Agreement.

 

    	 	15	 

     

    

 

	6.12	Except
    as expressly stated, no representation made by the Parties shall be deemed to qualify any other representation made by them.

 

SECTION
7. INDEMNIFICATION AND DAMAGES

 

	7.1	In
    consideration of the purchase of the Sale Shares by the Acquirer from the Sellers hereunder, each defaulting Party (“Indemnifying
    Party”) agrees to indemnify, defend and hold harmless, the other non-defaulting Party , its Affiliates and each
    of their respective partners, officers, employees, shareholders, partners, agents, as the case maybe (each, an “Indemnified
    Party” and collectively the “Indemnified Parties”) from and against, any and all, damages, Losses,
    Liabilities, obligations, fines, penalties, levies, action, investigations, inquisitions, notices, suits, judgments, claims
    of any kind including third party claims, interest, governmental and statutory action, costs, litigation and arbitral costs,
    taxes or expenses (including without limitation, reasonable attorney’s fees and expenses) (collectively referred to
    as “Loss”) suffered or incurred, directly or indirectly by any Indemnified Party as a result of:

 

	 	a.	any
    misrepresentation or inaccuracy in any Warranty made by such defaulting Party, or any failure by such Sellers to perform or
    comply with any agreement, obligation, liability, representation, warranty, term, covenant or undertaking contained in this
    Agreement;
	 	 	 
	 	b.	any
    Loss incurred by the Indemnified;
	 	 	 
	 	c.	any
    fraud committed by the defaulting Party, at any time;
	 	 	 
	 	d.	Taxes,
    costs, and expenses (including reasonable fees and disbursements) arising in respect thereof, arising out of or in connection
    with any demand by a Governmental Authority against the Indemnified Party in connection with performance of any obligation
    under this Agreement.

 

	7.2	In
    the event the Company or the Sellers make any payment pursuant to this Section 7 (Indemnification), the same shall be grossed
    up to take into account any Taxes, payable by the Indemnified Parties, or deductible by the Company or the Promoters, on such
    payment.
	 	 
	7.3	The
    indemnification rights of the Indemnified Parties under this Agreement are independent of, and in addition to, such other
    rights and remedies as Indemnified Parties may have at Law or in equity or otherwise, including the right to seek specific
    performance or other injunctive relief, none of which rights or remedies shall be affected or diminished thereby.
	 	 
	7.4	The
    Indemnifying Parties acknowledge and agree that any payments to be made pursuant to this Section 7 are not in the nature of
    a penalty but merely reasonable compensation for the loss that would be suffered, and therefore, each Indemnifying Party waives
    all rights to raise any claim or defense that such payments are in the nature of a penalty and undertakes that it shall not
    raise any such claim or defense.
	 	 
	7.5	The
    above indemnity shall take effect upon Closing but shall be applicable for any cause originating prior to the Closing and
    having cause d any Loss to the Indemnified Parties.

 

    	 	16	 

     

    

 

SECTION
8. TERMINATION

 

	8.1	This
    Agreement may be terminated prior to the Closing only by (i) mutual written consent of the Parties or (ii) by the Parties
    as follows:

 

	 	a.	if
    the Closing shall not have occurred before July 31, 2019.
	 	 	 
	 	b.	upon
    the issuance of any Court Order that is final and not appealable and would prevent the consummation of the transactions contemplated
    hereby;
	 	 	 
	 	c.	either
    of the Parties breaches in any material respect any provision of this Agreement and that breach is not remedied within fifteen
    (15) Business Days of receiving a written notice to remedy such breach from the non defaulting Party;
	 	 	 
	 	d.	a
    judgment has been entered against a Party or any of their respective Affiliates restraining, prohibiting or declaring illegal
    the consummation of this Agreement or the transactions contemplated by this Agreement;

 

	8.2	Any
    termination of this Agreement shall be without prejudice to any rights and obligations of the Parties accrued or incurred
    prior to the date of such termination, which shall survive the termination of this Agreement.

 

SECTION
9. MISCELLANEOUS.

 

	9.1	Confidentiality:

 

	 	a.	Each
    Party shall keep all information relating to each other Party, information relating to the transactions herein and this Agreement
    (collectively referred to as the “Information”) confidential. None of the Parties shall issue any public
    release or public announcement or otherwise make any disclosure concerning the Information without the prior approval of the
    other Party; provided however, that nothing in this Agreement shall restrict any of the Parties from disclosing any information
    as may be required under applicable Law subject to providing a prior written notice of 10 (Ten) Business Days to the other
    Parties (except in case of regulatory inquiry or examination, and otherwise to the extent practical and permitted by Law)
    . Subject to applicable Law, such prior notice shall also include (a) details of the Information intended to be disclosed
    along with the text of the disclosure language, if applicable; and (b) the disclosing Party shall also cooperate with the
    other Parties to the extent that such other Party may seek to limit such disclosure including taking all reasonable steps
    to resist or avoid the applicable requirement, at the request of the other Parties.
	 	 	 
	 	b.	Nothing
    in this Section 9.1 shall restrict any Party from disclosing Information for the following purposes:

 

	 	i.	To
    the extent that such Information is in the public domain other than by breach of this Agreement;
	 	 	 
	 	ii.	To
    the extent that such Information is required to be disclosed by any applicable Law or stated policies or standard practice
    of the Parties or required to be disclosed to any Governmental Authority to whose jurisdiction such Party is subject or with
    whose instructions it is customary to comply;
	 	 	 
	 	iii.	To
    the extent that any such Information is later acquired by such Party from a source not obligated to any other Party hereto,
    or its Affiliates, to keep such Information confidential;

 

    	 	17	 

     

    

 

	 	iv.	Insofar
    as such disclosure is reasonably necessary to such Party’s employees, directors or professional advisers, provided that
    such Party shall procure that such employees, directors or professional advisors treat such Information as confidential. For
    the avoidance of doubt it is clarified that disclosure of information to such employees, directors or professional advisors
    shall be permitted on a strictly “need-to-know basis”;
	 	 	 
	 	v.	To
    the extent that any of such Information was previously known or already in the lawful possession of such Party, prior to disclosure
    by any other Party hereto; and
	 	 	 
	 	vi.	To
    the extent that any information, materially similar to the Information, shall have been independently developed by such Party
    without reference to any Information furnished by any other Party hereto.
	 	 	 
	 	vii.	Where
    other Parties have given their prior approval to the disclosure.

 

	 	c.	Any
    public release or public announcement (including any press release, conference, advertisement, announcement, professional
    or trade publication, mass marketing materials or otherwise to the general public) containing references the investment made
    by the Acquirer in the Company, shall require the prior written consent of the Acquirer.

 

	9.2	Survival.
    The representations and warranties and the Indemnity provisions shall survive the Closing. Any other provision which by virtue
    of its nature is intended to survive shall survive the termination of this Agreement.
	 	 
	9.3	Successors
    and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit
    of and be binding upon the respective successors and assigns of the Parties. Nothing expressed or referred to herein will
    be construed to give any person other than the Parties to this Agreement any legal or equitable right, remedy or claim under
    or with respect to this Agreement or any provision of this Agreement.
	 	 
	9.4	Assignment.
    The Parties hereby agree that no assignment of this Agreement will be permitted without the prior written consent of other
    Parties.
	 	 
	9.5	Counterparts.
    This Agreement may be executed in any number of originals or counterparts, each in the like form and all of which when taken
    together shall constitute one and the same document, and any Party may execute this Agreement by signing any one or more of
    such originals or counterparts.
	 	 
	9.6	Notices.
    Notices, demands or other communication required or permitted to be given or made under this Agreement shall be in writing
    and delivered personally or sent by prepaid post with recorded delivery, or email addressed to the intended recipient at its
    address set forth below, or to such other address or email number as a Party may from time to time duly notify to the others:

 

	 	a.	If
    to the Company:

 

	 	(i)	Name	:
    Alpha Predictions LLP
	 	(ii)	Address	:
    411, Crossroads, NH-48, Wakad, Pune - 41105
	 	(iii)	Attention	:
    Snehalkumar Santosh Kadam
	 	(iv)	Email	:
    snehalkumar.kadam211@gmail.com,
	 	 	 	  snehalkumar.kadam@alphapredictions.co.in

 

	 	b.	If
    to Acquirer

 

	 	(i)	Name	:
    mPhase Technologies, Inc.
	 	(ii)	Address	:
    9841 Washingtonian Blvd, Suite 390 Gaithersburg MD 20878 USA
	 	(iii)	Attention	:
    Mr. Anshu Bhatnagar
	 	(iv)	Email	:
    ab@mPhaseTech.com

 

    	 	18	 

     

    

 

	 	c.	If
    to Sellers:

 

	 	(i)	Name
    	:
    Snehal / Smita / Anuj / Dhananjay Rajendra Adik
	 	(ii)	Address	:411,
    Crossroads, NH-48, Wakad, Pune - 41105
	 	(iii)	Email	:
    snehalkumar.kadam211@gmail.com, 
	 	 	 	  snehalkumar.kadam@alphapredictions.co.in

 

	9.7	Amendments.
    No amendment or variation of this Agreement shall be binding on any Party unless such variation is in writing and duly
    signed by all the Parties.
	 	 
	9.8	Waiver.
    No waiver of any breach of any provision of this Agreement shall constitute a waiver of any prior, concurrent or subsequent
    breach of the same or any other provisions hereof, and no waiver shall be effective unless made in writing and signed by an
    authorised representative of the waiving Party.
	 	 
	9.9	Severability.
    Each and every obligation under this Agreement shall be treated as a separate obligation and shall be severally enforceable
    as such in the event of any obligation or obligations being or becoming unenforceable in whole or in part. To the extent that
    any provision or provisions of this Agreement are unenforceable they shall be deemed to be deleted from this Agreement and
    any such deletion shall not affect the enforceability of the remainder of this Agreement not so deleted provided the fundamental
    terms of this Agreement are not altered.
	 	 
	9.10	Entire
    Agreement. This Agreement constitutes the whole agreement between the Parties relating to the subject matter hereof and
    supersedes any prior arrangements whether oral or written, relating to such subject matter. No Party has relied upon any representation
    or warranty in entering this Agreement other than those expressly contained herein.
	 	 
	9.11	Relationship.
    No Party, acting solely in its capacity as a Shareholder, shall act as an agent of the Company or have any authority to
    act for or to bind the Company.
	 	 
	9.12	Independent
    Rights. Each of the rights of the Parties under this Agreement are independent, cumulative and without prejudice to all
    other rights available to them, and the exercise or non-exercise of any such rights shall not prejudice or constitute a waiver
    of any other right of a Party, whether under this Agreement or otherwise.
	 	 
	9.13	Any
    date or period as set out in any Section of this Agreement may be extended with the written consent of the Parties failing
    which time shall be of the essence.
	 	 
	9.14	Governing
    Law: This Agreement and the relationship between the Parties shall be governed by, and interpreted in accordance with,
    the Laws of India. Subject to Section 8.16, the courts in Bangalore, India shall have the jurisdiction over all matters arising
    pursuant to this Agreement.
	 	 
	9.15	Dispute
    Resolution

 

	 	a.	If
    any dispute or difference arises between any of the Parties hereto during the subsistence of this Agreement or thereafter,
    in connection with the validity, interpretation, implementation or alleged material breach of any provision of this Agreement
    or regarding any question, including the question as to whether the termination of this Agreement by any Party hereto has
    been legitimate, the Parties hereto shall endeavor to settle such dispute amicably. The attempt to bring about an amicable
    settlement is considered to have failed as soon as one of the Parties hereto, after reasonable attempts which attempt shall
    continue for not less than 30 (Thirty) days, gives 30 (Thirty) days’ notice thereof to the other Party in writing.

 

    	 	19	 

     

    

 

	 	b.	All
    disputes, differences or Claims arising out of or in connection with this Agreement including, any question regarding its
    existence, validity, construction, performance, termination or alleged violation which is not resolved under Section 19.16(a)
    shall be finally resolved by arbitration conducted in accordance with Indian Arbitration and Reconciliation Act of 1996 along
    with the rules framed there under. The Parties to the dispute shall share the costs equally or in the proportion as decided
    by the arbitrator/arbitral tribunal.
	 	 	 
	 	c.	The
    seat or legal place for such arbitration shall be in [Mumbai] and all proceedings shall be conducted in the English language.
    The Parties agree that the existence of any arbitral proceedings, the claims, applications and documents filed/ processed
    in relation to the same, hearings, and awards made, shall be subject to the obligations of confidentiality set out in this
    Section.
	 	 	 
	 	d.	The
    dispute shall be settled by a sole arbitrator to be appointed by the parties to the dispute. If the parties to the dispute
    are unable to appoint a sole arbitrator by way of mutual consent, the Promoters and the Company shall together appoint 1 (one)
    arbitrator, the Acquirer shall together appoint 1 (one) arbitrator and the 2 (two) arbitrators so appointed shall be entitled
    to appoint the third arbitrator who will act as umpire of the arbitral tribunal. Any arbitration award by the arbitral tribunal
    shall be final and binding upon the Parties, shall not be subject to appeal, and shall be enforced by judgment of a court
    of competent jurisdiction.
	 	 	 
	 	e.	All
    claims and counterclaims (including non-monetary and declaratory claims) shall, to the extent such claims or counterclaims
    are known at the time any arbitration is commenced, be consolidated and determined in the same arbitration proceeding. The
    arbitrator shall, inter alia, have the authority to award declaratory relief and consider and award specific enforcement
    of this Agreement.
	 	 	 
	 	f.	Deposits
    to cover the costs of arbitration shall be shared equally by the parties thereto. The award rendered by the arbitrator shall,
    in addition to dealing with the merits of the case, fix the costs of the arbitration and decide which of the Parties thereto
    shall bear such costs or in what proportions such costs shall be borne by such Parties.
	 	 	 
	 	g.	The
    award rendered by the arbitrator shall be final and conclusive on all Parties to this Agreement, whether or not, despite notice,
    such Parties have taken part in the arbitration, and shall be subject to forced execution in any court of competent jurisdiction.
	 	 	 
	 	h.	Each
    Party shall co-operate in good faith to expedite (to the maximum extent practicable) the conduct of any arbitral proceedings
    commenced under this Agreement.
	 	 	 
	 	i.	Nothing
    shall preclude either Party from seeking interim or permanent equitable or injunctive relief, or both, from the competent
    courts, having jurisdiction to grant relief on any disputes or differences arising from this Agreement. The pursuit of equitable
    or injunctive relief shall not be a waiver of the duty of the Parties to pursue any remedy (including for monetary Damages)
    through the arbitration described in this Section.
	 	 	 
	 	j.	Any
    arbitration proceeding hereunder shall be conducted on a confidential basis.

 

	9.16	Costs.
    Each party shall bear its own expenses incurred in preparing this Agreement. The stamp duty and other costs payable on this
    Agreement, and the share transfer deed in relation to the Sale Shares shall be borne by the Sellers.
	 	 
	9.17	The
    provisions of this Agreement and the charter documents shall (as far as possible) be interpreted in such a manner as to give
    effect to all such documents; provided however, that in the event of an inconsistency between this Agreement and the charter
    documents, to the extent permitted by applicable Law, provisions of this Agreement shall prevail as between the Parties and
    shall govern their contractual relationship and the Parties shall cause the necessary amendments to the charter documents.

 

FOLLOWING
THIS PAGE IS THE EXECUTION PAGE

 

    	 	20	 

     

    

 

IN
WITNESS, the Parties have executed this Share Purchase Agreement as of the date first written above.

 

	ACQUIRER:	 	COMPANY:
	 	 	 
	mPhase
    Technologies, Inc.	 	Alpha
    Predictions LLP
	 	 	 	 	 
	By:
    	 	 	By:	 
	Name:	 	 	Name:	Snehalkumar
    Santosh Kadam
	Title:	 	 	Title:	MD
	Address:	       	 	Address: 	411,
    Crossroads, NH-48, Wakad, Pune -41105
	Authorised
    Signatory	 	Authorised
    Signatory

 

	SELLERS:	 
	 	 	 
	By:	 	 
	Name:	Mr.
    Snehalkumar Santosh Kadam	 
	 	 	 
	Power
    of Attorney holder on behalf of all the Promoters.	 

 

    	 	21	 

     

    

 

Schedule
I – part a 

 

promoters/
sellers

 

	Sr. No.	Name	Residential Address	Shareholding
	 	 	 	 
	1. 	Snehalkumar Santosh Kadam	
        529/1, Shahunagar, Jaysingpur, Dist

        Kolhapur-416101
	40
	2. 	Smita Dinakar Shinde	
        529/1, Shahunagar, Jaysingpur, Dist

        Kolhapur
	30
	3. 	Anuj Kumar Saxena	41, Raghvanpalya, Avalahalli, JP Nagar 9th Phase, 7th Block, Bangalore- 560108	20
	4. 	Dhananjay Rajendra Adik	June Gavathan, Khanapur, Shrirampur, Vadala Mahadeo, Ahmendnagar- 413739	10

 

    	 	22	 

     

    

 

Schedule
I – part B

 

SALE
SHARES

 

	Sr. No.	Seller 	
        Total

        Shareholding (in number)
	
        Number of

        Sale Shares
	
        Percentage of

        Sale Shares in

        total Share

        Capital
	Sale Shares Certificates Number
	1. 	 	 	 	 	 
	2. 	 	 	 	 	 
	3. 	 	 	 	 	 
	4. 	 	 	 	 	 
	5. 	 	 	 	 	 

 

    	 	23	 

     

    

 

Schedule
II 

 

shareholding
on effective date

 

	
        Name of the

        shareholder
	
        Number of equity

        shares
	%holding
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	TOTAL	 	100%

 

shareholding
on Closing Date:

 

	
        Name of the

        shareholder
	
        Number of equity

        shares
	%holding
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Acquirer	 	 
	TOTAL	 	100%

 

    	 	24	 

     

    

 

Schedule
IIi

 

PURCHASE
PRICE

 

	Sr. No.	Seller 	Number of Sale Shares	
        Price per Sale

        Share
	Purchase Price
	1. 	 	 	 	 
	2. 	 	 	 	 
	3. 	 	 	 	 
	4. 	 	 	 	 
	5. 	 	 	 	 

 

    	 	25	 

     

    

 

SCHEDULE-
IV:

 

REPRESENTATIONS
AND WARRANTIES

 

The
Company and Sellers (“Warrantors”) hereby jointly and severally represent, warrant and undertake to the Acquirer
that as of the Effective Date, the following Warranties are true and correct in all respects:

 

For
the purposes of this Schedule the following terms shall have the meaning set out below attributed to them:

 

“Tax
Claim” shall mean any notice of any claim by the Company pursuant to any assessment, administrative or appellate or
court proceedings or proposed change or adjustment by any taxing authority concerning, for or in respect of any and all Taxes
with respect to any taxable period ending on or before the Effective Date or beginning before and ending on or after the Effective
Date (but only in relation to the portion thereof applicable to the period prior to the Effective Date); and

 

“Tax
Demand” shall mean any Tax Claim under which demand for payment of Tax is made on or adjustment of any Tax refunds claimed
by a Person and outstanding as on date of such Tax Claim is demanded from, a Person by any taxing authority (or any combination
of the foregoing).

 

	1.	AUTHORITY
    AND CAPACITY 
	 	 
	1.1.	The
    Company is duly incorporated under the Companies Act, 2013 and validly existing under the Laws of India. The Warrantors have
    the legal right, power and authority, including corporate authority, as applicable, to enter into, deliver and perform this
    Agreement and any other documents executed by it pursuant to or in connection with the transaction contemplated under the
    Transaction Documents. Subject to applicable Laws, this Agreement and Transaction Documents when executed, will constitute
    legal, valid and binding obligations of each of the Warrantors and shall be enforceable against each of the Warrantors in
    accordance with its terms. 
	 	 
	1.2.	All
    actions on the part of the Company (including corporate action and Governmental Approvals, as applicable), necessary for the
    authorization, execution and delivery of, and the performance of all obligations of the Company, under this Agreement and/or
    the Transaction Documents and/or any of the other documents or instruments to be executed under or pursuant to this Agreement,
    have been duly taken and obtained and the same are valid and in full force and effect. Further, no consents, Governmental
    Approvals, registrations, authorisations or permits are required to be obtained by the Company and/or the Promoters in connection
    with the execution and performance of this Agreement and/or any of the Transaction Documents.

 

    	 	26	 

     

    

 

	1.3.	The
    execution, delivery and the performance (or any of the foregoing), by the Warrantors of this Agreement and the respective
    obligations in relation to the transactions contemplated herein will not (as applicable):

 

	 	(a)	Conflict
    with, violate, result in or constitute a breach of or constitute a default under the charter documents of the Company and
    any applicable Laws by which the Warrantors or any of the Assets are bound or affected; 
	 	 	 
	 	(b)	conflict
    with or result in any breach or violation of any of the terms and conditions of, or constitute (or with notice or lapse of
    time or both constitute) a default under, any instrument, Contract or other agreement or arrangement (oral or written) to
    which such Party is a party or by which such Party is bound or affected;
	 	 	 
	 	(c)	result
    in the creation or imposition of any Encumbrance of any nature over the Equity Shares, or any of the Company Real Property
    or Assets;
	 	 	 
	 	(d)	relieve
    any Third Party to a Contract executed by the Company of its obligations or give any Third Party a right to terminate or modify,
    or result in the creation of any Encumbrance under, any agreement, licence or other instrument (oral or written) to which
    such Party is a party or by which such Party is bound;
	 	 	 
	 	(e)	give
    the holder of any note, debenture or other evidence of any Indebtedness of the Company (or any person acting on the Company’s
    behalf) the right to require the repurchase, redemption or repayment of all or a portion of such Indebtedness by the Company;
    
	 	 	 
	 	(f)	cause
    the Company to lose the benefit of any right, credit or privilege it presently enjoys, or, cause any Person who normally does
    business with the Company not to continue to do so on the same basis; 
	 	 	 
	 	(g)	constitute
    an act of bankruptcy, preference, insolvency or fraudulent conveyance under any bankruptcy act or other applicable Law for
    the protection of debtors or creditors; and
	 	 	 
	 	(h)	violate
    any order, decree or judgement against, or binding upon, such Warrantor or upon its respective securities, properties or businesses.

 

	1.4.	No
    Authorisation of, or registration, qualification, designation, declaration or filing with, any Person is required in connection
    with the execution, delivery and performance by the Company and the Promoters of this Agreement and any other documents executed
    in the course of or pursuant hereto, other than as specifically stated in this Agreement and any other documents executed
    in the course of or pursuant hereto. The issue and allotment of the Equity Shares are each in accordance with applicable Laws.
	 	 
	1.5.	No
    event has occurred and no matter, condition or state of fact or thing exists, that would or is expected to materially and/or
    adversely affect the ability of the Company to carry on the Business as currently being carried on and as currently proposed
    to be carried on.
	 	 
	1.6.	There
    is no outstanding Action which is likely to result in the suspension, cancellation, refusal, modification or revocation of
    any of the Governmental Approvals or consents held by the Company and/or no notice has been received of any suspension, cancellation,
    refusal, modification, revocation or non-renewal of any of the Governmental Approvals or consents held by the Company. 
	 	 
	1.7.	The
    Warrantors have not, nor has anyone on their behalf, done, committed or omitted any act, deed, matter or thing whereby the
    Equity Shares can be forfeited, extinguished or rendered void or voidable.

 

    	 	27	 

     

    

 

	1.8.	The
    issued and paid-up share capital of the Company as well as the current shareholding pattern of the Company as on the Effective
    Date is as specified in Part A of Schedule II and upon Series A Closing, will be as specified in Part B of Schedule
    II.
	 	 
	2.	CORPORATE
    MATTERS
	 	 
	2.1.	The
    Company is a private limited company. 
	 	 
	2.2.	The
    copies of the charter documents of the Company delivered to Acquirer are true, correct and complete copies, and have annexed
    to or incorporated in them, copies of all resolutions or agreements required by applicable Law to be so annexed or incorporated.
    Other than this Agreement and the Shareholders’ Agreement, no arrangement and, in particular, no Contract explicitly
    or by inference or implication modifies the rules set forth in the Articles of Association of the Company, whether or not
    such arrangement is enforceable vis à vis third parties and the Company has complied with all the provisions of its
    charter documents and, in particular, has not entered into any ultra vires transaction.
	 	 
	2.3.	The
    Company has, at all times, maintained and continues to maintain in accordance with applicable Law, all statutory books, records
    and registers (including without limitation accounting records, share registers and minute books) required to be kept or maintained
    by the Company under applicable Law, and all such statutory books, records and registers are and have at all times been properly
    kept, written up to date and are complete, and all matters have been truthfully, accurately, and fully recorded in such books,
    records and registers. No notice or allegation that any of the statutory books, records or registers of the Company is incorrect
    or should be rectified has been received. All such books, records and registers are in the possession and under the direct
    control of the Company.
	 	 
	2.4.	All
    forms, returns, reports, filings, particulars, registrations, resolutions and other documents and intimations that the Company
    is required, by applicable Law, to file with, make or deliver to any governmental, administrative or regulatory body have
    been correctly made, duly filed and/or delivered and there is no outstanding notice from any governmental, administrative
    or regulatory body received by the Company as to its non-compliance with its obligations as to filings, returns, particulars,
    resolutions and/or other documents.
	 	 
	2.5.	The
    Company has the corporate power and authority to own and operate its Assets and properties to carry on its businesses as currently
    conducted. 
	 	 
	2.6.	The
    Company has not bought back, repaid or redeemed or agreed to buy back, repay or redeem any of its Equity Shares or other securities
    or otherwise reduced or agreed to reduce its share capital or purchased any of its own shares or carried out any transaction
    having the effect of a share buy-back or reduction of capital.

 

    	 	28	 

     

    

 

	2.7.	Save
    and except as specified in this Agreement and the Transaction Documents, there are no Encumbrances, outstanding options, warrants,
    rights (including conversion or pre-emption rights) or agreements or understanding (whether or not such agreements or understanding
    is absolute, revocable, contingent, conditional, oral, written, binding or otherwise) for the subscription or purchase from
    the Company of any shares in the capital stock of the Company or any securities convertible into or ultimately exchangeable
    or exercisable for any capital stock of the Company including voting agreements. Further, the Company has (i) not agreed to
    acquire, whether legally or beneficially, jointly or alone, and directly or indirectly, any share capital or securities convertible
    into share capital or any other interest whatsoever in any entity; and (ii) does not Control, whether jointly or alone and
    directly or indirectly, any entity; and (iii) has not at any time, held any share capital or securities convertible into share
    capital or other interest whatsoever in, or Controlled, any entity.
	 	 
	2.8.	The
    Company has no Subsidiaries or joint ventures and has not formed an association of persons for Tax purposes, nor does it own
    any direct or indirect equity, voting or ownership interest in any Person, including Persons that carry on any business that
    competes with the Business as presently conducted or as contemplated to be conducted.
	 	 
	2.9.	The
    Board is duly elected and validly appointed as per the provisions of the Companies Act and the charter documents and none
    of the directors are disqualified to continue as directors under any provisions of the Companies Act and/or any other statutory
    legislation, as may be applicable.
	 	 
	2.10.	The
    Company has complied with all requirements of the Companies Act and its charter documents for validly conducting the meetings
    of their respective boards and members and have duly reflected the proceedings of the meetings in the respective minutes.
	 	 
	2.11.	None
    of the Directors have any direct or indirect ownership (i) in any business entity with which the Company is affiliated; or
    (ii) in any business entity that competes with the Company.
	 	 
	2.12.	There
    are no outstanding powers of attorney given by the Company and/or the Promoters to any Person, in relation to the Company.
	 	 
	3.	SHARES
    AND OTHER SECURITIES
	 	 
	3.1.	The
    Equity Shares, when issued and paid for as provided in this Agreement, will be duly authorized, validly issued and fully paid-up.
    The Equity Shares will at all times be free from Encumbrances.
	 	 
	3.2.	Except
    for the approval of the Board and the Shareholders of the Company, authorizing the issue and allotment of the Equity Shares
    to the Acquirer in accordance with the terms of this Agreement, no other approvals, for the issue and allotment of the Equity
    Shares to the Acquirer, are required to be made or obtained by the Company and in connection with the execution and delivery
    of this Agreement and the Transaction Documents.
	 	 
	3.3.	As
    on the date of this Agreement and the Closing Date, all of the Equity Securities of the Company have been duly authorised
    and validly issued in compliance with the requirements of the Act and all other provisions of applicable Law, and are fully
    paid-up.
	 	 
	3.4.	The
    Company does not have any obligation(s) (contingent or otherwise) to purchase, redeem or otherwise acquire any of its Equity
    Securities or any interest therein or to pay any dividends or make any other distribution in respect thereof.

 

    	 	29	 

     

    

 

	3.5.	Other
    than under this Agreement and the Transaction Documents there are no voting trusts or agreements, shareholders’ agreements,
    pledge agreements, buy-sell agreements, rights of first refusal, rights of first offer, pre-emptive rights or proxies relating
    to any Equity Securities of the Company.
	 	 
	3.6.	The
    Company has not issued any debentures, warrants, bonds or any other debt instruments and there are no outstanding Securities,
    warrants, options, agreements, share purchase plans, instruments or other rights of any nature whatsoever that may result
    in the sale or issuance by the Company of any Equity Securities of the Company. 
	 	 
	3.7.	Other
    than under this Agreement or other Transaction Documents a there are no Contracts, of any nature whatsoever, entered into
    by or binding upon the Company or the Promoters that can, either now or at any future date and whether contingently or not,
    be converted into or exchanged for Equity Securities of the Company or which entitle or may entitle any Person to subscribe
    to or receive any Equity Securities of the Company at present or at a later date or which require or may require the Company
    to issue any Equity Securities or rights convertible into or exchangeable for Equity Securities of the Company or warrants
    or rights to purchase or acquire any Equity Securities of the Company, and no Person has claimed to be entitled to any of
    the foregoing.
	 	 
	4.	COMPLIANCE
	 	 
	4.1.	The
    Company is conducting and has conducted its Business and its operations in accordance and in compliance with all applicable
    Laws. None of the Company or any of its Directors, officers, agents or employees and the Promoters during the course of their
    duties for or on behalf of the Company, has done or omitted to do anything which is a contravention of any applicable Law,
    giving rise to any fine, penalty and/or any other liability on the part of the Company and the Promoters, and no notice or
    complaints have been received by the Company and/or the Promoters in respect of any such contravention or alleged contravention.
	 	 
	4.2.	Since
    incorporation, none of the Company, the Promoters or any of its Directors, officers, agents, employees, Affiliates or other
    Persons associated with them, acting for or on its behalf, directly or indirectly;

 

	 	(i)	has
    made, offered, promised or authorised the making of any contribution, gift, bribe, payoff, influence payment, kickback, or
    any other fraudulent payment in any form, whether in money, assets, properties or services, or anything of value to a Person,
    private or public official or otherwise in order, in relation to the business of the Company: (a) to obtain favourable treatment
    in securing or retaining business or directing business to the Company, (b) to pay for such favourable treatment for business
    secured, (c) to obtain special concessions or for special concessions already obtained, (d) to influence any official act
    or decision, or (e) in violation of any material applicable Law. The Company has maintained, and has caused each of its Affiliates
    (in relation to the Business) to maintain, systems of internal controls (including, but not limited to, accounting systems,
    purchasing systems and billing systems) to ensure compliance with all applicable anti-bribery or anti-corruption law.

 

    	 	30	 

     

    

 

	 	(ii)	has
    established or maintained any fund, assets or properties in which the Company has proprietary rights that have not been recorded
    in the books and records of the Company.
	 	 	 
	 	(iii)	have
    been a party to, (A) the use of any of the Assets for unlawful contributions, gifts, entertainment or other unlawful expenses
    relating to political activity; or (B) the making of any direct or indirect unlawful payment to government officials or employees
    from any of the Assets; or (C) the establishment or maintenance of any unlawful or unrecorded fund of monies or other assets;
    or (D) the making of any false or fictitious entries in the books or records of the Company; or (E) the making of any unlawful
    or undisclosed payment. 

 

	4.3.	The
    Company makes and keeps accurate books and records and maintains internal accounting controls which provide reasonable assurance
    that (i) transactions are executed pursuant to and in accordance with management’s due authorization and (ii) transactions
    are recorded as necessary to permit preparation of the financial statements of the Company and to maintain accountability
    for the Assets and (iii) access to the Assets is permitted only pursuant to and in accordance with management’s authorization
	 	 
	5.	GOVERNMENTAL
    APPROVALS 
	 	 
	5.1.	The
    Company has obtained and the Promoters have caused the Company to obtain in its own name all Governmental Approvals necessary
    or required under applicable Law and all necessary corporate power and authority to, (i) use, occupy and/or hold its Assets
    and properties, (ii) carry on and conduct the Business and its activities as now conducted and as presently proposed to be
    conducted, each of which is valid, subsisting and in full force and effect, and has complied with all terms and conditions
    of those Governmental Approvals, and nothing has been done or has been omitted to be done, and no event has occurred or condition
    or state of fact exists which (A) constitutes (whether with notice, lapse of time and/or otherwise) a breach of or default
    under any of those Governmental Approvals, or (B) (based on current applicable Law and fact) might prejudice or prevent the
    grant, continuation or renewal of any of those Governmental Approvals, or (C) would result in or permit any of those Governmental
    Approvals to be modified, terminated, suspended or revoked, or (D) might adversely affect the rights of the Company under
    any of those Governmental Approvals.
	 	 
	6.	 FINANCIAL
    MATTERS 
	 	 
	6.1.	The
    Promoters and the Company Warrant that:

 

	 	(a)	the
    Company has not declared, authorised, made or paid any dividend (in cash or in specie) or other distribution of a similar
    nature upon or with respect to any class or series of its Equity Securities;
	 	 	 
	 	(b)	the
    Company, or the Promoters on behalf of the Company, have not cancelled, forgiven, waived or released any debt owed to the
    Company or any claim or right of the Company;
	 	 	 
	 	(c)	the
    Company or the Promoters have not sold or otherwise disposed of any asset of the Company and have not Encumbered any of the
    Assets;

 

    	 	31	 

     

    

 

	 	(d)	the
    Company has not changed any of its accounting policies, methods, procedures or practices, or any policies or rates of depreciation
    or amortization; 
	 	 	 
	 	(e)	the
    Business and operations of the Company has been conducted and managed in the usual and ordinary course, consistent with past
    practices, and there has not been any change in or re-organisation or discontinuance of, any part of the Business or operations
    of the Company; 
	 	 	 
	 	(f)	the
    Company has not entered into, terminated, rescinded, invalidated or accelerated any Contract except in accordance with the
    terms of the Contract, in the ordinary course of its Business or as is consistent with past practice;
	 	 	 
	 	(g)	the
    Company has not settled any existing Action; 
	 	 	 
	 	 	no
    event has occurred which gives rise to Taxation to the Company on deemed (as opposed to actual) income, profits or gains or
    which results in the Company becoming liable to pay or bear a Tax liability directly or primarily chargeable against or attributable
    to another Person
	 	 	 
	 	(h)	the
    Company has not made or granted any loan or advance to, or made any payment or incurred any liability for the benefit of any
    Person;
	 	 	 
	 	(i)	no
    event or circumstance has occurred or is continuing that would lead to or constitute a Material Adverse Effect; and
	 	 	 
	 	(j)	neither
    the Company nor the Promoters have entered into any Contract to do or in connection with, any of the foregoing.

 

	6.2.	The
    Company has not and is not engaged in financing of a type which is not required to be shown or reflected in the audited accounts.
	 	 
	6.3.	There
    is no set off arrangement between the Company and any other Person.
	 	 
	6.4.	The
    accounting books, ledgers and other financial records of the activities of the Company have been fairly and properly maintained
    and are in accordance with applicable Law and Indian GAAP. and all other applicable statutes and regulations and consistently
    applied accounting principles and are up-to-date and contain all material matters required by Law to be entered in them.
	 	 
	6.5.	The
    financial statements shall contain (as appropriate under Indian GAAP specific provisions or accruals adequate to cover, or
    full particulars in notes, of all Taxation (including deferred taxation) and other Liabilities (whether quantified, contingent
    or otherwise) of the Company as at the date of the financial statements;
	 	 
	6.6.	The
    business and the financial condition (including the Assets, Liabilities and state of affairs) of the Company is truly and
    fairly provided in the last financial statements dated March 31, 2019, and there has been no change thereto, other than in
    the ordinary course of business, and there has been no material change thereto, in any event.
	 	 
	6.7.	The
    auditors, who have audited the financial statements of the Company, and the notes thereto, have delivered an unqualified audit
    report thereon and are independent accountants with respect to the Company, as described in the audit report.

 

    	 	32	 

     

    

 

	6.8.	The
    financial statements are not adversely affected by any unusual or non-recurring items;
	 	 
	6.9.	The
    financial statements prepared since incorporation were prepared under the historical convention, complied with the requirements
    of the applicable Law then in force and with all statements of standard accounting practice (or financial reporting standards)
    and accounting standards prescribed by the ICAI then in force; 
	 	 
	6.10.	The
    financial statements have been duly and timely approved by the general meeting of shareholders and filed in accordance with
    the applicable Law;
	 	 
	6.11.	The
    financial statements provide in full for all Tax liable to be assessed on the Company, or for which it is or may become accountable,
    in respect of any period for which the financial statements are prepared and whether or not the Company has or to the best
    of the knowledge of the Warrantor may have any right of reimbursement against any other person, and the financial statements
    provide or note in full for any contingent or deferred liability to Tax for any such period. 
	 	 
	6.12.	The
    debts included in the financial statements have realised or will realise, in the ordinary course of collection, their nominal
    amounts plus any costs of collection and any accrued interest less any provisions for bad and doubtful debts included in the
    financial statements.
	 	 
	6.13.	The
    debt owing to the Company (other than the debts included in the financial statements) shall not in the ordinary course of
    collection realise its nominal amount plus any costs of collection and any accrued interest.
	 	 
	6.14.	The
    Company does not have Liabilities or Indebtedness of any nature whatsoever, whether accrued, absolute, contingent or otherwise
    (including Liabilities as guarantor or otherwise with respect to obligations of others, or Liabilities (whether actual, off-balance
    sheet, contingent or disputed and including financial lease commitments and pension liabilities) for Taxes due or then accrued
    or to become due), or outstanding borrowing or Indebtedness in the nature of borrowing, in any form whatsoever, or any Claims
    outstanding against it.
	 	 
	6.15.	The
    Company does not own the benefit of any debt (whether present or future).
	 	 
	6.16.	The
    Company is not subject to any arrangement for receipt or repayment of any grant, subsidy or financial assistance from any
    governmental, administrative or regulatory body.
	 	 
	7.	TAXATION
    MATTERS
	 	 
	7.1.	The
    Company has complied with all the requirements as specified under the respective Tax Laws as applicable to it in relation
    to returns, computations, notices, deductions, withholdings and information which are or are required to be made or given
    by the Company to any Tax authority for all Tax periods for taxation and for any other Tax or duty purposes, have been made
    on a proper and timely basis and are correct and none of them is the subject of any dispute with the Indian taxation authorities
    and all applicable Taxes have been deducted, collected, withheld, deposited and paid and filings with respect to the same
    have been done and completed in accordance with Law and no Tax Demand has been received or, to the best of the knowledge of
    the Warrantors, threatened in respect thereof.

 

    	 	33	 

     

    

 

	7.2.	The
    Company has discharged all due and payable sums towards payment of Taxes of any other Persons that they are required to discharge
    under any applicable contracts and, there are no facts or circumstances that may give rise as on the date of the financial
    statements to any material Tax or Tax liability in addition to Tax already paid or provisioned in the financial statements.
	 	 
	7.3.	The
    Company is not subject to Tax in any jurisdiction other than India. 
	 	 
	7.4.	The
    Company has no Tax liability arising out of any matter up to the Closing except as adequately reserved for on its balance
    sheet, nor there are any circumstances by reason of which the Company is likely to become liable to pay, any interest, penalty,
    surcharge or fine relating to any Tax.
	 	 
	7.5.	With
    respect to any period for which Tax returns are not yet due and thus have not been filed, or for which Taxes are not yet due
    or owing, the Company has made due and sufficient accruals for such Taxes in its books and records and in accordance with
    Indian GAAP and applicable Laws, including the financial statements. 
	 	 
	7.6.	The
    Company has not paid or become liable to pay any interest, penalty, surcharge or fine relating to any applicable Taxes. The
    Company has not been since incorporation been subject to and the Company is not currently subject to any investigation, audit,
    visit or search and/or seizure by any revenue authority and no notice or communication of any such investigation, audit or
    proposed visit by any taxation authority has been received by the Company.
	 	 
	7.7.	All
    claims or other requests for any particular treatment relating to taxation that have been taken into account in computing
    any amount in the financial statements, have been duly made and are, in the reasonable opinion of the Company and the Promoters
    are not likely to be disputed by any taxation authority.
	 	 
	7.8.	The
    amount of taxation chargeable on the Company during any assessment period has not been affected to any extent by any concession,
    arrangement, agreement or other formal or informal arrangement with any taxation authority (not being a concession, agreement
    or arrangement available to companies generally).
	 	 
	7.9.	The
    Company has granted, delivered or issued or provided all certificates, forms and other documents to other Persons required
    under the applicable Law relating to the Taxes, save in relation to matters which are in progress in the ordinary course of
    business.
	 	 
	7.10.	Any
    right to a repayment or relief of taxation to or in respect of the Company to the extent that such right was taken into account
    in the financial statements is available and is not lost, reduced or cancelled.
	 	 
	7.11.	No
    relief (whether by way of deduction, reduction, set-off, exemption, postponement, roll-over, hold-over, repayment or allowance
    or otherwise) from, against or in respect of any taxation has been claimed and/or given to the Company which could or might
    be effectively withdrawn, postponed, restricted, clawed back or otherwise lost as a result of the transaction contemplated
    under this Agreement and/or as a result of any act, omission, event or circumstance arising or occurring at or at any time
    before completion of the transaction contemplated under this Agreement.

 

    	 	34	 

     

    

 

	7.12.	No
    audit, investigation or other proceeding by a Governmental Authority is pending or being conducted with respect to (i) any
    Taxes due from or with respect to Company or in relation to the filing of any Tax returns or failure to do so or (ii) any
    of the Company in respect of any pending proceedings under any Tax Laws that have any adverse impact on the Company’s
    ability to consummate the transactions contemplated herein or that has the effect of creating any charge or lien on the Equity
    Shares or any Assets of Company in favour of a Governmental Authority.
	 	 
	8.	CONTRACTS
	 	 
	8.1.	The
    Company is not a party to, and the Assets and the Business are not bound or affected by, any Contract:

 

	 	(i)	to
    which any Related Party is a party; or
	 	 	 
	 	(ii)	that
    involves the granting of any Encumbrance in, to or upon any Assets; or
	 	 	 
	 	(iii)	that
    involves the granting of any financing or financial assistance to the Company or otherwise relates to the borrowing or lending
    of money; or
	 	 	 
	 	(iv)	that
    either (a) cannot be terminated by the Company in accordance with applicable Laws or the terms of the Contract concerned or
    on less than 3 (three) months’ notice, or (b) cannot be terminated without the Company incurring any penalty or other
    liability; or
	 	 	 
	 	(v)	that
    is not in the ordinary course of its business or is of an onerous nature or not on arm’s length basis or not on normal
    commercial terms or cannot be fulfilled or performed by the Company or on time with or without undue or unusual expenditure
    of money and effort; or
	 	 	 
	 	(vi)	under
    which, by virtue or as a consequence of the execution, delivery and/or performance of this Agreement and/or any of the Definitive
    Documents, (a) any counterparty is likely to be relieved of any obligation or become entitled to exercise any right (including
    without limitation any right of termination, variation, pre-emption right or other option), or (b) the Company is or is likely
    to be in breach or default or lose any benefit, right or interest which it currently enjoys or (a) a liability or obligation
    of the Company is likely to be created or increased, or (b) an increased benefit or payment or acceleration of vesting of
    rights is or is likely to accrue to any counterparty; or
	 	 	 
	 	(vii)	that
    involves indemnification by the Company with respect to infringements of intellectual property rights developed by the Company;
    or
	 	 	 
	 	(viii)	that
    involves any joint venture, consortium arrangement, partnership or similar agreements; or
	 	 	 
	 	(ix)	that
    imposes any non-compete, non solicit, or exclusivity obligations on the Company. 

 

    	 	35	 

     

    

 

	8.2.	The
    Company and/or the Promoters (as the case may be) have fully complied with its/their obligations under each Contract entered
    into by it/them, each counterparty to a Contract has complied with all of its material obligations under that Contract. The
    Company and the Promoters (as the case may be) and any counterparty to a Contract is not in default of the performance, observance
    or fulfilment of any of its respective obligations, covenants or conditions contained in any Contracts, nor has it received
    notice of default or requiring cure of any breach or termination from any counterparty under a Contract. None of the counterparties
    to any of the Contracts are in default of the performance, observance or fulfilment of any of their respective obligations,
    covenants or conditions contained in Contracts. No event has occurred or is continuing and no matter, condition or state of
    fact of thing exists, that would or, is reasonably expected to be likely to cause, permit or allow (whether with notice, lapse
    of time or otherwise), (a) a termination, rescission, modification, invalidation or acceleration, of or under any Contract
    or (b) the imposition of any liability (including any increase in the quantum of existing liability) on the Company (whether
    by way of penalty, liquidated damages, or otherwise), under any Contract, or (c) a termination, extinguishment, cancellation,
    rescission or invalidation of any entitlement or other right of the Company under any Contract. No counterparty has indicated
    any intention to terminate any such contract prior to the expiration of its term. 
	 	 
	8.3.	All
    Contracts entered into by the Company and the Promoters are legal, valid, subsisting, binding and enforceable under and complies
    with, all applicable Law and have been duly authorised, executed, duly stamped , if required to be stamped under applicable
    Law, and, wherever required to be registered under applicable Law, has been registered and delivered by the Company and constitutes
    a valid and binding obligation of each party thereto, enforceable against each party thereto in accordance with its terms
    and does not conflict with any other Contract entered into by the Company.
	 	 
	8.4.	No
    offer, tender or other invitation to enter into any Contract with the Company which is capable of being converted into an
    obligation of the Company by an acceptance or other act of some other Person is outstanding.
	 	 
	8.5.	None
    of the Contracts entered into by the Company and the Promoters (A) affects or limits the right or ability of the Company to
    carry on its Business (or any other line of business or activity) or compete, for any period of time or in any geographical
    area(s), or (B) otherwise affects or limits the Business, management and/or operations of the Company or restricts the Company’s
    freedom to carry on the Business in any part of the world in such manner as it thinks fit or to engage in any other line of
    business.
	 	 
	8.6.	The
    Company and the Promoters has no obligation or liability (actual or contingent) in relation to the Business of the Company:

 

	 	(i)	under
    any guarantee or indemnity or letter of credit or comfort letter (whether or not reflected in the financial statements for
    the period ending as on the Effective Date and the Closing Date);
	 	 	 
	 	(ii)	under
    any leasing, hiring, hire purchase, credit sale or conditional sale agreement in respect of goods, other than in the ordinary
    course of its business.

 

    	 	36	 

     

    

 

	8.7.	Other
    than (a) the current Articles; and (b) this Agreement, there are no agreements or understandings to which the Company is a
    party or by which it is bound which (i) grants direct or indirect management, operational or voting rights or economic interest
    in the Company to any third Person including any power of attorney with respect to the foregoing; ; (ii) is a non-competition
    contract restricting in any way the business activities of the Company; (iii) was entered into outside of the ordinary course
    of business of the Company; (iv) provides for the sharing of the revenue of the Company with any Party or third party; or
    (v) is adverse to the Business or financial condition of the Company. 
	 	 
	8.8.	Other
    than employment or consultancy agreements and/or arrangements between the Company and the employees or consultants specifically
    relating to such employment or consultancy (if any), the Company is not a party to any contract with any current or former
    employee, current or former director or any current or former consultant of the Company or in which any such Person as aforesaid
    is interested (whether directly or indirectly) nor are any such contracts, arrangements or understanding outstanding or in
    force.
	 	 
	8.9.	The
    Company is not a party to any contract, arrangement or practice which in whole or in part contravenes or is invalidated by
    any restrictive trade practices, fair trade, consumer protection or similar Law or regulations in any jurisdiction or in respect
    of which any filing, registration or notification is required pursuant to such Laws or regulations (whether or not the same
    has in fact been made). 
	 	 
	8.10.	There are no known or potential Liabilities on account of liquidated Damages payable by the Company.
	 	 
	8.11.	Other than in ordinary course of business, there are no year-end commissions, incentives, discounts payable by the Company.
	 	 
	9.	RELATED
    PARTY ARRANGEMENTS 
	 	 
	9.1.	Other
    than as disclosed in the financial statements, the Company has not entered into any contract, arrangements, agreements or
    transactions with any of the related parties and neither the Company nor the Assets are bound or affected by any such contract,
    arrangements, agreements or transactions not so disclosed.
	 	 
	9.2.	All
    arrangements with Related Parties of the Company were duly authorised by all corporate action on the part of the parties thereto,
    were entered into on arm’s length basis and under terms and conditions that are similar to comparable agreements entered
    into with unrelated third parties (if any) and were otherwise made in compliance with all applicable Law.
	 	 
	9.3.	The
    Business does not depend upon the use of any asset owned by, or facilities or services provided by, any Related Party of the
    Company.
	 	 
	9.4.	None
    of the Related Parties of the Company, is either directly or indirectly concerned or interested,

 

	 	(i)	in
    any business that is competitive or likely to be competitive with any part of the Business;
	 	 	 
	 	(ii)	in
    any contract entered into by the Company or any other contract for the provision of finance, goods, services or other facilities
    to or by the Company, or in any way relating to the Company or any of the activities or Business.

 

    	 	37	 

     

    

 

	9.5.	There
    is no Indebtedness, whether by way of borrowings, outstanding Liabilities (whether contingent or otherwise), trade debts or
    howsoever otherwise owed or payable by the Company to any Related Party, or by any Related Party to the Company.
	 	 
	9.6.	There
    are no subsisting contracts or arrangements entered into by the Company which contravene Sections 295 or 297 of the Companies
    Act, 1956 (or corresponding provision of the Companies Act, 2013).
	 	 
	9.7.	The
    Company does not own, nor has agreed to acquire or dispose, any Asset, nor are receiving or have agreed to receive or provide
    any services or facilities (including, without limitation, the benefit of any license or agreements), the consideration for
    the acquisition or provision of which was or will be in excess of its market value, or otherwise than on an arm’s length
    basis.
	 	 
	9.8.	No
    corporate guarantees have been issued by the Company for the benefit of any of its Related Parties and there are no reimbursement
    arrangements/agreements between the Company and any of the Related Parties in relation to corporate guarantees issued by such
    related parties for the benefit of the Company or otherwise.
	 	 
	10.	EMPLOYEES
	 	 
	10.1.	In
    this paragraph 10, “employee” includes without limitation, a Person whose services are provided under a
    consultancy or service Contract or any officer or employee of the Company whether or not he has entered into (or, where the
    employment has ceased, worked under) a Contract of employment with the Company.
	 	 
	10.2.	Except
    as per the requirements of Law, there are no other benefits that are being provided to the employees and/or the workers including
    deferred compensation agreement, incentive plan, profit sharing plan, retirement agreement or other similar employee compensation
    agreements. The Company does not have any employee stock option plans or schemes for its employees.
	 	 
	10.3.	The
    Company has entered into employment agreements with the Promoters and all employees.
	 	 
	10.4.	All
    employee costs are reflected in the audited financial statements and no employee receives or is entitled to receive any compensation,
    salary, benefits, (employment-related) performance incentive from anyone other than the Company.
	 	 
	10.5.	Other
    than such payments made by the Company in relation to its employees as per applicable law, the Company has not entered into
    any agreement or arrangement for the payment towards any pensions, allowances or other sums or benefits on retirement, death,
    work incapacity, illness or disablement for the benefit of the Promoters or the present or former Directors or Shareholders
    of the Company or any of their Relatives, save and except as contained in the relevant employment agreements.

 

    	 	38	 

     

    

 

	10.6.	The
    Company has not engaged in any unfair labour practices and the Company and/or the Promoters have not received any notice from
    any member of key management who (i) has intimated their intention to terminate his or her employment or arrangement with
    the Company, or (ii) subsequent to the date of the financial statements, has already terminated his or her employment or arrangement
    with the Company
	 	 
	10.7.	All
    subsisting Contracts of employment to which the Company is a party, and all subsisting Contracts for the provision of any
    personnel or consultancy services to the Company, are terminable by the Company, in case of employees on probation on 1 (one)
    months’ notice or less without compensation or severance pay and, in case of permanent employees on 1 (one) month’
    notice without compensation or severance pay.
	 	 
	10.8.	No
    proposal, assurance or commitment has been communicated since the date of incorporation of the Company regarding any change
    to the terms of employment or working conditions or regarding the continuance, introduction, increase or improvement of any
    benefit, custom or any discretionary arrangement or practice in relation to terms of employment. 
	 	 
	10.9.	No
    loans and advances, guaranteed and financial assistance has been made by the Company to its respective employees or to the
    employees of its related parties. 
	 	 
	10.10.	There
    is no existing trade union in the Company. The Company has no collective bargaining agreements, arrangements and other similar
    understanding with any staff association or other body representing the employees or workmen of the Company and no labour
    union has requested or sought to represent any employees, workmen, representatives or agents of the Company. There have neither
    been any strikes or other labour disputes involving the Company nor are such strikes or similar actions pending or threatened
    by or against the Company.
	 	 
	10.11.	None
    of the Company’s employees or workers are obligated under any contract, or subject to any Law, judgment, decree or order
    of any Governmental Authority, that would interfere with the use of his or her best efforts to promote the interests of the
    Company or that would conflict with the Business.
	 	 
	10.12.	Except
    as per the requirement of applicable Law there are no bonus, retirement, death, disability, profit sharing, incentive compensation,
    pension, gratuity, superannuation, employees provident fund, employees deposit linked insurance, or other employee benefit
    plans or arrangements (the “Benefit Plans”) of any nature whatsoever offered or given by the Company to
    any of its present or past employees. 
	 	 
	10.13.	The
    Company and the contractors appointed by it are in compliance with all applicable Laws relating to engagement of contract
    labourers.
	 	 
	10.14.	The
    Company is not under any obligation, statutory or otherwise, to employ, hire contract labourers or contract workmen for conducting
    its Business.
	 	 
	10.15.	The
    Company has not made any commitment to any public agency, labour organization or any other party relating to the number of
    the employees or to future (collective or individual) dismissals.

 

    	 	39	 

     

    

 

	10.16.	Disputes
    

 

	 	(a)	The
    Company and the Promoters have in all respects complied with their obligations (including under applicable Law and the Benefit
    Plans) to their employees and former employees and no claim in relation to employees of the Company or former employees has
    been made against the Company, or against any Person whom the Company is liable to indemnify.
	 	 	 
	 	(b)	No
    employee of the Company has been involved in any criminal Action relating to the Business or activities of the Company.
	 	 	 
	 	(c)	Neither
    the Company nor any Person for whom it may be vicariously liable, is or has been engaged (in relation to, or on behalf of
    the Company) in any prosecution, litigation, arbitration proceedings or administrative or governmental investigation or challenge
    as plaintiff, defendant, third-party or in any other capacity. There are no such matters pending or, threatened in respect
    of which verbal or written communication has been given or received by or against the Company. There are no facts or disputes
    which may or might give rise to any such matters
	 	 	 
	 	(d)	There
    is no allegation or complaint or report that the Business has been conducted otherwise than in accordance with applicable
    Law.
	 	 	 
	 	(e)	 The
    Company is not subject to any order, waiver, declaration, exemption or notice granted or issued by any governmental, administrative
    or regulatory body in relation to the Company labour and employment practices.

 

	10.17.	Directors

 

	 	(a)	Except
    as provided in this Agreement, all the Directors may be removed from office upon notice and without the payment of any indemnity
    or other compensation whatsoever by the Company.
	 	 	 
	 	(b)	All
    the Directors (past and present) have been legally and validly appointed and all requisite filings in this regard have been
    made with the relevant governmental, administrative or regulatory body.
	 	 	 
	 	(c)	None
    of the Directors (past or present) are or have been interested in any Contract entered into by the Company.
	 	 	 
	 	(d)	The
    Board is presently constituted of [insert details].
	 	 	 
	 	(e)	No
    Director has furnished any personal guarantee or indemnification for or on behalf of the Company and vice versa.
	 	 	 
	 	(f)	Other
    than the Promoters, no other Person has any right to appoint or nominate any Director.

 

	10.18.	None
    of the Directors are directors on the board of any other company or have any management responsibilities in any other company.

 

    	 	40	 

     

    

 

	10.19.	The
    Company has, in relation to each of its employees/workers and (so far as relevant) to each of its former employees/workers:

 

	 	(a)	complied in all respects with its obligations under relevant employment Laws, employment practices, codes of conduct, orders and all other statutes and regulations relevant to its relations with each employee/workers or the conditions of service of the employee/worker and has maintained adequate and suitable records regarding the service of the employee/worker;
	 	 	 
	 	(b)	discharged or adequately provided for in all respects its applicable obligations to pay all outstanding salaries, wages, commissions, gratuity payments, provident fund payments, bonuses, overtime pay, holiday pay, sick pay, leave encashments and other benefits of or connected with employment up to the date of this Agreement; and
	 	 	 
	 	(c)	complied in all respects with all its obligations concerning the health and safety at work of each of the employees/worker and has not incurred any liability to any employee/worker in respect of any accident or injury, which is not fully covered by insurance.

 

	11.	LEGAL
    MATTERS
	 	 
	11.1.	Neither
    the Company nor the Promoters have, committed nor there is a legal or factual basis for:

 

	 	(a)	any
    criminal or unlawful act involving dishonesty; or
	 	 	 
	 	(b)	any
    breach of trust; or
	 	 	 
	 	(c)	any
    breach of contract or statutory duty.

 

	11.2.	No
    Claim for Damages or compensation has been made by any Person against the Company or the Promoters, which will adversely affect
    the transactions contemplated by the Agreement.
	 	 
	11.3.	The
    Company is not a party to (or involved in) any agreement or course of conduct that infringes the Competition Act, 2002, which
    may give rise to a claim by a third party (including the Promoters). 
	 	 
	11.4.	All
    the Promoters and directors of the Company are Indian residents only.
	 	 
	11.5.	Neither
    the Promoters nor any of the Company’s Directors is (i) an employee of any Indian government body or (ii) an official
    of any Indian political party or a candidate for political office in India.
	 	 
	11.6.	No
    Indian government authority has any ownership or other financial interest in the Company, directly or indirectly.
	 	 
	11.7.	Other
    than the applicable fees, none of the Promoters, and none of the Company’s Directors or, employees (i) has made any
    payment (or given anything of value) to any official or employee of any Indian governmental, administrative or regulatory
    body, or any candidate for political office in India, in order to obtain, retain, or direct business to the Company or to
    gain the approval of any governmental, administrative or regulatory body for the business of the Company or (ii) reimbursed,
    directly or indirectly, any third party for any such payment , or (iii) faced any other allegation involving bribery for the
    business of the Company.

 

    	 	41	 

     

    

 

	11.8.	None
    of the Promoters of the Company or Directors has been prosecuted, or has been convicted in any part of the world of any criminal
    offence (other than a minor traffic offence) or have any unsatisfied order or judgment against them, or have been adjudged
    bankrupt, in relation to the Company.
	 	 
	11.9.	None
    of the Promoters or any person Controlled by the Promoters or Directors has any financial interest in any other company or
    business that is in competition with the Company.
	 	 
	12.	LITIGATION
    
	 	 
	12.1.	There
    are no actions, suits, claims, notices (including in relation to any investigation or inquiry by any governmental, administrative
    or regulatory body) proceedings or investigations pending or threatened against or by the Warrantors at Law alleging breach
    or non-compliance of any applicable Law by the Company and the Promoters, in equity or otherwise, and whether civil or criminal
    in nature in, before, or by, any court, commission, arbitrator or Governmental Authority, and there are no pending, outstanding
    or threatened judgments, decrees or orders of any such court, commission, arbitrator or Governmental Authority:

 

	 	(i)	by,
    or against the Company, or
	 	 	 
	 	(ii)	in
    respect of which the Company is liable to indemnify or compensate any Person; or
	 	 	 
	 	(iii)	by,
    against or affecting any past or present officer, Director or employee of the Company or to which any past or present officer,
    Director or employee of the Company is a party, in connection with such officer’s, Director’s or employee’s
    relationship with, or actions taken or omitted to be taken on behalf of the Company; or
	 	 	 
	 	(iv)	for
    the amalgamation, or reconstruction of the Company, or for any arrangement or composition with or assignment for the benefit
    of, all or any class of creditors of the Company.

 

	12.2.	No
    distress, restraint, charging order, garnishee order, execution or other process which a court or a similar body may use to
    enforce payment of a debt has been levied or applied for in respect of the whole or any part of the Assets.
	 	 
	12.3.	No
    order has been made, petition presented, resolution passed or meeting convened for the Winding Up (or other process whereby
    the Business is terminated or the Assets of the Company are distributed amongst their creditors and/or shareholders or other
    contributories) of the Company, and/or for an administration order against the Company and there are no cases or proceedings
    under any applicable insolvency, reorganisation, or similar Laws concerning the Company. The Company is not insolvent or bankrupt,
    or unable to pay its debts as they fall due. No receiver, liquidator, trustee, administrator, custodian or similar official
    has been appointed in respect of the whole or any part of the Business or Assets of the Company no step has been taken for,
    or with a view to the appointment of such a Person.
	 	 
	12.4.	The
    Company is not involved whether as plaintiff or defendant or other party in any demand, claim, legal action, proceeding, suit,
    litigation, prosecution, investigation, enquiry or arbitration and no such demand, claim, legal action, proceeding, suit,
    litigation, prosecution, investigation, enquiry or arbitration is pending or, threatened by or against the Company (or any
    Person for whose acts or defaults the Company may be vicariously liable).

 

    	 	42	 

     

    

 

	12.5.	There
    is no governmental action, court order or proceeding or, any Action pending proposed to be initiated which prohibits the consummation
    of the transactions contemplated by this Agreement or adversely affects in any respect Acquirer’s rights to exercise
    full rights of ownership of Securities currently held or to be held immediately after Closing or Acquirer’s rights under
    this Agreement.
	 	 
	13.	INSOLVENCY
	 	 
	13.1.	Neither
    the Company nor any of the Assets is involved in or subject to any insolvency proceedings. There are no circumstances which
    require or would enable any insolvency proceedings to be commenced or initiated against the Company or any of the Assets.
    No act of insolvency has occurred in relation to the Promoters or the Company.
	 	 
	13.2.	Neither
    the Promoters nor any of their assets or properties is involved in or subject to any insolvency proceedings, and there are
    no circumstances which require or would enable any insolvency proceedings to be commenced or initiated against the Promoters
    or their assets or properties.
	 	 
	13.3.	There
    are no transactions (including those contemplated by this Agreement) capable of being set aside, stayed, reversed, avoided
    or affected in whole or in part by any insolvency proceedings (whether or not such insolvency proceedings have commenced)
    in relation to the Company or any of its Assets, the Promoters and/or any of their assets or properties, whether as transactions
    at undervalue, in fraud of or against the interests of creditors, preferences or similar concepts or legal principles.
	 	 
	14.	INSURANCE
	 	 
	14.1.	The
    Company has insured its Assets and the Business in accordance with prudent business practices against comprehensive liability,
    fire, earthquake and other appropriate insurance coverage. 
	 	 
	14.2.	In
    respect of all insurances relating to the Company or its Assets (i) all premiums have been duly paid to date; (ii) all the
    policies are in full force and effect and no act, omission, misrepresentation or non-disclosure by or on behalf of the Company
    has occurred which makes any of these policies voidable, nor, has there been any breach of the terms, conditions and warranties
    of any of the policies that would entitle insurers to decline to pay all or any part of any Claim made under the policies;
    and (iii) no Claim is outstanding and no circumstances exist which are likely to give rise to any Claim.
	 	 
	15.	ASSETS
    AND PROPERTIES
	 	 
	15.1.	The
    Company does not own any immovable property.
	 	 
	15.2.	The
    Company Real Property is exclusively occupied and used by the Company in the carrying on of the Business and in accordance
    with applicable Law and the terms and conditions of each Company Real Property Contract, as the case may be.

 

    	 	43	 

     

    

 

	15.3.	The
    Company is fully and solely entitled to the Company Real Property and such right, title and interest is evidenced by a duly
    executed written Contract or instrument (a “Company Real Property Contract”) that complies with all applicable
    Laws and has been duly stamped and registered in accordance with applicable Law. Each aforesaid Contract is valid, binding,
    subsisting and in full force and effect, and each Contract has not expired and/or been terminated by the Company and the Company
    has not breached or is not liable to pay any penalties or liquidated damages in accordance with the provisions of each Company
    Real Property Contract.
	 	 
	15.4.	All
    significant records and information belonging to the Company or relating to its Business (whether or not held in written form)
    are in the possession and under the control of the Company and subject to unrestricted access by it.
	 	 
	15.5.	All
    Assets of the Company including all debts due to the Company which are included in the audited financial accounts of the Company
    or have otherwise been represented as being the property of or due to the Company and/or being used by the Company for the
    purposes of their business are the absolute property of the Company, and/or is being leased or licensed to the Company.
	 	 
	15.6.	All
    payments required to be made by the Company with respect to the Company Real Property have been duly made by or on behalf
    of the Company, and there are no arrears or outstanding Liabilities of the Company in respect of any of the Company Real Property,
    other than as set out in the relevant Company Real Property Contract.
	 	 
	15.7.	Movable
    Assets.

 

	 	(a)	None
    of the movable Assets are used or held by the Company under any agreement for lease, hire, hire purchase, retention of title
    or sale on conditional or deferred terms. Each of the movable Assets are held by the Company under a valid, binding and subsisting
    Contract or instrument and free and clear of any Encumbrance, and the Company enjoys peaceful and undisturbed possession of
    each of such movable Assets.
	 	 	 
	 	(b)	The
    movable Assets disclosed in the financial statements comprise all the movable assets of the Company.
	 	 	 
	 	(c)	The
    Company has not granted to any Person, the right to acquire, use or occupy any movable Assets or entered into any Contract
    to sell, transfer, Encumber, or otherwise dispose of or impair the whole or any part of its right or interest in or to any
    of the movable Assets.

 

	15.8.	Computer
    Systems, Data and Records

 

	 	(a)	All
    the records and systems (including but not limited to computer systems) and all data and information of the Company is recorded,
    stored, maintained and/or operated or otherwise held exclusively by the Company and is not wholly or partly dependent on any
    facilities or means (including any electronic, mechanical or photographic process, computerised or otherwise) which are not
    under the exclusive ownership and control of the Company or licensed to the Company.
	 	 	 
	 	(b)	The
    computer and telecommunication facilities, the software and databases used by the Company is adequate for the operational
    and business requirements of the Company and adequate back-up procedures and data protection procedures have been implemented
    and are currently complied with.

 

    	 	44	 

     

    

 

	16.	INTELLECTUAL
    PROPERTY 
	 	 
	16.1.	The
    Company is the sole and absolute owner or registered owner, valid licensee, or authorized user (as the case may be) of its
    trademarks, trade names, logos, trade secrets, proprietary information and knowledge, technology, databases, copyrights (if
    any), licenses and, franchisees and formulas, formulations or rights with respect thereto necessary for its Business as is
    now being operated (“Intellectual Properties”).
	 	 
	16.2.	The
    Company does not carry on Business under any name other than its corporate name.
	 	 
	16.3.	The
    past or present use of the Intellectual Properties currently owned or used as is being used by the Company or its licensee,
    or as contemplated by the Business Plan does not infringe the intellectual property rights of any other. There are no outstanding
    claims against the company or any licensee of the Company against such infringement. 
	 	 
	16.4.	All
    rights in all Intellectual Properties, confidential business information and trademarks owned or otherwise required for the
    Business as currently conducted (including applications for registration of rights over such intellectual property) are in
    the name of, vested in or validly granted to the Company and no other person, including the Promoters, have any right over
    such intellectual property and all renewal fees and all renewal fees and steps required for their maintenance or protection
    have been paid and taken. 
	 	 
	16.5.	The
    Company has not transferred, sold, licensed or otherwise alienated or disposed of any of its Intellectual Property Rights
    or permitted any Intellectual Property Rights to expire. All the intellectual property which is owned by the Company is free
    and clear of any lien, encumbrance or claim of any third party. The Company has not deposited any of its intellectual property
    in an escrow nor has it entered into any contract or arrangement with any Person under which it may be required to deliver
    any proprietary intellectual property to any Person.
	 	 
	16.6.	The
    Company is not in breach of any licence or any other agreements relating to any intellectual property that the Company owns
    or uses as part of its Business, to which agreement the Company is a party (whether as a licensee or a licensor) and which
    affects the Business and, no counter party to such agreement is in breach of any such agreement.
	 	 
	16.7.	To
    the extent any of the intellectual property developed and designed by the Company is a modification of, is derived from, or
    depends on, third-party owned software or general public licence or other open source code, the Company has fully complied
    with the terms and conditions of all terms and licenses that govern the use of such third-party owned software or general
    public licence or other open source code and no disclosure of the proprietary intellectual property, including the source
    code of the proprietary software, is required, or has been disclosed as a result of using third-party owned software or general
    public licence or other open source software. The open source software, as used by the Company, is not modified or distributed
    by the Company in any manner whatsoever. No disclosures or additional requirements are required to be fulfilled by the Company
    as a result of the transactions contemplated under this Agreement. 

 

    	 	45	 

     

    

 

	16.8.	The
    Company complies with all applicable data protection laws.
	 	 
	16.9.	The
    Company has not permitted or granted any rights to any third party or Related Party to use the Company’s intellectual
    property, outside the ordinary course of business and subject to standard license arrangements.
	 	 
	16.10.	There
    is no unauthorized use or infringement by (a) any employee of the Company; or (b) any Person, of any of the Intellectual Property
    Rights owned or used by the Company.
	 	 
	16.11.	The
    Company has not committed any act or failed to commit any act which would jeopardize the validity or subsistence of any Intellectual
    Property Rights licensed to the Company. None of such licenses is subject to or contains any restriction which adversely affects
    the Company’s ability to use the intellectual property for the purpose of its Business and the Company’s ability
    to use any of such intellectual property will not be affected by the consummation of the transactions contemplated under this
    Agreement
	 	 
	16.12.	Secret
    or confidential information or property

 

	 	(a)	The
    Company and the Promoters have not at any time (except (A) in the ordinary and proper course of the Business and subject to
    a written obligation of confidentiality, or (B) to professional advisers, Directors, employees, officers or agents of the
    Company and subject to a written obligation of confidentiality on such professional advisors, Directors, employees, officers
    or agents or (C) as required by applicable Law) breached any of its confidentiality obligations under a Contract or otherwise
    or disclosed to any Person:

 

	 	(i)	any
    secret, proprietary or confidential information or property of the Company or relating to the customers, officers, Directors,
    employees or agents of the Company; or
	 	 	 
	 	(ii)	any
    other information relating to the Business or affairs of the Company, the disclosure of which would or is likely to, cause
    a Material Adverse Effect.

 

	 	(b)	The
    Company is not a party to any Contract as to confidentiality of information which is void or unenforceable (whether in whole
    or in part).
	 	 	 
	 	(c)	The
    Company and the Promoters are not aware of any breach of such confidentiality obligations by any third party.

 

	16.13.	There
    are no legal proceedings including any litigation, arbitration, infringement and/or passing off actions filed against the
    Company and no litigation, arbitration, infringement and/or passing off actions is proposed and/or threatened to be filed
    against the Company by any Person and the Company has not received any cease and desist notice so far and is not aware of
    any circumstance under which such a notice may be issued. The Company has not received any notice of infringement of or conflict
    with, asserted rights of others nor is any royalty payable by the Company with respect to its Intellectual Property Rights.
	 	 
	17.	GENERAL:
    All the information set out in this Schedule to this Agreement is true, accurate and correct in all respects and no facts
    or information have been omitted there from that would make such information untrue, inaccurate or misleading. There are no
    facts or circumstances in relation to the Business, the Company and the Promoters or the transactions contemplated in this
    Agreement which have not been fully and fairly disclosed in writing and which if disclosed might reasonably have been expected
    to affect the decision of Acquirer (in consultation with their respective professional advisors) to enter into this Agreement
    or the Transaction Documents.

 

    	 	46	 

     

    

 

SCHEDULE
V: FORM OF DISCLOSURE SCHEDULE

 

Date:
30 June 2019

 

To,

 

mPhase
Technologies, Inc.

9841
Washingtonian Blvd, Suite 390

Gaithersburg
MD 20878 USA

 

Kind
attention: Mr. Anshu Bhatnagar, CEO

 

Dear
Sirs,

 

Sub:
Disclosure Schedule

 

I
refer to the Share Purchase Agreement dated 30 June, 2019, in relation to sale and purchase of the Equity Shares to mPhase Technologies,
Inc. (hereinafter the “Agreement”).

 

Capitalised
terms used herein and not otherwise defined shall have the respective meanings ascribed to such terms in the Agreement, unless
the context other requires.

 

The
following are the exceptions and disclosures to the warranties as referred to in Agreement. The Clause numbers in this Disclosure
Schedule correspond to the relevant Clause numbers of the warranties mentioned in the Agreement.

 

	Clause No.	Heading	Disclosure
	 	 	 
	 	 	 
	 	 	 

 

Yours
sincerely,

 

	Signed
    and delivered for and on behalf of	Signed
    and delivered for and on behalf of
	Alpha
    Prediction LLP	[Promoters/Sellers]
	 	 	 	 	 
	By:	 	 	By:	                      
	Name:	 	 	Name:	[●]
	Title:	Director	 	Title:	[●]
	 	 	 	 	 
	 	 	 	Power
    of Attorney dated [●] holder on behalf of the [Promoters/Sellers].

 

    	 	47EX-10.1

 Exhibit 10.1 

Execution Copy 
 AMENDMENT
NO. 5 
 TO 
 FIFTH AMENDED AND
RESTATED CREDIT AGREEMENT 
 THIS AMENDMENT NO. 5 TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated
as of July 10, 2019, is entered into among GLADSTONE BUSINESS LOAN, LLC, as Borrower (the “Borrower”), GLADSTONE MANAGEMENT CORPORATION, as Servicer (the “Servicer”), KEYBANK NATIONAL ASSOCIATION
(“KeyBank”), ALOSTAR BANK OF COMMERCE, ING CAPITAL LLC, FIRST NATIONAL BANK OF PENNSYLVANIA (as successor in interest to Newbridge Bank), CHEMICAL BANK (as successor in interest to Talmer Bank and Trust) and STERLING BANK, as
Lenders (collectively, the “Lenders”) and as Managing Agents (in such capacity, collectively the “Managing Agents”) and KeyBank, as Administrative Agent (in such capacity, the “Administrative
Agent”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the “Credit Agreement” referred to below. 

PRELIMINARY STATEMENTS 

A.    Reference is made to that certain Fifth Amended and Restated Credit Agreement dated as of May 1, 2015 by and
among the Borrower, the Servicer, the Lenders, the Managing Agents and the Administrative Agent (as amended, modified, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”). 

B.    The parties hereto have agreed to amend certain provisions of the Credit Agreement upon the terms and conditions set
forth herein. 
 NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Amendments to the Credit Agreement.
Upon satisfaction of the conditions precedent set forth in Section 3 hereof, the Credit Agreement is hereby amended, as shown in the conformed copy thereof attached hereto as Exhibit A. 

SECTION 2. Representations and Warranties. The Borrower and the Servicer each hereby represents and warrants to each of the other
parties hereto, that: 
 (a)    this Amendment constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms; and 
 (b)    on the date hereof, before and after
giving effect to this Amendment, other than as amended or waived pursuant to this Amendment, no Early Termination Event or Unmatured Termination Event has occurred and is continuing. 

SECTION 3. Conditions Precedent. This Amendment shall become effective on the first Business Day (the “Effective
Date”) on which the Administrative Agent or its counsel has received (i) counterpart signature pages of this Amendment, executed by each of the Borrower, the Servicer, each Lender and Managing Agent, and the Administrative Agent and
(ii) counterpart signature pages to the related Amendment Number Three to the Performance Guaranty, executed by each of the Performance Guarantor, the Borrower and the Administrative Agent. 

 SECTION 4. Reference to and Effect on the Transaction Documents. 

(a)    Upon the effectiveness of this Amendment, (i) each reference in the Credit Agreement to
“this Credit Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby, and
(ii) each reference to the Credit Agreement in any other Transaction Document or any other document, instrument or agreement executed and/or delivered in connection therewith, shall mean and be a reference to the Credit Agreement as amended or
otherwise modified hereby. 
 (b)    Except as specifically amended, terminated or otherwise modified
above, the terms and conditions of the Credit Agreement, of all other Transaction Documents and any other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect and are hereby
ratified and confirmed. 
 (c)    The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Administrative Agent, any Managing Agent or any Lender under the Credit Agreement or any other Transaction Document or any other document, instrument or agreement executed in connection
therewith, nor constitute a waiver of any provision contained therein, in each case except as specifically set forth herein. 
 SECTION 5.
Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which
taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by other electronic transmission shall be effective as delivery of a manually executed
counterpart of this Amendment. 
 SECTION 6. Governing Law. This Amendment shall be governed by and construed in accordance with the
laws of the State of New York. 
 SECTION 7. Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose. 
 SECTION 8. Fees and Expenses. The Borrower
hereby confirms its agreement to pay on demand all reasonable costs and expenses of the Administrative Agent, Managing Agents or Lenders in connection with the preparation, execution and delivery of this Amendment and any of the other instruments,
documents and agreements to be executed and/or delivered in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel
to the Administrative Agent, Managing Agents or Lenders with respect thereto. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective officers as of the date first above written. 
  

			
	GLADSTONE BUSINESS LOAN, LLC
		
	By:	 	 
		 	Name: Robert L. Marcotte
		 	Title:   President

  

			
	GLADSTONE MANAGEMENT CORPORATION
		
	By:	 	 
		 	Name: David Gladstone
		 	Title:   Chairman and CEO

  
 Signature Page to
Amendment No. 5 

 
			
	KEYBANK NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	 
		 	Name: Richard Andersen
		 	Title:   Designated Signer

  

			
	KEYBANK NATIONAL ASSOCIATION, as a Lender and a Managing Agent
		
	By:	 	 
		 	Name: Richard Andersen
		 	Title:   Designated Signer

  
 Signature Page to
Amendment No. 5 

 
			
	 CADENCE BANK, N.A., as successor by merger with State Bank and Trust Company, successor by merger with AloStar Bank of Commerce,
as a Lender and a Managing Agent

		
	By:	 	 
		 	Name: Daryn Veney
		 	Title:   Vice President

  
 Signature Page to
Amendment No. 5 

 
			
	ING CAPITAL LLC, as a Lender and a Managing Agent
		
	By:	 	 
		 	Name: Patrick Frisch
		 	Title:   Managing Director
		
	By:	 	 
		 	Name: Dominik Breuer
		 	Title:   Vice President

  
 Signature Page to
Amendment No. 5 

 
			
	FIRST NATIONAL BANK OF PENNSYLVANIA, as a Lender and a Managing Agent
		
	By:	 	 
		 	Name: Charles W. Jones
		 	Title:   Senior Vice President

  
 Signature Page to
Amendment No. 5 

 
			
	CHEMICAL BANK, as a Lender and a Managing Agent
		
	By:	 	 
		 	Name: John Hruska
		 	Title:   Senior Vice President

  
 Signature Page to
Amendment No. 5 

 
			
	STERLING BANK, as a Lender and a Managing Agent
		
	By:	 	 
		 	Name: James Gelwicks
		 	Title:   Senior Managing Director

  
 Signature Page to
Amendment No. 5 

 EXHIBIT A 
  

 Execution Version 

Conformed Copy incorporating (i) Amendment No. 1 dated October 9, 2015, 

(ii) Amendment No. 2 dated August 18, 2016, (iii) Amendment No. 3 dated August 24, 2017, 

(iv) Amendment No. 4 dated March 9, 2018 and (v) Amendment No. 5 dated July 10, 2019 

 
  

 
 FIFTH AMENDED AND RESTATED 

CREDIT AGREEMENT 
 Dated as of
May 1, 2015 
 Among 

GLADSTONE BUSINESS LOAN, LLC 

as the Borrower 
 GLADSTONE
MANAGEMENT CORPORATION 
 as the Servicer 

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO 

as Lenders 
 THE FINANCIAL
INSTITUTIONS FROM TIME TO TIME PARTY HERETO 
 as Managing Agents 

and 
 KEYBANK NATIONAL ASSOCIATION

 as the Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	1	 
	 Section 1.1
	 	Certain Defined Terms.	  	 	1	 
	 Section 1.2
	 	Other Terms.	  	 	42	 
	 Section 1.3
	 	Computation of Time Periods.	  	 	42	 
	 Section 1.4
	 	Interpretation.	  	 	42	 
		
	ARTICLE II ADVANCES	  	 	43	 
	 Section 2.1
	 	Advances.	  	 	43	 
	 Section 2.2
	 	Procedures for Advances.	  	 	44	 
	 Section 2.3
	 	Optional Changes in Facility Amount; Prepayments.	  	 	46	 
	 Section 2.4
	 	Principal Repayments; Extension of Term.	  	 	48	 
	 Section 2.5
	 	The Notes.	  	 	49	 
	 Section 2.6
	 	Interest Payments.	  	 	49	 
	 Section 2.7
	 	Fees.	  	 	50	 
	 Section 2.8
	 	Settlement Procedures.	  	 	50	 
	 Section 2.9
	 	Collections and Allocations.	  	 	54	 
	 Section 2.10
	 	Payments, Computations, Etc.	  	 	54	 
	 Section 2.11
	 	Breakage Costs.	  	 	55	 
	 Section 2.12
	 	Increased Costs; Capital Adequacy; Illegality.	  	 	55	 
	 Section 2.13
	 	Taxes.	  	 	56	 
	 Section 2.14
	 	Revolver Loan Funding.	  	 	58	 
	 Section 2.15
	 	Replacement of Lenders.	  	 	59	 
	 Section 2.16
	 	Discretionary Sales of Loans.	  	 	60	 
		
	ARTICLE III CONDITIONS OF EFFECTIVENESS AND ADVANCES	  	 	62	 
	 Section 3.1
	 	Conditions to Effectiveness and Advances.	  	 	62	 
	 Section 3.2
	 	Additional Conditions Precedent to All Advances.	  	 	63	 
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	 	64	 
	 Section 4.1
	 	Representations and Warranties of the Borrower.	  	 	64	 
		
	ARTICLE V GENERAL COVENANTS OF THE BORROWER	  	 	68	 
	 Section 5.1
	 	Covenants of the Borrower.	  	 	68	 
	 Section 5.2
	 	Hedging Agreement.	  	 	73	 
		
	ARTICLE VI SECURITY INTEREST	  	 	73	 
	 Section 6.1
	 	Security Interest.	  	 	73	 
	 Section 6.2
	 	Remedies.	  	 	74	 
	 Section 6.3
	 	Release of Liens.	  	 	74	 
	 Section 6.4
	 	Assignment of the Purchase Agreement.	  	 	75	 
		
	ARTICLE VII ADMINISTRATION AND SERVICING OF LOANS	  	 	76	 
	 Section 7.1
	 	Appointment of the Servicer.	  	 	76	 

  
 i 

							
	 	 	 	  	Page	 
	 Section 7.2
	 	Duties and Responsibilities of the Servicer.	  	 	76	 
	 Section 7.3
	 	Authorization of the Servicer.	  	 	78	 
	 Section 7.4
	 	Collection of Payments.	  	 	78	 
	 Section 7.5
	 	Servicer Advances.	  	 	80	 
	 Section 7.6
	 	Realization Upon Defaulted Loans or Charged-Off Loans.	  	 	80	 
	 Section 7.7
	 	Optional Repurchase of Transferred Loans.	  	 	80	 
	 Section 7.8
	 	Representations and Warranties of the Servicer.	  	 	81	 
	 Section 7.9
	 	Covenants of the Servicer.	  	 	82	 
	 Section 7.10
	 	Payment of Certain Expenses by Servicer.	  	 	84	 
	 Section 7.11
	 	Reports.	  	 	84	 
	 Section 7.12
	 	Annual Statement as to Compliance.	  	 	85	 
	 Section 7.13
	 	Limitation on Liability of the Servicer and Others.	  	 	85	 
	 Section 7.14
	 	The Servicer Not to Resign.	  	 	86	 
	 Section 7.15
	 	Access to Certain Documentation and Information Regarding the Loans.	  	 	86	 
	 Section 7.16
	 	Merger or Consolidation of the Servicer.	  	 	87	 
	 Section 7.17
	 	Identification of Records.	  	 	87	 
	 Section 7.18
	 	Servicer Termination Events.	  	 	87	 
	 Section 7.19
	 	Appointment of Successor Servicer.	  	 	90	 
	 Section 7.20
	 	Market Servicing Fee.	  	 	91	 
		
	ARTICLE VIII EARLY TERMINATION EVENTS	  	 	91	 
	 Section 8.1
	 	Early Termination Events.	  	 	91	 
	 Section 8.2
	 	Remedies.	  	 	93	 
		
	ARTICLE IX INDEMNIFICATION	  	 	94	 
	 Section 9.1
	 	Indemnities by the Borrower.	  	 	94	 
	 Section 9.2
	 	Indemnities by the Servicer.	  	 	96	 
		
	ARTICLE X THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS	  	 	97	 
	 Section 10.1
	 	Authorization and Action.	  	 	97	 
	 Section 10.2
	 	Delegation of Duties.	  	 	98	 
	 Section 10.3
	 	Exculpatory Provisions.	  	 	98	 
	 Section 10.4
	 	Reliance.	  	 	99	 
	 Section 10.5
	 	Non-Reliance on Administrative Agent, Managing Agents and Other Lenders.	  	 	100	 
	 Section 10.6
	 	Reimbursement and Indemnification.	  	 	100	 
	 Section 10.7
	 	Administrative Agent and Managing Agents in their Individual Capacities.	  	 	101	 
	 Section 10.8
	 	Successor Administrative Agent or Managing Agent.	  	 	101	 
		
	ARTICLE XI ASSIGNMENTS; PARTICIPATIONS	  	 	102	 
	 Section 11.1
	 	Assignments and Participations.	  	 	102	 
		
	ARTICLE XII MISCELLANEOUS	  	 	104	 
	 Section 12.1
	 	Amendments and Waivers.	  	 	104	 
	 Section 12.2
	 	Notices, Etc.	  	 	105	 

  
 ii 

							
	 	 	 	  	Page	 
	 Section 12.3
	 	No Waiver, Rights and Remedies.	  	 	105	 
	 Section 12.4
	 	Binding Effect.	  	 	105	 
	 Section 12.5
	 	Term of this Agreement.	  	 	106	 
	 Section 12.6
	 	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE.	  	 	106	 
	 Section 12.7
	 	WAIVER OF JURY TRIAL.	  	 	106	 
	 Section 12.8
	 	Costs, Expenses and Taxes.	  	 	106	 
	 Section 12.9
	 	No Proceedings.	  	 	107	 
	 Section 12.10
	 	Recourse Against Certain Parties.	  	 	107	 
	 Section 12.11
	 	Protection of Security Interest; Appointment of Administrative Agent as Attorney-in-Fact.	  	 	107	 
	 Section 12.12
	 	Confidentiality.	  	 	109	 
	 Section 12.13
	 	Execution in Counterparts; Severability; Integration.	  	 	110	 
	 Section 12.14
	 	Amendment and Restatement.	  	 	110	 
	 Section 12.15
	 	Future Amendment Contemplated.	  	 	110	 
	 Section 12.16
	 	Patriot Act.	  	 	110	 
	 Section 12.17
	 	Defaulting Lenders	  	 	111	 

 EXHIBITS 
  

			
	EXHIBIT A	  	Form of Borrower Notice
	EXHIBIT B	  	Form of Note
	EXHIBIT C	  	Form of Assignment and Acceptance
	EXHIBIT D	  	Form of Joinder Agreement
	EXHIBIT E	  	Form of Monthly Report
	EXHIBIT F	  	Form of Servicer’s Certificate
	EXHIBIT G	  	Form of Dividend Declaration Certificate
	EXHIBIT H	  	Form of Primary Document Trust Receipt
	EXHIBIT I	  	[Reserved]
	EXHIBIT J	  	[Reserved]
	EXHIBIT K	  	[Reserved]
	EXHIBIT L	  	Form of Deposit Account Control Agreement
	EXHIBIT M	  	Credit Report and Transaction Summary
	EXHIBIT N	  	Moody’s Industry Classifications

 SCHEDULES 
  

			
	SCHEDULE I	  	Schedule of Documents
	SCHEDULE II	  	Loan List
	SCHEDULE III	  	Approved Pricing Service
	SCHEDULE IV	  	Diversity Score Table

  
 iii 

 THIS FIFTH AMENDED AND RESTATED CREDIT AGREEMENT is made as of May 1, 2015,
among: 
 (1)    GLADSTONE BUSINESS LOAN, LLC, a Delaware limited liability company, as borrower (the
“Borrower”); 
 (2)    GLADSTONE MANAGEMENT CORPORATION, a Delaware corporation, as servicer (the
“Servicer”); 
 (3)    Each financial institution from time to time party hereto as a
“Lender” (whether on the signature pages hereto or in a Joinder Agreement), and as Swingline Lender and their respective successors and assigns (collectively, the “Lenders”); 

(4)    Each financial institution from time to time party hereto as a “Managing Agent” (whether on the signature
pages hereto or in a Joinder Agreement) and their respective successors and assigns (collectively, the “Managing Agents”); and 

(5)    KEYBANK NATIONAL ASSOCIATION, as “Administrative Agent” and its respective successors and assigns (the
“Administrative Agent”). 
 IT IS AGREED as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Certain Defined Terms. 

(a)    Certain capitalized terms used throughout this Agreement are defined above or in this
Section 1.1. 
 (b)    As used in this Agreement and its exhibits, the following terms shall have
the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 

“Additional Amount” is defined in Section 2.13. 

“Adjusted Eurodollar Rate” means, for any Settlement Period, an interest rate per annum equal to the quotient, expressed as a
percentage and rounded upwards (if necessary), to the nearest 1/100 of 1%, (i) the numerator of which is equal to the LIBO Rate for such Settlement Period and (ii) the denominator of which is equal to 100% minus the Eurodollar Reserve
Percentage for such Settlement Period; provided, however, that in no event shall such interest rate be less than zero. 

“Adjusted Purchased Loan Balance” means as of any date of determination and for any Transferred Loan, the Purchased Loan
Balance of such Loan as of such date minus the Excess Concentration Amount allocated to such Loan. 
 “Administrative
Agent” is defined in the preamble hereto. 

  
 1 

 “Advances” means collectively the Revolver Advances and the Swing Advances.

 “Advances Outstanding” means, on any day, the aggregate principal amount of Advances outstanding on such day, after
giving effect to all repayments of Advances and makings of new Advances on such day. 
 “Adverse Claim” means, a lien,
security interest, pledge, charge, encumbrance or other right or claim of any Person. 
 “Affected Party” is defined in
Section 2.12(a). 
 “Affiliate” with respect to a Person, means any other Person controlling,
controlled by or under common control with such Person, including without limitation, when “Affiliate” is used by or with regard to Borrower or Originator, any entities under the control or management of Gladstone Management Corporation,
or any successor entity; provided, however, that when used with respect to any Person which is an Obligor in respect of a Loan, “Affiliate” shall not mean any of the Borrower, the Servicer or the Originator if the Servicer,
the Borrower or the Originator acquires voting securities of such Obligor in the ordinary course of its business (for avoidance of doubt, such Obligor may be a “Control Affiliate” pursuant to the definition thereof). For purposes of this
definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” or “controlled” have meanings correlative to the foregoing. 

“Agent’s Account” means account number 325760051913 at KeyBank N.A., ABA number 021300077, account name KeyBank National
Association 
 “Aggregate Adjusted Purchased Loan Balance” means on any day, the sum of the Adjusted Purchased Loan
Balances of all Eligible Loans included as part of the Collateral on such date. 
 “Aggregate Outstanding Loan Balance”
means on any day, the sum of the Outstanding Loan Balances of all Eligible Loans included as part of the Collateral on such date. 

“Aggregate Purchased Loan Balance” means on any day, the sum of the Purchased Loan Balances of all Eligible Loans included as
part of the Collateral on such date. 
 “Agreement” or “Credit Agreement” means this Fifth Amended and
Restated Credit Agreement, dated as of May 1, 2015, as hereafter amended, modified, supplemented or restated from time to time. 

“AloStar” AloStar Bank of Commerce, in its capacity either as a Lender or in its individual capacity, as applicable, and its
successors or assigns. 
 “Amortization Period” means the period beginning on the Termination Date and ending on the
Maturity Date. 

  
 2 

 “Anti-Corruption Laws” means all laws, rules, and regulations of any
jurisdiction applicable to the Borrower or the Servicer from time to time concerning or relating to bribery or corruption. 

“Applicable Law” means, for any Person, all existing and future applicable laws, rules, regulations (including proposed,
temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including, without limitation, usury laws, the Federal Truth in
Lending Act, Regulation Z, Regulation W, Regulation U and Regulation B of the Federal Reserve Board, the Foreign Corrupt Practices Act and the USA PATRIOT Act), and applicable judgments, decrees, injunctions, writs, orders, or line action of any
court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. 
 “Applicable
Margin” means (i) 2.85% per annum during the Revolving Period, and (ii) 3.25% thereafter. 
 “Approved Dealer”
means a broker-dealer registered under the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof. 

“Approved Officer” means David Gladstone, Terry Brubaker, Robert Marcotte, Nicole Schaltenbrand and any other individual
satisfactory to the Administrative Agent and the Required Lenders, as determined in their reasonable discretion. 
 “Approved
Pricing Service” means a pricing or quotation service as set forth in Schedule III or any other pricing or quotation service approved by the Board of Directors of the Originator and designated in writing to the Administrative Agent.

 “Approved Valuation Service” means, any of (i) Standard & Poor’s Securities Evaluations, Inc., (ii)
Murray, Devine and Company, (iii) Houlihan Lokey, (iv) Duff & Phelps LLC, (v) Lincoln Advisors, (vi) Stout Risius Ross, (vii) Alvarez & Marsal, (viii) Valuation Research Corporation and (ix) each
other valuation service provider approved by the Administrative Agent from time to time in its reasonable discretion. 
 “Assignment
and Acceptance” is defined in Section 11.1(b). 
 “Availability” means, on any day, an
amount equal to the lesser of: 
 (a) the amount by which the Borrowing Base exceeds the sum of (i) Advances Outstanding and
(ii) an amount equal to 50% of the aggregate unfunded commitments under the Revolver Loans on such day, and 
 (b) the amount by which
the Facility Amount exceeds the sum of (i) Advances Outstanding and (ii) the aggregate unfunded commitments under the Revolver Loans on such day; provided, however, that following the Termination Date, the Availability shall
be zero. 
 “Available Collections” is defined in Section 2.8(a). 

  
 3 

 “Backup Servicer” means The Bank of New York Mellon, in its capacity as
Backup Servicer under the Backup Servicing Agreement, together with its successors and assigns. 
 “Backup Servicer
Expenses” means the out-of-pocket expenses to be paid to the Backup Servicer under the Backup Servicing Agreement. 

“Backup Servicer Fee” means the fee to be paid to the Backup Servicer as set forth in the Backup Servicing Agreement. 

“Backup Servicing Agreement” means the Amended and Restated Backup Servicing Agreement, dated as of May 15, 2009 among
the Borrower, the Servicer, the Administrative Agent and the Backup Servicer, as the same may from time to time be further amended, restated, supplemented, waived or modified. 

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

“Bail-In Legislation” means, 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 for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §§
101, et seq.), as amended from time to time. 
 “Base Rate” means, on any date, a fluctuating rate of
interest per annum equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 1.0% or (c) the LIBO Rate; provided, however, that in no event shall such interest rate be less than zero. 

“Bass Berry Opinion” means the “non-consolidation” opinion letter of Bass
Berry Sims PLC delivered on May 1, 2015, as such opinion letter may be modified, supplemented, replaced or confirmed in any subsequent opinion letter covering such subject matter delivered to the Administrative Agent. 

“Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA in respect of which the Borrower or
any ERISA Affiliate of the Borrower is, or at any time during the immediately preceding six years was, an “employer” as defined in Section 3(5) of ERISA. 

“Borrower” means Gladstone Business Loan, LLC, a Delaware limited liability company, or any permitted successor thereto. 

  
 4 

 “Borrowing Base” means on any date of determination, an amount equal to the
sum of (A) the lesser of: 
 (a) the Aggregate Purchased Loan Balance minus the Required Equity Investment
as of such date; and 
 (b) the sum, for each Eligible Loan as of such date, of the products of (i) its Adjusted Tier 1
Purchased Loan Balance and its Tier 1 Advance Rate, (ii) its Adjusted Tier 2 Purchased Loan Balance and its Tier 2 Advance Rate, and (iii) its Adjusted Tier 3 Purchased Loan Balance Loan and its Tier 3 Advance Rate; 

plus, (B) any amounts of cash and cash equivalents held in the Collection Account less the sum of the aggregate accrued but unpaid Servicing Fee,
Revolver Loan Funding Fee, Interest and Commitment Fee. 
 The capitalized terms used in this definition of “Borrowing Base” shall have the
following meanings: 
  

			
	Tier 1 Definitions: (Tier 1 only includes First Lien Loans, First Lien Qualifying Covenant-Lite Loan and First Out Loans)
		
	“Adjusted Tier 1 Purchased Loan Balance”	  	For any Eligible Loan, its Tier 1 Purchased Loan Balance minus the applicable Allocated Excess Concentration Loan Amount.
		
	“Tier 1 Advance Rate”	  	For (i) First Lien Qualifying Covenant-Lite Loans, 58%, otherwise (ii) 62%.
		
	“Tier 1 Leverage Ratio”	  	For each Eligible Loan, shall mean the lower of the Leverage Ratio and 4.25.
		
	“Tier 1 Percentage”	  	For (i) First Lien Qualifying Covenant-Lite Loans, 100%, and (ii) First Lien Loans and First Out Loans, the percentage obtained by dividing (x) the Tier 1 Leverage Ratio by (y) the Leverage Ratio.
		
	“Tier 1 Purchased Loan Balance”	  	For each Eligible Loan, the product of the Purchased Loan Balance and the Tier 1 Percentage; provided, however, that, for any Eligible Loan which does not have positive TTM EBITDA, the “Tier 1 Purchased Loan Balance” shall
be zero.
	
	Tier 2 Definitions: (Tier 2 only includes First Lien Loans, First Out Loans, Second Lien Loans, Second Lien Qualifying Covenant-Lite Loans and Last Out Loans)
		
	“Adjusted Tier 2 Purchased Loan Balance”	  	For any Eligible Loan, its Tier 2 Purchased Loan Balance minus the applicable Allocated Excess Concentration Loan Amount.
		
	“Tier 2 Advance Rate”	  	For (i) Second Lien Qualifying Covenant-Lite Loans, 48%, otherwise (ii) 52%.
		
	“Tier 2 Leverage Ratio”	  	 For each Eligible Loan, shall be determined as follows:
  

(a) For First Lien Loans and First Out Loans, the Tier 2 Leverage Ratio shall mean the lower of (i) the higher of (A) the
Leverage Ratio minus 4.25 and (B) zero, and (ii) 5.50 minus 4.25.
  

(b) For Second Lien Loans and Last Out Loans, the Tier 2 Leverage Ratio shall mean 5.50 minus the Senior Leverage
Ratio.

  
 5 

			
		
	“Tier 2 Percentage”	  	 Means:
  

(a) for Second Lien Qualifying Covenant-Lite Loans, 100%;
  

(b) for First Lien Loans and First Out Loans, the percentage obtained by dividing (x) the applicable Tier 2 Leverage Ratio by
(y) the Leverage Ratio;
  
 (c) for Second Lien Loans and Last
Out Loans, (i) if the Senior Leverage Ratio is greater than or equal to 5.50, then a value of 0, (ii) if the Leverage Ratio is less than or equal to 5.50, then a value of 100%, and (iii) otherwise, the percentage obtained by dividing
(A) the applicable Tier 2 Leverage Ratio by (B) the Leverage Ratio minus the Senior Leverage Ratio.

		
	“Tier 2 Purchased Loan Balance”	  	For each Eligible Loan, the product of the Purchased Loan Balance and the Tier 2 Percentage; provided, however, that, for any Eligible Loan which does not have positive TTM EBITDA, the “Tier 2 Purchased Loan Balance” shall
be zero.
	
	Tier 3 Definitions: (Tier 3 includes First Lien Loans, First Out Loans, Second Lien Loans, Last Out Loans and Mezzanine Loans)
		
	“Adjusted Tier 3 Purchased Loan Balance”	  	For any Eligible Loan, its Tier 3 Purchased Loan Balance minus the applicable Allocated Excess Concentration Loan Amount.
		
	“Tier 3 Advance Rate”	  	35%.
		
	“Tier 3 Leverage Ratio”	  	 For each Eligible Loan, shall be determined as follows:
  

(a) For First Lien Loans and First Out Loans, the Tier 3 Leverage Ratio shall mean the higher of (A) the Leverage Ratio minus
5.50, and (B) zero.
  
 (b) For Second Lien and Last Out Loans,
the Tier 3 Leverage Ratio shall mean (x) the Leverage Ratio minus (y) the higher of the applicable Senior Leverage Ratio and 5.50.

  
 6 

			
		
	“Tier 3 Percentage”	  	 Means:
  

(a) for First Lien Loans and First Out Loans, the percentage obtained by dividing (x) the applicable Tier 3 Leverage Ratio by
(y) the Leverage Ratio;
  
 (b) for Second Lien and Last Out
Loans, (i) if the Senior Leverage Ratio is greater than or equal to 5.50, then a value of 100%, (ii) if the Leverage Ratio is less than or equal to 5.50 then a value of zero, and (iii) otherwise, the percentage obtained by dividing
(A) the applicable Tier 3 Leverage Ratio by (B) the Leverage Ratio minus the Senior Leverage Ratio; and
  

(c) for Mezzanine Loans, 100%.

		
	“Tier 3 Purchased Loan Balance”	  	For each Eligible Loan, the product of the Purchased Loan Balance and the Tier 3 Percentage; provided, however, that, for any Eligible Loan which does not have positive TTM EBITDA, the “Tier 3 Purchased Loan Balance” shall
be zero.

 “Allocated Excess Concentration Loan Amount” means, as to any Eligible Loan, the Excess Concentration Loan
Amount of such Eligible Loan allocated to the Tier 1 through Tier 3 Purchased Loan Balances of such Eligible Loan in the following order of priority until such Excess Concentration Loan Amount has been fully allocated: 

(i) first, to its Tier 3 Purchased Loan Balance until such Tier 3 Purchased Loan Balance is zero; then 

(ii) to its Tier 2 Purchased Loan Balance until such Tier 2 Purchased Loan Balance is zero; and then 

(iii) to its Tier 1 Purchased Loan Balance until such Tier 1 Purchased Loan Balance is zero. 

“Senior Funded Debt” means, with respect to any Eligible Loan, the portion of the Total Funded Debt of the Obligor of such loan that is
senior in priority and right of repayment of such Eligible Loan. 
 “Senior Leverage Ratio” means, for any Eligible Loan, the ratio of the
Senior Funded Debt to TTM EBITDA of the Obligor of such Eligible Loan. 

  
 7 

 “Borrowing Base Test” means as of any date, a determination that
(a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding. 

“Borrower Notice” means a written notice, in the form of Exhibit A, to be used for each borrowing, repayment of each
Advance or termination or reduction of the Facility Amount or Prepayments of Advances. 
 “Breakage Costs” is defined in
Section 2.11. 
 “Business Day” means any day of the year other than a Saturday or a Sunday on
which (a) (i) banks are not required or authorized to be closed in New York, New York, and Virginia or (ii) which is not a day on which the Bond Market Association recommends a closed day for the U.S. Bond Market, and (b) if the term
“Business Day” is used in connection with the Adjusted Eurodollar Rate or the Interest Reset Date, means the foregoing only if such day is also a day of year on which dealings in United States dollar deposits are carried on in the London
interbank market. 
 “Change-in-Control”
means, with respect to any entity, the date on which (i) any Person or “group” acquires any “beneficial ownership” (as such terms are defined under Rule 13d-3 of, and Regulation 13D
under, the Securities Exchange Act of 1934, as amended), either directly or indirectly, of membership interests or other equity interests or any interest convertible into any such interest in such entity having more than fifty percent (50%) of the
voting power for the election of managers of such entity, if any, under ordinary circumstances, or (ii) (with regard to the Borrower, except in connection with any Discretionary Sale) an entity sells, transfers, conveys, assigns or otherwise
disposes of all or substantially all of the assets of such entity. 
 “Charged-Off
Loan” means any Loan (i) that is 120 days past due with respect to any interest or principal payment, (ii) for which an Insolvency Event has occurred with respect to the related Obligor or (iii) that is or should be written
off as uncollectible by the Servicer in accordance with the Credit and Collection Policy. 

“Charged-Off Ratio” means, with respect to any Settlement Period, the percentage
equivalent of a fraction, calculated as of the Determination Date for such Settlement Period, (i) the numerator of which is equal to the aggregate Outstanding Loan Balance of all Loans that became
Charged-Off Loans during such Settlement Period and (ii) the denominator of which is equal to the sum of (A) the Aggregate Outstanding Loan Balance as of the first day of such Settlement Period and
(B) the Aggregate Outstanding Loan Balance as of the last day of such Settlement Period divided by 2. 
 “Chemical
Bank” means Chemical Bank, in its capacity either as a Lender or in its individual capacity, as applicable, and its successors or assigns. 

“Closing Date” means May 19, 2003. 

“Code” means The Internal Revenue Code of 1986, as amended. 

  
 8 

 “Collateral” means all right, title and interest, whether now owned or
hereafter acquired or arising, and wherever located, of the Borrower in, to and under any and all of the following: 

(i)    the Transferred Loans, and all monies due or to become due in payment of such Loans on and after the
related Purchase Date; 
 (ii)    any Related Property securing the Transferred Loans, including all
proceeds from any sale or other disposition of such Related Property; 
 (iii)    the Loan Documents
relating to the Transferred Loans; 
 (iv)    all Supplemental Interests related to any Transferred
Loans; 
 (v)    the Collection Account, all funds held in such account, and all certificates and
instruments, if any, from time to time representing or evidencing the Collection Account or such funds; 

(vi)    all Collections and all other payments made or to be made in the future with respect to the
Transferred Loans, including such payments under any guarantee or similar credit enhancement with respect to such Loans; 

(vii)    all Hedge Collateral; 

(viii)    the Operating Account and all deposit or banking accounts of the Borrower with the Administrative
Agent, and all funds held in such accounts, and all certificates and instruments, if any, from time to time representing or evidencing such accounts or such funds; and 

(ix)    all income and Proceeds of the foregoing. 

For the avoidance of doubt, the Collateral, in the case of “Related Property” pursuant to clause (ii) above, may be and mean a Lien held by
Borrower against such property, rather than an ownership interest in such property. 
 “Collateral Custodian” means The
Bank of New York Mellon Trust Company, N.A., formerly known as BNY Midwest Trust Company, in its capacity as Collateral Custodian under the Custody Agreement, together with its successors and assigns. 

“Collateral Custodian Expenses” means the
out-of-pocket expenses to be paid to the Collateral Custodian under the Custody Agreement. 

“Collateral Custodian Fee” means the fee to be paid to the Collateral Custodian as set forth in the Custody Agreement. 

“Collateral Quality Test” means as of any date, a set of tests that are satisfied so long as each of the following are
satisfied: (i) the Weighted Average Spread on the Transferred Loans is equal to or greater than 5.0% as of such date, (ii) the Weighted Average Life of the Transferred Loans is equal to or less than 57 months as of such date,
(iii) the weighted average Risk Rating of 

  
 9 

 
the portfolio of Transferred Loans shall not be less than B-/ B3/4 by S&P, Moody’s or the Servicer’s risk rating model, respectively,
(iv) the Diversity Score for the Transferred Loans is greater than or equal to 10 as of such date and (v) the Required Minimum Obligors Test is being satisfied. 

“Collection Account” is defined in Section 7.4(e). 

“Collection Date” means the date following the Termination Date on which all Advances Outstanding have been reduced to zero,
the Lenders have received all accrued Interest, fees, and all other amounts owing to them under this Agreement and the Hedging Agreement, the Hedge Counterparties have received all amounts due and owing hereunder and under the Hedge Transactions,
and each of the Backup Servicer, the Collateral Custodian, the Administrative Agent and the Managing Agents have each received all amounts due to them in connection with the Transaction Documents. 

“Collections” means (a) all cash collections or other cash proceeds of a Transferred Loan received by or on behalf of
the Borrower by the Servicer or Originator from or on behalf of any Obligor in payment of any amounts owed in respect of such Transferred Loan, including, without limitation, Interest Collections, Principal Collections, Deemed Collections, Insurance
Proceeds, and all Recoveries, (b) all amounts received by the Buyer (as defined in the Purchase and Sale Agreement) in connection with the repurchase of an Ineligible Loan pursuant to Section 6.1 of the Purchase Agreement, (c) all
amounts received by the Administrative Agent in connection with the purchase of a Transferred Loan pursuant to Section 7.7, (d) all payments received pursuant to any Hedging Agreement or Hedge Transaction, and
(e) interest earnings in the Collection Account. 
 “Commitment” means (a) for KeyBank, the commitment of such
Lender to fund Advances to the Borrower in an amount not to exceed $65,000,000, (b) for ING, the commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $45,000,000, (c) for Chemical Bank, the commitment of such Lender
to fund Advances to the Borrower in an amount not to exceed $25,000,000, in each case as such amount may be modified in accordance with the terms hereof; (d) for FNBP, the commitment of such Lender to fund Advances to the Borrower in an amount
not to exceed $10,000,000, in each case as such amount may be modified in accordance with the terms hereof, (e) for AloStar, the commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $10,000,000, (f) for
Sterling, the commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $35,000,000, in each case as such amount may be modified in accordance with the terms hereof and (g) with respect to any Person who becomes a
Lender pursuant to an Assignment and Acceptance or a Joinder Agreement, the commitment of such Person to fund Advances to the Borrower in an amount not to exceed the amount set forth in such Assignment and Acceptance or Joinder Agreement, as such
amount may be modified in accordance with the terms hereof. 
 “Commitment Make-Whole Fee” is defined in that certain Fee
Letter, dated as of the Effective Date, between the Borrower and the Administrative Agent. 
 “Commitment Termination Date”
means January 15, 2021, or such later date to which the Commitment Termination Date may be extended (if extended) in the sole discretion of the Lenders in accordance with the terms of Section 2.4(b). 

  
 10 

 “Contractual Obligation” means, with respect to any Person, means any
provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject.

 “Control Affiliate” means any Obligor in which the Originator, the Borrower or any Affiliate of the Borrower holds or
acquires voting securities of such Obligor, in an amount such that the Originator, the Borrower or any Affiliate of the Borrower, or any or all of them jointly, would then have “control” of such Obligor, as defined in Section 2(a)(9)
of the 1940 Act. 
 “Controlled Transaction” means a Loan, the Obligor of which is a Control Affiliate. 

“Covenant-Lite Loan” means a Loan lacking traditional financial covenants requiring minimum interest or other debt service
coverage or specifying maximum levels of leverage or other similar “maintenance” tests. 
 “Credit and Collection
Policy” means those credit, collection, customer relation and service policies (i) determined by the Borrower, the Originator and the initial Servicer as of the date hereof relating to the Transferred Loans and related Loan Documents,
as on file with the Administrative Agent and as the same may be amended or modified from time to time in accordance with Sections 5.1(r) and 7.9(g); and (ii) with respect to any Successor Servicer, the collection procedures and
policies of such person (as approved by the Administrative Agent) at the time such Person becomes Successor Servicer. 
 “Current
Pay Loan” means any Transferred Loan (a) in respect of which the Servicer or Originator shall have taken any of the following actions: charging a default rate of interest, restricting Obligor’s right to make subordinated payments
(other than payments in respect of owner’s debts and seller financings in the original loan agreement), acceleration of the Transferred Loan, foreclosure on collateral for the Loan, increasing its representation on the Obligor’s Board of
Directors or similar governing body, or increasing the frequency of its inspection rights to permit inspection on demand, (b) that is not more than thirty (30) days past due with respect to any interest or principal payments and
(c) in respect of which the Servicer shall have certified (which certification may be in the form of an e-mail or other written electronic communication) to the Administrative Agent that the Servicer does
not believe, in its reasonable judgment, that a failure to pay interest or ultimate principal will occur. For avoidance of doubt, a Current Pay Loan shall be an Eligible Loan and included in the Borrowing Base but shall be subject to restriction as
provided in the definitions of Excess Concentration Loan Amount and Outstanding Loan Balance. A Transferred Loan shall cease to be a Current Pay Loan if it (i) becomes a Defaulted Loan through failure to satisfy the requirements set forth in
clauses (b) and (c) of the first sentence in this definition or (ii) becomes an Eligible Loan which is no longer a Current Pay Loan (such that it is no longer subject to restriction for purposes of Excess Concentration Amount and
Outstanding Loan Balance calculations), which shall occur upon receipt of a certification from the Servicer (which certification may be in the form of an e-mail or other written electronic communication) to
the Administrative Agent that, as of the date of the certification (x) the applicable circumstances enumerated in clause (a) above which caused the Loan to be a Current Pay Loan shall no longer exist and (y) such Loan otherwise meets
the definition of an Eligible Loan. 

  
 11 

 “Custody Agreement” means the Custodial Agreement, dated as of the Closing
Date among the Borrower, the Servicer, the Originator, the Administrative Agent and the Collateral Custodian, as amended by that certain Amendment No. 1 to Custodial Agreement dated as of September 28, 2004, that certain Amendment
No. 2 to Custodial Agreement dated as of May 15, 2009 and as the same may from time to time be further amended, restated, supplemented, waived or modified. 

“Deemed Collections” means, on any day, the aggregate of all amounts Borrower shall have been deemed to have received as a
Collection of a Transferred Loan. Borrower shall be deemed to have received a Collection in an amount equal to the unpaid balance (including any accrued interest thereon) of a Transferred Loan if at any time the Outstanding Loan Balance of any such
Loan is either (i) reduced as a result of any discount or any adjustment or otherwise by Borrower (other than receipt of cash Collections) or (ii) reduced or canceled as a result of a setoff in respect of any claim by any Person (whether
such claim arises out of the same or a related transaction or an unrelated transaction). 
 “Default Excess” means, with
respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s ratable portion of the aggregate Credit Exposure of all Lenders (calculated as if all Defaulting Lenders had funded all of their respective Advances) over the
aggregate outstanding principal amount of all Advances of such Defaulting Lender. 
 “Default Rate” means a rate equal to
the sum of (i) the Base Rate plus (ii) 2.0% plus (iii) the Applicable Margin. 
 “Default Ratio” means, with
respect to any Settlement Period, the percentage equivalent of a fraction, calculated as of the Determination Date for such Settlement Period, (a) the numerator of which is equal to the aggregate Outstanding Loan Balance of all Transferred
Loans (excluding Charged-Off Loans) included as part of the Collateral that became Defaulted Loans during such Settlement Period and (b) the denominator of which is equal to (i) the sum of
(x) the Aggregate Outstanding Loan Balance as of the first day of such Settlement Period and (y) the Aggregate Outstanding Loan Balance as of the last day of such Settlement Period divided by (ii) two. 

“Defaulted Loan” means any Transferred Loan (a) as to which, (x) a default as to the payment of principal and/or
interest has occurred and is continuing for a period of thirty-two (32) consecutive days with respect to such Loan (without regard to any grace period applicable thereto, or waiver thereof) or (y) a
default not set forth in clause (x) has occurred and the holders of such Loan have accelerated all or a portion of the principal amount thereof as a result of such default, (b) as to which a default as to the payment of principal and/or
interest has occurred and is continuing on another debt obligation of the same Obligor which is senior or pari passu in right of payment to such Loan, (c) as to which the Obligor or others have instituted proceedings to have the Obligor
adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such issuer has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless in the case of clauses
(b) and (c), the Loan is a Current Pay Loan or a DIP Loan, in which case such Loan shall not be deemed a Defaulted Loan), (d) that the Servicer has in its reasonable commercial judgment otherwise declared to be a Defaulted Loan or (e) that
has a Risk Rating of “Ca,” “CC” or “1” or below by Moody’s, S&P or the Servicer, respectively. 

  
 12 

 “Defaulting Lender” means, subject to
Section 12.17, any Lender that (a) has failed to (i) fund all or any portion of its Advances within two Business Days of the date such Advances were required to be funded hereunder unless such Lender notifies the
Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation
in Swing Advances) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or Swingline 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 Lenders’ obligation to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (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 the Borrower), or (d) has, or has a direct or indirect parent company that has, other than via an Undisclosed Administration, (i) become the
subject of a proceeding under any Insolvency Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action;
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive
and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 12.17) upon delivery of written notice of such determination to the Borrower, the Swingline Lender and each
Lender. 
 “Deposit Account Control Agreement” means each of (i) a letter agreement, substantially in the form of
Exhibit L, among the Borrower, the Administrative Agent and the bank maintaining the Collection Account with respect to control of the Collection Account, as amended by Amendment No. 1 to Deposit Account Control
Agreement dated as of May 15, 2009, and as the same may be further amended, modified, supplemented, restated or replaced by a successor agreement in form and substance reasonably acceptable to the Administrative Agent from time to time,
(ii) the Deposit Account Control Agreement dated as of May 15, 2009 with respect to the Operating Account among the Borrower, the bank maintaining the Operating Account and the Administrative Agent, as the same may be amended, modified,
supplemented, restated or replaced by a successor agreement in form and substance reasonably acceptable to the Administrative Agent from time to time and (iii) any letter agreement, substantially in the form of
Exhibit L or otherwise in form and substance reasonably acceptable to the Administrative Agent, among the Borrower, the Administrative Agent and the bank maintaining any Lock-Box
Account. 

  
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 “Derivatives” means any exchange-traded or
over-the-counter (i) forward, future, option, swap, cap, collar, floor, foreign exchange contract, any combination thereof, whether for physical delivery or cash
settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument,
equity price, equity index, commodity, commodity price or commodity index, (ii) any similar transaction, contract, instrument, undertaking or security, or (iii) any transaction, contract, instrument, undertaking or security containing any
of the foregoing. 
 “Determination Date” means the last day of each Settlement Period. 

“DIP Loan” means a Transferred Loan, the Obligor of which is a debtor-in-possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code (a “Debtor”) organized under the laws of the
United States or any state therein, the terms of which have been approved by an order of a court of competent jurisdiction, which order provides that (i) such DIP Loan is secured by liens on otherwise unencumbered property of the Debtor’s
bankruptcy estate pursuant to 364(c)(2) of the Bankruptcy Code, (ii) such DIP Loan is secured by liens of equal or senior priority on property of the Debtor’s estate that is otherwise subject to a lien pursuant to Section 364(d) of
the Bankruptcy Code, (iii) such DIP Loan is secured by junior liens on property of the Debtor’s bankruptcy estate already subject to a lien encumbered assets (so long as such DIP Loan is a fully secured claim within the meaning of
Section 506 of the Bankruptcy Code), or (iv) if the DIP Loan or any portion thereof is unsecured, the repayment of such DIP Loan retains priority over all other administrative expenses pursuant to Section 364(c)(1) of the Bankruptcy
Code; provided that, in the case of the origination or acquisition of any DIP Loan, none of the Borrower or the Servicer have actual knowledge that the order set forth above is subject to any pending contested matter or proceeding (as such terms are
defined in the Federal Rules of Bankruptcy Procedure) or the subject of an appeal or stay pending appeal. 
 “Discretionary
Sale” is defined in Section 2.16. 
 “Discretionary Sale Notice” is defined in
Section 2.16. 
 “Discretionary Sale Settlement Date” means the Business Day specified by the
Borrower to the Administrative Agent in a Discretionary Sale Notice as the proposed settlement date of a Discretionary Sale. 

“Discretionary Sale Trade Date” means the Business Day specified by the Borrower to the Administrative Agent in a
Discretionary Sale Notice as the proposed trade date of a Discretionary Sale. 
 “Diversity Score” means the single number
that indicates collateral concentration for Loans in terms of both Obligor and industry concentration, which is calculated as described in Schedule IV attached hereto. 

  
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 “Drawn Amount” means, at any time, the sum of (i) Advances Outstanding
and (ii) the Revolver Loan Unfunded Commitment Amount at such time. 
 “Early Termination Event” is defined in
Section 8.1. 
 “EBITDA” means, with respect to any Obligor of a Loan, the consolidated net
income of the applicable Person (excluding extraordinary gains and extraordinary losses (to the extent excluded in the definition of “EBITDA” in the relevant Loan Documents relating to the applicable Loan)) for the relevant period plus the
following to the extent deducted in calculating such consolidated net income: (i) consolidated interest charges for such period; (ii) the provision for Federal, state, local and foreign income taxes payable for such period;
(iii) depreciation and amortization expense for such period; and (iv) such other adjustments included in the definition of “EBITDA” (or similar defined term used for the purposes contemplated herein) in the relevant Loan
Documents relating to the applicable Loan, provided, that such adjustments are usual and customary and substantially comparable to market terms for substantially similar debt of other similarly situated borrowers at the time such
relevant agreements are entered into as reasonably determined in good faith by the Servicer or the Borrower. 
 “EEA Financial
Institution” means (a) any credit institution or investment firm 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 financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (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. 

“Effective Date” means May 1, 2015. 

“Eligible Assignee” means a Person (a) that is a Lender or an Affiliate of a Lender or (b) who is approved by
(i) the Administrative Agent (such approval not to be unreasonably withheld or delayed) and (ii) unless an Unmatured Termination Event or Early Termination Event shall have occurred and be continuing, the Borrower (such approval not to be
unreasonably withheld or delayed); provided that, notwithstanding any of the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or subsidiaries. 

“Eligible Loan” means, on any date of determination, each Loan which satisfies each of the following requirements: 

(i)    the Loan is evidenced by a promissory note that has been duly authorized and that, together with the
related Loan Documents, is in full force and effect and constitutes the legal, valid and binding obligation of the Obligor of such Loan to pay the stated amount of the Loan and interest thereon, and the related Loan Documents are enforceable against
such Obligor in accordance with their respective terms; 

  
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 (ii)    the Loan (a) was originated in accordance
with the terms of the Credit and Collection Policy, (b) arose in the ordinary course of the Originator’s business from the lending of money to the Obligor thereof and (c) the origination of such Loan by the Originator, and the sale
and transfer of any interests in such Loan to the Borrower or any Affiliate of the Borrower, and the ongoing maintenance of such interests, shall not cause the Originator to violate the RIC/BDC Requirements in any material respect (taking into
account any exemptive relief available to the Originator); 
 (iii)    the Loan is not a Defaulted Loan;

 (iv)    the Obligor of such Loan has executed all appropriate documentation required by the
Originator; 
 (v)    the Loan, together with the Loan Documents related thereto, is a “general
intangible”, an “instrument”, an “account”, or “chattel paper” within the meaning of the UCC of all jurisdictions that govern the perfection of the security interest granted therein; 

(vi)    all material consents, licenses, approvals or authorizations of, or registrations or declarations
with, any Governmental Authority required to be obtained, effected or given in connection with the making of such Loan have been duly obtained, effected or given and are in full force and effect; 

(vii)    the Loan is denominated and payable only in United States dollars in the United States, and is not
convertible by the Obligor into debt denominated in any other currency; 
 (viii)    the Loan bears
interest, which is due and payable no less frequently than semi-annually, except for PIK Loans; 

(ix)    the Loan, together with the Loan Documents related thereto, does not contravene in any material
respect any Applicable Laws (including, without limitation, laws, rules and regulations relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) and with
respect to which no party to the Loan Documents related thereto is in material violation of any such Applicable Laws; 

(x)    the Loan, together with the related Loan Documents, is fully assignable; 

(xi)    the Loan was documented and closed in accordance with the Credit and Collection Policy, including
the relevant opinions and assignments, and there is only one current original promissory note; 

(xii)    the Loan and all Related Property with respect to such Loan are free of any Liens except for
Permitted Liens; 

  
 16 

 (xiii)    the Loan has an original term to maturity of
no more than 120 months; 
 (xiv)    no right of rescission, set off, counterclaim, defense or other
material dispute has been asserted with respect to such Loan; 
 (xv)    any Related Property with
respect to such Loan is insured in accordance with the Credit and Collection Policy; 
 (xvi)    the
Obligor with respect to such Loan is an Eligible Obligor; 
 (xvii)    if such Loan is a PIK Loan, such
Loan shall pay a minimum of eight percent (8.0%) per annum current interest in cash, on at least a quarterly basis; 

(xviii)    the Loan is not a loan or extension of credit made by the Originator or one of its subsidiaries
to an Obligor for the purpose of making any principal, interest or other payment on such Loan necessary in order to keep such Loan from becoming delinquent; 

(xix)    the Loan has not been amended or subject to a deferral or waiver the effect of which is to
(A) reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal or (B) reduce the rate or extend the time of payment of interest (or any component thereof), in each case without the consent
of the Required Lenders; provided, however, that such consent shall not be required for an amendment, deferral or waiver that is a Permitted Loan Amendment, so long as the Loan to be so amended, deferred or waived (1) is not a
Defaulted Loan and (2) has not incurred and is not anticipated to incur a breach of a material financial covenant; 

(xx)    if such Loan is a Revolver Loan, it shall be secured by a first priority, perfected security
interest on certain assets of the Obligor which shall include, without limitation, accounts receivable and inventory; 

(xxi)    if such Loan is a Revolver Loan, the revolving credit commitment of the Borrower to the applicable
Obligor thereunder shall have a term to maturity of three years or less; 
 (xxii)    if such Loan is a
Fixed Rate Loan which is not subject to a Hedging Transaction, the interest rate charged on such Loan shall be equal to or greater than 9.0%; 

(xxiii)    such Loan is not a Structured Finance Obligation; 

(xxiv)    such Loan is not an equity security, and does not by its terms permit the payment obligation of
the Obligor thereunder to be converted into or exchanged for equity capital of such Obligor; 

(xxv)    such Loan is not an obligation whose repayment is subject to or derived from (a) the value of
other loans, securities and/or financial instruments or (b) the value of bonds insuring against loss arising from natural catastrophes; 

  
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 (xxvi)    such Loan will not be accompanied by
additional consideration which would cause the Borrower to be deemed to own 5.0% or more of the voting securities of any publicly registered issuer or any securities that are immediately convertible into or immediately exercisable or exchangeable
for 5.0% or more of the voting securities of any publicly registered issuer, as determined by the Servicer; 

(xxvii)    the financing of such Loan by the Lenders does not contravene Regulation U of the Federal
Reserve Board, nor require the Lenders to undertake reporting thereunder which it would not otherwise have cause to make; 

(xxviii)    if such security or loan is a Real Estate Loan, there is full recourse to the Obligor for
principal and interest payments; 
 (xxix)    such Loan does not contain a confidentiality provision that
restricts the ability of the Administrative Agent, on behalf of the Secured Parties, to exercise its rights under the Transaction Documents, including, without limitation, its rights to review the Loan, the related Loan File or the Originator’s
credit approval file in respect of such Loan; provided, however, that a provision which requires the Administrative Agent or other prospective recipient of confidential information to maintain the confidentiality of such information
shall not be deemed to restrict the exercise of such rights; 
 (xxx)    the Obligor of which is not the
Servicer, an Affiliate of the Borrower, the Originator or the Servicer or any other person whose investments are primarily managed by the Servicer or any Affiliate of the Servicer, unless such Loan is approved by the Required Lenders (for avoidance
of doubt, the term “Affiliate” as used in this clause (xxx) does not include an entity which is a “Control Affiliate”); 

(xxxi)    the Servicer shall have in respect of such Loan calculated, (i) on or prior to the date on
which such Loan became a Transferred Loan, and (ii) at least once per calendar quarter, within thirty Business Days after the date the Servicer provides the quarterly valuations for its serviced portfolio, each of the following, in each case in
accordance with the applicable Loan Documents for such Loan: EBITDA, Total Funded Debt, TTM EBITDA and each of the ratios required to be computed hereunder utilizing those three terms in the classification of such Loan hereunder; 

(xxxii)    such Loan is not a Covenant-Lite Loan, unless such Loan is a Qualifying Covenant-Lite Loan, in
which case it shall not be ineligible pursuant solely to the operation of this clause (xxxii); 

(xxxiii)    the proceeds of such Loan are not used to finance construction projects or activities in the
form of a traditional construction loan where the only collateral for the loan is the project under construction and draws are made on the loan specifically to fund construction in progress; and 

(xxxiv)    such Loan shall be a (A) First Lien Loan, (B) First Out Loan, (C) First Lien
Qualifying Covenant-Lite Loan, (D), Second Lien Loan, (E) Last Out Loan, (F) Second Lien Qualifying Covenant-Lite Loan or (G) Mezzanine Loan. 

  
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 “Eligible Obligor” means, on any day, any Obligor that satisfies each of
the following requirements: 
 (i)    such Obligor’s principal office and any Related Property are
located in Canada or the United States or any territory of the United States; 
 (ii)    no other Loan of
such Obligor is a Defaulted Loan; 
 (iii)    such Obligor is not the subject of any Insolvency Event,
with the exception of an Obligor with regard to a DIP Loan; 
 (iv)    such Obligor is not a Governmental
Authority; 
 (v)    such Obligor is in material compliance with all material terms and conditions of its
Loan Documents; and 
 (vi)    such Obligor is not an Affiliate of the Borrower, the Servicer or the
Originator (for avoidance of doubt, the term “Affiliate” as used in this clause (vi) does not include an entity which is a “Control Affiliate”). 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means (a) any corporation that is a member of the same
controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower; (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with
the Borrower or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower, any corporation described in clause (a) above or any trade or business described in clause
(b) above. 
 “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. 

“Eurodollar Disruption Event” means, with respect to any Advance as to which Interest accrues or is to accrue at a rate based
upon the Adjusted Eurodollar Rate, any of the following: (a) a determination by a Lender that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain
United States dollars in the London interbank market to make, fund or maintain any Advance; (b) the inability of any Lender to obtain timely information for purposes of determining the Adjusted Eurodollar Rate; (c) a determination by a
Lender that the rate at which deposits of United States dollars are being offered to such Lender in the London interbank market does not accurately reflect the cost to such Lender of making, funding or maintaining any Advance; or (d) the
inability of a Lender to obtain United States dollars in the London interbank market to make, fund or maintain any Advance. 

“Eurodollar Reserve Percentage” means, on any day, the then applicable percentage (expressed as a decimal) prescribed by the
Federal Reserve Board (or any successor) for determining maximum reserve requirements applicable to “Eurocurrency Liabilities” pursuant to 

  
 19 

 
Regulation D or any other then applicable regulation of the Federal Reserve Board (or any successor) that prescribes reserve requirements applicable to “Eurocurrency Liabilities” as
presently defined in Regulation D. The Adjusted Eurodollar Rate shall be adjusted automatically on and as of the effective date of any change in the Eurodollar Reserve Percentage. 

“Excess Concentration Limits” means, as of any date of determination, the following limits on the amount of Purchased
Loan Balance of all Eligible Loans which may be included in the Borrowing Base, as contemplated by the definition of Excess Concentration Loan Amount: 

(a)    the Aggregate Adjusted Purchased Loan Balance of Fixed Rate Loans which are not subject to a Hedge Transaction
shall not exceed 20% of the Aggregate Purchased Loan Balance; 
 (b)    the Aggregate Adjusted Purchased Loan Balance of
Fixed Rate Loans (whether subject to a Hedge Transaction or not) shall not exceed 40% of the Aggregate Purchased Loan Balance; 

(c)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans that have remaining terms to maturity greater than
84 months (measured as of the most recent Reporting Date) shall not exceed 15% of the Aggregate Purchased Loan Balance; 

(d)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans which are not (i) First Lien Loans,
(ii) First Lien Qualifying Covenant-Lite Loans or (iii) First Out Loans shall not exceed 60% of the Aggregate Purchased Loan Balance; provided that, in the event “asset coverage” (as defined in and determined pursuant to
Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act) of the Performance Guarantor is less than 175%, this limit shall not exceed 50% following a 90-day grace period; 

(e)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans which are participation interests shall not exceed
10% of the Aggregate Purchased Loan Balance; 
 (f)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans
which are DIP Loans shall not exceed 10% of the Aggregate Purchased Loan Balance; 
 (g)    the Aggregate Adjusted
Purchased Loan Balance of Eligible Loans which have an Risk Rating of CCC+/Caa1/3 (S&P/Moody’s/Servicer) or below shall not exceed 15% of the Aggregate Purchased Loan Balance; 

(h)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans included as part of the Collateral which are
Revolver Loans shall not exceed 15% of the Aggregate Purchased Loan Balance; 
 (i)    the Aggregate Adjusted Purchased
Loan Balance of Eligible Loans which are PIK Loans shall not exceed 25% of the Aggregate Purchased Loan Balance; 

(j)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans that are Current Pay Loans shall not exceed 10% of
the Aggregate Purchased Loan Balance; 
 (k)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans that are
Real Estate Loans shall not exceed 5% of the Aggregate Purchased Loan Balance; 

  
 20 

 (l)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans
for which the applicable Eligible Obligors are domiciled in any single State shall not exceed 40% of the Aggregate Purchased Loan Balance; 

(m)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans to a single Obligor shall not exceed an amount
equal to the greater of (a) $20,000,000 and (b) the product of (A) 10% and (B) the Aggregate Purchased Loan Balance; provided, that, for purposes of calculating this clause (m), all Loans included in the Collateral or to become part of the
Collateral the Obligor of which is an Affiliate of another Obligor shall be aggregated with all Loans of such other Obligor; 
 (n)
    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans to the ten (10) Obligors having the largest Purchased Loan Balances, in the aggregate, shall not exceed an amount equal to 75% of the Aggregate Purchased
Loan Balance; provided, that, for purposes of calculating this clause (n), all Loans included in the Collateral or to become part of the Collateral the Obligor of which is an Affiliate of another Obligor shall be aggregated with all Loans of such
other Obligor; 
 (o)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans included as part of the
Collateral for which no Trust Receipt (as defined in the Custody Agreement) has been received shall not exceed 10% of the Aggregate Purchased Loan Balance; 

(p)    the Aggregate Adjusted Purchased Loan Balance of Loans which are not priced by an Approved Valuation Service on a
quarterly basis and have not been so priced by Approved Valuation Service for a period in excess of 135 days from the last day of the fiscal quarter during which such Loans became Transferred Loans (other than those Loans which have a long term
credit rating from S&P or Moody’s and have a quoted price by a financial institution rated at least A-1/P-1 that makes a market in such Loan, which shall be
expressly excluded from this subsection (p)) shall not exceed 0% of the Aggregate Purchased Loan Balance; 
 (q)    the
Aggregate Adjusted Purchased Loan Balance of Eligible Loans that are Mezzanine Loans shall not exceed 5% of the Aggregate Purchased Loan Balance; 

(r)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans which are any of (i) PIK Loans, (ii) DIP
Loans, (iii) Mezzanine Loans or (iv) Current Pay Loans shall not, in the aggregate, exceed 25% of the Aggregate Purchased Loan Balance; 

(s)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans that are Qualifying Covenant-Lite Loans shall not
exceed 10% of the Aggregate Purchased Loan Balance; 
 (t)    the Aggregate Adjusted Purchased Loan Balance of Eligible
Loans that arise in connection with a Controlled Transaction shall not exceed 15% of the Aggregate Purchased Loan Balance; 

(u)    the Aggregate Adjusted Purchased Loan Balance of Eligible Loans for which the Servicer has not calculated, at least
once per calendar quarter within five Business Days after the date the Servicer provides the quarterly valuations for its serviced portfolio, each of the following, in each case in accordance with the applicable Loan Documents for such corresponding
Eligible Loan: EBITDA, Total Funded Debt, TTM EBITDA and each of the ratios required to be computed hereunder utilizing those three terms in the classification of such Loan hereunder, shall not exceed 10% of the Aggregate Purchased Loan Balance;

  
 21 

 (v)     the Aggregate Adjusted Purchased Loan Balance of Eligible Loans
as to which the Obligor’s principal office and any Related Property are located in Canada shall not exceed 5% of the Aggregate Purchased Loan Balance; 

(w)    the Aggregate Adjusted Purchased Loan Balance of the Non-Qualified Loans
shall not exceed 15% of the Aggregate Purchased Loan Balance; 
 (x)    the Aggregate Adjusted Purchased Loan Balance of
Excess Leverage Loans (whether Non-Qualified Loans or not) shall not exceed 25% of the Aggregate Purchased Loan Balance; 

(y)    for all Excess Leverage Loans (whether Non-Qualified Loans or not) for
which the ratio, expressed as a percentage of the Fair Market Value of such Loan to the Outstanding Loan Balance of such Loan shall be less than 80%, an amount equal to the amount of the Aggregate Adjusted Purchased Loan Balance of such Excess
Leverage Loans causing such Loans to have a Total Funded Debt to TTM EBITDA ratio of greater than 6.0x; and 

(z)    the Aggregate Adjusted Purchased Loan Balance of Loans which bear interest which is due and payable less frequently
than quarterly (except for PIK Loans) shall not exceed 10% of the Aggregate Purchased Loan Balance. 
 For purposes of calculating the Excess Concentration
Amount, all Loans included in the Collateral or to become part of the Collateral the Obligor of which is an Affiliate of another Obligor shall be aggregated with all Loans of such other Obligor. 

“Excess Concentration Loan Amount” means, with respect to each Eligible Loan included as part of the Collateral, as of any
date of determination, the amount to be subtracted from the Purchased Loan Balance of such Eligible Loan resulting in an Adjusted Purchased Loan Balance satisfying all Excess Concentration Limits for all Adjusted Purchased Loan Balances of all
Eligible Loans, as allocated in the reasonable business judgment of the Borrower, or the Servicer on its behalf. For purposes of clarity, the Excess Concentration Loan Amounts shall be calculated without duplication under the limits set forth above
in paragraphs (a)-(z) in the definition of “Excess Concentration Limits.” In determining the effect of any single Loan on the Excess Concentration Loan Amount, the Servicer may determine, in its discretion, which of such applicable
paragraphs (a)-(z) to utilize. 
 “Excess Leverage Loan” shall mean any Eligible Loan having a Total Funded Debt to TTM
EBITDA ratio of greater than 6.0x. 
 “Facility Amount” means, at any time and as reduced or increased from time to time,
pursuant to the terms of this Agreement the aggregate dollar amount of Commitments of all the Lenders, as of the date of determination; provided, however, that on or after the Termination Date, the Facility Amount shall be equal to the
amount of Advances outstanding. As of the Effective Date, the Facility Amount is $190,000,000. The Facility Amount may be increased up to a total of $265,000,000 in accordance with the provisions of Section 2.3(c). 

  
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 “Fair Market Value” means, with respect to each Eligible Loan, the least of
(a) to the extent priced by an Approved Valuation Service, the product of (x) the remaining principal amount of the Eligible Loan and (y) the pricing as determined by an Approved Valuation Service in its most recent quarterly pricing,
(b) the remaining principal amount of such Eligible Loan, (c) if such Eligible Loan has been reduced in value below the remaining principal amount thereof (other than as a result of the allocation of a portion of the remaining principal
amount to warrants), the value of such Eligible Loan as required by, and in accordance with, the 1940 Act, as amended, and any orders of the SEC issued to the Originator, to be determined by the Board of Directors of the Originator and reviewed by
its auditors and (d) (A) the remaining principal amount of such Eligible Loan times (B) the price quoted to the Borrower on such Eligible Loan from a financial institution rated at least A-1/P-1 that makes a market in such Eligible Loan. 
 “Federal Funds Rate” means,
for any period, a fluctuating interest rate per annum for each day during such period equal to (a) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published for such day
(or, if such day is not a Business Day, for the preceding Business Day) by the Federal Reserve Bank of New York; or (b) if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:30
a.m. (New York City time) for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System. 

“Fee Letter” means any letter agreement in respect of fees among the Borrower, the Originator and the Administrative Agent or
any Managing Agent, as any such letter may be amended or modified and in effect from time to time. 
 “First Lien Loan”
means a Loan that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially all of the assets (net of any real estate) of the respective Obligors obligated in respect thereof, and which has the
most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings, provided, however, that, in the case of accounts receivable and inventory (and the
proceeds thereof), such lien and security interest may be second in priority to a Permitted Working Capital Lien; and further provided, that, as of any date of determination, the ratio of the principal amount of the Loan secured by such Permitted
Working Capital Lien to TTM EBITDA of the Obligor is less than or equal to 1.0x, otherwise, such Loan will be deemed to be a Second Lien Loan. For the avoidance of doubt, in no event shall a First Lien Loan include a Last Out Loan, unless 100% of
the interests in both the First Out Loan and the Last Out Loan are held by the Borrower or the Borrower and its Affiliates, in accordance with that certain exemptive order granted by the SEC to the Originator in July 2012 to the extent that such
order remains applicable to Originator and its Affiliates. 
 “First Lien Qualifying Covenant-Lite Loan” means a First Lien
Loan which is a Qualifying Covenant-Lite Loan. 
 “First Out Loan” means a Loan that (a) constitutes an Eligible Loan
which is a First Lien Loan, (b) is secured on a pari passu basis with a Last Out Loan by a perfected, first priority security interest in all or substantially all of the assets of the related Obligor, and (c) following the

  
 23 

 
occurrence of a specified event or trigger under the applicable Loan Documents, will be paid in full prior to the payment of any portion of the related Last Out Loan issued by the same Obligor,
in accordance with a specified priority of payment; provided, however, that if (i) the Borrower holds 100% of the interests in both the First Out Loan and related Last Out Loan of an Obligor, or (ii) 100% of the interests in both
the First Out Loan and the related Last Out Loan of an Obligor are held by the Borrower and its Affiliates, in accordance with that certain exemptive order granted by the SEC to the Originator in July 2012 to the extent that such order remains
applicable to Originator and its Affiliates, then in either case, both Loans will be considered to be First Lien Loans provided all other requirements of this definition are satisfied. 

“Fixed Rate Loan” means a Transferred Loan that bears interest at a fixed rate. 

“Floating Rate Loan” means a Transferred Loan that bears interest at a floating rate. 

“FNBP” means First National Bank of Pennsylvania, in its capacity either as a Lender or in its individual capacity, as
applicable, and its successors or assigns. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, with
respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of outstanding Swing Advances made by the Swingline Lender other than Swing Advances as to which such Defaulting Lender’s participation obligation has been
reallocated to other Lenders. 
 “Funding Date” means any day on which an Advance is made in accordance with and subject to
the terms and conditions of this Agreement. 
 “Funding Request” means a Borrower Notice requesting an Advance and
including the items required by Section 2.2. 
 “GAAP” means generally accepted accounting
principles as in effect from time to time in the United States. 
 “Governmental Authority” means, with respect to any
Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank). 

“Group Advance Limit” means, for each Lender Group, the sum of the Commitments of the Lenders in such Lender Group. 

“Guarantor Event of Default” means the occurrence of any “Event of Default” under and as defined in the Performance
Guaranty. 
 “Hedge Breakage Costs” means, for any Hedge Transaction, any amount payable by the Borrower for the early
termination of that Hedge Transaction or any portion thereof. 
 “Hedge Collateral” is defined in
Section 5.2(b). 

  
 24 

 “Hedge Counterparty” means (i) KeyBank, (ii) ING or (iii) any
other Lender that has been approved in writing by the Administrative Agent (which approval shall not be unreasonably withheld). 

“Hedge Transaction” means each interest rate cap transaction between the Borrower and a Hedge Counterparty that is entered
into pursuant to Section 5.2 and is governed by a Hedging Agreement. 
 “Hedging Agreement” means
each agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge Transactions entered into pursuant to Section 5.2, which agreement shall consist of a “Master Agreement” in a form
published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto substantially in a form as the Administrative Agent shall approve in writing, and each “Confirmation” thereunder
confirming the specific terms of each such Hedge Transaction. 
 “Increased Costs” means any amounts required to be paid by
the Borrower to an Affected Party pursuant to Section 2.12. 
 “Indebtedness” means, with respect
to the Borrower or the initial Servicer at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business
and payable in accordance with customary trade practices) or that is evidenced by a note, bond, debenture or similar instrument, (b) all obligations of such Person under capital leases, (c) all obligations of such Person in respect of
acceptances or letters of credit issued or created for the account of such Person, (d) all liabilities secured by any Adverse Claims on any property owned by such Person even though such Person has not assumed or otherwise become liable for the
payment thereof, and (e) all indebtedness, obligations or liabilities of that Person in respect of Derivatives, and (f) obligations under direct or indirect guaranties in respect of obligations (contingent or otherwise) to purchase or
otherwise acquire, or to otherwise assure a creditor against loss in respect of, clauses (a) through (e) above. 

“Indemnified Amounts” is defined in Section 9.1. 

“Indemnified Party” is defined in Section 9.1. 

“Industry” means the industry of an Obligor as determined by reference to the Moody’s Industry Classifications. 

“Ineligible Loan” is defined in the Purchase Agreement. 

“ING” means ING Capital LLC, in its capacity either as a Lender or in its individual capacity, as applicable, and its
successors or assigns. 
 “Insolvency Event” means, with respect to a specified Person, (a) the filing of a decree or
order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-

  
 25 

 
up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a
voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or
the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

“Insolvency Laws” means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium,
rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

“Insolvency Proceeding” means any case, action or proceeding before any court or Governmental Authority relating to an
Insolvency Event. 
 “Insurance Policy” means, with respect to any Loan included in the Collateral, an insurance policy
covering physical damage to or loss to any assets or Related Property of the Obligor securing such Loan. 
 “Insurance
Proceeds” means any amounts payable or any payments made, to the Borrower or to the Servicer on its behalf under any Insurance Policy. 

“Interest” means, for each Settlement Period and each Advance outstanding during such Settlement Period, the product of: 

 

			
	 IR x P x
	  	 AD
 360

 where 
  

	 	IR    =	 the Interest Rate applicable to such Advance, resetting as and when specified herein; 

 

	 	P      =	 the principal amount of such Advance on the first day of such Settlement Period, or if such Advance was first
made during such Settlement Period, the principal amount of such Advance on the day such Advance is made; and 

  

	 	AD  =	 the actual number of days in such Settlement Period, or if such Advance was first made during such Settlement
Period, the actual number of days beginning on the day such Advance was first made through the end of such Settlement Period; 

provided, however, that (i) no provision of this Agreement shall require or permit the collection of Interest in excess of the maximum
permitted by Applicable Law and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason. 

  
 26 

 “Interest Collections” means any and all Collections which do not
constitute Principal Collections. 
 “Interest Coverage Ratio” means with respect to any Settlement Period, the percentage
equivalent of a fraction, calculated as of the Determination Date for such Settlement Period, (a) the numerator of which is equal to the aggregate Interest Collections for such Settlement Period and (b) the denominator of which is equal to
the aggregate amount payable pursuant to Section 2.8(a)(ii), (iv), (v) and (vii) hereunder. 
 “Interest Rate”
means for any Settlement Period and any Advance: 
 (a)    a rate per annum equal to the Adjusted Eurodollar Rate plus
the Applicable Margin; provided, however, that the Interest Rate shall be the Base Rate plus the Applicable Margin if a Eurodollar Disruption Event occurs; and, provided, further, that the Interest Rate for the first two
(2) Business Days following any Advance made by a Lender shall be the Base Rate plus the Applicable Margin unless such Lender has received at least two (2) Business Days’ prior notice of such Advance; or 

(b)    notwithstanding anything in clause (a) to the contrary, following the occurrence and during the continuation
of an Early Termination Event, the Interest Rate for all Advances shall be a rate equal to the Default Rate; or 

(c)    for a Swing Advance, a rate equal to the Base Rate plus the Applicable Margin. 

“Interest Reset Date” means the Business Day which is two Business Days prior to the first day of each Settlement Period.

 “Investment” means, with respect to any Person, any direct or indirect loan, advance or investment by such Person in any
other Person, whether by means of share purchase, capital contribution, loan or otherwise, excluding the acquisition of assets pursuant to the Purchase Agreement and excluding commission, travel and similar advances to officers, employees and
directors made in the ordinary course of business. 
 “Joinder Agreement” means a joinder agreement substantially in the
form set forth in Exhibit D hereto pursuant to which a new Lender Group becomes party to this Agreement. 

“KeyBank” means KeyBank National Association, in its capacity as a Lender, as a Managing Agent and as Administrative Agent,
and its successors or assigns. 
 “Key Man Event” means (i) the failure to have at least two Approved Officers serving
in the capacity of executive officers of the Originator and actively involved in the operation of the Originator and (ii) such failure shall have continued for 180 consecutive days or more. 

  
 27 

 “Last Out Loan” means a Loan that (a) constitutes an Eligible Loan
which is a First Lien Loan, (b) is secured on a pari passu basis with a First Out Loan by a perfected, first priority security interest in all or substantially all of the assets of the related Obligor, and (c) following the occurrence of a
specified event or trigger under the applicable Loan Documents, will be paid only after all or a portion of the related First Out Loan issued by the same Obligor has been paid in full, in accordance with a specified priority of payment;
provided, however, that if (i) the Borrower holds 100% of the interests in both the Last Out Loan and related First Out Loan of an Obligor, or (ii) 100% of the interests in both the Last Out Loan and the related First Out Loan of
an Obligor are held by the Borrower and its Affiliates, in accordance with that certain exemptive order granted by the SEC to the Originator in July 2012 to the extent that such order remains applicable to Originator and its Affiliates, then in
either case, both Loans will be considered to be First Lien Loans provided all other requirements of the definition of a First Lien Loan are satisfied. 

“Lender Group” means any group consisting of a Lender and its related Managing Agent. 

“Lenders” is defined in the preamble hereto. 

“Leverage Ratio” means, for any Eligible Loan, the ratio of Total Funded Debt to TTM EBITDA of such Eligible Loan. 

“LIBO Rate” means, for any Settlement Period and any Advance, an interest rate per annum equal to: 

(i)    the ICE Benchmark Administration Limited London interbank offered rate per annum for deposits in Dollars for a
period equal to one month as displayed in the Bloomberg Financial Markets System (or such other page on that service or such other service designated by the ICE Benchmark Administration Limited interbank offered rate for the display of such
Administration’s London interbank offered rate for deposits in Dollars) as of 11:00 a.m., (London time) on the applicable Interest Reset Date; provided, however, that 

(ii)    if the Administrative Agent determines that the relevant foregoing sources are unavailable for the relevant
Settlement Period, LIBO Rate shall mean the rate of interest reasonably determined by the Administrative Agent to be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rate per annum at which the Administrative Agent
could borrow funds if it were to do so by asking for and then accepting interbank offers on the applicable Interest Reset Date in the London interbank market for Dollars as of 11:00 a.m. (New York City time) for delivery on the first day of such
Settlement Period, for a period comparable to such Settlement Period in an amount comparable to the principal amount of such Advance; and 

provided, further, however, that in no event shall such interest rate be less than zero. 

“Lien” means, with respect to any Collateral, (a) any mortgage, lien, pledge, charge, security interest or encumbrance
of any kind in respect of such Collateral, or (b) the interest of a vendor or lessor under any conditional sale agreement, financing loan or other title retention agreement relating to such Collateral. 

“Liquidation Expenses” means, with respect to any Defaulted Loan or Charged-Off Loan,
the aggregate amount of out-of-pocket expenses reasonably incurred by the Borrower or on behalf of the Borrower by the Servicer (including amounts paid to any
subservicer) in connection with the repossession, refurbishing and disposition of any related assets securing such Loan including the attempted collection of any amount owing pursuant to such Loan. 

  
 28 

 “Loan” means any senior or subordinate loan arising from the extension of
(or participation in) credit to an Obligor by the Originator in the ordinary course of the Originator’s business. 
 “Loan
Documents” means, with respect to any Loan, the related promissory note and any related loan agreement, security agreement, mortgage, assignment of mortgage, assignment of Loans, all guarantees, and UCC financing statements and continuation
statements (including amendments or modifications thereof) executed by the Obligor thereof or by another Person on the Obligor’s behalf in respect of such Loan and related promissory note, including, without limitation, general or limited
guaranties. 
 “Loan File” means, with respect to any Loan, each of the Loan Documents related thereto. 

“Loan List” means the Loan List provided by the Borrower to the Administrative Agent and the Collateral Custodian, as set
forth in Schedule II hereto (which shall include the specific documents that should be included in each Loan File), as the same may be changed from time to time in accordance with the provisions hereof. 

“Lock-Box” means a post office box to which Collections are remitted for retrieval by
a Lock-Box Bank and deposited by such Lock-Box Bank into a Lock-Box Account. 

“Lock-Box Account” means an account, subject to a Deposit Account Control Agreement,
maintained in the name of the Borrower for the purpose of receiving Collections at a Lock-Box Bank. 

“Lock-Box Bank” means any of the banks or other financial institutions holding one or
more Lock-Box Accounts. 
 “Managing Agent” means, as to any Lender, the financial
institution identified as such on the signature pages hereof or in the applicable Assignment and Acceptance or Joinder Agreement. 

“Mandatory Prepayment” is defined in Section 2.4(a). 

“Market Servicing Fee” is defined in Section 7.20. 

“Market Servicing Fee Differential” means, on any date of determination, an amount equal to the positive difference between
the Market Servicing Fee and Servicing Fee. 
 “Material Adverse Change” means, with respect to any Person, any material
adverse change in the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person. 

“Material Adverse Effect” means, with respect to any event or circumstance, an event or circumstance which would have or
would be reasonably expected to have a material adverse effect on (a) the business, condition (financial or otherwise), operations, performance or properties of the Servicer or the Borrower, (b) the validity, enforceability or
collectibility of this Agreement or any 

  
 29 

 
other Transaction Document or any Liquidity Agreement or the validity, enforceability or collectibility of the Loans, (c) the rights and remedies of the Administrative Agent or any Secured
Party under this Agreement or any Transaction Document or any Liquidity Agreement or (d) the ability of the Borrower or the Servicer to perform its obligations under this Agreement or any other Transaction Document, or (e) the status,
existence, perfection, priority, or enforceability of the Administrative Agent’s or Secured Parties’ interest in the Collateral. 

“Maturity Date” means the earlier of (i) April 15, 2022 and (ii) the date that is the fifteen-month
anniversary of the Termination Date. The Advances Outstanding will be due and payable in full on the Maturity Date. 
 “Maximum
Lawful Rate” is defined in Section 2.6(d). 
 “Mezzanine Loan” means a Loan or any
assignment of, or participation interest or other interest in, a Loan that is not a First Lien Loan, First Out Loan, First Lien Qualifying Covenant-Lite Loan, Second Lien Loan, Last Out Loan or Second Lien Qualifying Covenant-Lite Loan. 

“Monthly Report” is defined in Section 7.11(a). 

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

“Moody’s Industry Classifications” means the classifications as set forth in Exhibit N. The classification under which
an Eligible Loan is categorized shall be determined on the date of origination and may be updated from time to time thereafter in the reasonable discretion of the Borrower. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA that is or was at
any time during the current year or the immediately preceding five years contributed to by the Borrower or any ERISA Affiliate on behalf of its employees. 

“1940 Act” is defined in Section 4.1(x). 

“Net Worth” means, with respect to the Performance Guarantor, the total of net assets (determined in accordance with GAAP)
plus Subordinated Debt (determined in accordance with GAAP, but excluding for purposes of testing compliance with Section 7.18(a)(xiv) the impact of the election of ASC 825 or similar accounting guideline with respect to determining the fair
value of the debt of the Performance Guarantor on a consolidated basis (for avoidance of doubt, the intent of this language is to cause the debt of the Performance Guarantor to be valued at par value rather than fair value)), less the total amount
of any intangible assets, including without limitation, goodwill. 
 “Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Non-Qualified Loans” shall mean Excess Leverage Loans, (i) the Obligor of which
does not have a TTM EBITDA of at least $50,000,000, or (ii) the market value of which is not determined by either (x) the bid price of at least one Approved Dealer, (y) if such Loan is traded on an exchange, the closing price most
recently posted on such exchange, or (z) a price designated by an Approved Pricing Service. 

  
 30 

 “Non-Renewing Lender” is defined in
Section 2.4(b). 
 “Notes” is defined in Section 2.5(a). 

“Obligations” means all loans, advances, debts, liabilities and obligations, for monetary amounts owing by the Borrower to
the Lenders, the Administrative Agent, the Managing Agents or any of their assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or
non-contingent, and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of any of this Agreement, any other Transaction Document or any Fee
Letter delivered in connection with the transactions contemplated by this Agreement, or any Hedging Agreement, as amended or supplemented from time to time, whether or not evidenced by any separate note, agreement or other instrument. This term
includes, without limitation, all principal, interest (including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), Breakage Costs, Hedge Breakage Costs, fees, including, without limitation,
any and all arrangement fees, loan fees, facility fees, and any and all other fees, expenses, costs or other sums (including attorney costs) chargeable to the Borrower under any of the Transaction Documents or under any Hedging Agreement. 

“Obligor” means, with respect to any Loan, the Person or Persons obligated to make payments pursuant to such Loan, including
any guarantor thereof. 
 “Officer’s Certificate” means a certificate signed by any officer of the Borrower or the
Servicer, as the case may be, and delivered to the Administrative Agent. 
 “Operating Account” means the Borrower’s
operating account number 138831 at The Bank of New York Mellon Trust Company, N.A. or such other account subject to a Deposit Account Control Agreement and maintained at such bank as may be consented to from time to time by the Administrative Agent
in its reasonable discretion. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the
Borrower or the Servicer, as the case may be, and who shall be reasonably acceptable to the Administrative Agent. 

“Originator” means Gladstone Capital Corporation, a Maryland corporation. 

“Outstanding Loan Balance” means with respect to any Loan, the then outstanding principal balance thereof, provided,
however, that with respect to Current Pay Loans, the “Outstanding Loan Balance” of such Loans shall be equal to 70% of the outstanding principal balance thereof. 

“Participant” is defined in Section 11.1(f). 

  
 31 

 “Payment Date” means the ninth (9th) day of each calendar month or, if such
day is not a Business Day, the next succeeding Business Day; provided that for purposes of distributions required pursuant to Section 2.8(a)(viii) only, “Payment Date” shall mean any Business Day. 

“Performance Guarantor” is defined in the Performance Guaranty. 

“Performance Guaranty” means the Amended and Restated Performance Guaranty dated as of July 19, 2004, by the Originator
in favor of the Borrower and the Administrative Agent, as amended by (i) that certain Amendment No. 1 to Amended and Restated Performance Guaranty dated as of May 15, 2009, (ii) that certain Amendment No. 2 to Amended and
Restated Performance Guaranty dated as of March 15, 2010 and (iii) that certain Amendment No. 3 to Amended and Restated Performance Guaranty even date herewith and as the same may from time to time be further amended, restated,
supplemented, waived or modified. 
 “Permitted Investments” means any one or more of the following types of investments:

 (a)    marketable obligations of the United States, the full and timely payment of which are backed by the full faith
and credit of the United States and that have a maturity of not more than 270 days from the date of acquisition; 

(b)    marketable obligations, the full and timely payment of which are directly and fully guaranteed by the full faith
and credit of the United States and that have a maturity of not more than 270 days from the date of acquisition; 

(c)    bankers’ acceptances and certificates of deposit and other interest-bearing obligations (in each case having a
maturity of not more than 270 days from the date of acquisition) denominated in dollars and issued by any bank with capital, surplus and undivided profits aggregating at least $100,000,000, the short-term obligations of which are rated A-1 by S&P and P-1 by Moody’s; 

(d)    repurchase obligations with a term of not more than ten days for underlying securities of the types described in
clauses (a), (b) and (c) above entered into with any bank of the type described in clause (c) above; 

(e)    commercial paper rated at least A-1 by S&P and P-1 by Moody’s; and 
 (f)    demand deposits, time deposits or certificates of
deposit (having original maturities of no more than 365 days) of depository institutions or trust companies incorporated under the laws of the United States or any state thereof (or domestic branches of any foreign bank) and subject to supervision
and examination by federal or state banking or depository institution authorities; provided, however that at the time such investment, or the commitment to make such investment, is entered into, the short-term debt rating of such
depository institution or trust company shall be at least A-1 by S&P and P-1 by Moody’s. 

“Permitted Liens” means (i) Liens created pursuant to the Transaction Documents in favor of the Administrative Agent, as
agent for the Secured Parties, (ii) Liens created under the Loan Documents in favor of the Originator and its assigns, or (iii) Permitted Working Capital Liens. 

  
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 “Permitted Loan Amendment” shall mean, as to an otherwise Eligible Loan, an
amendment to the applicable Loan Documents (a) the effect of which is to extend the time for payment of principal due solely to the scheduled maturity of such Loan or (b) that changes the interest rate, provides for interest only payments,
changes the principal payments or principal amortization period, and/or otherwise changes the maturity date for such Eligible Loan, in each case, other than as provided in clause (a) above (e.g., a shortening of the maturity date or an
extension of the maturity date coupled with a change in the principal amortization period); provided, that any such amendment described in this clause (b) must be (A) consistent with prudent lending practices and then current
market conditions, as reasonably determined by Borrower, and (B) necessary, in Borrower’s good faith judgment, to prevent the prepayment of such Eligible Loan and (C) has been consented to by the Administrative Agent (which consent,
for avoidance of doubt, may be in the form of an electronic communication) in its reasonable discretion; provided, that, if notice of any amendment described in this clause (b) shall have been given to the Administrative Agent and
each Lender (which notice, for avoidance of doubt, may be in the form of an electronic communication), and no response shall have been received from the Administrative Agent within three (3) Business Days, the Administrative Agent shall be
deemed to have consented to such amendment. 
 “Permitted Working Capital Lien” means, with respect to an Obligor that is a
borrower under a First Lien Loan, a security interest granted to secure a working capital loan for such Obligor in the accounts receivable and/or inventory (and the proceeds thereof) of such Obligor and any of its subsidiaries that are guarantors of
such working capital loan; provided, that (i) such First Lien Loan has a junior priority lien on such accounts receivable and/or inventory (and the proceeds thereof), and (ii) such working capital facility is not secured by any
other assets of such Obligor and does not benefit from any standstill rights or other similar creditor rights agreements (other than customary rights) with respect to any other assets of such Obligor. 

“Person” means an individual, partnership, corporation (including a statutory trust), limited liability company, joint stock
company, trust, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or other entity. 

“PIK Loan” means a Loan to an Obligor, which provides for a portion of the interest that accrues thereon to be added to the
principal amount of such Loan for some period of the time prior to such Loan requiring the cash payment of interest on a monthly or quarterly basis. 

“Post-Termination Revolver Loan Advances” means an advance by the Lenders, made on or following the Revolver Loan Funding
Date, which may be used for the sole purpose of funding committed advances requested by Obligors under the Revolver Loans. 

“Preferred Stock” means outstanding shares of any series of preferred stock issued by the Performance Guarantor. 

“Prime Rate” means the rate publicly announced by KeyBank from time to time as its prime rate in the United States, such rate
to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by KeyBank in connection with extensions of credit to debtors. 

  
 33 

 “Principal Collections” means any and all amounts received in respect of
any principal due and payable under any Transferred Loan from or on behalf of Obligors that are deposited into the Collection Account, or received by the Borrower or on behalf of the Borrower by the Servicer or Originator in respect of the
Transferred Loans, including, without limitation, proceeds of sales and any hedge termination payments, in the form of cash, checks, wire transfers, electronic transfers or any other form of cash payment. 

“Proceeds” means, with respect to any Collateral, whatever is receivable or received when such Collateral is sold, collected,
liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, including all rights to payment with respect to any insurance relating to such Collateral. 

“Pro-Rata Share” means, with respect to any Lender on any day, the percentage
equivalent of a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Group Advance Limit of the related Lender Group. 

“Purchase Agreement” means the Second Amended and Restated Purchase and Sale Agreement dated as of May 1, 2015, between
the Originator and the Borrower and as the same may from time to time be amended, restated, supplemented, waived or modified. 

“Purchase Date” is defined in the Purchase Agreement. 

“Purchased Loan Balance” means as of any date of determination and any Transferred Loan, the lesser of (i) the
Outstanding Loan Balance of such Loan as of such date and (ii) the Fair Market Value of such Loan. 
 “Purchasing
Lender” is defined in Section 11.1(b). 
 “Qualified Institution” is defined in
Section 7.4(e). 
 “Qualifying Covenant-Lite Loan” means a Covenant-Lite Loan (a) the
Obligor of which has a TTM EBITDA of at least $50,000,000 and (b) the market value of which is determined by either (x) the bid price of at least one Approved Dealer, (y) if such Loan is traded on an exchange, the closing price most
recently posted on such exchange or (z) a price designated by an Approved Pricing Service. 
 “Real Estate Loan” means
a Transferred Loan that is secured primarily by a mortgage, deed of trust or similar lien on commercial real estate (other than hotels, restaurants and casinos) or residential real estate. 

“Records” means, with respect to any Transferred Loans, all documents, books, records and other information (including
without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to any item of Collateral and the related Obligors, other than the Loan Documents. 

“Recoveries” means, with respect to any Defaulted Loan or Charged-Off Loan, Proceeds
of the sale of any Related Property, Proceeds of any related Insurance Policy, and any other recoveries with respect to such Loan and Related Property, and amounts representing late fees and penalties, net of Liquidation Expenses and amounts, if
any, received that are required to be refunded to the Obligor on such Loan. 

  
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 “Register” is defined in Section 11.1(d). 

“Regulatory Change” is defined in Section 2.12(a). 

“Related Property” means, with respect to a Loan, any property or other assets of the Obligor thereunder pledged as
collateral to the Originator to secure the repayment of such Loan. 
 “Replacement Lender” is defined in
Section 2.15. 
 “Reporting Date” means the date that is two (2) Business Days prior to each
Payment Date. 
 “Repurchase Price” means for any Transferred Loan purchased by the Servicer pursuant to
Section 7.7, an amount equal to the outstanding principal balance of such Loan as of the date of purchase, plus all accrued and unpaid interest on such Loan. 

“Required Equity Investment” means the minimum amount of equity investment in the Borrower which shall be maintained by the
Originator, in the form of Eligible Loans and/or cash having an outstanding principal balance at all times prior to the Termination Date of an amount equal to the greater of (i) $100,000,000 or (ii) the sum of the Purchased Loan Balances of the
Eligible Loans made to the six Obligors having the largest Purchased Loan Balances. For purposes of calculating the Required Equity Investment, all Loans included in the Collateral or to become part of the Collateral the Obligor of which is an
Affiliate of another Obligor shall be aggregated with all Loans of such other Obligor. 
 “Required Lenders” means at a
particular time, Lenders with Commitments (including, for this purpose, Non-Renewing Lenders, who shall be deemed to have Commitments equal to their Lender Group’s Advances Outstanding at such time) in
excess of 66 2/3 % of the Facility Amount. The Commitments and any outstanding Advances of any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Required Minimum Obligors Test” means a test (a) which shall not apply if the Aggregate Outstanding Loan Balance is
less than $100,000,000 and (b) is satisfied if, if the Aggregate Outstanding Loan Balance is (i) between $100,000,000 and $150,000,000, there shall be no fewer than 20 Obligors included in the Collateral and (ii) $150,000,001 or more,
there shall be no fewer than 25 Obligors included in the Collateral. 
 “Required Reports” means collectively, the Monthly
Report, the Servicer’s Certificate, the annual and quarterly financial statements of the Servicer, the Originator or the Borrower and the quarterly valuation reports, in each case, required to be delivered to the Borrower, the Managing Agents,
the Administrative Agent and/or the Backup Servicer pursuant to Section 7.11 hereof. 
 “Responsible
Officer” means, as to the Borrower, David Gladstone, Terry Brubaker, Michael LiCalsi, Robert Marcotte, Jay Beckhorn or Nicole Schaltenbrand and as to any other Person, any officer of such Person with direct responsibility for the
administration of this Agreement and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. The Borrower may designate
other Responsible Officers from time to time by notice to the Administrative Agent. 

  
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 “Revolver Loan” means each Loan with respect to which the Borrower has a
revolving credit commitment to advance amounts to the applicable Obligor during a specified term. 
 “Revolver Loan
Funding” is defined in Section 2.14. 
 “Revolver Loan Funding Account” is defined in
Section 2.14. 
 “Revolver Loan Funding Account Shortfall” means, on any date, the amount, if
any, by which the Revolver Loan Unfunded Commitment Amount at such time exceeds the aggregate amount on deposit in the Revolver Loan Funding Accounts. 

“Revolver Loan Funding Account Surplus” means, on any date, the amount, if any, by which the amount on deposit in the
Revolver Loan Funding Accounts exceeds the Revolver Loan Unfunded Commitment Amount at such time. 
 “Revolver Loan Funding
Date” means the Termination Date, if Revolver Loans are outstanding on such date. 
 “Revolver Loan Funding Fee”
is defined in Section 2.14. 
 “Revolver Loan Unfunded Commitment Amount” means, at any time, the
aggregate unfunded commitments under the Revolver Loans at such time. 
 “Revolving Period” means the period commencing on
the Effective Date and ending on the day immediately preceding the Termination Date. 
 “RIC/BDC Requirements” means the
requirements the Performance Guarantor must satisfy to maintain its status as a “business development company,” within the meaning of the 1940 Act, and its election to be treated as a “regulated investment company” under the
Code. 
 “Risk Rating” means, with respect to any Loan at any time, if the Obligor under such Loan is at such time
(i) rated by both S&P and Moody’s, the lower of such ratings, (ii) rated by either S&P or Moody’s, such rating or (iii) not rated by either S&P or Moody’s, the rating determined by the Servicer’s risk
rating model. 
 “Rolling Three-Month Charged-Off Ratio” means, for any day, the
rolling three period average Charged-Off Ratio for the three immediately preceding Settlement Periods. 

“Rolling Three-Month Default Ratio” means, for any day, the rolling three period average Default Ratio for the three
immediately preceding Settlement Periods. 
 “S&P” means Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. and any successor thereto. 

  
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 “Sanctions” means economic or financial sanctions or trade embargoes
imposed, administered or enforced from time to time by 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. 

“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any Sanctions. 

“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 or the U.S. Department of State, (b) any Person subject to Sanctions by virtue of operating or being organized or resident in a Sanctioned Country or
(c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Santander” means Santander Bank, N.A., in its capacity either as a Lender or in its individual capacity, as applicable, and
its successors or assigns. 
 “Scheduled Payment” means, on any Determination Date, with respect to any Loan, each monthly
payment (whether principal, interest or principal and interest) scheduled to be made by the Obligor thereof after such Determination Date under the terms of such Loan. 

“Second Lien Qualifying Covenant Lite Loan” means a Second Lien Loan which is a Qualifying Covenant-Lite Loan. 

“Second Lien Loan” means a Loan (other than a First Lien Loan) that is entitled to the benefit of a first and/or second lien
and first and/or second priority perfected security interest on all or substantially all of the assets of the respective Obligors. For the avoidance of doubt, Last Out Loans are considered Second Lien Loans. 

“Secured Party” means (i) each Lender, (ii) each Managing Agent, and (iii) each Hedge Counterparty that is
either a Lender or an Affiliate of a Lender if that Affiliate executes a counterpart of this Agreement agreeing to be bound by the terms of this Agreement applicable to a Secured Party. 

“Servicer” means Gladstone Management Corporation, a Delaware corporation, and its permitted successors and assigns. 

“Servicer Advance” means an advance of Scheduled Payments made by the Servicer pursuant to
Section 7.5. 
 “Servicer Termination Event” is defined in
Section 7.18. 
 “Servicer’s Certificate” is defined in
Section 7.11(b). 
 “Servicing Duties” means those duties of the Servicer which are enumerated in
Section 7.2. 

  
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 “Servicing Fee” means, for each Payment Date, an amount equal to the sum of
the products, for each day during the related Settlement Period, of (i) the Outstanding Loan Balance of each Loan as of the preceding Determination Date, (ii) the applicable Servicing Fee Rate, and (iii) a fraction, the numerator of
which is 1 and the denominator of which is 360. 
 “Servicing Fee Limit Amount” means, for each Payment Date, an amount
equal to 50% of the Servicing Fee for the related Settlement Period. 
 “Servicing Fee Rate” means a rate equal to 1.50%
per annum. 
 “Servicing Records” means all documents, books, records and other information (including, without limitation,
computer programs, tapes, disks, data processing software and related property rights) prepared and maintained by the Servicer with respect to the Transferred Loans and the related Obligors. 

“Settlement Period” means each period from and including a Payment Date to but excluding the following Payment Date. 

“Solvent” means, as to any Person at any time, having a state of affairs such that all of the following conditions are met:
(a) the fair value of the property owned by such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for
purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair salable value of the property owned by such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature
in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (e) such Person is not
engaged in business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s property would constitute unreasonably small capital. 

“Spread” means, with respect to Floating Rate Loans, the cash interest spread of such Floating Rate Loan over the LIBO Rate.

 “Structured Finance Obligation” means any Loan or security the payment or repayment of which is based primarily upon the
collection of payments from a specified pool of financial assets, either fixed or revolving, that by their terms convert into cash within a finite time period, together with any rights or other assets designed to assure the servicing or timely
distribution of proceeds to security holders, including, in any event, any project finance security, any asset backed security and any future flow security. 

“Subordinated Debt” means any debt (i) that is subordinated in right of payment to other debt of the Performance
Guarantor and (ii) does not require any payment or prepayment of principal thereon prior to the Maturity Date, including Preferred Stock. 

“Successor Servicer” is defined in Section 7.19(a). 

  
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 “Supplemental Interests” means, with respect to any Transferred Loan, any
warrants, equity or other equity interests or interests convertible into or exchangeable for any such interests received by the Originator from the Obligor in connection with such Transferred Loan. 

“Swap Breakage and Indemnity Amounts” means any early termination payments, taxes, indemnification payments and any other
amounts owed to a Hedge Counterparty under a Hedging Agreement that do not constitute monthly payments. 
 “Swing Advance”
means an Advance made by the Swingline Lender pursuant to Section 2.1(b). 
 “Swing Prepayment Amount” is defined in
Section 12.17(e). 
 “Swingline Lender” means KeyBank, in its capacity as lender of Swing Advances hereunder. 

“Taxes” means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any nature (including
interest, penalties, and additions thereto) that are imposed by any Government Authority. 
 “Termination Date” means the
earliest to occur of (a) the date declared by the Administrative Agent or occurring automatically in respect of the occurrence of an Early Termination Event pursuant to Section 8.1, (b) a date selected by the Borrower
upon at least 30 days’ prior written notice to the Administrative Agent and each Managing Agent and (c) the Commitment Termination Date. 

“Termination Notice” is defined in Section 7.18. 

“Total Funded Debt” means, with respect to any Obligor, at any time the same is to be determined, the sum (without
duplication) at such time of (a) all indebtedness for borrowed money of such Obligor and its subsidiaries to Borrower; plus (b) all indebtedness for borrowed money of the Obligor and its subsidiaries to any creditor other than the
Borrower; provided, however, that any indebtedness for borrowed money which is (x) subordinated in right of payment of the Loans to such Obligor and (y) owed to a creditor other than the Originator or any of its Affiliates
shall be excluded from this clause (b); plus (c) all indebtedness of any other Person, whether secured or unsecured, which (i) is directly or indirectly guaranteed by the Obligor or any of its subsidiaries, (ii) the Obligor or any of
its subsidiaries has agreed (contingently or otherwise) to purchase or otherwise acquire, or (iii) the Obligor or any of its subsidiaries has otherwise assured a creditor against loss; provided, however, that any indebtedness
which is (A) subordinated in right of payment of the Loans to such Obligor and (B) owed to a creditor other than the Originator or any of its Affiliates shall be excluded from this clause (c). 

“Transaction Documents” means this Agreement, the Purchase Agreement, all Hedging Agreements, the Custody Agreement, the
Backup Servicing Agreement, the Deposit Account Control Agreements for the Collection Account and the Operating Account, the Performance Guaranty and any additional document, letter, fee letter, certificate, opinion, agreement or writing the
execution of which is necessary or incidental to carrying out the terms of the foregoing documents. 

  
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 “Transferred Loans” means each Loan that is acquired or in which an
interest is acquired by the Borrower under the Purchase Agreement and all Loans received by the Borrower in respect of the Required Equity Investment. Any Transferred Loan that is (i) repurchased or reacquired by the Originator pursuant to the
terms of Section 6.1 of the Purchase Agreement, (ii) purchased by the Servicer pursuant to the terms of Section 7.7 or (iii) otherwise released from the lien of this Agreement pursuant to
Section 6.3 shall not be treated as a Transferred Loan for purposes of this Agreement (provided, that the purchase or repurchase of any Defaulted Loan or Charged-Off Loan shall
not alter such Transferred Loan’s status as a Defaulted Loan or Charged-Off Loan for purposes of calculating ratios for periods occurring prior to the purchase or repurchase of such Transferred Loan).

 “Transition Costs” means the reasonable costs and expenses incurred by the Backup Servicer in transitioning to Servicer;
provided, however, that the Administrative Agent’s consent shall be required if such Transition Costs exceed $50,000.00 in the aggregate. 

“TTM EBITDA” means, with respect to any Obligor, as of any particular date, the EBITDA of such Obligor for the preceding
twelve-month period. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the specified
jurisdiction or, if no jurisdiction is specified, the State of New York. 
 “Undisclosed Administration” means in relation
to a Lender or its 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 person is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed. 

“United States” means the United States of America. 

“Unmatured Termination Event” means an event that, with the giving of notice or lapse of time, or both, would become an Early
Termination Event. 
 “Unreimbursed Servicer Advances” means, at any time, the amount of all previous Servicer Advances (or
portions thereof) as to which the Servicer has not been reimbursed as of such time pursuant to Section 2.8 and that the Servicer has determined in its sole discretion will not be recoverable from Collections with respect to
the related Transferred Loan. 
 “Unused Fee” means, for any Settlement Period, an amount equal to (x) 1.00% per annum on
the daily unused amount of the Commitments if the average unused amount during such Settlement Period is more than sixty-five percent (65%), (y) 0.75% per annum on the daily unused amount of the Commitments if the average unused amount during such
Settlement Period is more than fifty percent (50%) and equal to or less than sixty-five percent (65%) and (z) 0.50% per annum on the daily unused amount of the Commitments if the average unused amount during such Settlement Period is equal to or
less than fifty percent (50%). 
 “Weighted Average Fixed Coupon” means, as of any date of determination, the number,
expressed as a percentage, obtained by summing the products obtained by multiplying the cash interest coupon of each Fixed Rate Loan (excluding Defaulted Loans) as of such date by the 

  
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Outstanding Loan Balance of such Loans as of such date, dividing such sum by the aggregate Outstanding Loan Balance of all such Fixed Rate Loans and rounding up to the nearest 0.01%. For the
purpose of calculating the Weighted Average Fixed Coupon, all Fixed Rate Loans that are not currently paying cash interest shall have an interest rate of 0%. 

“Weighted Average Floating Spread” means, as of any date of determination, the number, expressed as a percentage, obtained by
summing the products obtained by multiplying, in the case of each Floating Rate Loan (excluding Defaulted Loans) on an annualized basis, the Spread of such Loans (including commitment, letter of credit and all other fees), by the Outstanding Loan
Balance of such Loans as of such date and dividing such sum by the aggregate Outstanding Loan Balance of all such Floating Rate Loans and rounding the result up to the nearest 0.01%; provided that the Spread of any Revolver Loan which is not fully
funded shall be the sum of: 
 (a)    the product of (1) the Spread payable on the funded portion of
such Revolver Loan and (2) the percentage equivalent of a fraction the numerator of which is equal to the funded portion of such Revolver Loan and the denominator of which is equal to the commitment amount of such Revolver Loan; plus 

(b)    the product of (1) the scheduled amounts (other than interest) of commitment fee, unused fee
and/or facility fee payable on the unfunded portion of such Revolver Loan less any withholding tax, if any, on such fees and (2) the percentage equivalent of a fraction the numerator of which is equal to the Revolver Loan Unfunded Commitment
Amount of such Revolver Loan and the denominator of which is equal to the aggregate commitment amount of such Revolver Loan. 

“Weighted Average Life” means, with respect to the Transferred Loans as of any determination date, (i) the quotient
obtained by dividing (A) the sum of the amounts calculated for each month (beginning with the month in which such determination is being made and ending with the month in which the last principal payment is scheduled to be received with respect
to the Transferred Loans), which amount for each such month shall be equal to the product of (x) the scheduled principal payment amount for the Transferred Loans for such month, multiplied by (y) the number of months that such month occurs
from the month in which such determination date occurs (e.g., the month in which such determination date occurs shall have a value of 1, the month occurring immediately after the month in which such determination date occurs shall have a value of 2
etc.) by (B) the total amount of all scheduled principal payments to be received under the Transferred Loans as of such determination date, divided by (ii) 12. 

“Weighted Average Spread” means, as of any date of determination, an amount (rounded up to the next 0.01%) equal to the
weighted average of (a) for Floating Rate Loans, the Weighted Average Floating Spread of the Floating Rate Loans and (b) for Fixed Rate Loans, the excess of the Weighted Average Fixed Coupon of the Fixed Rate Loans over the then-current
weighted average strike rate under the Hedge Transactions, or, if there are no Hedge Transactions outstanding, over the then current LIBO Rate. 

“Write-Down and Conversion Powers” means, 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. 

  
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 Section 1.2 Other Terms. 

All accounting terms not specifically defined herein shall be construed in accordance with GAAP. To the extent any change in GAAP after the
Effective Date resulting from the adoption of international accounting standards in the United States affects any computation or determination required to be made under or pursuant to this Agreement, including any computation or determination made
with respect to the Borrower or Servicer’s compliance with any covenant or condition hereunder, such computation or determination shall be made as if such change in GAAP had not occurred. All terms used in Article 9 of the UCC in the State of
New York, and not specifically defined herein, are used herein as defined in such Article 9. 
 Section 1.3 Computation of Time
Periods. 
 Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later
specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.” 

Section 1.4 Interpretation. 

In each Transaction Document, unless a contrary intention appears: 

(i)    the singular number includes the plural number and vice versa; 

(ii)    reference to any Person includes such Person’s successors and assigns but, if applicable, only if such
successors and assigns are permitted by the Transaction Document; 
 (iii)    reference to any gender includes each
other gender; 
 (iv)    reference to any agreement (including any Transaction Document), document or instrument means
such agreement, document or instrument as amended, supplemented or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents and reference to any promissory note
includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; and 

(v)    reference to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or reenacted, in
whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any section or other provision of any Applicable Law means that provision of such Applicable Law from time to time in effect
and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision. 

  
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 ARTICLE II 

ADVANCES 

Section 2.1 Advances. 

(a)    Revolver Advances. On the terms and conditions hereinafter set forth, the Borrower may, by delivery of a
Funding Request to the Administrative Agent and each Managing Agent, from time to time on any Business Day during the Revolving Period, at its option, request that the Lenders make advances (each, an “Advance”) to it in an amount
which, at any time, shall not exceed the Availability in effect on the related Funding Date; provided, however, that the Borrower may not, without the consent of each Lender, request more than five (5) Advances per calendar month Such Funding
Request shall be delivered not later than 12:00 noon (New York City time) on the date which is two (2) Business Days prior to the requested Funding Date. Upon receipt of such Funding Request, each Managing Agent shall promptly forward such
Funding Request to its related Lenders, and the applicable portion of the Advance will be made by the Lenders in such Lender Group in accordance with their Pro-Rata Shares. Notwithstanding anything contained
in this Section 2.1 or elsewhere in this Agreement to the contrary, no Lender shall be obligated to make any Advance in an amount that would result in the aggregate Advances then funded by such Lender exceeding its
Commitment then in effect. The obligation of each Lender to remit its Pro-Rata Share of any such Investment shall be several from that of each other Lender, and the failure of any Lender to so make such amount
available to the Borrower shall not relieve any other Lender of its obligation hereunder. Each Advance to be made hereunder shall be made ratably among the Lender Groups in accordance with their Group Advance Limits. 

(b)    Swing Advances. In addition to the foregoing, the Swingline Lender shall from time to time on any Business
Day during the Revolving Period (but not more than three (3) times per calendar month), upon the request of the Borrower by delivery of a Funding Request to the Administrative Agent, if the conditions precedent in Article III have been
satisfied, make Swing Advances to the Borrower in an aggregate principal amount at any time outstanding not exceeding $10,000,000; provided that, immediately after such Swing Advance is made, the aggregate principal amount of all Revolver Advances
and Swing Advances shall not exceed the lesser of the Facility Amount or the Borrowing Base at such time, nor shall the aggregate Advances Outstanding of the Swingline Lender exceed its Commitment. Each Swing Advance under this Section 2.1(b)
shall be in an aggregate principal amount of $2,000,000 or any larger multiple of $1,000,000. Within the foregoing limits, the Borrower may borrow under this Section 2.1(b), prepay and reborrow under this Section 2.1(b) at any time before
the Termination Date. Solely for purposes of calculating fees under Section 2.7, Swing Advances shall not be considered a utilization of an Advance of the Swingline Lender or any other Lender hereunder. At any time, upon the request of the
Swingline Lender, each Lender other than the Swingline Lender shall, on the third Business Day after such request is made, purchase a participating interest in Swing Advances in an amount equal to its Applicable Percentage of such Swing Advances. On
such third Business Day, each Lender will immediately transfer to the Swingline Lender, in immediately available funds, the amount of its participation. Whenever, at any time after the Swingline Lender has received from any such Lender its
participating interest in a Swing Advance, the Administrative Agent receives any payment on account thereof, the Administrative Agent will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the

  
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case of interest payments, to reflect the period of time during which such Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment
received by the Administrative Agent is required to be returned, such Lender will return to the Administrative Agent any portion thereof previously distributed by the Administrative Agent to it. Each Lender’s obligation to purchase such
participating interests shall be absolute and unconditional and shall not be affected by any circumstance, including: (i) any set-off, counterclaim, recoupment, defense or other right which such Lender or
any other Person may have against the Swingline Lender requesting such purchase or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or the termination of the Commitments; (iii) any adverse change
in the condition (financial, business or otherwise) of the Borrower, the Performance Guarantor, the Servicer or any other Person; (iv) any breach of this Agreement by the Borrower, the Servicer or any other Lender; or (v) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. The Borrower may, concurrent with the delivery of a Funding Request for a Swing Advance under this Section 2.1(b) or at any time
thereafter, deliver a Funding Request for a Revolver Advance pursuant to Section 2.1(a) and direct that all or any portion of such Revolver Advance be wired or credited to Swing Lender immediately on the Funding Date of
such Revolver Advance to prepay any Swing Advance then outstanding. 
 Section 2.2 Procedures for Advances. 

(a)    In the case of the making of any Advance, the repayment of any Advance, or any termination, increase or reduction of
the Facility Amount and prepayments of Advances, the Borrower shall give the Administrative Agent a Borrower Notice. Each Borrower Notice shall specify the amount (subject to Section 2.1 hereof) of Advances to be borrowed
or repaid and the Funding Date or repayment date (which, in all cases, shall be a Business Day) and whether such Advance is a Revolver Advance or a Swing Advance. 

(b)    Subject to the conditions described in Section 2.1, the Borrower may request an Advance
from the Lenders by delivering to the Administrative Agent at certain times the information and documents set forth in this Section 2.2. 

(c)    No later than 10:00 a.m. (New York City time) five (5) Business Days prior to the proposed Funding Date for a
Revolver Advance (or such shorter period of time or later date as may be agreed to by the Required Lenders), the Borrower shall notify (i) the Collateral Custodian by delivery to the Collateral Custodian of written notice of such proposed
Funding Date, and (ii) the Administrative Agent by delivery to the Administrative Agent of a credit report and transaction summary for each Loan that is the subject of the proposed Advance setting forth the credit underwriting by the Originator
of such Loan, including without limitation a description of the Obligor and the proposed loan transaction in the form of Exhibit M hereto; provided that, in the case of Advances funding Revolver Loans, the requirements of this
Section 2.2(c) shall apply only with respect to the first Advance to be made with respect to each such Revolver Loan. By 5:00 p.m. (New York City time) on the next Business Day, the Administrative Agent shall use its best
efforts to confirm to the Borrower the receipt of such items and whether it has reviewed such items and found them to be complete and in proper form. If the Administrative Agent makes a determination that the items are incomplete or not in proper
form, it will communicate such determination to the Borrower. Failure by the Administrative Agent to respond to the Borrower by 5:00 on the day the related Funding Request is delivered by the Borrower shall constitute an

  
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implied determination that the items are incomplete or not in proper form. The Borrower will take such steps requested by the Administrative Agent to correct the problem(s). In the event of a
delay in the actual Funding Date due to the need to correct any such problems, the Funding Date shall be no earlier than three (3) Business Days after the day on which the Administrative Agent confirms to the Borrower that the problems have
been corrected. 
 (d)    No later than 11:00 a.m. (New York, New York time) one (1) Business Day prior to the
proposed Funding Date for a Revolver Advance (or such shorter period of time or later date as may be agreed to by the Required Lenders), the Administrative Agent, each Managing Agent and the Collateral Custodian, as applicable, shall receive or
shall have previously received the following: 
 (i)    a Borrower Notice in the form of Exhibit A; 

(ii)    a wire disbursement and authorization form shall be delivered to the Administrative Agent; and 

(iii)    a certification substantially in the form of Exhibit H concerning the Collateral Custodian’s receipt
of certain documentation relating to the Eligible Loan(s) related to such Advance shall be delivered to the Administrative Agent, which may be delivered either as a separate document or incorporated in the Monthly Report. 

Each Funding Request for a Revolver Advance shall specify the aggregate amount of the requested Advance, which shall be in an amount equal to at least
$1,000,000. 
 (e)    No later than 12:00 noon (New York, New York time) on the Business Day proposed for a Swing
Advance, the Administrative Agent shall receive or shall have previously received the following: 
 (i)     a Borrower
Notice in the form of Exhibit A; and 
 (ii)    a wire disbursement and authorization form. 

(f)    Each Funding Request shall be accompanied by (i) a Borrower Notice, depicting the outstanding amount of
Advances under this Agreement and representing that all conditions precedent for a funding have been met, including a representation by the Borrower that the requested Advance shall not, on the Funding Date thereof, exceed the Availability on such
day, (ii) a calculation of the Borrowing Base as of the applicable Funding Date (which calculation may, for avoidance of doubt, take into account Loans which will become Transferred Loans on or prior to such Funding Date), (iii) an updated Loan
List including each Loan that is subject to the requested Advance, (iv) the proposed Funding Date, and (v) wire transfer instructions for the Advance; provided, however, the Funding Request for a Swing Advance shall be required to contain
only the information described in Section 2.2(e)(i) and (ii) above. A Funding Request shall be irrevocable when delivered; provided however, that if the Borrowing Base calculation delivered pursuant to clause (ii) above
includes a Loan which does not become a Transferred Loan on or before the applicable Funding Date as anticipated, and the Borrower cannot otherwise make the representations required pursuant to clause (i) above, the Borrower shall revise the
Funding Request accordingly, and shall pay any loss, cost or expense incurred by any Lender in connection with the broken funding evidenced by such revised Funding Request. 

  
 45 

 (g)    On the Funding Date following the satisfaction of the applicable
conditions set forth in this Section 2.2 and Article III, the Lenders shall make available to the Administrative Agent at its address listed beneath its signature on its signature page to this Agreement (or on the
signature page to the Joinder Agreement pursuant to which it became a party hereto), for deposit to the account of the Borrower or its designee in same day funds, at the account specified in the Funding Request, an amount equal to such Lender’s
ratable share of the Advance then being made (except that in the case of a Swing Advance, the Swingline Lender will make available to the Borrower the amount of any such Swing Advance). Each wire transfer of an Advance to the Borrower shall be
initiated by the applicable Lender no later than 3:00 p.m. (New York, New York time) on the applicable Funding Date. 
 Section 2.3
Optional Changes in Facility Amount; Prepayments. 
 (a)    The Borrower shall be entitled at its option, on
any Payment Date prior to the occurrence of an Early Termination Event, to reduce the Facility Amount in whole or in part; provided that the Borrower shall give prior written notice of such reduction to the Administrative Agent and each Managing
Agent as provided in paragraph (b) of this Section 2.3 and that any partial reduction of the Facility Amount shall be in an amount equal to $3,000,000 with integral multiples of $500,000 above such amount. The Lenders hereby agree that,
unless otherwise agreed by the Lenders, the Commitment of each Lender shall be reduced ratably in proportion to any such reduction in the Facility Amount. Any request for a reduction or termination pursuant to this Section 2.3 shall be
irrevocable. Any reduction of the Facility Amount prior to the two-year anniversary of the Effective Date shall be accompanied by a payment of the applicable Commitment Make-Whole Fee. 

(b)    From time to time during the Revolving Period, but not more often than three times in any calendar month, the
Borrower may prepay any portion or all of the Advances Outstanding, other than with respect to Mandatory Prepayments, by delivering to the Administrative Agent and each Managing Agent a Borrower Notice (i) in the case of any partial prepayment,
at least two (2) Business Days prior to the date of such repayment and (ii) in the case of any prepayment in full, at least thirty (30) Business Days prior to the date of such prepayment (or, in each case, such later time as the
applicable Lenders, in their respective sole discretion, may agree), specifying the date and amount of the prepayment and certifying that, following such prepayment, the Borrower will be in compliance with the terms of this Agreement; provided, that
no such reduction shall be given effect unless the Borrower has complied with the terms of any Hedging Agreement requiring that one or more Hedge Transactions be terminated in whole or in part as the result of any such prepayment of the Advances
Outstanding, and the Borrower has paid all Hedge Breakage Costs owing to the relevant Hedge Counterparty for any such termination. If any Borrower Notice relating to any prepayment is given, the amount specified in such Borrower Notice shall be due
and payable on the date specified therein, together with accrued Interest to the payment date on the amount prepaid and any Breakage Costs (including Hedge Breakage Costs) related thereto. Any partial prepayment by the Borrower of Advances
hereunder, other than with respect to Mandatory Prepayments, shall be in a minimum amount of $500,000 with integral multiples of $100,000 above such amount. Any amount so prepaid may, subject to the terms and conditions

  
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hereof, be reborrowed during the Revolving Period. A Borrower Notice relating to any such prepayment shall be irrevocable when delivered. Each such optional prepayment shall be applied first to
any Swing Line Advances outstanding and then to prepay ratably the Revolver Advances. 
 (c)    Subject to the terms and
conditions set forth herein, the Borrower shall have the right, at any time from the Effective Date until the Commitment Termination Date, to increase the Facility Amount by an amount up to $110,000,000 (for a total maximum Facility Amount of
$250,000,000). The following terms and conditions shall apply to any such increase: (i) any such increase shall be obtained from existing Lenders or from other Eligible Assignees, in each case in accordance with the terms set forth below;
(ii) the Commitment of any Lender may not be increased without the prior written consent of such Lender; (iii) any increase in the Facility Amount shall be in a minimum principal amount of (x) if such increase shall be obtained from
existing Lenders, $5,000,000 (or such lower amount as may be consented to by the Administrative Agent) and (y) if such increase shall be obtained from Eligible Assignees who are not Lenders hereunder, $15,000,000 (or such lower amount as may be
consented to by the Administrative Agent); (iv) the Borrower and Lenders shall execute an acknowledgement (or in the case of the addition of a bank or other financial institution not then a party to this Agreement, a Joinder Agreement) in form and
content satisfactory to the Administrative Agent to reflect the revised Commitments and Facility Amount (the Lenders do hereby agree to execute such acknowledgement (or Joinder Agreement) without delay unless the acknowledgement purports to
(A) increase the Commitment of a Lender without such Lender’s consent or (B) amend this Agreement or the other Transaction Documents other than as provided for in this Section 2.3); (v) the Borrower shall
execute such promissory notes as are necessary to reflect the increase in or creation of the Commitments; (vi) if any Advances are outstanding at the time of any such increase, the Borrower shall make such payments and adjustments on the
Advances (including payment of any break-funding amount owing under Section 2.11 hereof) as necessary to give effect to the revised commitment percentages and outstandings of the Lenders; (vii) the Borrower may solicit
commitments from Eligible Assignees that are not then a party to this Agreement so long as such Eligible Assignees are reasonably acceptable to the Administrative Agent and execute a Joinder Agreement in form and content satisfactory to the
Administrative Agent; (viii) the conditions set forth in Section 3.2 shall be satisfied in all material respects; (ix) after giving effect to any such increase in the Facility Amount, no Unmatured Early
Termination Event or Early Termination Event shall have occurred; (x) the Borrower shall have provided to the Administrative Agent, at least 30 days prior to such proposed increase in the Facility Amount, written evidence demonstrating pro
forma compliance with Section 8.1(q) of this Agreement after giving effect to such proposed increase, such evidence to be satisfactory in the sole discretion of the Administrative Agent. The amount of any increase in the
Facility Amount hereunder shall be offered first to the existing Lenders, and in the event the additional commitments which existing Lenders are willing to take shall exceed the amount requested by the Borrower, such excess shall be allocated in
proportion to the commitments of such existing Lenders willing to take additional commitments. If the amount of the additional commitments requested by the Borrower shall exceed the additional commitments which the existing Lenders are willing to
take, then the Borrower may invite other Eligible Assignees reasonably acceptable to the Administrative Agent to join this Agreement as Lenders hereunder for the portion of commitments not taken by existing Lenders, provided that such Eligible
Assignees shall enter into such joinder agreements to give effect thereto as the Administrative Agent and the Borrower may reasonably request. Unless otherwise agreed by the Administrative Agent and the Lenders, the terms of any increase in the
Facility Amount shall be 

  
 47 

 
the same as those in effect prior to any increase; provided, however, that should the terms of the increase agreed to be other than those in effect prior to the increase, then the
Transaction Documents shall, with the consent of the Administrative Agent and the Lenders, be amended to the extent necessary to incorporate any such different terms. Notwithstanding any of the foregoing, the Lenders hereby agree that, from the
Effective Date until such date as the Commitment of KeyBank is reduced to $75,000,000 (whether by assignment or otherwise), any syndication of the Facility Amount shall be effected pursuant to an assignment of the Commitment of KeyBank to the
applicable Lender to the extent required to reduce such Commitment of KeyBank to $75,000,000. 
 Section 2.4 Principal
Repayments; Extension of Term. 
 (a)    The Advances Outstanding shall be repaid in accordance with
Section 2.8, and shall be due and payable in full on the Maturity Date. In addition, Advances Outstanding shall be repaid as and when necessary (first, to Swing Advances outstanding) to cause the Borrowing Base Test to be
met, in accordance with Section 2.8 (each such payment, a “Mandatory Prepayment”), and any amount so repaid may, subject to the terms and conditions hereof, be reborrowed hereunder during the Revolving
Period. 
 (b)    The Borrower may, at any time within 365 days, but no later than 45 days, prior to the then current
Commitment Termination Date, by written notice to the Administrative Agent, make written requests for the Lenders to extend the Commitment Termination Date for an additional revolving period, which extension may be documented as part of a broader
amendment to this Agreement or on a stand-alone basis. The Administrative Agent will give prompt notice to each Managing Agent of its receipt of such request, and each Managing Agent shall give prompt notice to each of the Lenders in its related
Lender Group of its receipt of such request for extension of the Commitment Termination Date. Each Lender shall make a determination, in its sole discretion and after a full credit review, not less than fifteen (15) days following receipt of
such request as to whether or not it will agree to extend the Commitment Termination Date; provided, however, that the failure of any Lender to make a timely response to the Borrower’s request for extension of the Commitment
Termination Date shall be deemed to constitute a refusal by such Lender to extend the Commitment Termination Date. In the event that at least one Lender agrees to extend the Commitment Termination Date, the Borrower, the Servicer, the Administrative
Agent and the extending Lenders shall enter into such documents as the Administrative Agent and such extending Lenders and may deem necessary or appropriate to reflect such extension, and all reasonable costs and expenses incurred by such Lenders
and the Administrative Agent (including reasonable attorneys’ fees) shall be paid by the Borrower. In the event that any Lender declines the request to extend the Commitment Termination Date (each such Lender being referred to herein, from and
after the date of the documented extension of the Commitment Termination Date (the “Renewal Date”) by the consenting Lenders as a “Non-Renewing Lender”), and the Commitment of
such Non-Renewing Lender is not assigned to another Person in accordance with the terms of Article XI prior to the Renewal Date, (i) such Non-Renewing
Lender’s Commitment shall be reduced to an amount equal at all times to such Non-Renewing Lender’s Advances outstanding (declining as such amount is paid down), (ii) the Facility Amount shall be
reduced by an amount equal to each such Non-Renewing Lender’s Commitment on the Renewal Date, (iii) the Group Advance Limits of the applicable Lender Groups shall be reduced by an amount equal to the
applicable Non-Renewing 

  
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Lender’s Commitment on the Renewal Date, and (iv) the Borrower shall, to the extent such Non-Renewing Lender shall not previously have been paid
pursuant to Section 2.8, repay in full all Advances made by such Non-Renewing Lender and other Obligations owing to such Non-Renewing Lender
under this Agreement on or before such Non-Renewing Lender’s original Commitment Termination Date (without giving effect to any extension thereof). 

(c)    All repayments of any Advance or any portion thereof shall be made together with payment of (i) all Interest
accrued and unpaid on the amount repaid to (but excluding) the date of such repayment, (ii) any and all Breakage Costs, and (iii) all Hedge Breakage Costs and any other amounts payable by the Borrower under or with respect to any Hedging
Agreement. 
 Section 2.5 The Notes. 

(a)    The Advances made by the Lenders hereunder shall be evidenced by a duly executed promissory note of the Borrower
payable to each Managing Agent, on behalf of the applicable Lenders in the related Lender Group, in substantially the form of Exhibit B hereto (collectively, the “Notes”). The Notes shall be dated the Effective Date, or, if
later, the date on which a Lender becomes party to this Agreement and shall be in a maximum principal amount equal to the applicable Lender Group’s Group Advance Limit, and shall otherwise be duly completed. 

(b)    Each Managing Agent is hereby authorized to enter on a schedule attached to its Notes the following notations
(which may be computer generated) with respect to each Advance made by each Lender in the applicable Lender Group: (i) the date and principal amount thereof and (ii) each payment and repayment of principal thereof, and any such recordation
shall constitute prima facie evidence of the accuracy of the information so recorded. The failure of a Managing Agent to make any such notation on the schedule attached to the applicable Note shall not limit or otherwise affect the obligation
of the Borrower to repay the Advances in accordance with their respective terms as set forth herein. 
 Section 2.6 Interest
Payments. 
 (a)    Interest shall accrue on each Advance during each Settlement Period at the applicable
Interest Rate. The Borrower shall pay Interest on the unpaid principal amount of each Advance for the period commencing on and including the Funding Date of such Advance until but excluding the date that such Advance shall be paid in full. Interest
shall accrue during each Settlement Period and be payable on the Advances Outstanding on each Payment Date, unless earlier paid pursuant to (i) a prepayment in accordance with Section 2.3(b) or (ii) a repayment in
accordance with Section 2.4(b). 
 (b)    Interest Rates shall be determined by the
Administrative Agent in accordance with the definitions thereof, and the Administrative Agent shall advise the Servicer, on behalf of the Borrower, of each calculation thereof. 

(c)    If any Managing Agent, on behalf of the applicable Lenders, shall notify the Administrative Agent that a Eurodollar
Disruption Event as described in clause (a) of the definition of “Eurodollar Disruption Event” has occurred, the Administrative Agent shall in turn so notify the Borrower, whereupon all Advances in respect of which Interest accrues at
the LIBO Rate plus the Applicable Margin shall immediately be converted into Advances in respect of which Interest accrues at the Base Rate plus the Applicable Margin. 

  
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 (d)    Anything in this Agreement or the other Transaction Documents to
the contrary notwithstanding, if at any time the rate of interest payable by any Person under this Agreement and the Transaction Documents exceeds the highest rate of interest permissible under Applicable Law (the “Maximum Lawful
Rate”), then, so long as the Maximum Lawful Rate would be exceeded, the rate of interest under this Agreement and the Transaction Documents shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest payable
under this Agreement and the Transaction Documents is less than the Maximum Lawful Rate, such Person shall continue to pay interest under this Agreement and the Transaction Documents at the Maximum Lawful Rate until such time as the total interest
received from such Person is equal to the total interest that would have been received had Applicable Law not limited the interest rate payable under this Agreement and the Transaction Documents. In no event shall the total interest received by a
Lender under this Agreement and the Transaction Documents exceed the amount that such Lender could lawfully have received, had the interest due under this Agreement and the Transaction Documents been calculated since the Effective Date at the
Maximum Lawful Rate. 
 Section 2.7 Fees. 

(a)    The Borrower shall pay to the Administrative Agent from the Collection Account on each Payment Date, monthly in
arrears in accordance with Section 2.8, the Unused Fee; and, from and after the Revolver Loan Funding Date, the Revolver Loan Funding Fee. 

(b)    The Borrower shall pay to the Servicer from the Collection Account on each Payment Date, monthly in arrears in
accordance with Section 2.8, the Servicing Fee. 
 (c)    The Backup Servicer shall be
entitled to receive from the Collection Account on each Payment Date, monthly in arrears in accordance with Section 2.8, the Backup Servicing Fee. 

(d)    The Collateral Custodian shall be entitled to receive from the Collection Account on each Payment Date, monthly in
arrears in accordance with Section 2.8, the Collateral Custodian Fee. 
 Section 2.8 Settlement
Procedures. 
 On each Payment Date, the Servicer on behalf of the Borrower shall pay for receipt by the applicable Lender no later
than 11:00 a.m. (New York City time) to the following Persons, from (i) the Collection Account, to the extent of available funds, (ii) Servicer Advances, and (iii) amounts received in respect of any Hedge Agreement during such
Settlement Period (the sum of such amounts described in clauses (i), (ii) and (iii), minus any amounts required to be deposited to the Revolver Loan Funding Accounts in accordance with Section 2.14 below being the
“Available Collections”) the following amounts in the following order of priority: 
 (a)    During the
Revolving Period, and in each case unless otherwise specified below, applying Interest Collections first, and then Principal Collections: 

(i)    FIRST, to the Borrower, the aggregate amount of fees (including
up-front, continuing or success fees) received in respect of the Transferred Loans; 

  
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 (ii)    SECOND, to each Hedge Counterparty, any amounts
owing that Hedge Counterparty under its respective Hedging Agreement in respect of any Hedge Transaction(s), for the payment thereof, but excluding, to the extent the Hedge Counterparty is not the same Person as the Administrative Agent, any Swap
Breakage and Indemnity Amounts; 
 (iii)    THIRD, to the Servicer, in an amount equal to any
Unreimbursed Servicer Advances, for the payment thereof; 
 (iv)    FOURTH, to the extent not paid
by the Servicer, to the Backup Servicer and any Successor Servicer, as applicable, in an amount equal to any accrued and unpaid Backup Servicing Fee and, if any, accrued and unpaid Transition Costs, Backup Servicer Expenses and Market Servicing Fee
Differential, each for the payment thereof; 
 (v)    FIFTH, to the extent not paid by the
Servicer, to the Collateral Custodian in an amount equal to any accrued and unpaid Collateral Custodian Fee and Collateral Custodian Expenses, if any, for the payment thereof; 

(vi)    SIXTH, to the Servicer, in an amount equal to (A) if the Servicer is Gladstone
Management Corporation or any of its Affiliates, its accrued and unpaid Servicing Fees to the end of the preceding Settlement Period, up to the Servicing Fee Limit Amount for such Settlement Period, for the payment thereof and (B) otherwise,
its accrued and unpaid Servicing Fees to the end of the preceding Settlement Period for the payment thereof; 

(vii)    SEVENTH, to the Administrative Agent for payment to each Managing Agent, on behalf of the
related Lenders, in an amount equal to any accrued and unpaid Interest and Unused Fee for such Payment Date; 

(viii)    EIGHTH, first, to the extent of available Principal Collections, and second, to the extent
of available Interest Collections, to the Administrative Agent for payment to each Managing Agent, on behalf of the related Lenders, an amount equal to the excess, if any, of Advances Outstanding over the lesser of (i) the Borrowing Base or
(ii) the Facility Amount, together with the amount of Breakage Costs incurred by the applicable Lenders in connection with any such payment (as such Breakage Costs are notified to the Borrower by the applicable Lender(s)), pro rata;
provided, however, that to the extent that (i) the Termination Date has not occurred and (ii) Advances Outstanding exceed the Facility Amount due to one or more Lenders becoming
Non-Renewing Lenders, to each Managing Agent on behalf of such Non-Renewing Lenders only, pro rata in accordance with their Advances Outstanding; 

(ix)    NINTH, to each Hedge Counterparty, any Swap Breakage and Indemnity Amounts owing that Hedge
Counterparty; 

  
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 (x)    TENTH, to the Administrative Agent for
payment to each Managing Agent, on behalf of the related Lenders, in the amount of unpaid Breakage Costs (other than Breakage Costs covered in clause (vii) above) with respect to any prepayments made on such Payment Date Increased Costs, and/or
Taxes (if any); 
 (xi)    ELEVENTH, to the Swingline Lender, for the portion of the Obligations
constituting unpaid principal of the Swing Advances; 
 (xii)    TWELFTH, to the Administrative
Agent, all other amounts or Obligations then due under this Agreement or the other Transaction Documents (other than the Performance Guaranty) to the Administrative Agent, the Lenders, the Affected Parties or Indemnified Parties, each for the
payment thereof; 
 (xiii)    THIRTEENTH, to the Servicer, in an amount equal to its accrued and
unpaid Servicing Fees to the end of the preceding Settlement Period not otherwise paid pursuant to priority SIXTH above; and 

(xiv)    FOURTEENTH, all remaining amounts to the Borrower. 

(b)    During the Amortization Period, to the extent of available Interest Collections: 

(i)    FIRST, unless an Early Termination Event shall have occurred and be continuing, to the
Borrower, the aggregate amount of fees (including up-front, continuing or success fees) received in respect of the Transferred Loans; 

(ii)    SECOND, to each Hedge Counterparty, any amounts owing that Hedge Counterparty under its
respective Hedging Agreement in respect of any Hedge Transaction(s), for the payment thereof, but excluding, to the extent the Hedge Counterparty is not the same Person as the Administrative Agent, any Swap Breakage and Indemnity Amounts; 

(iii)    THIRD, to the Servicer, in an amount equal to any Unreimbursed Servicer Advances, for the
payment thereof; 
 (iv)    FOURTH, to the extent not paid by the Servicer, to the Backup Servicer
and any Successor Servicer, as applicable, in an amount equal to any accrued and unpaid Backup Servicing Fee and, if any, accrued and unpaid Transition Costs, Backup Servicer Expenses and Market Servicing Fee Differential, each for the payment
thereof; 
 (v)    FIFTH, to the extent not paid by the Servicer, to the Collateral Custodian in
an amount equal to any accrued and unpaid Collateral Custodian Fee and Collateral Custodian Expenses, if any, for the payment thereof; 

(vi)    SIXTH, to the Servicer, in an amount equal to (A) if the Servicer is Gladstone
Management Corporation or any of its Affiliates, its accrued and unpaid Servicing Fees to the end of the preceding Settlement Period, up to the Servicing Fee Limit Amount for such Settlement Period, for the payment thereof and (B) otherwise,
its accrued and unpaid Servicing Fees to the end of the preceding Settlement Period for the payment thereof; 

  
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 (vii)    SEVENTH, to the Administrative Agent for
payment to each Managing Agent, on behalf of the related Lenders, in an amount equal to any accrued and unpaid Interest, Unused Fee and Revolver Loan Funding Fee for such Payment Date; 

(viii)    EIGHTH, to the Administrative Agent for payment to each Managing Agent, on behalf of the
related Lenders, an amount equal to the excess, if any, of Advances Outstanding over the lesser of (i) the Borrowing Base or (ii) the Facility Amount, together with the amount of Breakage Costs incurred by the applicable Lenders in
connection with any such payment (as such Breakage Costs are notified to the Borrower by the applicable Lender(s)), pro rata; 

(ix)    NINTH, all remaining amounts shall be distributed to the Borrower, provided, however, that
if an Early Termination Event has occurred and is continuing, all remaining amounts shall be applied as Principal Collections in accordance with clause (c) below. 

(c)    During the Amortization Period, to the extent of available Principal Collections: 

(i)    FIRST, to the parties listed above, any amount remaining unpaid pursuant to clauses FIRST
through EIGHTH under clause (b) above, in accordance with the priority set forth thereunder; 

(ii)    SECOND, following the occurrence of the Termination Date, to the Swingline Lender, for the
portion of the Obligations constituting unpaid principal of the Swing Advances in an amount to reduce the outstanding Swing Advances to zero; 

(iii)    THIRD, following the occurrence of the Termination Date, to the Administrative Agent for
ratable payment to each Managing Agent, on behalf of the related Lenders, in an amount to reduce Advances Outstanding to zero and to pay any other Obligations in full; 

(iv)    FOURTH, to each Hedge Counterparty, any Swap Breakage and Indemnity Amounts owing that Hedge
Counterparty; 
 (v)    FIFTH, to the Administrative Agent for payment to each Managing Agent, on
behalf of the related Lenders, in the amount of unpaid Breakage Costs (other than Breakage Costs covered in clause (b) above) with respect to any prepayments made on such Payment Date, Increased Costs and/or Taxes (if any); 

(vi)    SIXTH, to the Administrative Agent, all other amounts or Obligations then due under this
Agreement or the other Transaction Documents (other than the Performance Guaranty) to the Administrative Agent, the Lenders, the Affected Parties or Indemnified Parties, each for the payment thereof; 

  
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 (vii)    SEVENTH, to the Servicer, if the
Servicer is Gladstone Management Corporation or any of its Affiliates, its accrued and unpaid Servicing Fees to the end of the preceding Settlement Period not otherwise paid pursuant to clause SIXTH of subsection (b) above; and 

(viii)    EIGHTH, all remaining amounts to the Borrower. 

Section 2.9 Collections and Allocations. 

(a)    The Borrower or the Servicer on behalf of the Borrower shall promptly (but in no event later than two
(2) Business Days after the receipt thereof) identify any Collections received by it as being on account of Interest Collections or Principal Collections and deposit all such Interest Collections or Principal Collections received directly by it
into the Collection Account. The Servicer on behalf of the Borrower shall make such deposits or payments on the date indicated by wire transfer, in immediately available funds. 

(b)    Until the occurrence of an Early Termination Event, to the extent there are uninvested amounts deposited in the
Collection Account, all amounts shall be invested in Permitted Investments selected by the Servicer on behalf of the Borrower that mature no later than the Business Day immediately preceding the next Payment Date; from and after (i) the
occurrence of an Early Termination Event or (ii) the appointment of a Successor Servicer, to the extent there are uninvested amounts deposited in the Collection Account, all amounts may be invested in Permitted Investments selected by the
Administrative Agent that mature no later than the next Business Day. Any earnings (and losses) thereon shall be for the account of the Servicer on behalf of the Borrower. 

Section 2.10 Payments, Computations, Etc. 

(a)    Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower or the Servicer on
behalf of the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 10:00 a.m. (New York City time) on the day when due in lawful money of the United States in immediately available funds to the Agent’s
Account. The Borrower shall, to the extent permitted by law, pay to the Secured Parties interest on all amounts not paid or deposited when due hereunder at a rate of interest equal to 2.0% per annum above the Base Rate plus the Applicable Margin,
payable on demand; provided, however, that such interest rate shall not at any time exceed the Maximum Lawful Rate. All computations of interest and all computations of the Interest Rate and other fees hereunder shall be made on the
basis of a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed. 

(b)    Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be
made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of Interest, other interest or any fee payable hereunder, as the case may be. 

(c)    All payments hereunder shall be made without set-off or counterclaim and in
such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement (after withholding for or on account of any Taxes). 

  
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 Section 2.11 Breakage Costs. 

The Borrower shall pay to the Administrative Agent for the account of the applicable Managing Agent, on behalf of the related Lenders, upon the
request of any Managing Agent, any Lender or the Administrative Agent on each Payment Date on which a prepayment is made, such amount or amounts as shall, without duplication, compensate the Lenders for any loss, cost or expense (the
“Breakage Costs”) incurred by the Lenders (as reasonably determined by the applicable Lender) as a result of any prepayment of an Advance (and interest thereon) arising under this Agreement. The determination by any Managing Agent,
on behalf of the related Lenders, of the amount of any such loss or expense shall be set forth in a written notice to the Borrower delivered by the applicable Lender prior to the date of such prepayment in the case where notice of such prepayment is
delivered to such Lender in accordance with Section 2.3(b) or within two (2) Business Days following such prepayment in the case where no such notice is delivered (in which case, Breakage Costs shall include interest
thereon from the date of such prepayment) and shall be conclusive absent manifest error. 
 Section 2.12 Increased Costs; Capital
Adequacy; Illegality. 
 (a)    If after the date hereof, any Managing Agent, Lender or any Affiliate thereof
(each of which, an “Affected Party”) shall be charged any fee, expense or increased cost on account of the adoption of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital
adequacy or liquidity), any accounting principles or any change in any of the foregoing, or any change in the interpretation or administration thereof by any governmental authority, the Financial Accounting Standards Board, any central bank or any
comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such authority or agency (as clarified by the last sentence of this
Section 2.12(a) below, a “Regulatory Change”): (i) that subjects any Affected Party to any charge or withholding on or with respect to any Transaction Document or an Affected Party’s obligations under
a Transaction Document, or on or with respect to the Advances, or changes the basis of taxation of payments to any Affected Party of any amounts payable under any Transaction Document (except for changes in the rate of tax on the overall net income
of an Affected Party or taxes excluded by Section 2.13) or (ii) that imposes, modifies or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits
with or for the account of an Affected Party, or credit extended by an Affected Party pursuant to a Transaction Document or (iii) that imposes any other condition the result of which is to increase the cost to an Affected Party of performing
its obligations under a Transaction Document, or to reduce the rate of return on an Affected Party’s capital as a consequence of its obligations under a Transaction Document, or to reduce the amount of any sum received or receivable by an
Affected Party under a Transaction Document or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the applicable Managing Agent, Borrower shall pay to the
Administrative Agent, for payment to the applicable Managing Agent for the benefit of the relevant Affected Party, such amounts charged to such Affected Party or such amounts to otherwise compensate such Affected Party for such increased cost or
such reduction. For avoidance of doubt, 

  
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“Regulatory Change” shall include the compliance, whether commenced prior to or after the date hereof, by any Affected Party with the requirements of (i) the final rule titled
Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related
Issues, adopted by the United States bank regulatory agencies on December 15, 2009, or any rules, regulations, guidance, interpretations or directives promulgated or issued in connection therewith by such agency (whether or not having force of
law), (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act adopted by Congress on July 21, 2010, or any existing or future rules, regulations, guidance, interpretations or directives from the United States bank regulatory agencies
relating thereto (whether or not having the force of law), and (iii) the July 1988 paper or the June 2006 paper prepared by the Basel Committee on Banking Supervision as set out in the publication entitled: “International Convergence of
Capital Measurements and Capital Standards: a Revised Framework”, as updated from time to time, or any rules, regulations, guidance, interpretations or directives promulgated or issued in connection therewith by the United States bank
regulatory agencies (whether or not having force of law) or any other request, rule, guideline or directive 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 II or Basel III. 
 (b)    If as a
result of any event or circumstance similar to those described in clause (a) of this Section 2.12, an Affected Party is required to compensate a bank or other financial institution providing liquidity support,
credit enhancement or other similar support or financing to such Affected Party in connection with this Agreement or the funding or maintenance of Advances hereunder, then within ten days after demand by such Affected Party, the Borrower shall pay
to such Affected Party such additional amount or amounts as may be necessary to reimburse such Affected Party for any such amounts paid by it. 

(c)    In determining any amount provided for in this section, the Affected Party may use any reasonable averaging and
attribution methods. Any Affected Party making a claim under this section shall submit to the Borrower a certificate as to such additional or increased cost or reduction, which certificate shall be subject to Section 12.12(a) and shall
calculate in reasonable detail any such charges and shall be conclusive absent demonstrable error; provided, however. 

Section 2.13 Taxes. 

(a)    All payments made by the Borrower in respect of any Advance and all payments made by the Borrower under this
Agreement will be made free and clear of and without deduction or withholding for or on account of any Taxes, unless such withholding or deduction is required by law. In such event, the Borrower shall pay to the appropriate taxing authority any such
Taxes required to be deducted or withheld and the amount payable to each Lender or the Administrative Agent (as the case may be) will be increased (such increase, the “Additional Amount”) such that every net payment made under this
Agreement after deduction or withholding for or on account of any Taxes (including, without limitation, any Taxes on such increase) is not less than the amount that would have been paid had no such deduction or withholding been deducted or withheld.
The foregoing obligation to pay Additional Amounts, however, will not apply with respect to, and the term “Additional Amount” shall be deemed not to include net income or franchise taxes imposed

  
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on a Lender, any Managing Agent or the Administrative Agent, respectively, with respect to payments required to be made by the Borrower or Servicer on behalf of the Borrower under this Agreement,
by a taxing jurisdiction in which such Lender, such Managing Agent or the Administrative Agent is organized, conducts business or is paying taxes as of the Effective Date (as the case may be). If a Lender, any Managing Agent or the Administrative
Agent pays any Taxes in respect of which the Borrower is obligated to pay Additional Amounts under this Section 2.13(a), the Borrower shall promptly reimburse such Lender or Administrative Agent in full. 

(b)    The Borrower will indemnify each Lender, each Managing Agent and the Administrative Agent for the full amount of
Taxes in respect of which the Borrower is required to pay Additional Amounts (including, without limitation, any Taxes imposed by any jurisdiction on such Additional Amounts) paid by such Lender, Managing Agent or the Administrative Agent (as the
case may be) and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; provided, however, that such Lender, Managing Agent or the Administrative Agent, as appropriate, making a demand for
indemnity payment, shall provide the Borrower, at its address set forth under its name on the signature pages hereof, with a certificate from the relevant taxing authority or from a Responsible Officer of such Lender, Managing Agent or the
Administrative Agent stating or otherwise evidencing that such Lender, Managing Agent or the Administrative Agent has made payment of such Taxes and will provide a copy of or extract from documentation, if available, furnished by such taxing
authority evidencing assertion or payment of such Taxes. This indemnification shall be made within ten days from the date such Lender, Managing Agent or the Administrative Agent (as the case may be) makes written demand therefor. 

(c)    Within 30 days after the date of any payment by the Borrower of any Taxes, the Borrower will furnish to the
Administrative Agent, the Managing Agent or the Lender, as applicable, at its address set forth under its name on the signature pages hereof, appropriate evidence of payment thereof. 

(d)    If a Lender is not created or organized under the laws of the United States or a political subdivision thereof,
such Lender shall, to the extent that it may then do so under Applicable Laws, deliver to the Borrower with a copy to the Administrative Agent (i) within 15 days after the date hereof, or, if later, the date on which such Lender becomes a
Lender hereof two (or such other number as may from time to time be prescribed by Applicable Laws) duly completed copies of IRS Form W-8EC1 or Form W-8BEN or any
successor forms or other certificates or statements that may be required from time to time by the relevant United States taxing authorities or Applicable Laws), as appropriate, to permit the Borrower to make payments hereunder for the account of
such Lender, as the case may be, without deduction or withholding of United States federal income or similar Taxes and (ii) upon the obsolescence of or after the occurrence of any event requiring a change in, any form or certificate previously
delivered pursuant to this Section 2.13(d), two copies (or such other number as may from time to time be prescribed by Applicable Laws) of such additional, amended or successor forms, certificates or statements as may be
required under Applicable Laws to permit the Borrower to make payments hereunder for the account of such Lender, without deduction or withholding of United States federal income or similar Taxes. 

(e)    For any period with respect to which a Lender has failed to provide the Borrower with the appropriate form,
certificate or statement described in clause (d) of this section (other than if such failure is due to a change in law occurring after the date of this Agreement), such Lender, as the case may be, shall not be entitled to indemnification
under clauses (a) or (b) of this section with respect to any Taxes. 

  
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 (f)    Within 30 days of the written request of the Borrower therefor,
the Administrative Agent, the Managing Agent or the Lender, as appropriate, shall execute and deliver to the Borrower such certificates, forms or other documents that can be furnished consistent with the facts and that are reasonably necessary to
assist the Borrower in applying for refunds of Taxes remitted hereunder; provided, however, that the Administrative Agent, the Managing Agent and the Lender shall not be required to deliver such certificates forms or other documents if
in their respective sole discretion it is determined that the delivery of such certificate, form or other document would have a material adverse effect on the Administrative Agent, the Managing Agent or the Lender and provided further,
however, that the Borrower shall reimburse the Administrative Agent, the Managing Agent or the Lender for any reasonable expenses incurred in the delivery of such certificate, form or other document. 

(g)    If, in connection with an agreement or other document providing liquidity support, credit enhancement or other
similar support or financing to the Lenders in connection with this Agreement or the funding or maintenance of Advances hereunder, the Lenders are required to compensate a bank or other financial institution in respect of Taxes under circumstances
similar to those described in this section then within ten days after demand by the Lenders, the Borrower shall pay to the Lenders such additional amount or amounts as may be necessary to reimburse the Lenders for any amounts paid by them. 

Section 2.14 Revolver Loan Funding. 

(a)    Upon the occurrence of a Revolver Loan Funding Date, each Lender shall make an advance (each, a “Revolver
Loan Funding”) in an amount equal to such Lender’s ratable share of the aggregate outstanding unfunded commitments under the Revolver Loans. Upon receipt of the proceeds of such Revolver Loan Funding, the Administrative Agent shall
deposit such funds into segregated accounts (each, a “Revolver Loan Funding Account”), in its name, referencing the name of such Lender, and maintained at a Qualified Institution. Each Lender hereby grants to the Administrative
Agent full power and authority, on its behalf, to withdraw funds from the applicable Revolver Loan Funding Account at the time of, and in connection with, the funding of any Post-Termination Revolver Loan Advances to be made to the Borrower, and to
deposit to the related Revolver Loan Funding Account any funds received in respect of each relevant Lender’s ratable share of principal payments under Section 2.8 hereof, all in accordance with the terms of and for the
purposes set forth in this Agreement. The deposit of monies in such Revolver Loan Funding Account by any Lender shall not constitute an Advance (and such Lender shall not be entitled to interest on such monies except as provided in clause
(d) below) unless and until (and then only to the extent that) such monies are used to make Post-Termination Revolver Loan Advances pursuant to the first sentence of clause (b) below. On each Payment Date from and after the Revolver Loan
Funding Date, the Borrower shall pay the Administrative Agent, for the benefit of the Lenders, a fee (the “Revolver Loan Funding Fee”) equal to the sum of (i) the LIBO Rate for such Settlement Period plus (ii) 3.0%, multiplied
by the weighted average amount on deposit in the Revolver Loan Funding Accounts during the applicable Settlement Period, calculated on the basis of a year of 360 days for the actual number of days elapsed. 

  
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 (b)    From and after the establishment of a Revolver Loan Funding
Account with respect to any Lender, and until the earlier of (i) the reduction to zero of all outstanding commitments in respect of Revolver Loans and (ii) one year following the Revolver Loan Funding Date, all Post-Termination Revolver
Loan Advances to be made by such Lender hereunder shall be made by withdrawing funds from the applicable Revolver Loan Funding Account. On each Business Day during such time, the Administrative Agent shall, (i) if a Revolver Loan Funding
Account Shortfall exists, deposit the lesser of (A) the amount allocable to the repayment of principal to the Lenders and (B) the Revolver Loan Funding Account Shortfall and (ii) if a Revolver Loan Funding Account Surplus exists, pay
to the applicable Managing Agent, on behalf of each Lender, such Lender’s ratable share of the Revolver Loan Funding Account Surplus. Until the earlier of (i) the reduction to zero of all outstanding commitments in respect of Revolver
Loans and (ii) one year following the Revolver Loan Funding Date, all remaining funds then held in such Revolver Loan Funding Account (after giving effect to any Post-Termination Revolver Loan Advances to be made on such date) shall be paid by
the Administrative Agent to the applicable Managing Agent, on behalf of such Lender, and thereafter all payments made in respect of the Loans (whether or not originally funded from such Lender’s Revolver Loan Funding Account) shall be paid
directly to the applicable Managing Agent, on behalf of such Lender, in accordance with the terms of Section 2.8. 

(c)    The Administrative Agent may, its sole discretion, advance funds withdrawn from the Revolver Loan Funding Accounts
to (i) the Borrower or (ii) the applicable Obligor directly, on behalf of the Borrower, and in either case, such funds shall be used solely for the purpose of funding advances requested by an Obligor under a Revolver Loan. 

(d)    Proceeds in a Revolver Loan Funding Account shall be invested, at the written direction of the applicable Lender
(or the applicable Managing Agent on its behalf) to the applicable Revolver Loan Funding Account bank, only in investments which constitute Permitted Investments. The investment earnings with respect to a Revolver Loan Funding Account shall accrue
as the Lender and Revolver Loan Funding Account bank shall agree. The Administrative Agent shall direct the Revolver Loan Funding Account bank to pay all such investment earnings from the relevant account directly to the applicable Managing Agent,
for the account of the applicable Lender. 
 (e)    Notwithstanding anything herein to the contrary, none of the
Administrative Agent, the other Managing Agents, the other Purchasers nor the Revolver Loan Funding Account bank shall have any liability for any loss arising from any investment or reinvestment made by it with respect to a Revolver Loan Funding
Account in accordance with, and pursuant to, the provisions hereof. 
 Section 2.15 Replacement of Lenders. 

If (a) any Lender requests compensation under Section 2.12 or reimbursement under
Section 2.13, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.12 or under
Section 2.13, or (b) any Lender is a Defaulting Lender, then the Borrower may, at its 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 set forth in 

  
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Section 11.1(b)), all of its interests, rights (other than its existing rights to payments pursuant to Section 2.12 or reimbursement under
Section 2.13) and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender) (a “Replacement Lender”); provided that (i) the Borrower
shall have received the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, conditioned or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal
amount of the portion of the Loan owed to it, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (in the case of such outstanding principal and accrued interest) and from the Borrower (in the case
of all other amounts), and (iii) in the case of a requirement by Borrower to replace a Lender based on such Lender’s claim for compensation under Section 2.12 or reimbursement under
Section 2.13, the resulting assignment will result in a reduction in such compensation or payments. 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 Borrower to require such assignment and delegation cease to apply. 

Section 2.16 Discretionary Sales of Loans. 

On any Discretionary Sale Settlement Date, the Borrower shall have the right to prepay all or a portion of the Advances Outstanding in
connection with the sale and assignment by the Borrower of, and the release of the Lien by the Administrative Agent over, one or more Transferred Loans, in whole but not in part (and expressly excluding any sale of a Transferred Loan from the
Borrower to the Originator required under the Purchase Agreement) (a “Discretionary Sale”), subject to the following terms and conditions and subject to the other restrictions contained herein: 

(a)    any Discretionary Sale shall be made by the Borrower in a transaction (A) arranged by the Servicer (or, if a
Successor Servicer shall have been appointed pursuant to Section 7.19, arranged by the Borrower with the approval of the Administrative Agent) in accordance with the customary management practices of prudent institutions which manage financial
assets similar to the Transferred Loans for their own account or for the account of others, (B) reflecting arm’s-length market terms, (C) in which the Borrower makes no representations,
warranties or covenants and provides no indemnification for the benefit of any other party to the Discretionary Sale (other than any representations, warranties or covenants relating to the Borrower’s ownership of or clean title to the
Transferred Loans that are the subject of the Discretionary Sale that are standard and customary in connection with such a sale or for which the Originator has agreed to fully indemnify the Borrower), (D) of which the Administrative Agent and the
Required Lenders shall have received 2 Business Days’ (or such shorter period as the Required Lenders shall consent to) written notice (such notice, a “Discretionary Sale Notice”) which notice shall provide a description of the
terms of the Discretionary Sale, and (E) if occurring after the Termination Date, which the Required Lenders shall have approved in writing (which approval shall not be unreasonably withheld or delayed); 

(b)    after giving effect to the Discretionary Sale on the related Discretionary Sale Trade Date and the payment of funds
from the sale into the Collection Account required under Section 2.16(d), (A) all representations and warranties of the Borrower contained in Section 4.1 shall be true and correct as of the
Discretionary Sale Trade Date, (B) neither a Early Termination Event nor Unmatured Termination Event shall have occurred and be continuing, (C) the Borrowing Base 

  
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Test shall have been satisfied, and, if such Discretionary Sale Trade Date takes place during the Amortization Period, following the application of the funds described in clause (d) below,
the ratio of the Borrowing Base to the Drawn Amount shall have been improved, (D) the Collateral Quality Test shall have been satisfied, and, if such Discretionary Sale Trade Date takes place during the Amortization Period, the Collateral
Quality Test shall have been improved and (E) the Required Equity Investment shall be maintained; 
 (c)    on the
Discretionary Sale Trade Date, the Borrower and the Servicer shall be deemed to have represented and warranted that the requirements of Section 2.16(b) shall have been satisfied as of the related Discretionary Sale Trade
Date after giving effect to the contemplated Discretionary Sale; and 
 (d)    on the related Discretionary Sale
Settlement Date, the Administrative Agent shall have received into the Collection Account, in immediately available funds, an amount (i) other than as described in clause (ii) below, equal to the sum of (A) the portion of the Advances
Outstanding to be prepaid so that the requirements of Section 2.16(b) shall have been satisfied as of such Discretionary Sale Settlement Date plus (B) an amount equal to all unpaid Interest attributable to that
portion of the Advances Outstanding to be paid in connection with the Discretionary Sale plus (C) any Breakage Costs owed in connection with the payment and (ii) in the case of a sale of (x) Defaulted Loans or Charged-Off Loans in accordance with Section 7.7, or (y) any Transferred Loans following the end of the Revolving Period, equal to the proceeds of such Discretionary Sale. 

In connection with any Discretionary Sale, following receipt by the Administrative Agent of the amounts referred to in
Section 2.16(d) above (receipt of which shall be confirmed to the Administrative Agent), there shall be released to the Borrower (for further sale to a purchaser) without recourse, representation or warranty of any kind all
of the right, title and interest of the Administrative Agent and the Secured Parties in, to and under the portion of the Collateral subject to such Discretionary Sale and such portion of the Collateral so released shall be released from any Lien and
the Loan Documents (subject to the requirements set forth above in this Section 2.16). 
 In connection with any
Discretionary Sale, on the related Discretionary Sale Settlement Date, the Administrative Agent on behalf of the Secured Parties shall (i) execute such instruments of release with respect to the portion of the Collateral to be released to the
Borrower, in recordable form if necessary, in favor of the Borrower as the Servicer on behalf of the Borrower may reasonably request, (ii) deliver any portion of the Collateral to be released to the Borrower in its possession to the Borrower
and (iii) otherwise take such actions, as are determined by the Borrower or Servicer to be reasonably necessary and appropriate to release the Lien on the portion of the Collateral to be released to the Borrower and release and deliver to the
Borrower such portion of the Collateral to be released to the Borrower. 

  
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 Section 2.17 Acknowledgement and Consent to
Bail-In of EEA 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 EEA 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 an EEA 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 an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA 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 EEA Financial Institution, its parent undertaking, 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 any EEA Resolution Authority. 

ARTICLE III 
 CONDITIONS
OF EFFECTIVENESS AND ADVANCES 
 Section 3.1 Conditions to Effectiveness and Advances. 

No Lender (including the Swingline Lender) shall be obligated to make any Advance hereunder from and after the Effective Date, nor shall any
Lender, the Administrative Agent or the Managing Agents be obligated to take, fulfill or perform any other action hereunder, until the following conditions have been satisfied, in the sole discretion of, or waived in writing by, the Managing Agents:

 (a)    This Agreement and all other Transaction Documents or counterparts hereof or thereof shall have been duly
executed by, and delivered to, the parties hereto and thereto and the Administrative Agent shall have received such other documents, instruments, agreements and legal opinions as any Managing Agent shall reasonably request in connection with the
transactions contemplated by this Agreement, on or prior to the Effective Date, each in form and substance satisfactory to the Administrative Agent. 

(b)    Each Managing Agent shall be satisfied with the results of the due diligence review performed by it and each Lender
shall have received all necessary internal approvals. 
 (c)    The Borrower shall have paid all fees required to be
paid by it on the Effective Date, including all fees required hereunder and under the Fee Letters to be paid as of such date, and shall have reimbursed each Lender and the Administrative Agent for all fees, costs and expenses related to the
transactions contemplated hereunder and under the other Transaction Documents, including the legal and other document preparation costs incurred by any Lender and/or the Administrative Agent. 

  
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 (d)    The Required Equity Investment shall be maintained. 

The Administrative Agent shall promptly notify each Lender of the satisfaction or waiver of the conditions set forth above. 

Section 3.2 Additional Conditions Precedent to All Advances. 

Each Advance shall be subject to the further conditions precedent that: 

(a)    On the related Funding Date, the Borrower or the Servicer, as the case may be, shall have certified in the related
Borrower Notice that: 
 (i)    The representations and warranties set forth in Sections 4.1 and
7.8 are true and correct in all material respects on and as of such date, before and after giving effect to such borrowing and to the application of the proceeds therefrom, as though made on and as of such date; and 

(ii)    No event has occurred, or would result from such Advance or from the application of the proceeds
therefrom, that constitutes an Early Termination Event or an Unmatured Termination Event. 
 (b)    The Termination Date
shall not have occurred; 
 (c)    Before and after giving effect to such borrowing and to the application of proceeds
therefrom the Collateral Quality Test shall be satisfied, as calculated on such date; 
 (d)    Before and after giving
effect to such borrowing and to the application of proceeds therefrom the Borrowing Base Test shall be satisfied, as calculated on such date; 

(e)    No (i) claim has been asserted or proceeding commenced challenging enforceability or validity of any of the
Transaction Documents or (ii) material claim has been asserted or proceeding commenced challenging enforceability or validity of any of the Loan Documents, in each case, excluding any instruments, certificates or other documents relating to
Loans that were the subject of prior Advances; 
 (f)    There shall have been no Material Adverse Change with respect
to the Borrower or the Servicer since the preceding Advance; 
 (g)    Such Advance shall not cause the aggregate amount
of Advances Outstanding to increase by more than $40,000,000 during the 32-day period ending on the related Funding Date of such Advance; provided, that the foregoing amount set forth in this clause
(g) may be increased (i) upon no less than 32 days prior written notice from the Borrower to the Administrative Agent or (ii) by the Administrative Agent in its sole discretion; and 

  
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 (h)    The Servicer and Borrower shall have taken such other action,
including delivery of approvals, consents, opinions, documents, and instruments to the Managing Agents as each may reasonably request. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.1 Representations and Warranties of the Borrower. 

The Borrower represents and warrants as follows: 

(a)    Organization and Good Standing. The Borrower is a Delaware limited liability company duly organized, validly
existing, and in good standing under the laws of the jurisdiction of its formation, and has full power, authority and legal right to own or lease its properties and conduct its business as such business is presently conducted. 

(b)    Due Qualification. The Borrower is qualified to do business as a limited liability company, is in good
standing, and has obtained all licenses and approvals as required under the laws of all jurisdictions in which the ownership or lease of its property and or the conduct of its business (other than the performance of its obligations hereunder)
requires such qualification, standing, license or approval, except to the extent that the failure to so qualify, maintain such standing or be so licensed or approved would not have a material adverse effect on the interests of the Lenders. The
Borrower is qualified to do business as a limited liability company, is in good standing, and has obtained all licenses and approvals as are required under the laws of all states in which the performance of its obligations pursuant to this Agreement
requires such qualification, standing, license or approval and where the failure to qualify or obtain such license or approval would have a material adverse effect on its ability to perform hereunder. 

(c)    Due Authorization. The execution and delivery of this Agreement and each Transaction Document to which the
Borrower is a party and the consummation of the transactions provided for herein and therein have been duly authorized by the Borrower by all necessary action on the part of the Borrower. 

(d)    No Conflict. The execution and delivery of this Agreement and each Transaction Document to which the
Borrower is a party, the performance by the Borrower of the transactions contemplated hereby and thereby and the fulfillment of the terms hereof and thereof will not conflict with or result in any breach of any of the terms and provisions of, and
will not constitute (with or without notice or lapse of time or both) a default under, the Borrower’s limited liability company agreement or any material Contractual Obligation of the Borrower. 

(e)    No Violation. The execution and delivery of this Agreement and each Transaction Document to which the
Borrower is a party, the performance of the transactions contemplated hereby and thereby and the fulfillment of the terms hereof and thereof will not conflict with or violate, in any material respect, any Applicable Law. 

  
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 (f)    No Proceedings. There are no proceedings or investigations
pending or, to the best knowledge of the Borrower, threatened against the Borrower, before any Governmental Authority (i) asserting the invalidity of this Agreement or any Transaction Document to which the Borrower is a party, (ii) seeking to
prevent the consummation of any of the transactions contemplated by this Agreement or any Transaction Document to which the Borrower is a party or (iii) seeking any determination or ruling that could reasonably be expected to have a Material
Adverse Effect. 
 (g)    All Consents Required. All material approvals, authorizations, consents, orders or
other actions of any Person or of any Governmental Authority (if any) required in connection with the due execution, delivery and performance by the Borrower of this Agreement and any Transaction Document to which the Borrower is a party, have been
obtained. 
 (h)    Reports Accurate. All Monthly Reports (if prepared by the Borrower, or to the extent that
information contained therein is supplied by the Borrower), information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by the Borrower to the Administrative Agent or a Lender in connection with
this Agreement are true, complete and accurate in all material respects. 
 (i)    Solvency. The transactions
contemplated under this Agreement and each Transaction Document to which the Borrower is a party do not and will not render the Borrower not Solvent. 

(j)    Selection Procedures. No procedures believed by the Borrower to be materially adverse to the interests of
the Secured Parties were utilized by the Borrower in identifying and/or selecting the Loans that are part of the Collateral. 

(k)    Taxes. The Borrower has filed or caused to be filed all Tax returns required to be filed by it. The Borrower
has paid all Taxes and all assessments made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance
with GAAP have been provided on the books of the Borrower), and no Tax lien has been filed and, to the Borrower’s knowledge, no claim is being asserted, with respect to any such Tax, fee or other charge. 

(l)    Agreements Enforceable. This Agreement and each Transaction Document to which the Borrower is a party
constitute the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with their respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be
limited by general principles of equity (whether considered in a suit at law or in equity). 
 (m)    No Liens.
The Collateral is owned by the Borrower free and clear of any Liens except for Permitted Liens as provided herein, and the Administrative Agent, as agent for the Secured Parties, has a valid and perfected first priority security interest in the
Collateral then existing or thereafter arising, free and clear of any Liens except for Permitted Liens. No effective financing statement or other instrument similar in effect covering any Collateral is on file in any recording office except such as
may be filed in favor of the Administrative Agent relating to this Agreement or reflecting the transfer of the Collateral from the Originator to the Borrower. 

  
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 (n)    Security Interest. The Borrower has granted a security
interest (as defined in the UCC) to the Administrative Agent, as agent for the Secured Parties, in the Collateral, which is enforceable in accordance with Applicable Law. All filings (including, without limitation, such UCC filings) as are necessary
in any jurisdiction to perfect the interest of the Administrative Agent as agent for the Secured Parties, in the Collateral have been made. 

(o)    Location of Offices. The Borrower’s jurisdiction of organization, principal place of business and chief
executive office and the office where the Borrower keeps all the Records is located at the address of the Borrower referred to in Section 12.2 hereof (or at such other locations as to which the notice and other requirements
specified in Section 5.1(m) shall have been satisfied). 
 (p)    Tradenames. The
Borrower has no trade names, fictitious names, assumed names or “doing business as” names or other names under which it has done or is doing business. 

(q)    Purchase Agreement. The Purchase Agreement is the only agreement pursuant to which the Borrower acquires
Collateral (other than the Hedge Collateral). 
 (r)    Value Given. The Borrower gave reasonably equivalent
value to the Originator in consideration for the transfer to the Borrower of the Transferred Loans under the Purchase Agreement, no such transfer was made for or on account of an antecedent debt owed by the Originator to the Borrower, and no such
transfer is voidable or subject to avoidance under any Insolvency Law. 
 (s)    Accounting. The Borrower
accounts for the transfers to it from the Originator of interests in the Loans under the Purchase Agreement as sales of such Loans in its books, records and financial statements, in each case consistent with GAAP. 

(t)    Separate Entity. The Borrower is operated as an entity with assets and liabilities distinct from those of
the Originator and any Affiliates thereof (other than the Borrower), and the Borrower hereby acknowledges that the Administrative Agent and the Lenders are entering into the transactions contemplated by this Agreement in reliance upon the
Borrower’s identity as a separate legal entity from the Originator and from each such other Affiliate of the Originator. 

(u)    Investments. Except for Supplemental Interests or Supplemental Interests that convert into an equity
interest in any Person, the Borrower does not own or hold directly or indirectly, any capital stock or equity security of, or any equity interest in, any Person. 

(v)    Business. Since its formation, the Borrower has conducted no business other than the purchase and receipt of
Loans and Related Property from the Originator under the Purchase Agreement, the borrowing of funds under this Agreement and such other activities as are incidental to the foregoing. 

(w)    ERISA. The Borrower is in compliance with ERISA and has not incurred and does not expect to incur any
liabilities (except for premium payments arising in the ordinary course of business) payable to the Pension Benefit Guaranty Corporation under ERISA. 

  
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 (x)    Investment Company Act. 

(i)    The Borrower represents and warrants that the Borrower is exempt and will remain exempt from
registration as an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). 

(ii)    The business and other activities of the Borrower, including but not limited to, the making of the
Advances by the Lenders, the application of the proceeds and repayment thereof by the Borrower and the consummation of the transactions contemplated by the Transaction Documents to which the Borrower is a party do not now and will not at any time
result in any violations, with respect to the Borrower, of the provisions of the 1940 Act or any rules, regulations or orders issued by the SEC thereunder. 

(y)    Government Regulations. The Borrower is not engaged in the business of extending credit for the purpose of
“purchasing” or “carrying” any “margin security,” as such terms are defined in Regulation U of the Federal Reserve Board as now and from time to time hereafter in effect (such securities being referred to herein as
“Margin Stock”). The Borrower owns no Margin Stock, and no portion of the proceeds of any Advance hereunder will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock, for the purpose of
reducing or retiring any Indebtedness that was originally incurred to purchase or carry any Margin Stock or for any other purpose that might cause any portion of such proceeds to be considered a “purpose credit” within the meaning of
Regulation T, U or X of the Federal Reserve Board. The Borrower will not take or permit to be taken any action that might cause any Transaction Document to violate any regulation of the Federal Reserve Board. 

(z)    Eligibility of Loans. As of the Effective Date, (i) the Loan List and the information contained in the
Borrower Notice delivered pursuant to Sections 2.1 and 2.2 is an accurate and complete listing in all material respects of all the Loans that are part of the Collateral as of the Effective Date, and the information contained therein
with respect to the identity of such Loans and the amounts owing thereunder is true and correct in all material respects as of such date and (ii) each such Loan is an Eligible Loan. On each Funding Date, the Borrower shall be deemed to
represent and warrant that any additional Loan referenced on the related Borrower Notice delivered pursuant to Sections 2.1 and 2.2 is an Eligible Loan. 

(aa)    Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies and
procedures designed to ensure compliance by the Borrower and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower and its officers and employees and, to the knowledge of the Borrower, its
directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower or the Servicer or (b) to the knowledge of the Borrower, any of the directors, officers or
employees of the Borrower or the Servicer, or any agent of the Borrower or the Servicer that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.    None of
the Transactions will violate any Anti-Corruption Law or Sanctions that are applicable to the Borrower or the Servicer. Neither the Borrower nor any Affiliate of the Borrower is (1) a Person that resides or has a place of business in a country
or territory named on such lists or which is designated as a Non-Cooperative Jurisdiction by the Financial Action Task Force on Money Laundering (“FATF”), or whose subscription funds are transferred
from or through such a jurisdiction; (2) a “Foreign Shell Bank” within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical 

  
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presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (3) a person or entity that resides in
or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Section 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns. 

ARTICLE V 
 GENERAL
COVENANTS OF THE BORROWER 
 Section 5.1 Covenants of the Borrower. 

The Borrower hereby covenants that: 

(a)    Compliance with Laws. The Borrower will comply in all material respects with all Applicable Laws, including
those with respect to the Loans in the Collateral and any Related Property. 
 (b)    Preservation of Corporate
Existence. The Borrower will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing in each jurisdiction where the failure to maintain such
existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect. 

(c)    Security Interests. Except as contemplated in this Agreement, the Borrower will not sell, pledge, assign or
transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any Loan or Related Property that is part of the Collateral, whether now existing or hereafter transferred hereunder, or any interest therein. The Borrower
will promptly notify the Administrative Agent of the existence of any Lien on any Loan or Related Property that is part of the Collateral and the Borrower shall defend the right, title and interest of the Administrative Agent as agent for the
Secured Parties in, to and under any Loan and the Related Property that is part of the Collateral, against all claims of third parties; provided, however, that nothing in this Section 5.1(c) shall prevent or
be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any Loan or any Related Property that is part of the Collateral. 

(d)    Delivery of Collections. The Borrower agrees to cause the delivery to the Servicer promptly (but in no event
later than two (2) Business Days after receipt) all Collections (including any Deemed Collections) received by Borrower in respect of the Loans that are part of the Collateral. 

(e)    Activities of Borrower. The Borrower shall not engage in any business or activity of any kind, or enter into
any transaction or indenture, mortgage, instrument, agreement, contract, Loan or other undertaking, which is not incidental to the transactions contemplated and authorized by this Agreement or the Purchase Agreement. 

(f)    Indebtedness. The Borrower shall not create, incur, assume or suffer to exist any Indebtedness or other
liability whatsoever, except (i) obligations incurred under this Agreement, under any Hedging Agreement required by Section 5.2(a), or the Purchase Agreement, or (ii) liabilities incident to the maintenance of its
existence in good standing. 

  
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 (g)    Guarantees. The Borrower shall not become or remain
liable, directly or indirectly, in connection with any Indebtedness or other liability of any other Person, whether by guarantee, endorsement (other than endorsements of negotiable instruments for deposit or collection in the ordinary course of
business), agreement to purchase or repurchase, agreement to supply or advance funds, or otherwise. 

(h)    Investments. The Borrower shall not make or suffer to exist any loans or advances to, or extend any credit
to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Person except for purchases of Loans
and Supplemental Interests pursuant to the Purchase Agreement, or for investments in Permitted Investments in accordance with the terms of this Agreement. 

(i)    Merger; Sales. The Borrower shall not enter into any transaction of merger or consolidation, or liquidate or
dissolve itself (or suffer any liquidation or dissolution), or acquire or be acquired by any Person, or convey, sell, loan or otherwise dispose of all or substantially all of its property or business, except as provided for in this Agreement. 

(j)    Distributions. The Borrower may not declare or pay or make, directly or indirectly, any distribution
(whether in cash or other property) with respect to any Person’s equity interest in the Borrower (collectively, a “Distribution”); provided, however, if no Early Termination Event has occurred and is continuing or
will occur as a result thereof, the Borrower may make Distributions, including, without limitation, distributions in cash to its members so as to permit the Performance Guarantor to make distributions in cash to the holders of its capital stock to
the extent necessary to comply with all applicable RIC/BDC Requirements and to avoid excise taxes imposed on RICs; and provided, further, that the Borrower may make a Distribution to the Performance Guarantor to be applied towards the
redemption of the Performance Guarantor’s 6.00% Series 2024 Term Preferred Stock so long as immediately before and after giving effect to such Distribution, (i) the Borrower is in compliance with all covenants under this Agreement after
giving pro forma effect to such Advance and (ii) if all or any portion of any Advance is applied toward any such Distribution, after giving effect to such Advance, the Availability is not less than $30,000,000. 

(k)    Agreements. The Borrower shall not amend or modify (i) the provisions of its limited liability company
agreement or (ii) the Purchase Agreement without the consent of the Administrative Agent and prior written notice to each Managing Agent, or issue any power of attorney except to the Administrative Agent or the Servicer. 

(l)    Separate Existence. The Borrower shall: 

(i)    Maintain its own deposit account or accounts, separate from those of any Affiliate, with commercial
banking institutions. The funds of the Borrower will not be diverted to any other Person or for other than corporate uses of the Borrower. 

  
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 (ii)    Ensure that, to the extent that it shares the
same persons as officers or other employees as any of its Affiliates, the salaries of and the expenses related to providing benefits to such officers or employees shall be fairly allocated among such entities, and each such entity shall bear its
fair share of the salary and benefit costs associated with all such common officers and employees. 

(iii)    Ensure that, to the extent that it jointly contracts with any of its Affiliates to do business
with vendors or service providers or to share overhead expenses, the costs incurred in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that the Borrower contracts or
does business with vendors or service providers when the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods
and services are provided, and each such entity shall bear its fair share of such costs. All material transactions between Borrower and any of its Affiliates shall be only on an arm’s length basis. 

(iv)    Maintain a principal executive and administrative office through which its business is conducted
separate from those of its Affiliates. To the extent that Borrower and any of its Affiliates have offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such entity shall bear its fair
share of such expenses. 
 (v)    Conduct its affairs strictly in accordance with its limited liability
company agreement and observe all necessary, appropriate and customary legal formalities, including, but not limited to, holding all regular and special director’s meetings appropriate to authorize all action, keeping separate and accurate
records of such meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and transaction accounts.

 (vi)    Take or refrain from taking, as applicable, each of the activities specified or assumed in the
Bass Berry Opinion, upon which the conclusions expressed therein are based. 
 (vii)    Maintain the
effectiveness of, and continue to perform under the Purchase Agreement and the Performance Guaranty, such that it does not amend, restate, supplement, cancel, terminate or otherwise modify the Purchase Agreement or the Performance Guaranty, or give
any consent, waiver, directive or approval thereunder or waive any default, action, omission or breach under the Purchase Agreement or the Performance Guaranty or otherwise grant any indulgence thereunder, without (in each case) the prior written
consent of the Administrative Agent and each Managing Agent. 
 (m)    Change of Name or Jurisdiction of Borrower;
Records. The Borrower (x) shall not change its name or jurisdiction of organization, without 30 days’ prior written notice to the Administrative Agent and (y) shall not move, or consent to the Servicer or Collateral Custodian
moving, the Loan Documents without 30 days’ prior written notice to the Administrative Agent and (z) will promptly take all actions required of each relevant jurisdiction in order to continue the

  
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first priority perfected security interest of the Administrative Agent as agent for the Secured Parties (except for Permitted Liens) in all Collateral, and such other actions as the
Administrative Agent may reasonably request, including but not limited to delivery of an Opinion of Counsel. 

(n)    ERISA Matters. The Borrower will not (a) engage or permit any ERISA Affiliate to engage in any
prohibited transaction for which an exemption is not available or has not previously been obtained from the United States Department of Labor; (b) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA
and Section 412(a) of the Code, or funding deficiency with respect to any Benefit Plan other than a Multiemployer Plan; (c) fail to make any payments to a Multiemployer Plan that the Borrower or any ERISA Affiliate may be required to make
under the agreement relating to such Multiemployer Plan or any law pertaining thereto; (d) terminate any Benefit Plan so as to result in any liability; or (e) permit to exist any occurrence of any reportable event described in Title IV of
ERISA. 
 (o)    Originator Collateral. With respect to each item of Collateral acquired by the Borrower, the
Borrower will (i) acquire such Collateral pursuant to and in accordance with the terms of the Purchase Agreement, (ii) take all action necessary to perfect, protect and more fully evidence the Borrower’s ownership of such Collateral,
including, without limitation, (A) filing and maintaining, effective financing statements (Form UCC-1) naming the Originator as seller/debtor and the Borrower as purchaser/creditor in all necessary or
appropriate filing offices, and filing continuation statements, amendments or assignments with respect thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary or
appropriate, including, without limitation, Assignments of Mortgage, and (iii) take all additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of the parties
to this Agreement in the Collateral. 
 (p)    Transactions with Affiliates. The Borrower will not enter into, or
be a party to, any transaction with any of its Affiliates or Control Affiliates, except (i) the transactions permitted or contemplated by this Agreement, including, without limitation, Controlled Transactions, (ii) the Purchase Agreement
and any Hedging Agreements, and (iii) other transactions (including, without limitation, transactions related to the use of office space or computer equipment or software by the Borrower to or from an Affiliate or Control Affiliate) (A) in
the ordinary course of business, (B) pursuant to the reasonable requirements of the Borrower’s business, (C) upon fair and reasonable terms that are no less favorable to the Borrower than could be obtained in a comparable arm’s-length transaction with a Person not an Affiliate or Control Affiliate of the Borrower, and (D) not inconsistent with the factual assumptions set forth in the Bass Berry Opinion, as such assumptions
may be modified in any subsequent opinion letters delivered to the Administrative Agent pursuant to Section 3.2 or otherwise. It is understood that any compensation arrangement for any officer or employee shall be permitted
under clause (iii)(A) through (C) above if such arrangement has been expressly approved by the managers of the Borrower in accordance with the Borrower’s limited liability company agreement. 

(q)    Change in the Transaction Documents. The Borrower will not amend, modify, waive or terminate any terms or
conditions of any of the Transaction Documents to which it is a party, without the prior written consent of the Administrative Agent. 

  
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 (r)    Credit and Collection Policy. The Borrower will
(a) comply in all material respects with the Credit and Collection Policy in regard to each Loan and the Related Property included in the Collateral, and in regard to compliance with Loan Documents, including determinations with respect to the
enforcement of its rights thereunder, and (b) furnish to the Administrative Agent and each Managing Agent, at least 20 days prior to its proposed effective date, prompt notice of any material changes in the Credit and Collection Policy. The
Borrower will not agree or otherwise permit to occur any material change in the Credit and Collection Policy, which change would impair the collectibility of any Loan or otherwise adversely affect the interests or remedies of the Administrative
Agent or the Secured Parties under this Agreement or any other Transaction Document, without the prior written consent of the Administrative Agent (in its sole discretion). 

(s)    Extension or Amendment of Loans. The Borrower will not, except as otherwise permitted in
Section 7.4(a) extend, amend or otherwise modify, or permit the Servicer on its behalf to extend, amend or otherwise modify, the terms of any Loan. 

(t)    Reporting. The Borrower will furnish to the Administrative Agent and each Managing Agent: 

(i)    as soon as possible and in any event within two (2) Business Days after the occurrence of each
Early Termination Event and each Unmatured Termination Event, a written statement, signed by a Responsible Officer, setting forth the details of such event and the action that the Borrower proposes to take with respect thereto; 

(ii)    promptly upon request, such other information, documents, records or reports respecting the
Transferred Loans or the condition or operations, financial or otherwise, of the Borrower or Originator as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or the Secured
Parties under or as contemplated by this Agreement; and 
 (iii)    promptly, but in no event later than
two (2) Business Days after its receipt thereof, copies of any and all notices, certificates, documents, or reports delivered to it by the Originator under the Purchase Agreement. 

(u)    Compliance with Anti-Corruption Laws. The Borrower will, and will require the Servicer to, maintain in
effect and enforce policies and procedures designed to ensure compliance by the Borrower, the Servicer and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower will not request
any Advance, and the Borrower shall not use, and shall procure that its directors, officers, employees and agents shall not use, the proceeds of any Advance (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, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person,
or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to the Borrower. 

  
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 Section 5.2 Hedging Agreement. 

(a)    If at any time the aggregate Purchased Loan Balances of Fixed Rate Loans exceeds 20% of the Aggregate Purchased Loan
Balance, the Borrower shall, with respect only to such Purchased Loan Balance of Fixed Rate Loans aggregating in excess of 20% of the Aggregate Purchased Loan Balance, enter into and maintain a Hedge Transaction with a Hedge Counterparty which Hedge
Transaction shall: (i) be in the form of (A) interest rate caps having a notional amount equal to the Purchased Loan Balance of such Fixed Rate Loans and an amortization schedule that provides for payments through a date which is within
three (3) months of the maturity of the applicable Fixed Rate Loans or (B) such other form as shall be approved by the Managing Agents and (ii) shall provide for payments to the Borrower to the extent that the LIBO Rate shall exceed a
rate agreed upon between the Managing Agents and the Borrower. 
 (b)    As additional security hereunder, the Borrower
hereby assigns to the Administrative Agent, as agent for the Secured Parties, all right, title and interest of the Borrower in any and all Hedging Agreements, any and all Hedge Transactions, and any and all present and future amounts payable by a
Hedge Counterparty to the Borrower under or in connection with its respective Hedging Agreement and Hedge Transaction(s) (collectively, the “Hedge Collateral”), and grants a security interest to the Administrative Agent, as agent
for the Secured Parties, in the Hedge Collateral. The Borrower acknowledges that, as a result of that assignment, the Borrower may not, without the prior written consent of the Administrative Agent, exercise any rights under any Hedging Agreement or
Hedge Transaction, except for the Borrower’s right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Borrower’s obligations under Section 5.2(a) hereof. Nothing herein shall have
the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of the Administrative Agent or any Secured Party for the performance by the Borrower of
any such obligations. 
 ARTICLE VI 

SECURITY INTEREST 

Section 6.1 Security Interest. 

As collateral security for the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time,
acceleration or otherwise, of the Obligations, the Borrower hereby assigns, pledges and grants to the Administrative Agent, as agent for the Secured Parties, a lien on and security interest in all of the Borrower’s right, title and interest in,
to and under (but none of its obligations under) the Collateral, whether now existing or owned or hereafter arising or acquired by the Borrower, and wherever located. The assignment under this Section 6.1 does not
constitute and is not intended to result in a creation or an assumption by the Administrative Agent, the Managing Agents or any of the Secured Parties of any obligation of the Borrower or any other Person in connection with any or all of the
Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (a) the Borrower shall remain liable under the Transferred Loans to the extent set forth therein to perform all of its duties and
obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Administrative Agent, as agent for the Secured Parties, of any of 

  
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its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral, and (c) none of the Administrative Agent, the Managing Agents or any
Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Administrative Agent, the Managing Agents or any Secured Party be obligated to perform any of the obligations or duties of the
Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 
 Section 6.2
Remedies. 
 The Administrative Agent (for itself and on behalf of the other Secured Parties) shall have all of the rights and
remedies of a secured party under the UCC and other Applicable Law. Upon the occurrence and during the continuance of an Early Termination Event, the Administrative Agent or its designees may (i) deliver a notice of exclusive control to the
Collateral Custodian; (ii) instruct the Collateral Custodian to deliver any or all of the Collateral to the Administrative Agent or its designees and otherwise give all instructions and entitlement orders to the Collateral Custodian regarding
the Collateral; (iii) require that the Borrower or the Collateral Custodian immediately take action to liquidate the Collateral to pay amounts due and payable in respect of the Obligations; (iv) sell or otherwise dispose of the Collateral
in a commercially reasonable manner, all without judicial process or proceedings; (v) take control of the Proceeds of any such Collateral; (vi) exercise any consensual or voting rights in respect of the Collateral; (vii) release, make
extensions, discharges, exchanges or substitutions for, or surrender all or any part of the Collateral; (viii) enforce the Borrower’s rights and remedies under the Custody Agreement with respect to the Collateral; (ix) institute and
prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the Collateral; (x) remove from the Borrower’s, the Servicer’s, the Collateral Custodian’s and their respective agents’ place of
business all books, records and documents relating to the Collateral; and/or (xi) endorse the name of the Borrower upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an account debtor. For
purposes of taking the actions described in subsections (i) through (xi) of this Section 6.2 the Borrower hereby irrevocably appoints the Administrative Agent as its attorney-in-fact (which appointment being coupled with an interest is irrevocable while any of the Obligations remain unpaid), with power of substitution, in the name of the Administrative Agent or in the
name of the Borrower or otherwise, for the use and benefit of the Administrative Agent, but at the cost and expense of the Borrower and without notice to the Borrower; provided that the Administrative Agent hereby agrees to exercise such power only
so long as an Early Termination Event shall be continuing. The Administrative Agent and the other Secured Parties agree that the sale of the Collateral shall be conducted in good faith and in accordance with commercially reasonable practices. 

Section 6.3 Release of Liens. 

(a)    If (i) the Borrowing Base Test is met, and (ii) no Early Termination Event or Unmatured Termination Event
has occurred and is continuing, at the same time as any Loan that is part of the Collateral expires by its terms and all amounts in respect thereof have been paid by the related Obligor and deposited in the Collection Account, the Administrative
Agent as agent for the Secured Parties will, to the extent requested by the Borrower or the Servicer on behalf of the Borrower, release its interest in such Loan and any Supplemental Interests related thereto. In connection with any such release on
or after the occurrence of the above, the Administrative Agent, 

  
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as agent for the Secured Parties, will execute and deliver to the Borrower or the Servicer on behalf of the Borrower any termination statements and any other releases and instruments as the
Borrower or the Servicer on behalf of the Borrower may reasonably request in order to effect the release of such Loan and Supplemental Interest; provided, that, the Administrative Agent as agent for the Secured Parties will make no
representation or warranty, express or implied, with respect to any such Loan or Supplemental Interest in connection with such sale or transfer and assignment. 

(b)    Upon any request for a release of certain Loans in connection with a proposed Discretionary Sale, if, upon
application of the proceeds of such transaction in accordance with Section 2.8, the requirements of Section 2.16 shall have been met, the Administrative Agent as agent for the Secured Parties will, to the extent requested by the Borrower
or the Servicer on behalf of the Borrower, release its interest in such Loan and any Supplemental Interests related thereto. In connection with any such release on or after the occurrence of the above, the Administrative Agent, as agent for the
Secured Parties, will execute and deliver to the Borrower or the Servicer on behalf of the Borrower any termination statements and any other releases and instruments as the Borrower or the Servicer on behalf of the Borrower may reasonably request in
order to effect the release of such Loan and Supplemental Interest; provided, that, the Administrative Agent as agent for the Secured Parties will make no representation or warranty, express or implied, with respect to any such Loan or Supplemental
Interest in connection with such sale or transfer and assignment. 
 (c)    Upon receipt by the Administrative Agent of
the Proceeds of a repurchase of an Ineligible Loan (as such term is defined in the Purchase Agreement) by the Originator pursuant to the terms of Section 6.1 of the Purchase Agreement, the Administrative Agent, as agent for the Secured Parties,
shall be deemed to have automatically released its interest in such Ineligible Loan and any Supplemental Interests related thereto without any further action on its part. In connection with any such release on or after the occurrence of such
repurchase, the Administrative Agent, as agent for the Secured Parties, will execute and deliver to the Borrower or the Servicer on behalf of the Borrower any releases and instruments as the Borrower or the Servicer on behalf of the Borrower may
reasonably request in order to effect the release of such Ineligible Loan and Supplemental Interest. 
 (d)    Upon
receipt by the Administrative Agent of the Proceeds of a purchase of a Transferred Loan by the Servicer pursuant to the terms of Section 7.7, the Administrative Agent, as agent for the Secured Parties, shall be deemed to
have automatically released its interest in such Transferred Loan and any Supplemental Interests related thereto without any further action on its part. In connection with any such release on or after the occurrence of such purchase, the
Administrative Agent, as agent for the Secured Parties, will execute and deliver to the Borrower or the Servicer on behalf of the Borrower any releases and instruments as the Borrower or the Servicer on behalf of the Borrower may reasonably request
in order to effect the release of such Transferred Loan and Supplemental Interest. 
 Section 6.4 Assignment of the Purchase
Agreement. 
 The Borrower hereby represents, warrants and confirms to the Administrative Agent that the Borrower has assigned to the
Administrative Agent, for the ratable benefit of the Secured Parties hereunder, all of the Borrower’s right and title to and interest in the Purchase Agreement. 

  
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The Borrower confirms that following an Early Termination Event the Administrative Agent shall have the sole right to enforce the Borrower’s rights and remedies under the Purchase Agreement
for the benefit of the Secured Parties, but without any obligation on the part of the Administrative Agent, the Secured Parties or any of their respective Affiliates to perform any of the obligations of the Borrower under the Purchase Agreement. The
Borrower further confirms and agrees that such assignment to the Administrative Agent shall terminate upon the Collection Date; provided, however, that the rights of the Administrative Agent and the Secured Parties pursuant to such
assignment with respect to rights and remedies in connection with any indemnities and any breach of any representation, warranty or covenants made by the Originator pursuant to the Purchase Agreement, which rights and remedies survive the
Termination of the Purchase Agreement, shall be continuing and shall survive any termination of such assignment. 
 ARTICLE VII 

ADMINISTRATION AND SERVICING OF LOANS 

Section 7.1 Appointment of the Servicer. 

The Borrower hereby appoints the Servicer to service the Transferred Loans and enforce its respective rights and interests in and under each
Transferred Loan in accordance with the terms and conditions of this Article VII and to serve in such capacity until the termination of its responsibilities pursuant to Section 7.18. The Servicer hereby agrees to
perform the duties and obligations with respect thereto set forth herein. The Servicer and the Borrower hereby acknowledge that the Administrative Agent and the Secured Parties are third party beneficiaries of the obligations undertaken by the
Servicer hereunder. 
 Section 7.2 Duties and Responsibilities of the Servicer. 

(a)    The Servicer shall conduct the servicing, administration and collection of the Transferred Loans and shall take, or
cause to be taken, all such actions as may be necessary or advisable to service, administer and collect Transferred Loans from time to time on behalf of the Borrower and as the Borrower’s agent. 

(b)    The duties of the Servicer, as the Borrower’s agent, shall include, without limitation: 

(i)    preparing and submitting of claims to, and post-billing liaison with, Obligors on Transferred Loans;

 (ii)    maintaining all necessary Servicing Records with respect to the Transferred Loans and
providing such reports to the Borrower, the Managing Agents and the Administrative Agent in respect of the servicing of the Transferred Loans (including information relating to its performance under this Agreement) as may be required hereunder or as
the Borrower, any Managing Agent or the Administrative Agent may reasonably request; 

  
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 (iii)    maintaining and implementing administrative and
operating procedures (including, without limitation, an ability to recreate Servicing Records evidencing the Transferred Loans in the event of the destruction of the originals thereof) and keeping and maintaining all documents, books, records and
other information reasonably necessary or advisable for the collection of the Transferred Loans (including, without limitation, records adequate to permit the identification of each new Transferred Loan and all Collections of and adjustments to each
existing Transferred Loan); provided, however, that any Successor Servicer shall only be required to recreate the Servicing Records of each prior Servicer to the extent such records have been delivered to it in a format reasonably
acceptable to such Successor Servicer; 
 (iv)    promptly delivering to the Borrower, any Managing Agent
or the Administrative Agent, from time to time, such information and Servicing Records (including information relating to its performance under this Agreement) as the Borrower, such Managing Agent or the Administrative Agent from time to time
reasonably request; 
 (v)    identifying each Transferred Loan clearly and unambiguously in its
Servicing Records to reflect that such Transferred Loan is owned by the Borrower and pledged to the Administrative Agent; 

(vi)    complying in all material respects with the Credit and Collection Policy in regard to each
Transferred Loan; 
 (vii)    complying in all material respects with all Applicable Laws with respect to
it, its business and properties and all Transferred Loans and Collections with respect thereto; 

(viii)    preserving and maintaining its existence, rights, licenses, franchises and privileges as a
corporation in the jurisdiction of its organization, and qualifying and remaining qualified in good standing as a foreign corporation and qualifying to and remaining authorized and licensed to perform obligations as Servicer (including enforcement
of collection of Transferred Loans on behalf of the Borrower, Lenders, each Hedge Counterparty and the Collateral Custodian) in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and
qualification would materially adversely affect (A) the rights or interests of the Borrower, Lenders, each Hedge Counterparty and the Collateral Custodian in the Transferred Loans, (B) the collectibility of any Transferred Loan, or
(C) the ability of the Servicer to perform its obligations hereunder; and 
 (ix)    notifying the
Borrower, each Managing Agent and the Administrative Agent of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim that is or is threatened to be (1) asserted by an Obligor with respect to any Transferred
Loan; or (2) reasonably expected to have a Material Adverse Effect; and 
 (c)    The Borrower and Servicer hereby
acknowledge that the Secured Parties, the Administrative Agent and the Collateral Custodian shall not have any obligation or liability with respect to any Transferred Loans, nor shall any of them be obligated to perform any of the obligations of the
Servicer hereunder. 

  
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 Section 7.3 Authorization of the Servicer. 

(a)    Each of the Borrower, each Managing Agent, on behalf of itself and the related Lenders, the Administrative Agent and
each Hedge Counterparty hereby authorizes the Servicer (including any successor thereto) to take any and all reasonable steps in its name and on its behalf necessary or desirable and not inconsistent with the pledge of the Transferred Loans to the
Lender, each Hedge Counterparty, and the Collateral Custodian, in the determination of the Servicer, to collect all amounts due under any and all Transferred Loans, including, without limitation, endorsing any of their names on checks and other
instruments representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Transferred Loans and,
after the delinquency of any Transferred Loan and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof, to the same extent as the Originator could have done if it had
continued to own such Loan; provided, however, that the Servicer may not execute any document in the name of, or which imposes any direct obligation on, any Lender. The Borrower shall furnish the Servicer (and any successors thereto) with any powers
of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder, and shall cooperate with the Servicer to the fullest extent in order to ensure the collectibility of the
Transferred Loans. In no event shall the Servicer be entitled to make the Borrower, any Lender, any Managing Agent, any Hedge Counterparty, the Collateral Custodian or the Administrative Agent a party to any litigation without such party’s
express prior written consent, or to make the Borrower a party to any litigation (other than any routine foreclosure or similar collection procedure) without the Administrative Agent’s consent. 

(b)    After an Early Termination Event has occurred and is continuing, at the Administrative Agent’s direction, the
Servicer shall take such action as the Administrative Agent may deem necessary or advisable to enforce collection of the Transferred Loans; provided, however, that the Administrative Agent may, at any time that an Early Termination
Event has occurred and is continuing, notify any Obligor with respect to any Transferred Loans of the assignment of such Transferred Loans to the Administrative Agent and direct that payments of all amounts due or to become due to the Borrower
thereunder be made directly to the Administrative Agent or any servicer, collection agent or lock-box or other account designated by the Administrative Agent and, upon such notification and at the expense of
the Borrower, the Administrative Agent may enforce collection of any such Transferred Loans and adjust, settle or compromise the amount or payment thereof. The Administrative Agent shall give written notice to any Successor Servicer of the
Administrative Agent’s actions or directions pursuant to this Section 7.3(b), and no Successor Servicer shall take any actions pursuant to this Section 7.3(b) that are outside of its Credit
and Collection Policy. 
 Section 7.4 Collection of Payments. 

(a)    Collection Efforts, Modification of Loans. The Servicer will make reasonable efforts to collect all payments
called for under the terms and provisions of the Transferred Loans as and when the same become due, and will follow those collection procedures which it follows with respect to all comparable Loans that it services for itself or others. The Servicer
may not waive, modify or otherwise vary any provision of a Transferred Loan, except as may be in accordance with the provisions of the Credit and Collection Policy, including the waiver of any late payment charge or any other fees that may be
collected in the ordinary course of servicing any Loan included in the Collateral. 

  
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 (b)    Acceleration. The Servicer shall accelerate the maturity
of all or any Scheduled Payments under any Transferred Loan under which a default under the terms thereof has occurred and is continuing (after the lapse of any applicable grace period) promptly after such Loan becomes a Defaulted Loan or such
earlier or later time as is consistent with the Credit and Collection Policy. 
 (c)    Taxes and other Amounts.
To the extent provided for in any Transferred Loan, the Servicer will use its best efforts to collect all payments with respect to amounts due for taxes, assessments and insurance premiums relating to such Transferred Loans or the Related Property
and remit such amounts to the appropriate Governmental Authority or insurer on or prior to the date such payments are due. 

(d)    Payments to Lock-Box Account: On or before the Closing Date, the
Servicer shall have instructed all Obligors to make all payments in respect of Loans included in the Collateral to a Lock-Box or directly to a Lock-Box Account or the
Collection Account. 
 (e)    Establishment of the Collection Account. The Borrower or the Servicer on its behalf
shall cause to be established, on or before the Closing Date, and maintained in the name of the Borrower and assigned to the Administrative Agent as agent for the Secured Parties, with an office or branch of a depository institution or trust company
organized under the laws of the United States or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank) a segregated corporate trust account (the “Collection Account”) for the purpose of
receiving Collections from the Collateral; provided, however, that at all times such depository institution or trust company shall be a depository institution organized under the laws of the United States or any one of the States
thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) (A) that has either (1) a long-term unsecured debt rating of A- or better by S&P and A-3 or better by Moody’s or (2) a short-term unsecured debt rating or certificate of deposit rating of A-1 or better by S&P or
P-1 or better by Moody’s, (B) the parent corporation of which has either (1) a long-term unsecured debt rating of A- or better by S&P and A-3 or better by Moody’s or (2) a short-term unsecured debt rating or certificate of deposit rating of A-1 or better by S&P and
P-1 or better by Moody’s or (C) is otherwise acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation (any such depository
institution or trust company, a “Qualified Institution”). 
 (f)    Adjustments. If (i) the
Servicer makes a deposit into the Collection Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Servicer in the form of a check that is not honored for any reason or (ii) the Servicer makes a
mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to
reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid. 

  
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 Section 7.5 Servicer Advances. 

For each Settlement Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a
Loan included in the Collateral during such Settlement Period was not received prior to the end of such Settlement Period, the Servicer may, but shall not be obligated to, make an advance in an amount up to the amount of such delinquent Scheduled
Payment (or portion thereof) to the extent that the Servicer reasonably expects to be reimbursed for such advance; in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest on any Advance
the Settlement Period of which ends on such day, the Servicer may make an advance in the amount necessary to pay such Interest (in either case, any such advance, a “Servicer Advance”). Notwithstanding the preceding sentence, any
Successor Servicer will not be obligated to make any Servicer Advances. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 11:00 a.m. (New York City time) on the related Payment Date, in immediately available
funds. 
 Section 7.6 Realization Upon Defaulted Loans or Charged-Off Loans. 

The Servicer will use reasonable efforts to repossess or otherwise comparably convert the ownership of any Related Property with respect to a
Defaulted Loan or Charged-Off Loan and will act as sales and processing agent for Related Property that it repossesses. The Servicer will follow the practices and procedures set forth in the Credit and
Collection Policy in order to realize upon such Related Property. Without limiting the foregoing, the Servicer may sell any such Related Property with respect to any Defaulted Loan or Charged-Off Loan to the
Servicer or its Affiliates for a purchase price equal to the then fair market value thereof; any such sale to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Administrative Agent identifying the Defaulted Loan
or Charged-Off Loan and the Related Property, setting forth the sale price of the Related Property and certifying that such sale price is the fair market value of such Related Property. In any case in which
any such Related Property has suffered damage, the Servicer will not expend funds in connection with any repair or toward the repossession of such Related Property unless it reasonably determines that such repair and/or repossession will increase
the Recoveries by an amount greater than the amount of such expenses. The Servicer will remit to the Collection Account the Recoveries received in connection with the sale or disposition of Related Property with respect to a Defaulted Loan or Charged-Off Loan. 
 Section 7.7 Optional Repurchase of Transferred Loans. 

(a)    The Servicer may, at any time, notify the Borrower and the Administrative Agent that it (or its assignee) is
requesting to purchase any Transferred Loan with respect to which the Borrower or any Affiliate of the Borrower has received notice of the related Obligor’s intention to prepay such Transferred Loan in full within a period of not more than
sixty (60) days from the date of such notification. 
 (b)    Either of the Originator or the Servicer (or its
assignee) may, at its sole option, with respect to any Transferred Loan that it determines, in the exercise of its reasonable discretion, will likely become a Defaulted Loan or a Charged-Off Loan, or that has
become a Defaulted Loan or a Charged-Off Loan, notify the Borrower and the Administrative Agent that it is requesting to purchase each such Transferred Loan. 

  
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 (c)    The Servicer (or its assignee) may request purchase of a
Transferred Loan pursuant to paragraph (a) or (b) above, and the Originator may request purchase of a Transferred Loan pursuant to paragraph (b) above, by providing five (5) Business Days’ prior written
notice to Borrower and the Administrative Agent. The Borrower may agree to such purchase with the consent of the Administrative Agent (which consent shall not be unreasonably withheld). With respect to any such purchase of a Transferred Loan, the
party providing the required written notice shall, on the date of purchase, either (i) remit to the Borrower in immediately available funds an amount equal to the Repurchase Price therefor or (ii) in the case of a purchase of a Transferred
Loan by the Originator, cause an entry to be made in the books of the Borrower to show a reduction in the Originator’s equity investment in the Borrower by an amount equal to the Repurchase Price for such Transferred Loan. Upon each purchase of
a Transferred Loan pursuant to this Section 7.7, the Borrower shall automatically and without further action be deemed to transfer, assign and set-over to the purchaser thereof all
the right, title and interest of the Borrower in, to and under such Transferred Loan and all monies due or to become due with respect thereto, all proceeds thereof and all rights to security for any such Transferred Loan, and all proceeds and
products of the foregoing, free and clear of any Lien created pursuant to this Agreement, all of the Borrower’s right, title and interest in such Transferred Loan, including any related Supplemental Interests. Each Lender shall receive five
(5) Business Days’ notice of any repurchase that results in a prepayment of all or a portion of any Advance. 

(d)    The Borrower shall, at the sole expense of the party purchasing any Transferred Loan, execute such documents and
instruments of transfer as may be prepared by such party and take such other actions as shall reasonably be requested by such party to effect the transfer of the related Transferred Loan pursuant to this Section 7.7. 

Section 7.8 Representations and Warranties of the Servicer. 

The initial Servicer, and any Successor Servicer (mutatis mutandis), hereby represents and warrants as follows: 

(a)    Organization and Good Standing. The Servicer is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation with all requisite corporate power and authority to own its properties and to conduct its business as presently conducted and to enter into and perform its obligations pursuant to this
Agreement. 
 (b)    Due Qualification. The Servicer is qualified to do business as a corporation, is in good
standing, and has obtained all licenses and approvals as required under the laws of all jurisdictions in which the ownership or lease of its property and or the conduct of its business (other than the performance of its obligations hereunder)
requires such qualification, standing, license or approval, except to the extent that the failure to so qualify, maintain such standing or be so licensed or approved would not have a material adverse effect on the interests of the Borrower or of the
Lenders. The Servicer is qualified to do business as a corporation, is in good standing, and has obtained all licenses and approvals as required under the laws of all states in which the performance of its obligations pursuant to this Agreement
requires such qualification, standing, license or approval and where the failure to qualify or obtain such license or approval would have a material adverse effect on its ability to perform hereunder. 

  
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 (c)    Power and Authority. The Servicer has the corporate power
and authority to execute and deliver this Agreement and to carry out its terms. The Servicer has duly authorized the execution, delivery and performance of this Agreement by all requisite corporate action. 

(d)    No Violation. The consummation of the transactions contemplated by, and the fulfillment of the terms of,
this Agreement by the Servicer (with or without notice or lapse of time) will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute a default under, the articles of incorporation or by-laws of the Servicer, or any Contractual Obligation to which the Servicer is a party or by which it or any of its property is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of
its properties pursuant to the terms of any such Contractual Obligation (other than this Agreement), or (iii) violate any Applicable Law. 

(e)    No Consent. No consent, approval, authorization, order, registration, filing, qualification, license or
permit of or with any Governmental Authority having jurisdiction over the Servicer or any of its properties is required to be obtained by or with respect to the Servicer in order for the Servicer to enter into this Agreement or perform its
obligations hereunder. 
 (f)    Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Servicer, enforceable against the Servicer in accordance with its terms, except as such enforceability may be limited by (i) applicable Insolvency Laws and (ii) general principles of equity (whether considered in a suit
at law or in equity). 
 (g)    No Proceeding. There are no proceedings or investigations pending or threatened
against the Servicer, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any
determination or ruling that might (in the reasonable judgment of the Servicer) have a Material Adverse Effect. 

(h)    Reports Accurate. All Servicer Certificates, Monthly Reports, information, exhibits, financial statements,
documents, books, Servicer Records or other reports furnished or to be furnished by the Servicer to the Administrative Agent or a Lender in connection with this Agreement are and will be accurate, true and correct in all material respects. 

Section 7.9 Covenants of the Servicer. 

The Servicer hereby covenants that: 

(a)    Compliance with Law. The Servicer will comply in all material respects with all Applicable Laws, including
those with respect to the Transferred Loans and Related Property and Loan Documents or any part thereof. 

(b)    Preservation of Corporate Existence. The Servicer will preserve and maintain its corporate existence,
rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where the failure to maintain such existence, rights, franchises, privileges and
qualification has had, or could reasonably be expected to have, a Material Adverse Effect. 

  
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 (c)    Obligations with Respect to Loans. The Servicer will duly
fulfill and comply with all material obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each Loan and will do nothing to impair the rights of the Borrower or the Administrative Agent as agent for the
Secured Parties or of the Secured Parties in, to and under the Collateral. 
 (d)    Preservation of Security
Interest. The Servicer on behalf of the Borrower will execute and file (or cause the execution and filing of) such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental
Authority to preserve and protect fully the interest of the Administrative Agent as agent for the Secured Parties in, to and under the Collateral. 

(e)    Enforcement of Rights. The Servicer shall not permit any Person appointed by it to a position of control
with respect to the Obligor of a Transferred Loan to take or permit to be taken (to the extent within his or her control) any action which shall have (a) caused an equitable subordination of such Transferred Loan to another allowed claim under
Section 510(c) of the Bankruptcy Code and (b) resulted in a loss to the Lenders that is not fully satisfied by or through the assertion of all available claims against the Borrower and through the liquidation of all available
Collateral. Each of the parties agrees that under no circumstance shall a violation of this covenant give rise to a recourse obligation of the Servicer. 

(f)    Change of Name or Jurisdiction; Records. The Servicer (i) shall not change its name or jurisdiction of
incorporation, without 30 days’ prior written notice to the Borrower and the Administrative Agent, and (ii) shall not move, or consent to the Collateral Custodian moving, the Loan Documents relating to the Transferred Loans without 30
days’ prior written notice to the Borrower and the Administrative Agent and, in either case, will promptly take all actions required of each relevant jurisdiction in order to continue the first priority perfected security interest of the
Administrative Agent as agent for the Secured Parties on all collateral, and such other actions as the Administrative Agent may reasonably request, including but not limited to delivery of an Opinion of Counsel. 

(g)    Credit and Collection Policy. The Servicer will (i) comply in all material respects with the Credit and
Collection Policy in regard to each Transferred Loan and the Related Property included in the Collateral, and in regard to compliance with the Loan Documents, including determinations with respect to the enforcement of the Borrower’s rights
thereunder and (ii) furnish to each Managing Agent and the Administrative Agent, at least 20 days prior to its proposed effective date, prompt notice of any material change in the Credit and Collection Policy. The Servicer will not agree or
otherwise permit to occur any material change in the Credit and Collection Policy, which change would impair the collectibility of any Transferred Loan or otherwise adversely affect the interests or remedies of the Administrative Agent or the
Secured Parties under this Agreement or any other Transaction Document, without the prior written consent of the Required Lenders (in their sole discretion). 

(h)    Early Termination Events. The Servicer will furnish to each Managing Agent and the Administrative Agent, as
soon as possible and in any event within three (3) Business Days after the occurrence of each Early Termination Event or Unmatured Termination Event, a written statement setting forth the details of such event and the action that the Servicer
proposes to take with respect thereto. 

  
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 (i)    Extension or Amendment of Loans. The Servicer will not,
except as otherwise permitted in Section 7.4(a), extend, amend or otherwise modify the terms of any Transferred Loan. 

(j)    Other. The Servicer will furnish to the Borrower, any Managing Agent and the Administrative Agent such other
information, documents records or reports respecting the Transferred Loans or the condition or operations, financial or otherwise of the Servicer as the Borrower, such Managing Agent or the Administrative Agent may from time to time reasonably
request in order to protect the respective interests of the Borrower, such Managing Agent, the Administrative Agent or the Secured Parties under or as contemplated by this Agreement. 

Section 7.10 Payment of Certain Expenses by Servicer. 

The Servicer, so long as it is an Affiliate of the Borrower, will be required to pay all expenses incurred by it in connection with its
activities under this Agreement, including fees and disbursements of legal counsel and independent accountants, Taxes imposed on the Servicer, expenses incurred in connection with payments and reports pursuant to this Agreement, and all other fees
and expenses not expressly stated under this Agreement for the account of the Borrower. In consideration for the payment by the Borrower of the Servicing Fee, the Servicer will be required to pay all reasonable fees and expenses owing to any bank or
trust company in connection with the maintenance of the Collection Account and the Backup Servicer Fee pursuant to the Backup Servicing Agreement and the Collateral Custodian Fee pursuant to the Custody Agreement. The Servicer shall be required to
pay such expenses for its own account and shall not be entitled to any payment therefor other than the Servicing Fee. 

Section 7.11 Reports. 

(a)    Monthly Report. With respect to each Determination Date and the related Settlement Period, the Servicer will
provide to the Borrower, the Backup Servicer, each Managing Agent and the Administrative Agent, on the related Reporting Date, a monthly statement (a “Monthly Report”) signed by a Responsible Officer of the Servicer and
substantially in the form of Exhibit E. Except as otherwise set forth in the Backup Servicing Agreement, the Backup Servicer shall have no obligation to review any information in the Monthly Report. 

(b)    Servicer Certificate. Together with each Monthly Report, the Servicer shall submit to the Borrower, the
Backup Servicer, each Managing Agent and the Administrative Agent a certificate (a “Servicer’s Certificate”), signed by a Responsible Officer of the Servicer and substantially in the form of Exhibit F, which may be
incorporated in the Monthly Report. Except as otherwise set forth in the Backup Servicing Agreement, the Backup Servicer shall have no obligation to review any information in the Servicer Certificate. 

(c)    Annual Reporting. The Servicer shall deliver, within 180 days after the close of each of its respective
fiscal years, audited, unqualified, consolidated financial statements of The Gladstone Companies, Ltd. (which shall include balance sheets, statements of income and retained earnings and statements of cash flows) and supplementary information to
include consolidating balance sheets and income statements, for such fiscal year certified in a manner acceptable to the Administrative Agent by independent public accountants acceptable to the Administrative Agent. The provisions of this paragraph
(c) shall not apply to any Successor Servicer, including the Backup Servicer. 

  
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 (d)    Quarterly Reporting. The Servicer shall deliver, within 45
days after the close of each quarterly period of each of its respective fiscal years, balance sheets as at the close of each such period and statements of income and retained earnings and a statement of cash flow for the period from the beginning of
such fiscal year to the end of such quarter, all certified by its respective chief financial officer. The provisions of this paragraph (d) shall not apply to any Successor Servicer, including the Backup Servicer. 

(e)    [Reserved]. 

(f)    Quarterly Valuation Reports. The Borrower will, at least once per calendar quarter and within thirty
Business Days after the date the Servicer provides the quarterly valuations for its serviced portfolio received from the Originator pursuant to Section 5.1(l) of the Purchase Agreement, submit to the Backup Servicer, each Managing Agent and the
Administrative Agent a report showing the calculation of the quarterly valuations for the Transferred Loans. Except as otherwise set forth in the Backup Servicing Agreement, the Backup Servicer shall have no duty to review any of the financial
information set forth in such valuation reports. 
 (g)    Financial Statements of the Originator and Borrower.
The Borrower and Originator will submit to the Backup Servicer, each Managing Agent and the Administrative Agent, (i) within 45 days after the close of each quarterly period of each respective fiscal year, unaudited consolidating financial
statements for such quarterly period, and (ii) within 90 days after the close of each respective fiscal year, unaudited consolidating financial statements for such fiscal year. 

Section 7.12 Annual Statement as to Compliance. 

The Servicer will provide to the Borrower, each Managing Agent, the Administrative Agent, and the Backup Servicer, within 90 days following the
end of each fiscal year of the Servicer, an annual report signed by a Responsible Officer of the Servicer certifying that (a) a review of the activities of the Servicer, and the Servicer’s performance pursuant to this Agreement, for the
period ending on the last day of such fiscal year has been made under such Person’s supervision and (b) the Servicer has performed or has caused to be performed in all material respects all of its obligations under this Agreement
throughout such year and no Servicer Termination Event has occurred and is continuing (or if a Servicer Termination Event has so occurred and is continuing, specifying each such event, the nature and status thereof and the steps necessary to remedy
such event, and, if a Servicer Termination Event occurred during such year and no notice thereof has been given to the Administrative Agent, specifying such Servicer Termination Event and the steps taken to remedy such event). 

Section 7.13 Limitation on Liability of the Servicer and Others. 

Except as provided herein, neither the Servicer (including any Successor Servicer) nor any of the directors or officers or employees or agents
of the Servicer shall be under any liability to the Borrower, the Administrative Agent, the Lenders or any other Person for any action taken or for refraining from the taking of any action expressly provided for in this Agreement; provided,

  
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however, that this provision shall not protect the Servicer or any such Person against any liability that would otherwise be imposed by reason of its willful misfeasance, bad faith or
gross negligence in the performance of duties or by reason of its willful misconduct hereunder. 
 The Servicer shall not be under any
obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Transferred Loans in accordance with this Agreement that in its reasonable opinion may involve it in any expense or liability. The
Servicer may, in its sole discretion, undertake any legal action relating to the servicing, collection or administration of Transferred Loans and the Related Property that it may reasonably deem necessary or appropriate for the benefit of the
Borrower and the Secured Parties with respect to this Agreement and the rights and duties of the parties hereto and the respective interests of the Borrower and the Secured Parties hereunder. 

Section 7.14 The Servicer Not to Resign. 

The Servicer shall not resign from the obligations and duties hereby imposed on it except upon its determination that (i) the performance
of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that it could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination
permitting the resignation of the Servicer shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Borrower and the Administrative Agent. No such resignation shall become effective until a
Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in according with the terms of this Agreement. 

Section 7.15 Access to Certain Documentation and Information Regarding the Loans. 

The Borrower or the Servicer, as applicable, shall provide to the Administrative Agent and each Managing Agent access to the Loan Documents and
all other documentation regarding the Loans included as part of the Collateral and the Related Property, such access being afforded without charge but only (i) upon reasonable prior notice, (ii) during normal business hours and
(iii) subject to the Servicer’s normal security and confidentiality procedures. From and after (x) the Effective Date and periodically thereafter at the discretion of the Administrative Agent (but in no event limited to fewer than
twice per calendar year), the Administrative Agent, on behalf of and with the input of each Managing Agent, may review the Borrower’s and the Servicer’s collection and administration of the Loans in order to assess compliance by the
Servicer with the Servicer’s written policies and procedures, as well as with this Agreement and may conduct an audit of the Transferred Loans, Loan Documents and Records in conjunction with such a review, which audit shall be reasonable in
scope and shall be completed in a reasonable period of time and (y) the occurrence, and during the continuation of an Early Termination Event, the Administrative Agent and each Managing Agent may review the Borrower’s and the
Servicer’s collection and administration of the Transferred Loans in order to assess compliance by the Servicer with the Servicer’s written policies and procedures, as well as with this Agreement, which review shall not be limited in scope
or frequency, nor restricted in period. The Administrative Agent may also conduct an audit (as such term is used in clause (x) of this Section 7.15) of the Transferred Loans, Loan Documents and Records in
conjunction with such a review. The Borrower shall bear the cost of such reviews and audits. 

  
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 Section 7.16 Merger or Consolidation of the Servicer. 

The Servicer shall not consolidate with or merge into any other Person or convey or transfer its properties and assets substantially as an
entirety to any Person unless: 
 (i)    the Person formed by such consolidation or into which the
Servicer is merged or the Person that acquires by conveyance or transfer the properties and assets of the Servicer substantially as an entirety shall be, if the Servicer is not the surviving entity, organized and existing under the laws of the
United States or any State or the District of Columbia and shall expressly assume, by an agreement supplemental hereto, executed and delivered to the Borrower and the Administrative Agent in form satisfactory to the Borrower and the Administrative
Agent, the performance of every covenant and obligation of the Servicer hereunder (to the extent that any right, covenant or obligation of the Servicer, as applicable hereunder, is inapplicable to the successor entity, such successor entity shall be
subject to such covenant or obligation, or benefit from such right, as would apply, to the extent practicable, to such successor entity); 

(ii)    the Servicer shall have delivered to the Borrower and the Administrative Agent an Officer’s
Certificate that such consolidation, merger, conveyance or transfer and such supplemental agreement comply with this Section 7.16 and that all conditions precedent herein provided for relating to such transaction have been
complied with and an Opinion of Counsel that such supplemental agreement is legal, valid and binding with respect to the successor entity and that the entity surviving such consolidation, conveyance or transfer is organized and existing under the
laws of the United States or any State or the District of Columbia. The Borrower and the Administrative Agent shall receive prompt written notice of such merger or consolidation of the Servicer; and 

(iii)    after giving effect thereto, no Early Termination Event, Unmatured Termination Event or Servicer
Termination Event shall have occurred. 
 Section 7.17 Identification of Records. 

The Servicer shall clearly and unambiguously identify each Loan that is part of the Collateral and the Related Property in its computer or
other records to reflect that the interest in such Loans and Related Property have been transferred to and are owned by the Borrower and that the Administrative Agent has the interest therein granted by Borrower pursuant to this Agreement. 

Section 7.18 Servicer Termination Events. 

(a)    If any one of the following events (a “Servicer Termination Event”) shall occur and be continuing
on any day: 
 (i)    any failure by the Servicer to make any payment, transfer or deposit as required by
this Agreement and such failure shall continue for two (2) Business Days; 
 (ii)    any failure by
the Servicer to give instructions or notice to the Borrower, any Managing Agent and/or the Administrative Agent as required by this Agreement or to deliver any Required Reports hereunder on or before the date occurring two Business Days after the
date such instructions, notice or report is required to be made or given, as the case may be, under the terms of this Agreement; 

  
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 (iii)    any failure on the part of the Servicer duly to
observe or perform in any material respect any other covenants or agreements of the Servicer set forth in this Agreement or any other Transaction Document to which it is a party as Servicer that continues unremedied for a period of fifteen
(15) days after the first to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Servicer by the Administrative Agent, any Managing Agent or the Borrower and
(ii) the date on which the Servicer becomes or reasonably should have become aware thereof; 

(iv)    any representation, warranty or certification made by the Servicer in this Agreement or in any
certificate delivered pursuant to this Agreement shall prove to have been false or incorrect in any material respect when made and such failure, if susceptible to a cure, shall continue unremedied for a period of fifteen (15) days after the
first to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Servicer by the Administrative Agent, any Managing Agent or the Borrower and (ii) the date on which the
Servicer becomes or reasonably should have become aware thereof; 
 (v)    the Servicer shall fail to
service the Transferred Loans in accordance with the Credit and Collection Policy; 
 (vi)    an
Insolvency Event shall occur with respect to the Servicer; 
 (vii)    the Servicer agrees to materially
alter the Credit and Collection Policy without the prior written consent of the Required Lenders; 

(viii)    any financial or asset information reasonably requested by the Administrative Agent or any
Managing Agent as provided herein is not provided as requested within five (5) Business Days (or such longer period as the Administrative Agent or such Managing Agent may consent to) of the receipt by the Servicer of such request; 

(ix)    the rendering against the Servicer of a final judgment, decree or order for the payment of money in
excess of U.S. $5,000,000 (individually or in the aggregate) and the continuance of such judgment, decree or order unsatisfied and in effect for any period of 30 consecutive days without a stay of execution; 

(x)    the failure of the Performance Guarantor to make any payment due with respect to aggregate recourse
debt or other obligations with an aggregate principal amount exceeding U.S. $1,000,000 or the occurrence of any event or condition that would permit acceleration of such recourse debt or other obligations if such event or condition has not been
waived; 
 (xi)    any Guarantor Event of Default shall occur; 

  
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 (xii)    any Material Adverse Change occurs in the
financial condition of the Servicer or a material adverse change occurs with regard to the collectibility of the Transferred Loans, taken as a whole; 

(xiii)    any
Change-in-Control of the Servicer is made without the prior written consent of the Borrower and the Administrative Agent; 

(xiv)    the Performance Guarantor shall fail to maintain a minimum Net Worth equal to the sum of
(i) of $205,000,000 plus (ii) 50% of any equity and Subordinated Debt issued by the Performance Guarantor after the Effective Date minus (iii) 50% of any equity and Subordinated Debt retired or redeemed by the Performance Guarantor after the
Effective Date; provided that, in no event shall the minimum Net Worth be less than $205,000,000; 

(xv)    the Performance Guarantor shall fail to satisfy the RIC/BDC Requirements; 

(xvi)    the Performance Guarantor shall fail to maintain “asset coverage” (as defined in and
determined pursuant to Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act) of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act);
provided, that for purposes of testing compliance with this Section 7.18(a)(xvi) the impact of the election of ASC 825 or similar accounting guideline with respect to determining the fair value of the debt of the Performance Guarantor on a
consolidated basis shall be excluded (for avoidance of doubt, the intent of this language is to cause the debt of the Performance Guarantor to be valued at par value rather than fair value)); or 

(xvii)    the Performance Guarantor shall pay any cash dividends; provided that the
Performance Guarantor shall be permitted to pay cash dividends if the Servicer shall have caused the Performance Guarantor to have delivered a certificate to the Administrative Agent, substantially in the form of Exhibit G hereto, at least 10
Business Days prior to the making of any such cash dividend to the effect that: 
 (A)    the amount of
the declared dividend has been determined in good faith by the Board of Directors of the Performance Guarantor on the basis of the most current financial projections of the Performance Guarantor then available for the Related Period (as defined in
Exhibit G hereof); 
 (B)    the amount of the declared dividend does not exceed the sum of
(i) the net investment income and the net capital gain projected to be realized by the Performance Guarantor for the Related Period based on the financial projections referred to in clause (A) above, and (ii) the amounts deemed by the
Performance Guarantor to be considered as having been paid during the prior year in accordance with Section 855(a) of the Code (together clauses (i) and (ii) comprising the “Projected Available Amount”); and 

  
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 (C)    to the extent the declared dividend referred to
in clause (B) above exceeds the sum of (i) the net investment income and the net capital gain actually realized by the Performance Guarantor for the Related Period, plus (ii) the amounts deemed by Performance Guarantor to be
considered as having been paid during the prior year in accordance with Section 855(a) of the Code (the “Excess Payment”); then the proposed dividend to be declared by the Performance Guarantor for the immediately ensuing
Related Period shall be reduced by any positive amount resulting from the following calculation: (x) the ensuing Related Period’s proposed declared dividend plus the Excess Payment minus (y) the ensuing Related Period’s Projected
Available Amount. 
 then, notwithstanding anything herein to the contrary, so long as any such Servicer Termination Events shall not have been remedied at
the expiration of any applicable cure period, the Administrative Agent may, or at the direction of the Required Lenders shall, by written notice to the Servicer and the Backup Servicer (a “Termination Notice”), subject to the
provisions of Section 7.19, either (i) terminate all of the rights and obligations of the Servicer as Servicer under this Agreement or (ii) terminate all of the rights and obligations of the Servicer as Servicer
under this Agreement and simultaneously reappoint the Servicer for a period not to exceed one month (subject to renewal at the sole discretion of the Administrative Agent, acting at the direction of the Required Lenders), at the expiration of which
appointment the Servicer’s rights and obligations hereunder shall automatically terminate without further action on the part of any party hereto. The Borrower shall pay all reasonable set-up and
conversion costs associated with the transfer of servicing rights to the Successor Servicer. 
 Section 7.19 Appointment of
Successor Servicer. 
 (a)    On and after the receipt by the Servicer of a Termination Notice pursuant to
Section 7.18, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Termination Notice or otherwise specified by the Administrative Agent, to the Servicer and
the Backup Servicer in writing. The Administrative Agent may at the time described in the immediately preceding sentence in its sole discretion, appoint the Backup Servicer as the Servicer hereunder, and the Backup Servicer shall within seven
(7) days assume all obligations of the Servicer hereunder, and all authority and power of the Servicer under this Agreement shall pass to and be vested in the Backup Servicer; provided, however, that any Successor Servicer
(including, without limitation, the Backup Servicer) shall not (i) be responsible or liable for any past actions or omissions of the outgoing Servicer or (ii) be obligated to make Servicer Advances. The Administrative Agent may appoint
(i) the Backup Servicer as successor servicer, or (ii) if the Administrative Agent does not so appoint the Backup Servicer, there is no Backup Servicer or the Backup Servicer is unwilling or unable to assume such obligations on such date,
the Administrative Agent shall as promptly as possible appoint an alternate successor servicer to act as Servicer (in each such case, the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written
assumption in a form acceptable to the Administrative Agent. 
 (b)    Upon its appointment as Successor Servicer, the
Backup Servicer (subject to Section 7.19(a)) or the alternate successor servicer, as applicable, shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement, shall assume
all Servicing Duties hereunder and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed
to refer to the Backup Servicer or the Successor Servicer, as applicable. Any Successor Servicer shall be entitled, with the prior consent of the 

  
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Administrative Agent, to appoint agents to provide some or all of its duties hereunder, provided that no such appointment shall relieve such Successor Servicer of the duties and obligations of
the Successor Servicer pursuant to the terms hereof and that any such subcontract may be terminated upon the occurrence of a Servicer Termination Event. 

(c)    All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon
termination of the Servicer under this Agreement and shall pass to and be vested in the Successor Servicer, and, without limitation, the Successor Servicer is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The
Servicer agrees to cooperate with the Successor Servicer in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing on the Collateral. 

(d)    Upon the Backup Servicer receiving notice that it is required to serve as the Successor Servicer hereunder pursuant
to the foregoing provisions of this Section 7.19, the Backup Servicer will promptly begin the transition to its role as Successor Servicer. 

(e)    The Backup Servicer shall be entitled to receive its Transition Costs incurred in transitioning to Servicer. 

Section 7.20 Market Servicing Fee. 

Notwithstanding anything to the contrary herein, in the event that a Successor Servicer is appointed Servicer, the Servicing Fee shall equal
the market rate for comparable servicing duties to be fixed upon the date of such appointment by such Successor Servicer with the consent of the Administrative Agent (the “Market Servicing Fee”). 

ARTICLE VIII 
 EARLY
TERMINATION EVENTS 
 Section 8.1 Early Termination Events. 

If any of the following events (each, an “Early Termination Event”) shall occur and be continuing: 

(a)    the Borrower shall fail to (i) make payment of any amount required to be made under the terms of this
Agreement and such failure shall continue for more than two (2) Business Days; or (ii) repay all Advances Outstanding on or prior to the Maturity Date; or 

(b)    the Borrowing Base Test shall not be met, and such failure shall continue for more than two (2) Business Days;
or 
 (c)    (i) the Borrower shall fail to perform or observe in any material respect any other covenant or other
agreement of the Borrower set forth in this Agreement and any other Transaction Document to which it is a party, or (ii) the Originator shall fail to perform or observe in any material respect any term, covenant or agreement of such Originator
set forth in any other 

  
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Transaction Document to which it is a party, in each case when such failure continues unremedied for more than fifteen (15) days after the first to occur of (i) the date on which
written notice of such failure requiring the same to be remedied shall have been given to such Person by the Administrative Agent, any Managing Agent or the Collateral Custodian and (ii) the date on which such Person becomes or should have
become aware thereof; or 
 (d)    any representation or warranty made or deemed made hereunder shall prove to be
incorrect in any material respect as of the time when the same shall have been made; or 
 (e)    an Insolvency Event
shall occur with respect to the Borrower or the Originator; or 
 (f)    a Servicer Termination Event occurs; or 

(g)    any Change-in-Control of the
Borrower or Originator occurs; or 
 (h)    the Borrower or the Servicer defaults in making any payment required to be
made under any material agreement for borrowed money to which either is a party and such default is not cured within the relevant cure period; or 

(i)    the Administrative Agent, as agent for the Secured Parties, shall fail for any reason to have a valid and perfected
first priority security interest in any of the Collateral; or 
 (j)    (i) a final judgment for the payment of money in
excess of (A) $10,000,000 shall have been rendered against the Originator or (B) $250,000 against the Borrower by a court of competent jurisdiction and, if such judgment relates to the Originator, such judgment, decree or order shall continue
unsatisfied and in effect for any period of 30 consecutive days without a stay of execution, or (ii) the Originator or the Borrower, as the case may be, shall have made payments of amounts in excess of $10,000,000 or $250,000, respectively, in
settlement of any litigation; or 
 (k)    the Borrower or the Servicer agrees or consents to, or otherwise permits to
occur, any amendment, modification, change, supplement or recession of or to the Credit and Collection Policy in whole or in part that could have a material adverse effect upon the Transferred Loans or interest of any Lender, without the prior
written consent of the Required Lenders; or 
 (l)    any Material Adverse Change occurs with respect to the Borrower,
the Originator or the Servicer; or 
 (m)    the Rolling Three-Month Default Ratio shall exceed 7.5%; or 

(n)    the Rolling Three-Month Charged-Off Ratio shall exceed 5.0%; or 

(o)    the Borrower shall become an “investment company” subject to registration under the 1940 Act; or 

(p)    the business and other activities of the Borrower or the Originator, including but not limited to, the acceptance
of the Advances by the Borrower made by the Lenders, the application and use of the proceeds thereof by the Borrower and the consummation and conduct of the transactions contemplated by the Transaction Documents to which the Borrower or the
Originator is a party result in a violation by the Originator, the Borrower, or any other person or entity of the 1940 Act or the rules and regulations promulgated thereunder; or 

  
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 (q)    on the Determination Dates falling in August, November, February
and May, the Interest Coverage Ratio does not equal or exceed 200% and such failure continues on the next succeeding Determination Date; or 

(r)    the Required Equity Investment shall not be maintained, and such failure shall continue unremedied for a period of
five Business Days; or 
 (s)    a Key Man Event occurs; or 

(t)    during the Revolving Period, the Required Diversity Test shall not be satisfied; 

then, and in any such event, the Administrative Agent shall, at the request, or may with the consent, of the Required Lenders, by notice to the Borrower
declare the Termination Date to have occurred, without demand, protest or future notice of any kind, all of which are hereby expressly waived by the Borrower, and all Advances Outstanding and all other amounts owing by the Borrower under this
Agreement shall be accelerated and become immediately due and payable, provided, that in the event that the Early Termination Event described in subsection (e) herein has occurred, the Termination Date shall automatically occur,
without demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. Upon its receipt of written notice thereof, the Administrative Agent shall promptly notify each Lender of the occurrence of any Early
Termination Event. 
 Section 8.2 Remedies. 

(a)    Upon any such declaration or automatic occurrence of the Termination Date as specified under
Section 8.1, no further Advances will be made, and the Administrative Agent and the other Secured Parties shall have, in addition to all other rights and remedies under this Agreement or otherwise, all rights and remedies
provided under the UCC of each applicable jurisdiction and other Applicable Laws, including the right to sell the Collateral, which rights and remedies shall be cumulative. The Administrative Agent and the other Secured Parties agree that the sale
of the Collateral shall be conducted in good faith and in accordance with commercially reasonable practices. 

(b)    Upon any such declaration or automatic occurrence of the Termination Date as specified under
Section 8.1, the Borrower and the Servicer hereby agree that they will, at the expense of Borrower or, if such Termination Date occurred as a result of a Servicer Termination Event, at the expense of the initial Servicer or
any Affiliate of the initial Servicer if appointed as Successor Servicer hereunder, and upon request of the Administrative Agent, forthwith, (i) assemble all or any part of the Collateral as directed by the Administrative Agent, and make the
same available to the Administrative Agent, at a place to be designated by the Administrative Agent, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at a public sale in
accordance with commercially reasonable practices. If there is no recognizable public market for sale of any portion of Collateral, then a private sale of that Collateral may be conducted only on an arm’s length basis and in accordance with
commercially reasonable practices. The Borrower agrees that, to the extent notice of sale shall be required by 

  
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law, at least ten days’ notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The
Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent, may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. All cash Proceeds received by the Administrative Agent in respect of any sale of, collection from, or other realization upon, all or any
part of the Collateral (after payment of any amounts incurred by the Administrative Agent or any of the Secured Parties in connection with such sale) shall be deposited into the Collection Account and applied against all or any part of the
Obligations pursuant to Section 2.8. 
 (c)    If the Administrative Agent proposes to sell
the Collateral or any part thereof in one or more parcels at a public or private sale, the Borrower shall have the right of first refusal to repurchase the Collateral, in whole but not in part, prior to such sale at a price not less than the
Obligations as of the date of such proposed repurchase. The aforementioned rights and remedies shall be without limitation, and shall be in addition to all other rights and remedies of the Administrative Agent and the Secured Parties otherwise
available under any provision of this Agreement by operation of law, at equity or otherwise, each of which are expressly preserved. 

ARTICLE IX 

INDEMNIFICATION 

Section 9.1 Indemnities by the Borrower. 

(a)    Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Borrower
hereby agrees to indemnify the Administrative Agent, the Managing Agents, the Backup Servicer, any Successor Servicer, the Collateral Custodian, any Secured Party or its assignee and each of their respective Affiliates and officers, directors,
employees, members and agents thereof (collectively, the “Indemnified Parties”), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable
attorneys’ fees and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by, any such Indemnified Party or other
non-monetary damages of any such Indemnified Party any of them arising out of or as a result of this Agreement, excluding, however, Indemnified Amounts to the extent finally judicially determined by a court of
competent jurisdiction to have been resulting from the gross negligence or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts relating
to or resulting from: 
 (i)    any Loan treated as or represented by the Borrower to be an Eligible Loan
that is not at the applicable time an Eligible Loan; 
 (ii)    reliance on any representation or
warranty made or deemed made by the Borrower, the Servicer (or one of its Affiliates) or any of their respective officers under or in connection with this Agreement, which shall have been false or incorrect in any material respect when made or
deemed made or delivered; 

  
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 (iii)    the failure by the Borrower or the Servicer (or
one of its Affiliates) to comply with any term, provision or covenant contained in this Agreement or any agreement executed in connection with this Agreement, or with any Applicable Law with respect to any Loan comprising a portion of the
Collateral, or the nonconformity of any Loan, the Related Property with any such Applicable Law or any failure by the Originator, the Borrower or any Affiliate thereof to perform its respective duties under the Loans included as a part of the
Collateral; 
 (iv)    the failure to vest and maintain vested in the Administrative Agent a first
priority perfected security interest in the Collateral; 
 (v)    the failure to file, or any delay in
filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any Collateral whether at the time of any Advance or at any subsequent time and as required
by the Transaction Documents; 
 (vi)    any dispute, claim, offset or defense (other than the discharge
in bankruptcy of the Obligor) of the Obligor to the payment of any Loan included as part of the Collateral that is, or is purported to be, an Eligible Loan (including, without limitation, (A) a defense based on the Loan not being a legal, valid
and binding obligation of such Obligor enforceable against it in accordance with its terms or (B) the equitable subordination of such Loan); 

(vii)    any failure of the Borrower or the Servicer (if the Originator or one of its Affiliates) to
perform its duties or obligations in accordance with the provisions of this Agreement or any failure by the Originator, the Borrower or any Affiliate thereof to perform its respective duties under the Transferred Loans; 

(viii)    any products liability claim or personal injury or property damage suit or other similar or
related claim or action of whatever sort arising out of or in connection with merchandise or services that are the subject of any Loan included as part of the Collateral or the Related Property included as part of the Collateral; 

(ix)    the failure by Borrower to pay when due any Taxes for which the Borrower is liable, including
without limitation, sales, excise or personal property taxes payable in connection with the Collateral; 

(x)    any repayment by the Administrative Agent, any Managing Agent or a Secured Party of any amount
previously distributed in reduction of Advances Outstanding or payment of Interest or any other amount due hereunder or under any Hedging Agreement, in each case which amount the Administrative Agent, such Managing Agent or a Secured Party believes
in good faith is required to be repaid; 
 (xi)    any investigation, litigation or proceeding related to
this Agreement or the use of proceeds of Advances or in respect of any Loan included as part of the Collateral or the Related Property included as part of the Collateral; 

  
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 (xii)    any failure by the Borrower to give reasonably
equivalent value to the Originator in consideration for the transfer by the Originator to the Borrower of any Transferred Loan or the Related Property or any attempt by any Person to void or otherwise avoid any such transfer under any statutory
provision or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code, or 

(xiii)    the failure of the Borrower, the Originator or any of their respective agents or representatives
to remit to the Servicer or the Administrative Agent, Collections on the Collateral remitted to the Borrower or any such agent or representative in accordance with the terms hereof or the commingling by the Borrower or any Affiliate of any
collections. 
 (b)    Any amounts subject to the indemnification provisions of this
Section 9.1 shall be paid by the Borrower to the applicable Indemnified Party within two (2) Business Days following the Administrative Agent’s demand therefor. 

(c)    If for any reason the indemnification provided above in this Section 9.1 is unavailable
to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Borrower, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as
is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and the Borrower, on the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable
considerations. 
 (d)    The obligations of the Borrower under this Section 9.1 shall survive
the removal of the Administrative Agent or any Managing Agent and the termination of this Agreement. 
 (e)    The
parties hereto agree that the provisions of Section 9.1 shall not be interpreted to provide recourse to the Borrower against loss by reason of the bankruptcy or insolvency (or other credit condition) of, or default by, an
Obligor on, any Transferred Loan. 
 Section 9.2 Indemnities by the Servicer. 

(a)    Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Servicer
hereby agrees to indemnify each Indemnified Party, forthwith on demand, from and against any and all Indemnified Amounts (calculated without duplication of Indemnified Amounts paid by the Borrower pursuant to Section 9.1
above) awarded against or incurred by any such Indemnified Party by reason of any acts, omissions or alleged acts or omissions of the Servicer, including, but not limited to (i) any representation or warranty made by the Servicer under or in
connection with any Transaction Documents to which it is a party, any Monthly Report, Servicer’s Certificate or any other information or report delivered by or on behalf of the Servicer pursuant hereto, which shall have been false, incorrect or
misleading in any material respect when made or deemed made, (ii) the failure by the Servicer to comply with any Applicable Law, (iii) the failure of the Servicer to comply with its duties or obligations in accordance with the Agreement or
(iv) any litigation, proceedings or investigation against the Servicer, excluding, however, (a) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party, and
(b) under any Federal, state or local income or franchise taxes or any other Tax imposed on or measured by income (or any interest or penalties 

  
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with respect thereto or arising from a failure to comply therewith) required to be paid by such Indemnified Party in connection herewith to any taxing authority. The provisions of this indemnity
shall run directly to and be enforceable by an injured party subject to the limitations hereof. If the Servicer has made any indemnity payment pursuant to this Section 9.2 and such payment fully indemnified the recipient
thereof and the recipient thereafter collects any payments from others in respect of such Indemnified Amounts, the recipient shall repay to the Servicer an amount equal to the amount it has collected from others in respect of such indemnified
amounts. 
 (b)    If for any reason the indemnification provided above in this Section 9.2 is
unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then Servicer shall contribute to the amount paid or payable to such Indemnified Party as a result of such loss, claim, damage or liability in such
proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and Servicer on the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable
considerations. 
 (c)    The obligations of the Servicer under this Section 9.2 shall survive
the resignation or removal of the Administrative Agent or any Managing Agents and the termination of this Agreement. 

(d)    The parties hereto agree that the provisions of this Section 9.2 shall not be interpreted
to provide recourse to the Servicer against loss by reason of the bankruptcy or insolvency (or other credit condition) of, or default by, the related Obligor, on any Transferred Loan. 

(e)    The Servicer shall not be permitted to liquidate any of the Collateral to pay any indemnification payable by the
Servicer pursuant to this Section 9.2. 
 ARTICLE X 

THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS 

Section 10.1 Authorization and Action. 

(a)    Each Secured Party hereby designates and appoints KeyBank as Administrative Agent hereunder, and authorizes KeyBank
to take such actions as agent on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. The Administrative Agent shall not
have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the
Administrative Agent shall be read into this Agreement or otherwise exist for the Administrative Agent. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Secured Parties and does not assume
nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. The Administrative Agent shall not be required to take any action that exposes the Administrative
Agent to personal liability or that is contrary to this Agreement or Applicable Law. The appointment and authority of the Administrative Agent hereunder shall terminate at the indefeasible payment in full of the Obligations. 

  
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 (b)    Each Lender hereby designates and appoints the Managing Agent for
such Lender’s Lender Group as its Managing Agent hereunder, and authorizes such Managing Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Managing Agents by the terms of this Agreement
together with such powers as are reasonably incidental thereto. No Managing Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities on the part of the applicable Managing Agent shall be read into this Agreement or otherwise exist for the applicable Managing Agent. In performing its functions and duties hereunder, each Managing
Agent shall act solely as agent for the Lenders in the related Lender Group and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. No
Managing Agent shall be required to take any action that exposes it to personal liability or that is contrary to this Agreement or Applicable Law. The appointment and authority of each Managing Agent hereunder shall terminate at the indefeasible
payment in full of the Obligations. 
 Section 10.2 Delegation of Duties. 

(a)    The Administrative Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

(b)    Each Managing Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Managing Agent shall be responsible for the negligence or
misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

Section 10.3 Exculpatory Provisions. 

(a)    Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be (i) liable
for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross negligence or willful misconduct or, in the case of the Administrative Agent, the
breach of its obligations expressly set forth in this Agreement), or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations or warranties made by the Borrower contained in this Agreement or in
any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any
other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article III. The Administrative Agent shall not be under any
obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Borrower. The
Administrative 

  
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Agent shall not be deemed to have knowledge of any Early Termination Event unless the Administrative Agent has received notice of such Early Termination Event, in a document or other written
communication titled “Notice of Early Termination Event” from the Borrower or a Secured Party. 

(b)    Neither any Managing Agent nor any of its respective directors, officers, agents or employees shall be
(i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross negligence or willful misconduct or, in the case of a Managing
Agent, the breach of its obligations expressly set forth in this Agreement), or (ii) responsible in any manner to the Administrative Agent or any of the Secured Parties for any recitals, statements, representations or warranties made by the
Borrower contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article
III. No Managing Agent shall be under any obligation to the Administrative Agent or any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this
Agreement, or to inspect the properties, books or records of the Borrower. No Managing Agent shall be deemed to have knowledge of any Early Termination Event unless such Managing Agent has received notice of such Early Termination Event, in a
document or other written communication titled “Notice of Early Termination Event” from the Borrower, the Administrative Agent or a Secured Party. 

(c)    None of the Administrative Agent, any Managing Agent or any Lender shall be deemed to have any fiduciary
relationship with the Borrower or the Servicer under this Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities creating any such fiduciary relationship shall be inferred from or in connection with this
Agreement except as otherwise provided herein or under Applicable Law. 
 Section 10.4 Reliance. 

(a)    The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any
document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Borrower),
independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in
connection herewith unless it shall first receive such advice or concurrence of the Required Lenders or all of the Secured Parties, as applicable, as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders,
provided, that, unless and until the Administrative Agent shall have received such advice, the Administrative Agent may take or refrain from taking any action, as the Administrative Agent shall deem advisable and in the best interests
of the Secured Parties, The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Required Lenders or all of the Secured Parties, as applicable, and such request and
any action taken or failure to act pursuant thereto shall be binding upon all the Secured Parties. 

  
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 (b)    Each Managing Agent shall in all cases be entitled to rely, and
shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without
limitation, counsel to the Borrower), independent accountants and other experts selected by such Managing Agent. Each Managing Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other
document furnished in connection herewith unless it shall first receive such advice or concurrence of the Lenders in its related Lender Group as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders in its related
Lender Group, provided that unless and until such Managing Agent shall have received such advice, the Managing Agent may take or refrain from taking any action, as the Managing Agent shall deem advisable and in the best interests of the Lenders in
its Lender Group. Each Managing Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Lenders in such Managing Agent’s Lender Group and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders in such Managing Agent’s Lender Group. 
 Section 10.5
Non-Reliance on Administrative Agent, Managing Agents and Other Lenders. 
 Each Secured
Party expressly acknowledges that neither the Administrative Agent, any other Secured Party nor any of their respective officers, directors, employees, agents,
attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Administrative Agent or any other Secured Party hereafter taken,
including, without limitation, any review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent or any other Secured Party. Each Secured Party represents and warrants to the
Administrative Agent and to each other Secured Party that it has and will, independently and without reliance upon the Administrative Agent or any other Secured Party and based on such documents and information as it has deemed appropriate, made its
own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower and made its own decision to enter into this Agreement. 

Section 10.6 Reimbursement and Indemnification. 

The Lenders agree to reimburse and indemnify the Administrative Agent, and the Lenders in each Lender Group agree to reimburse the Managing
Agent for such Lender Group, and their respective officers, directors, employees, representatives and agents ratably according to their Commitments, as applicable, to the extent not paid or reimbursed by the Borrower (i) for any amounts for
which the Administrative Agent, acting in its capacity as Administrative Agent, or any Managing Agent, acting in its capacity as a Managing Agent, is entitled to reimbursement by the Borrower hereunder and (ii) for any other expenses incurred
by the Administrative Agent, in its capacity as Administrative Agent, or any Managing Agent, acting in its capacity as a Managing Agent, and acting on behalf of the related Lenders, in connection with the administration and enforcement of this
Agreement and the other Transaction Documents. 

  
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 Section 10.7 Administrative Agent and Managing Agents in their Individual
Capacities. 
 The Administrative Agent, each Managing Agent and each of their respective Affiliates may make loans to, accept
deposits from and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as though the Administrative Agent or such Managing Agent, as the case may be, were not the Administrative Agent or a Managing Agent, as
the case may be, hereunder. With respect to the acquisition of Advances pursuant to this Agreement, the Administrative Agent, each Managing Agent and each of their respective Affiliates shall have the same rights and powers under this Agreement as
any Lender and may exercise the same as though it were not the Administrative Agent or a Managing Agent, as the case may be, and the terms “Lender” “Lender” “Lenders” and “Lenders” shall include the
Administrative Agent or a Managing Agent, as the case may be, in its individual capacity. 
 Section 10.8 Successor
Administrative Agent or Managing Agent. 
 (a)    The Administrative Agent may, upon 5 days’ notice to the
Borrower and the Secured Parties, and the Administrative Agent will, upon the direction of all of the Lenders resign as Administrative Agent. If the Administrative Agent shall resign, then the Required Lenders during such 5-day period shall appoint from among the Secured Parties a successor agent. If for any reason no successor Administrative Agent is appointed by the Required Lenders during such
5-day period, then effective upon the expiration of such 5-day period, the Secured Parties shall perform all of the duties of the Administrative Agent hereunder and the
Borrower shall make all payments in respect of the Obligations or under any Fee Letter delivered by the Borrower to the Administrative Agent and the Secured Parties directly to the applicable Managing Agents, on behalf of the Lenders in the
applicable Lender Group and for all purposes shall deal directly with the Secured Parties. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of Article IX and Article X shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 

(b)    Any Managing Agent may, upon 5 days’ notice to the Borrower, the Administrative Agent and the related Lenders,
and any Managing Agent will, upon the direction of all of the related Lenders resign as a Managing Agent. If a Managing Agent shall resign, then the related Lenders during such 5-day period shall appoint from
among the related Lenders a successor Managing Agent. If for any reason no successor Managing Agent is appointed by such Lenders during such 5-day period, then effective upon the expiration of such 5-day period, such Lenders shall perform all of the duties of the related Managing Agent hereunder. After any retiring Managing Agent’s resignation hereunder as a Managing Agent, the provisions of Article
IX and Article X shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Managing Agent under this Agreement. 

  
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 ARTICLE XI 

ASSIGNMENTS; PARTICIPATIONS 

Section 11.1 Assignments and Participations. 

(a)    Neither Borrower nor the Servicer shall have the right to assign its rights or obligations under this Agreement.

 (b)    Any Lender may at any time and from time to time assign to one or more Persons (“Purchasing
Lenders”) all or any part of its rights and obligations under this Agreement pursuant to an assignment agreement, substantially in the form set forth in Exhibit C hereto (the “Assignment and Acceptance”) executed by
such Purchasing Lender and such selling Lender with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed). In addition, except with respect to an assignment to an Affiliate of such Lender, so long as no
Early Termination Event or Unmatured Termination Event has occurred and is continuing at such time, the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required prior to the effectiveness of any such
assignment; provided, that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent and the assigning Lender within ten (10) Business Days after having
received written notice thereof. Each assignee of a Lender must be an Eligible Assignee and must agree to deliver to the Administrative Agent, promptly following any request therefor by the Managing Agent for its Lender Group, an enforceability
opinion in form and substance satisfactory to such Managing Agent. Upon delivery of the executed Assignment and Acceptance to the Administrative Agent, such selling Lender shall be released from its obligations hereunder to the extent of such
assignment. Thereafter the Purchasing Lender shall for all purposes be a Lender party to this Agreement and shall have all the rights and obligations of a Lender under this Agreement to the same extent as if it were an original party hereto and no
further consent or action by Borrower, the Lenders or the Administrative Agent shall be required. The Lenders agree that any assignments arranged by the Borrower or any of its Affiliates occurring (i) between the Effective Date and the date on
which KeyBank’s Commitment is reduced to $75,000,000 or less shall be offered to KeyBank, and if accepted by it in its sole discretion, shall be made by KeyBank alone, and (ii) thereafter, unless the Lenders shall otherwise agree, shall be
offered to the Lenders ratably, and if accepted by each Lender in its sole discretion, shall be made by the Lenders ratably. Notwithstanding the foregoing, no assignment shall be made to (A) the Borrower or any of the Borrower’s
Affiliates, (B) to any Defaulting Lender or (C) a natural person. 
 (c)    By executing and delivering an
Assignment and Acceptance, the Purchasing Lender thereunder and the selling Lender thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such
selling Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such Purchasing Lender confirms that it has received a copy of this Agreement, together with copies of such financial
statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) such 

  
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Purchasing Lender will, independently and without reliance upon the Administrative Agent or any Managing Agent, the selling Lender or any other Lender and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv) such Purchasing Lender and such selling Lender confirm that such Purchasing Lender is an Eligible
Assignee; (v) such Purchasing Lender appoints and authorizes each of the Administrative Agent and the applicable Managing Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such
agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such Purchasing Lender agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement
are required to be performed by it as a Lender. 
 (d)    The Administrative Agent shall maintain at its address
referred to herein a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of, each Advance owned by each
Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Lenders, the Borrower and the Managing Agents may treat each Person whose name
is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Lenders, any Managing Agent or the Borrower at any reasonable time and from time to time upon reasonable
prior notice. 
 (e)    Subject to the provisions of this Section 11.1, upon their receipt of
an Assignment and Acceptance executed by a selling Lender and a Purchasing Lender, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit C hereto, accept such
Assignment and Acceptance, and the Administrative Agent shall then (i) record the information contained therein in the Register and (ii) give prompt notice thereof to each Managing Agent. 

(f)    Any Lender may, in the ordinary course of its business at any time sell to one or more Persons (each a
“Participant”) participating interests in its Pro-Rata Share of the Advances of the Lenders or any other interest of such Lender hereunder. Notwithstanding any such sale by a Lender of a
participating interest to a Participant, such Lender’s rights and obligations under this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance of its obligations hereunder, and the Borrower, the other
Lenders, the Managing Agents and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Each Lender agrees that any agreement between
such Lender and any such Participant in respect of such participating interest shall not restrict such Lender’s right to agree to any amendment, supplement, waiver or modification to this Agreement, except for any amendment, supplement, waiver
or modification set forth in Section 12.1(iii) of this Agreement. 
 (g)    Each Lender may,
in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 11.1, disclose to the assignee or participant or proposed assignee or participant any information relating
to the Borrower or Servicer furnished to such Lender by or on behalf of the Borrower or the Servicer. 

  
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 (h)    Nothing herein shall prohibit any Lender from pledging or
assigning as collateral any of its rights under this Agreement to any Federal Reserve Bank or other central bank having jurisdiction over such Lender in accordance with Applicable Law and any such pledge or collateral assignment may be made without
compliance with Section 11.1(b) or Section 11.1(c). 
 (i)    In the
event any Lender causes increased costs, expenses or taxes to be incurred by the Administrative Agent or Managing Agents in connection with the assignment or participation of such Lender’s rights and obligations under this Agreement to an
Eligible Assignee then such Lender agrees that it will make reasonable efforts to assign such increased costs, expenses or taxes to such Eligible Assignee in accordance with the provisions of this Agreement. 

ARTICLE XII 

MISCELLANEOUS 

Section 12.1 Amendments and Waivers. 

Except as provided in this Section 12.1, no amendment, waiver or other modification of any provision of this
Agreement shall be effective without the written agreement of the Borrower, the Administrative Agent, the Swingline Lender, the Managing Agents and the Required Lenders; provided, however, that (i) without the consent of the
Lenders in any Lender Group (other than the Lender Group to which such Lenders are being added), the Administrative Agent, the Swingline Lender and the applicable Managing Agent may, with the consent of Borrower, amend this Agreement solely to add
additional Persons as Lenders hereunder, (ii) any amendment of this Agreement that is solely for the purpose of increasing the Commitment of a specific Lender or increase the Group Advance Limit of the related Lender Group may be effected with
the written consent of the Borrower, the Administrative Agent and the affected Lender, and (iii) the consent of each Lender shall be required to: (A) extend the Commitment Termination Date for such Lender, or the date of any payment or
deposit of Collections by the Borrower or the Servicer, (B) reduce the amount (other than by reason of the repayment thereof) or extend the time of payment of Advances Outstanding or reduce the rate or extend the time of payment of Interest (or
any component thereof), (C) reduce any fee payable to the Administrative Agent, the Swingline Lender or any Managing Agent for the benefit of the Lenders, (D) amend, modify or waive any provision of the definition of Required Lenders or
Sections 2.11, 11.1(b), 12.1, 12.9, or 12.10, (E) consent to or permit the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement, (F) amend or waive any Servicer
Termination Event or Early Termination Event, (G) change the definition of “Borrowing Base,” “Charged-Off Ratio,” “Default Ratio,” “Eligible Loan” or
“Settlement Date,” or (H) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (G) above in a manner that would circumvent the intention of the
restrictions set forth in such clauses. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right
to approve or disapprove any amendment, waiver, or consent hereunder (and any amendment, waiver, or consent which by its terms requires the consent of all Lenders may be effected with the consent of all Lenders other than Defaulting Lenders)
provided that, without in any way limiting Section 12.17, any such amendment, waiver, or consent that would increase or extend the term of the Commitment or Advances of such Defaulting Lender, extend the date fixed for the
payment of 

  
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principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting Lender, reduce the amount of or the rate or amount of
interest on any amount owing to such Defaulting Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, shall require the consent of such Defaulting Lender. 

Notwithstanding anything to the contrary, unless signed by the Administrative Agent and the Swingline Lender, no amendment, waiver or consent
shall affect the rights or duties of the Administrative Agent or the Swingline Lender, as applicable, under this Agreement or any other Loan Document. 

No amendment, waiver or other modification (i) affecting the rights or obligations of any Hedge Counterparty or (ii) having a
material effect on the rights or obligations of the Collateral Custodian or the Backup Servicer (including any duties of the Servicer that the Backup Servicer would have to assume as Successor Servicer) shall be effective against such Person without
the written agreement of such Person. The Borrower or the Servicer on its behalf will deliver a copy of all waivers and amendments to the Collateral Custodian and the Backup Servicer. 

Section 12.2 Notices, Etc. 

All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by
electronic mail or facsimile copy) and mailed, sent by overnight courier, transmitted or hand delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or specified in such party’s Assignment and
Acceptance or Joinder Agreement or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of (a) notice by
mail, five days after being deposited in the United States mail, first class postage prepaid, (b) notice by courier mail, when it is officially recorded as being delivered to the intended recipient by return receipt, proof of delivery or
equivalent, or (c) notice by facsimile copy, when verbal communication of receipt is obtained, except that notices and communications pursuant to this Article XII shall not be effective until received with respect to any notice sent by
mail. 
 Section 12.3 No Waiver, Rights and Remedies. 

No failure on the part of the Administrative Agent or any Secured Party or any assignee of any Secured Party to exercise, and no delay in
exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and
remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law. 
 Section 12.4 Binding
Effect. 
 This Agreement shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent, the Secured
Parties and their respective successors and permitted assigns and, in addition, the provisions of Section 2.8 shall inure to the benefit of each Hedge Counterparty, whether or not that Hedge Counterparty is a Secured Party,
and the provisions relating to the Backup Servicer, including Sections 2.8, 7.18, 9.1 and 9.2 shall inure to the benefit of the Backup Servicer. 

  
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 Section 12.5 Term of this Agreement. 

This Agreement, including, without limitation, the Borrower’s obligation to observe its covenants set forth in Article V, and the
Servicer’s obligation to observe its covenants set forth in Article VII, shall remain in full force and effect until the Collection Date; provided, however, that the rights and remedies with respect to any breach of any
representation and warranty made or deemed made by the Borrower pursuant to Articles III and IV and the indemnification and payment provisions of Article IX and Article X and the provisions of
Section 12.9 and Section 12.10 shall be continuing and shall survive any termination of this Agreement. 

Section 12.6 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE SECURED PARTIES, THE
BORROWER AND THE ADMINISTRATIVE AGENT HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO AND EACH SECURED PARTY HEREBY WAIVES
ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

 Section 12.7 WAIVER OF JURY TRIAL. 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE SECURED PARTIES, THE BORROWER AND THE ADMINISTRATIVE AGENT WAIVES ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

Section 12.8 Costs, Expenses and Taxes. 

(a)    In addition to the rights of indemnification granted to the Administrative Agent, the Managing Agents, the other
Secured Parties and its or their Affiliates and officers, directors, employees and agents thereof under Article IX hereof, the Borrower agrees to pay on demand all reasonable costs and expenses of the Administrative Agent, the Managing Agents
and the other Secured Parties incurred in connection with the preparation, execution, delivery, administration (including periodic auditing), amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the
other documents to be delivered hereunder or in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses

  
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of counsel for the Administrative Agent, the Managing Agents and the other Secured Parties with respect thereto and with respect to advising the Administrative Agent, the Managing Agents and the
other Secured Parties as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and expenses),
incurred by the Administrative Agent, the Managing Agents or the other Secured Parties in connection with the enforcement of this Agreement and the other documents to be delivered hereunder or in connection herewith (including any Hedge Agreement).

 (b)    The Borrower shall pay on demand any and all stamp, sales, excise and other taxes and fees payable or
determined to be payable in connection with the execution, delivery, filing and recording of this Agreement, the other documents to be delivered hereunder or any agreement or other document providing liquidity support, credit enhancement or other
similar support to the Lender in connection with this Agreement or the funding or maintenance of Advances hereunder. 

(c)    The Borrower shall pay on demand all other costs, expenses and taxes (excluding income taxes) (“Other
Costs”), including, without limitation, all reasonable costs and expenses incurred by the Administrative Agent or any Managing Agent in connection with periodic audits of the Borrower’s or the Servicer’s books and records, which
are incurred as a result of the execution of this Agreement. 
 Section 12.9 No Proceedings. 

Each of the parties hereto (other than the Administrative Agent and the Secured Parties) hereby agrees that it will not institute against, or
join any other Person in instituting against the Borrower any Insolvency Proceeding so long as there shall not have elapsed one year and one day since the Collection Date. 

Section 12.10 Recourse Against Certain Parties. 

(a)    No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the
payment of any fees or any other obligations) of the Administrative Agent or any Secured Party as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had
against any manager or administrator of such Person or any incorporator, affiliate, stockholder, officer, employee or director of such Person or of the Borrower or of any such manager or administrator, as such, by the enforcement of any assessment
or by any legal or equitable proceeding, by virtue of any statute or otherwise. 
 (b)    The provisions of this
Section 12.10 shall survive the termination of this Agreement. 
 Section 12.11 Protection of Security
Interest; Appointment of Administrative Agent as Attorney-in-Fact. 

(a)    The Borrower shall, or shall cause the Servicer to, cause this Agreement, all amendments hereto and/or all financing
statements and continuation statements and any other necessary documents covering the right, title and interest of the Administrative Agent as agent for 

  
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the Secured Parties and of the Secured Parties to the Collateral to be promptly recorded, registered and filed, and at all time to be kept recorded, registered and filed, all in such manner and
in such places as may be required by law fully to preserve and protect the right, title and interest of the Administrative Agent as agent for the Secured Parties hereunder to all property comprising the Collateral. The Borrower shall deliver or,
shall cause the Servicer to deliver, to the Administrative Agent file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. The
Borrower and the Servicer shall cooperate fully in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this Section 12.11. 

(b)    The Borrower agrees that from time to time, at its expense, it will promptly execute and deliver all instruments
and documents, and take all actions, that may reasonably be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the security interest granted to the Administrative Agent, as
agent for the Secured Parties, in the Collateral, or to enable the Administrative Agent or the Secured Parties to exercise and enforce their rights and remedies hereunder. 

(c)    If the Borrower or the Servicer fails to perform any of its obligations hereunder after five Business Days’
notice from the Administrative Agent, the Administrative Agent or any Lender may (but shall not be required to) perform, or cause performance of, such obligation; and the Administrative Agent’s or such Lender’s reasonable costs and
expenses incurred in connection therewith shall be payable by the Borrower (if the Servicer that fails to so perform is the Borrower or an Affiliate thereof) as provided in Article IX, as applicable. The Borrower irrevocably authorizes the
Administrative Agent and appoints the Administrative Agent as its attorney-in-fact to act on behalf of the Borrower, (i) to execute on behalf of the Borrower as
debtor and to file financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Collateral and (ii) to file a
carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to
perfect and to maintain the perfection and priority of the interests of the Lenders in the Collateral. This appointment is coupled with an interest and is irrevocable. 

(d)    Without limiting the generality of the foregoing, Borrower will, not earlier than six (6) months and not later
than three (3) months prior to the fifth anniversary of the date of filing of the financing statement referred to in Section 3.1 or any other financing statement filed pursuant to this Agreement or in connection with
any Advance hereunder, unless the Collection Date shall have occurred: 
 (i)    execute and deliver and
file or cause to be filed an appropriate continuation statement with respect to such financing statement; and 

(ii)    deliver or cause to be delivered to the Administrative Agent an opinion of the counsel for
Borrower, in form and substance reasonably satisfactory to the Administrative Agent, confirming and updating the opinion delivered pursuant to Section 3.1 with respect to perfection and otherwise to the effect that the
Collateral hereunder continues to be subject to a perfected security interest in favor of the Administrative Agent, as agent for the Secured Parties, subject to no other Liens of record except as provided herein or otherwise permitted hereunder,
which opinion may contain usual and customary assumptions, limitations and exceptions. 

  
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 Section 12.12 Confidentiality. 

(a)    Each of the Administrative Agent, the Managing Agents, the other Secured Parties and the Borrower shall maintain and
shall cause each of its employees and officers to maintain the confidentiality of the Agreement and the other confidential proprietary information with respect to the other parties hereto and their respective businesses obtained by it or them in
connection with the structuring, negotiating and execution of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information to its external accountants and attorneys and as
required by an Applicable Law, as required to be publicly filed with SEC, or as required by an order of any judicial or administrative proceeding, (ii) disclose the existence of this Agreement, but not the financial terms thereof,
(iii) disclose the Agreement and such information in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration) involving any of the Transaction Documents, Loan Documents or any Hedging Agreement for
the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the Transaction Documents, Loan Documents or any Hedging Agreement and
(iv) disclose such information to its Affiliates to the extent necessary in connection with the administration or enforcement of this Agreement or the other Transaction Documents. 

(b)    Anything herein to the contrary notwithstanding, the Borrower hereby consents to the disclosure of any nonpublic
information with respect to it for use in connection with the transactions contemplated herein and in the Transaction Documents (i) to the Administrative Agent or the Secured Parties by each other, (ii) by the Administrative Agent or the
Secured Parties to any prospective or actual Eligible Assignee or participant of any of them or in connection with a pledge or assignment to be made pursuant to Section 11.1(h) or (iii) by the Administrative Agent or the Secured Parties to
any provider of a surety, guaranty or credit or liquidity enhancement to a Secured Party and to any officers, directors, members, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the
confidential nature of such information and agrees to be bound hereby. In addition, the Secured Parties and the Administrative Agent may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of
any judicial, administrative or regulatory authority or proceedings, including, without limitation, at the request of any self-regulatory authority having jurisdiction over a Lender. 

(c)    The Borrower and the Servicer each agrees that it shall not (and shall not permit any of its Affiliates to) issue
any news release or make any public announcement pertaining to the transactions contemplated by this Agreement and the Transaction Documents without the prior written consent of the Administrative Agent (which consent shall not be unreasonably
withheld) unless such news release or public announcement is required by law, in which case the Borrower or the Servicer shall consult with the Administrative Agent and each Managing Agent prior to the issuance of such news release or public
announcement. The Borrower and the Servicer each may, however, disclose the general terms of the transactions contemplated by this Agreement and the Transaction Documents to trade creditors, suppliers and other similarly-situated Persons so long as
such disclosure is not in the form of a news release or public announcement. 

  
 109 

 Section 12.13 Execution in Counterparts; Severability; Integration. 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written
understandings other than any Fee Letter. 
 Section 12.14 Amendment and Restatement. 

This Agreement amends and restates in its entirety that certain Third Amended and Restated Credit Agreement dated as of May 15, 2009,
among the Borrower, the Servicer, the lenders party thereto, the managing agents named therein, and KeyBank National Association, as administrative agent. 

Section 12.15 Future Amendment Contemplated. 

The parties to this Agreement hereby acknowledge that the Borrower intends to request a further amendment of this Agreement permitting non-revolving lenders to execute Joinder Agreements and to make advances hereunder. Any such amendment shall be in form and substance satisfactory to the Borrower, the Servicer, the Lenders, the Administrative Agent
and any non-revolving lenders becoming parties hereto, and shall be subject to the requirements of Section 12.1 hereof, including, without limitation, the consent of the existing Lenders. 

Section 12.16 Patriot Act. 

Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
the Borrower and the Servicer that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower and the Servicer, which information includes the name and address of the
Borrower and the Servicer and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower and the Servicer in accordance with the USA PATRIOT Act. 

  
 110 

 Section 12.17    Defaulting
Lenders. Notwithstanding anything contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 

(a)    Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver
or consent with respect to this Agreement shall be restricted as set forth in Section 12.1. 

(b)    Defaulting Lender Waterfall. Until such time as the Default Excess with respect to such Defaulting Lender
shall have been reduced to zero, except as otherwise provided in this Section 12.17, any payment of principal, interest, fees, or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and including any amounts made available to the Administrative Agent by such Defaulting Lender pursuant to Section 12.17), shall be
deemed paid to and redirected by such Defaulting Lender to be applied at such time or times as may be determined by the Administrative Agent as follows: 

first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; 

second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Swingline Lender hereunder; 

third, as the Borrower may request (so long as no Early Termination Event exists), to the funding of any Advance in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; 

fourth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to
satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances under this Agreement; 
 fifth, to
the payment of any amounts owing to the Lenders or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Swingline Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; 
 sixth, so long as no Early Termination Event exists, to the payment
of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and 
 seventh, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if
(x) such payment is a payment of the principal amount of any Advances in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made at a time when the conditions set forth in
Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Advances of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment
of any Advances of such Defaulting Lender until such time as all Advances and funded and unfunded participations in Swing Advances are held by the Lenders pro rata in accordance with the Commitments without giving effect to
Section 12.17(d). 

  
 111 

 (c)    Unused Fee. No Defaulting Lender shall be entitled to
receive any Unused Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(d)    Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in Swing Advances shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s
Commitment) but only to the extent that (x) the conditions set forth in Section 3.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at
such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Credit Exposure of any
Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 2.17, 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. 

(e)    Repayment of Swing Advances. If the reallocation described in Section 12.17(d)
above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, prepay Swing Advances in an amount equal to the Swingline Lender’s Fronting Exposure (the
“Swing Prepayment Amount”). Borrower shall pay the Swing Prepayment Amount within forty-five (45) days of written demand from the Administrative Agent; provided, however, upon the occurrence of an Early Termination Event, the
Swing Prepayment Amount, if any, shall be immediately due and payable by Borrower. 
 (f)    Defaulting Lender
Cure. If the Borrower, the Administrative Agent and the Swingline Lender agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in
such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine
to be necessary to cause the Advances and funded and unfunded participations in Swing Advances to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to Section 12.17(d)), whereupon
such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further,
that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a
Defaulting Lender. 
 (g)    New Swing Advances. So long as any Lender is a Defaulting Lender, the Swingline
Lender shall not fund Swing Advances unless (i) each Non-Defaulting Lender shall have consented thereto, and (ii) the Swingline Lender is satisfied that it will have no Fronting Exposure after giving
effect to such Swing Advance and any reallocation to other Lenders. 

  
 112 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 113 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

							
	BORROWER:	 		 	GLADSTONE BUSINESS LOAN, LLC
				
		 		 	By	 	 
		 		 		 	 Title: President

			
		 		 	Gladstone Business Loan, LLC
		 		 	1521 Westbranch Drive, Suite 100
		 		 	McLean, Virginia 22102
		 		 	Attention: President
		 		 	Facsimile No.: (703) 287-5801
		 		 	Phone No.: (703) 287-5800
			
	SERVICER:	 		 	GLADSTONE MANAGEMENT CORPORATION
				
		 		 	By	 	 
		 		 		 	 Title: Chairman

			
		 		 	Gladstone Management Corporation
		 		 	1521 Westbranch Drive, Suite 100
		 		 	McLean, Virginia 22102
		 		 	Attention: Chairman
		 		 	Facsimile No.: (703) 287-5801
		 		 	Phone No.: (703) 287-5800

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  

					
	CREDIT AGREEMENT	 	S-1	 	

			
	 LENDER, SWINGLINE LENDER, MANAGING
 AGENT and
LEAD ARRANGER:
	 	KEYBANK NATIONAL ASSOCIATION

 
			
		
	By	 	 
		 	Title

 
			
	
	Specialty Finance and Syndications
	1000 South McCaslin Blvd.
	Superior, CO 80027
	Attention: Richard Andersen
	Facsimile No.: (216) 370-9166
	Telephone No.: (720) 304-1247
	E-mail: LAS.Operations.KEF@key.com
	
	with a copy to:
	
	KEYBANK NATIONAL ASSOCIATION
	Specialty Finance Lending
	120 Vantis, Suite 300
	Aliso Viejo, CA. 92656
	Attention: Rian Emmett
	Phone: (949) 356-1900
	Facsimile: (216) 357-6708

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  

					
	CREDIT AGREEMENT	 	S-2	 	

							
	LENDER and MANAGING AGENT:	 		 	CHEMICAL BANK
				
		 		 	By	 	 
		 		 		 	Title
			
		 		 	17900 Haggerty Road
		 		 	Livonia, MI 48152
		 		 	Attention: Robert Rosati
		 		 	Phone: (734) 805-4601
		 		 	Facsimile: (248) 649-2305
			
		 		 	With a copy to:
			
		 		 	17900 Haggerty Road
		 		 	Livonia, MI 48152
		 		 	Attention: Howard Ellerbe
		 		 	Phone: (248) 244-6967
		 		 	Facsimile: (734) 805-4615

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  

					
	CREDIT AGREEMENT	 	S-3	 	

							
	LENDER and MANAGING AGENT:	 		 	ING CAPITAL LLC
				
		 		 	By	 	 
		 		 		 	Title
			
		 		 	1325 Avenue of the Americas
		 		 	New York, NY 10019
		 		 	Attention: Patrick Frisch
		 		 	Phone: (646) 424-6912
		 		 	Facsimile: (646) 424-6919

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  

					
	CREDIT AGREEMENT	 	S-4	 	

			
	ADMINISTRATIVE AGENT	 	KEYBANK NATIONAL ASSOCIATION

 
			
		
	By	 	 
		 	Title

 
			
	
	KEYBANK NATIONAL ASSOCIATION
	Specialty Finance and Syndications
	1000 South McCaslin Blvd.
	Superior, CO 80027
	Attention: Richard Andersen
	Facsimile No.: (216) 370-9166
	Telephone No.: (720) 304-1247
	E-mail: LAS.Operations.KEF@key.com

  
  

  

					
	CREDIT AGREEMENT	 	S-5	 	

 [Exhibits and Schedules under separate cover] 

  

					
	CREDIT AGREEMENT	 	S-1

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