Document:

Second Amendment to Credit Agreement and Omnibus Amendment of Loan Documents

 Exhibit 10.1 
 SECOND AMENDMENT TO CREDIT AGREEMENT AND OMNIBUS AMENDMENT OF LOAN DOCUMENTS 
 This SECOND AMENDMENT TO CREDIT AGREEMENT AND OMNIBUS AMENDMENT OF LOAN DOCUMENTS (this “Second Amendment”) dated as of January     , 2012, is by and between
Gladstone Commercial Limited Partnership, a Delaware limited partnership (the “Borrower”), Gladstone Commercial Corporation, a Maryland corporation (the “Parent Guarantor”) and Capital One, N.A., as administrative
agent (in such capacity, the “Administrative Agent”). 
 RECITALS 

WHEREAS, the Borrower, the Administrative Agent and Branch Banking and Trust Company entered into a Credit Agreement dated
December 28, 2010 (the “Original Credit Agreement”), which was amended by that certain First Amendment to Credit Agreement dated as of December 6, 2011 to release one of the Borrowing Base Properties (as further amended,
modified, supplement or restated from time to time, the “Credit Agreement”); and 
 WHEREAS,
Section 2.12 of the Credit Agreement permitted Borrower to request increases to the aggregate amount of the Commitments, which Borrower has exercised; and 
 WHEREAS, Citizens Bank of Pennsylvania is willing to join the Credit Agreement as a Lender and to lend to Borrower up to $25,000,000 above the existing Commitments and Borrower shall make a
Revolving Note for Citizens Bank of Pennsylvania dated as of the date hereof (the “Additional Note”); 

WHEREAS, the parties are executing this Second Amendment to (i) reflect the increase in the aggregate Commitment and
Commitment Amounts of the Lenders; (ii) modify the other Loan Documents (other than the Mortgages which shall be accomplished by separate agreements) to reflect the aggregate increased Commitment, as more particularly set forth below.

 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Recitals; Capitalized Terms. The
recitals set forth above are incorporated herein by reference as if full set forth in the body of this Second Amendment. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Credit Agreement. 

2. Modifications to Credit Agreement. 
 (a) The definition of “Agreement” shall hereafter mean the Original Credit Agreement, as amended by the First Amendment to Credit Agreement dated December 6, 2011, as further amended
by this Second Amendment. 
 (b) The definition of “Issuing Bank” shall be deleted and the following shall be
substituted therefor: “Issuing Bank” means Capital One, N.A., Branch Banking and Trust Company and Citizens Bank of Pennsylvania, each in its capacity as the issuer of Letters of Credit pursuant to Section 2.4. 

 (c) The definition of “Loan Document” shall hereafter mean each document or
instrument executed and delivered by a Loan Party in connection with or relating to the Agreement (as defined herein) taking into account the Additional Note, this Second Amendment and each amendment to a Mortgage. 

(d) The definition of “Maximum Revolving Loan Amount” shall be deleted and the following shall be substituted therefor:
“Maximum Revolving Loan Amount” means Seventy-five Million Dollars ($75,000,000.00). 
 (e) Schedules I,
1.1(b), 2.2(m), 6.1(b), 6.1(f), and 6.1(g) to the Credit Agreement shall be deleted and the Schedules I, 1.1(b), 2.2(m), 6.1(b), 6.1(f), and 6.1(g) attached to this Second Amendment shall be substituted therefor. 

3. Modifications to Membership Interest Pledge Agreements. 

(a) The definition of “Loan” in the Recitals for that certain Pledge of Membership Interests and Security Agreement
between Borrower and Administrative Agent dated as of December 28, 2010 relating to the membership interests of C08 Fridley MN LLC shall be amended to reflect that the principal amount of the Loan has been increased to Seventy-five Million
Dollars ($75,000,000.00). 
 (b) The definition of “Loan” in the Recitals for that certain Pledge of Membership
Interests and Security Agreement between Borrower and Administrative Agent dated as of December 28, 2010 relating to the membership interests of CMS06-3 LLC shall be amended to reflect that the principal amount of the Loan has been increased to
Seventy-five Million Dollars ($75,000,000.00). 
 (c) The definition of “Loan” in the Recitals for that certain
Pledge of Membership Interests and Security Agreement between Borrower and Administrative Agent dated as of December 28, 2010 relating to the membership interests of EI07 Tewksbury MA LLC shall be amended to reflect that the principal amount of
the Loan has been increased to Seventy-five Million Dollars ($75,000,000.00). 
 (d) The definition of “Loan”
in the Recitals for that certain Pledge of Membership Interests and Security Agreement between Borrower and Administrative Agent dated as of December 28, 2010 relating to the membership interests of NJT06 Sterling Heights MI, LLC shall be
amended to reflect that the principal amount of the Loan has been increased to Seventy-five Million Dollars ($75,000,000.00). 

(e) The definition of “Loan” in the Recitals for that certain Pledge of Membership Interests and Security Agreement
between Borrower and Administrative Agent dated as of December 28, 2010 relating to the membership interests of RB08 Concord OH LLC shall be amended to reflect that the principal amount of the Loan has been increased to Seventy-five Million
Dollars ($75,000,000.00). 

 (f) The definition of “Loan” in the Recitals for that certain Pledge of
Membership Interests and Security Agreement between Borrower and Administrative Agent dated as of Jun 23, 2011 relating to the membership interests and limited partnership interests of FS11 Hickory NC, L.P. shall be amended to reflect that the
principal amount of the Loan has been increased to Seventy-five Million Dollars ($75,000,000.00). 
 4. Modification to
Environmental Indemnity Agreement. The definition of “Loan” in that certain Environmental Indemnity Agreement shall be amended to reflect that the principal amount of the Loan has been increased to Seventy-five Million Dollars
($75,000,000.00). 
 5. Omnibus Amendments. 
 (a) All references in the Loan Documents (other than the Mortgages) to the “Note” are hereby deemed modified and amended to mean and refer to the Revolving Notes, as supplemented by the
Additional Note, and any renewals, extensions or modifications thereof and all substitutions therefor. 
 (b) All references in
the Loan Documents (other than the Mortgages) to the “Credit Agreement” are amended to mean and refer to the Agreement as defined hereinabove, and any amendments, modifications, supplements or restatements thereof. 

(c) All references in the Loan Documents (other than the Mortgages) to the “Loan Documents” are hereby deemed modified and
amended to mean and refer to the Loan Documents as defined hereinabove, and any amendments, modifications, supplements or restatements thereof. 
 6. Representations and Warranties. Borrower and Parent Guarantor represent and warrant to Lenders as follows: 
 (a) All of the representations and warranties in the Loan Documents are true and correct in all material respects on and as of the date hereof as if made on and as of the date hereof (unless such
representation or warranty relates solely to an earlier date and such representations and warranties shall have been true and accurate on and as of such earlier date) and shall survive the execution and delivery of this Second Amendment. 

(b) No Event of Default has occurred or exists, or would exist with notice or lapse of time or both. 

7. Full Force and Effect, No Impairment and No Novation. As amended hereby, the Loan Documents remain in full force and effect and
constitutes a valid and enforceable obligation of the Borrower and Parent Guarantor free from any defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever by any party against the Administrative Agent or any of
the Lenders or any of their respective directors, officers, employees, agents or attorneys. Nothing in this Second Amendment shall be deemed to or shall in any manner prejudice or impair any of the Loan Documents or any security granted or held by
Lender for the Loan or the original priority of the Member Interest Pledges, the lien of the Mortgages or any of the other Loan Documents. This Agreement shall not be deemed to be nor shall it constitute, any alienation, waiver, annulment or
variation of the lien and encumbrance of 

 
the Member Interest Pledges, the Mortgages or any of the other Loan Documents or the terms and conditions of or any rights, powers or remedies under such documents, except as expressly set forth
herein. The execution and delivery of this Second Amendment shall not constitute a novation of the Loan. 
 8.
Ratification. Except as expressly set forth herein, all of the terms and conditions of the Loan Documents shall remain unmodified and in full force and effect and Borrower and Parent Guarantor hereby confirm and ratify all such documents and
will perform and comply with the terms and conditions thereof, as modified and amended hereby. 
 9. Reaffirmation by
Guarantors. Parent Guarantor and Subsidiary Guarantors join in this Second Amendment to consent to the terms hereof and acknowledge and agree that each of the Guaranty and the Subsidiary Guaranty remains in full force and effect, and also to
ratify and confirm, that as of the date hereof, there are no claims, set-offs or defenses to the obligations of Parent Guarantor or Subsidiary Guarantors under the Guaranty or the Subsidiary Guaranty, respectively. 

10. Miscellaneous. 
 (a) This Second Amendment may be executed in counterparts, and all counterparts shall constitute but one and the same document. 
 (b) If any court of competent jurisdiction determines any provision of this Second Amendment or any of the other Loan Documents to be invalid, illegal or unenforceable, that portion shall be deemed
severed from the rest, which shall remain in full force and effect as though the invalid, illegal or unenforceable portion had never been a part of such Loan Document. 
 (c) This Second Amendment shall be governed by the laws of the State of Maryland, without regard to the choice of law rules of that State. 

(d) The Borrower and Parent Guarantor each has all necessary or other power and authority to execute, deliver and perform this Second
Amendment. 
 (e) This Second Amendment supersedes any correspondence, negotiations or discussions concerning the contents of
this Second Amendment, whether written or oral. 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be executed by
their respective duly authorized signatories as of the day and year first written above. 
  

					
	BORROWER:
	
	GLADSTONE COMMERCIAL LIMITED PARTNERSHIP
		
	By:	 	GCLP Business Trust II, its general partner
			
		 	By:	 	  

		 		 	Danielle Jones, solely in her
		 		 	capacity as Trustee, and not in her individual capacity
			
		 	By:	 	  

		 		 	David Gladstone, solely in his
		 		 	capacity as Trustee, and not in his individual capacity

 

							
	PARENT GUARANTOR:
	
	GLADSTONE COMMERCIAL CORPORATION
			
	By:	 	  
	 	
	Name:	 	Danielle Jones	 	
	Title:	 	CFO	 	

 [Signatures continue on next page] 

			
	ADMINISTRATIVE AGENT:
	
	CAPITAL ONE, N.A., a national banking association
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	LENDER:
	
	CAPITAL ONE, N.A., a national banking association
		
	By:	 	  

	Name:	 	Frederick H. Denecke
	Title:	 	Vice President

 [Signatures continue on next page] 

			
	LENDERS:
	
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signatures continue on next page] 

			
	LENDERS:
	
	CITIZENS BANK OF PENNSYLVANIA
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 JOINDER 
 TO 
 SECOND AMENDMENT TO CREDIT AGREEMENT 

THIS JOINDER is made and entered into this     day of January, 2012, by and among Gladstone Commercial Corporation, a
Maryland corporation (the “Parent Guarantor”), Capital One, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and the Subsidiary Guarantors being guarantors of the Loan (as such term is
defined in that certain Credit Agreement dated December 28, 2010 among Borrower, Parent Guarantor, Lenders and Administrative Agent, as amended by that certain First Amendment to Credit Agreement dated December 6, 2011 among Gladstone
Commercial Limited Partnership, a Delaware limited partnership (the “Borrower”), Parent Guarantor and Administrative Agent and that certain Second Amendment to Credit Agreement and Omnibus Amendment of Loan Documents dated of even
date herewith (the “Second Amendment”). 
 As of the date hereof, the Parent Guarantor and Subsidiary
Guarantors acknowledge and agree: 
 1. Reaffirmation of Guaranties. The Guaranty and the Subsidiary Guaranty each
constitutes the valid, legally binding obligation of the Parent Guarantor and Subsidiary Guarantors, respectively, enforceable against Parent Guarantor and Subsidiary Guarantors, in accordance with their terms. By their execution hereof, Parent
Guarantor and Subsidiary Guarantors each agrees and acknowledges that the liability of such Parent Guarantor or Subsidiary Guarantor under their respective guaranties shall not be diminished in any way by the execution and delivery of the Second
Amendment or by the consummation of any of the transactions contemplated thereby. 
 2. Agreements of Guarantors. By
their execution hereof, Parent Guarantor and Subsidiary Guarantors agree to the execution of the Second Amendment and other documents executed in connection therewith by the Borrower. 

3. Defined Terms. All terms used, but not defined herein, shall have the meaning ascribed them in the Credit Agreement.

 IN WITNESS WHEREOF, the undersigned have caused this Joinder to be executed by their duly
authorized parties as of the date first above written. 
  

			
	PARENT GUARANTOR:
	
	GLADSTONE COMMERCIAL CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
	SUBSIDIARY GUARANTORS:
	
	C08 FRIDLEY MN LLC
		
	By:	 	Gladstone Commercial Limited Partnership, its manager
			
		 	By:	 	GCLP Business Trust II, its general partner
			
		 	By:	 	  

		 		 	 Danielle Jones, solely in her capacity

		 		 	 as Trustee, and not in her individual capacity

			
		 	By:	 	  

		 		 	 David Gladstone, solely in his capacity

		 		 	 as Trustee, and not in his individual capacity

  
 10 

					
	CMS06-3 LLC
		
	By:	 	Gladstone Commercial Limited Partnership, its manager
			
		 	By:	 	GCLP Business Trust II, its general partner
			
		 	By:	 	  

		 		 	 Danielle Jones, solely in her capacity

		 		 	 as Trustee, and not in her individual capacity

			
		 	By:	 	  

		 		 	 David Gladstone, solely in his capacity

		 		 	 as Trustee, and not in his individual capacity

	
	EI07 TEWKSBURY MA LLC
		
	By:	 	Gladstone Commercial Limited Partnership, its manager
			
		 	By:	 	GCLP Business Trust II, its general partner
			
		 	By:	 	  

		 		 	 Danielle Jones, solely in her capacity

		 		 	 as Trustee, and not in her individual capacity

			
		 	By:	 	  

		 		 	 David Gladstone, solely in his capacity

		 		 	 as Trustee, and not in his individual capacity

  
 11 

					
	NJT06 STERLING HEIGHTS MI LLC
		
	By:	 	Gladstone Commercial Limited Partnership, its manager
			
		 	By:	 	GCLP Business Trust II, its general partner
			
		 	By:	 	  

		 		 	 Danielle Jones, solely in her capacity

		 		 	 as Trustee, and not in her individual capacity

			
		 	By:	 	  

		 		 	 David Gladstone, solely in his capacity

		 		 	 as Trustee, and not in his individual capacity

	
	RB08 CONCORD OH LLC
		
	By:	 	Gladstone Commercial Limited Partnership, its manager
			
		 	By:	 	GCLP Business Trust II, its general partner
			
		 	By:	 	  

		 		 	 Danielle Jones, solely in her capacity

		 		 	 as Trustee, and not in her individual capacity

			
		 	By:	 	  

		 		 	 David Gladstone, solely in his capacity

		 		 	 as Trustee, and not in his individual capacity

  
 12 

							
	FS11 HICKORY NC, L.P.
		
	By:	 	FS11 Hickory NC GP LLC, its General Partner
			
		 	By:	 	Gladstone Commercial Limited Partnership, its Manager
				
		 		 	By:	 	GCLP Business Trust II, its General Partner
			
		 	By:	 	  

		 		 	Danielle Jones, solely in her capacity
		 		 	 as Trustee, and not in her individual capacity

			
		 	By:	 	  

		 		 	David Gladstone, solely in his capacity
		 		 	 as Trustee, and not in his individual capacity

	
	CBP11 GREEN TREE PA, L.P.
		
	By:	 	CBP11 Green Tree PA GP LLC, its General Partner
			
		 	By:	 	Gladstone Commercial Limited Partnership, its Manager
				
		 		 	By:	 	GCLP Business Trust II, its General Partner
			
		 	By:	 	  

		 		 	Danielle Jones, solely in her capacity
		 		 	 as Trustee, and not in her individual capacity

			
		 	By:	 	  

		 		 	David Gladstone, solely in his capacity
		 		 	 as Trustee, and not in his individual capacity

  
 13 

			
	 ADMINISTRATIVE AGENT FOR
ITSELF AND FOR THE LENDERS:
CAPITAL ONE, N.A., a national
banking
association

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 14 

 SCHEDULE I 
 Commitments 
  

					
	 Lender
	  	Commitment
Amount	 
	 Capital One, N.A.
	  	$	35,000,000	  
	 Branch Banking and Trust Company
	  	$	15,000,000	  
	 Citizens Bank of Pennsylvania
	  	$	25,000,000	  
	 TOTAL
	  	$	75,000,000First Amendment to Amended and Restated Note Agreement

 Exhibit 10.1 
 FIRST AMENDMENT TO AMENDED AND RESTATED NOTE AGREEMENT 
 This FIRST
AMENDMENT TO AMENDED AND RESTATED NOTE AGREEMENT dated as of January 27, 2012 (this “Amendment”), among NEWSTAR FINANCIAL, INC. (the “Company”), THE HOLDERS PARTY HERETO (the “Holders”) and
FORTRESS CREDIT CORP., as contractual representative of the Holders under the Note Agreement described below (in such capacity, together with its successors and assigns, the “Administrative Agent”). 

WHEREAS, the Company has entered into a Note Agreement dated as of January 5, 2010 with the Holders and the Administrative Agent, as
amended by that certain Amendment to Note Agreement dated as of April 6, 2010 (as so amended, the “Original Note Agreement”), pursuant to which the Holders agreed, subject to the terms and conditions set forth therein, to make
revolving loans to the Company; 
 WHEREAS, the Company has entered into an Amended and Restated Note Agreement dated as of
August 31, 2010 with the Holders and the Administrative Agent which amends and restates the Original Note Agreement (as amended, modified, extended, supplemented or restated from time to time, the “Note Agreement”), pursuant to
which the Holders agreed, subject to the terms and conditions set forth therein, to make term loans and revolving loans to the Company; 
 WHEREAS, immediately prior to the First Amendment Effective Date, Term Loans in an aggregate principal amount of $50,000,000 have been made and are outstanding and no Revolving Loans are outstanding; and

 WHEREAS, the Company has requested that the Administrative Agent and the Holders enter into this Amendment to
(a) increase the size of the credit facility to $125,000,000 by way of an increase in the maximum amount of the Term Commitments to $100,000,000, and a decrease in the maximum amount of the Revolving Commitments to $25,000,000, (b) revise
the definition of “Commitment Termination Fee,” (c) add to and revise certain definitions and specify the calculation of the amounts with respect thereto to be used in connection with the calculation of the Borrowing Base,
(d) extend the Scheduled Maturity Date under the Note Agreement, and (e) otherwise amend the Note Agreement as provided in this Amendment, and the Administrative Agent and the Holders have agreed to do the foregoing, subject to the terms
and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements contained in this
Amendment, the Company, the Holders party hereto and the Administrative Agent hereby agree as follows: 
 1. Capitalized
Terms. Capitalized terms used but not defined herein shall have the meanings set forth in the Note Agreement. 
 2.
Amendments to Note Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 5 below and in reliance on the representations and warranties set forth in Sections 4 and 5, the Note Agreement is hereby amended
as follows: 
 (a) Amendment to cover page of the Note Agreement. The cover page to the Note Agreement is hereby amended
by deleting each of the three dollar amounts specified thereon and the surrounding text and substituting the following therefor: 

“$125,000,000 
 CREDIT FACILITY 
 $100,000,000 TERM NOTES 

$25,000,000 REVOLVING NOTES” 

 (b) Amendment to Section 1.01 of the Note Agreement. Section 1.01 of the
Note Agreement is hereby amended as follows: 
 (i) The definition of “Adjustment Percentage” is hereby
amended by deleting such definition in its entirety and by substituting the following therefor: 

“‘Adjustment Percentage’ means (a) with respect to any Real Estate Loan that is a
Non-Performing Loan (including without limitation, any REO Loan) or any Structured Product, 60%, (b) with respect to any Real Estate Loan that is a Performing Loan, 75%, (c) with respect to any Obligor Second Lien Loan, any Obligor
Subordinated Loan or any other Obligor Loan that does not constitute Obligor Senior Debt, 5%, and (d) with respect to any Obligor Loan that constitutes Obligor Senior Debt as of any date of determination, the percentage set forth below opposite
the Obligor Senior Leverage Ratio applicable to such Obligor Loan as of the Measurement Date then most recently ended: 
  

					
	 Obligor Senior Leverage Ratio
	  	Percentage	 
		
	 Less than 3.00 to 1.00
	  	 	100	% 
		
	 Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00
	  	 	90	% 
		
	 Greater than or equal to 4.00 to 1.00 but less than 5.50 to 1.00
	  	 	80	% 
		
	 Greater than or equal to 5.50 to 1.00 but less than 7.00 to 1.00
	  	 	65	% 
		
	 Greater than or equal to 7.00 to 1.00 but less than 9.00 to 1.00
	  	 	50	% 
		
	 Greater than or equal to 9.00 to 1.00 (or where the Obligor EBITDA for the relevant period is negative)
	  	 	30	% 

 Notwithstanding clauses (c) and (d) above, solely for purposes of calculating the Adjusted Loan
Amount in connection with the calculation of (i) the Unencumbered Asset Amount with respect to any Eligible Unencumbered Asset that is a Large Liquid Loan as of any date of determination and (ii) the Investment Vehicle Equity Amount with
respect to any Eligible Investment Vehicle holding an Obligor Loan that is a Large Liquid Loan, the Adjustment Percentage for any such Large Liquid Loan shall equal the percentage set forth below opposite the “Current Debt Rating” which
corresponds to the Applicable Debt Rating as of the then most recent Measurement Date: 
  

					
	 Current Debt Rating
	  	Percentage	 
		
	 “B” or higher (if Applicable Debt Rating is from S&P) or “B2” or higher (if Applicable Debt Rating is
from Moody’s)
	  	 	100	% 
		
	 “B-” (if Applicable Debt Rating is from S&P) or “B3” (if Applicable Debt Rating is from
Moody’s)
	  	 	90	% 
		
	 “CCC+” (if Applicable Debt Rating is from S&P) or “Caa1” (if Applicable Debt Rating is from
Moody’s)
	  	 	80	% 

  
 2 

					
	 Current Debt Rating
	  	Percentage	 
		
	 “CCC” (if Applicable Debt Rating is from S&P) or “Caa2” (if Applicable Debt Rating is from
Moody’s)
	  	 	65	% 
		
	 “CCC-” (if Applicable Debt Rating is from S&P) or “Caa3” (if Applicable Debt Rating is from
Moody’s)
	  	 	50	% 
		
	 Lower than “CCC-” (if Applicable Debt Rating is from S&P) or “Caa3” (if Applicable Debt Rating is from
Moody’s)
	  	 	30	% 

 Notwithstanding anything herein to the contrary, if at any time of determination of the Borrowing Base, a
Drawable Unencumbered Revolving Asset Excess exists, a portion of the Eligible Drawable Unencumbered Revolving Assets equal in amount to such Drawable Unencumbered Revolving Asset Excess shall be deemed to have an Adjustment Percentage which is
equal to the percentage set forth above which would have applied thereto without giving effect to this sentence multiplied by 0.50 (the reduction to the Adjustment Percentage resulting from such multiplication being the “Revolving Asset
Haircut”). 
 (ii) The definition of “Cash Equivalents” is hereby amended by deleting such
definition in its entirety and by substituting the following therefor: 
 “‘Cash
Equivalents’ means, as of any date of determination (i) marketable securities issued or fully guaranteed or insured by the United States federal government or any agency thereof, (ii) certificates of deposit, eurodollar time
deposits, overnight bank deposits and bankers’ acceptances of any commercial bank organized under the laws of the United States, any state thereof, the District of Columbia, any foreign bank, or its branches or agencies (fully protected against
currency fluctuations) that, at the time of acquisition, are rated at least “A-1” by S&P or “P-1” by Moody’s, (iii) commercial paper of an issuer rated at least “A-1” by S&P or “P-1” by
Moody’s, (iv) repurchase obligations rated at least “A-1” by S&P or “P-1” by Moody’s, (v) any negotiable instruments or securities or other investments subject to the satisfaction of at least an
“A-1” rating by S&P or a “P-1” rating by Moody’s, and (vi) shares of any money market fund that (a) has net assets whose Dollar equivalent exceeds $500,000,000, and (b) is rated at least “AAAm”
or “AAAm-G” by S&P or “Aaa” by Moody’s. Notwithstanding the above, except for purposes of determining Unrestricted Cash for purposes of calculating the Minimum Interest Coverage under Section 6.14(a), Cash
Equivalents shall not include any Qualified Investment that is held by the Company in the Securities Account of the Company with U.S. Bank National Association having account number 786577-900 or is held by the NewStar Collateral Subsidiary in the
Securities Account of the NewStar Collateral Subsidiary with U.S. Bank National Association having account number 135860-200.” 
 (iii) The definition of “CLO Note Amount” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 

“‘CLO Note Amount’ means, as of any date of determination, the product of (a) the aggregate
outstanding principal balance of all Eligible CLO Notes as of the Measurement Date ending on or most recently ended prior to such date multiplied by (b) 0.50.” 

  
 3 

 (iv) The definition of “Commitment Termination Fee” is hereby
amended by deleting such definition in its entirety and by substituting the following therefor: 

“‘Commitment Termination Fee’ means, as of any date of determination, the fee payable pursuant to
Section 2.04(d) in connection with the events described therein, in an amount equal to: 
 (a) with
respect to the optional or required termination of the Term Commitments under Section 2.03(c) or Section 2.02(b)(ii) on or prior to the Draw Period Termination Date, the product of (i) the aggregate unfunded Term
Commitments as of such date of termination and (ii) 3%; 
 (b) with respect to the optional or required
termination of the Revolving Commitments under Section 2.03(c) or Section 2.02(b)(ii), (i) in the case of any such termination made during the period commencing on the First Amendment Effective Date and ending on
June 30, 2012, zero, (ii) in the case of any such termination made during the period commencing on July 1, 2012 and ending on August 31, 2015, the product of (x) the aggregate Revolving Commitments as of the date of such
termination and (y) 1% and (iii) in the case of any such termination made at any time thereafter, zero; 
 (c) with respect to the Commitment Termination Fee due pursuant to Section 2.04(d)(ii), the product of (i) the aggregate unfunded Term Commitments as of March 31, 2012 and
(ii) 3%; and 
 (d) with respect to the Commitment Termination Fee due pursuant to
Section 2.04(d)(iii), (i) in the case of any such prepayment made during the period commencing on the First Amendment Effective Date and ending on the first anniversary of the First Amendment Effective Date and applied to prepay
Term Loans, the product of (x) the amount of such prepayment and (y) 3%, (ii) in the case of any such prepayment made during the period commencing on the date immediately succeeding the first anniversary of the First Amendment
Effective Date and ending on August 31, 2015 and applied to prepay Term Loans, the product of (x) the amount of such prepayment and (y) 1%, and (iii) in the case of any such prepayment made at any time thereafter, zero.”

 (v) The definition of “Draw Period Termination Date” is hereby amended by deleting such definition
in its entirety and by substituting the following therefor: 
 “‘Draw Period Termination
Date’ means the earlier of (a) the date on which the Term Loans are fully drawn and (b) March 31, 2012.” 
 (vi) The definition of “Eligible CLO Note” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 

“‘Eligible CLO Note’ means (i) any CLO Note that is listed on Schedule 1.01A hereto,
(ii) any CLO Note purchased by the Company or a Subsidiary Guarantor after the date hereof that was issued by a CLO Subsidiary that issued any CLO Note listed on Schedule 1.01A hereto, and (iii) any other CLO Note issued after the
date hereof by a CLO Subsidiary formed after the date hereof so long as (a) the structure and capitalization of such CLO Note and the related CLO Subsidiary are substantially similar to, or not otherwise less favorable to the holder than, those
CLO Notes listed on Schedule 1.01A, (b) such CLO Note is issued on or after the First Amendment Effective Date and has, as of the Measurement Date then most recently ended, a public credit rating of not lower than “BB” (or its
equivalent) from at least one nationally recognized statistical 

  
 4 

 
rating organization or (c) such CLO Note has been approved in writing by the Administrative Agent, such approval not to be unreasonably withheld, conditioned or delayed; provided that
in each case of clauses (i), (ii) and (iii), such CLO Note satisfies the General Eligibility Criteria.” 
 (vii) The definition of “Eligible Unencumbered Asset” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 

“‘Eligible Unencumbered Asset’ means (a) any Unencumbered Asset of any type (other than a
Qualified Investment) that satisfies the General Eligibility Criteria and is held by the NewStar Collateral Subsidiary or an REO Subsidiary that is a Subsidiary Guarantor or (b) any Unencumbered Asset consisting of a Qualified Investment that
satisfies the General Eligibility Criteria and is held by the Company in the Securities Account of the Company with U.S. Bank National Association having account number 786577-900 or is held by the NewStar Collateral Subsidiary in the Securities
Account of the NewStar Collateral Subsidiary with U.S. Bank National Association having account number 135860-200.” 
 (viii) The definition of “Investment” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 

“‘Investment’ means, as to any Person, any direct or indirect acquisition or investment by such
Person, whether by means of (i) the purchase or other acquisition of Capital Stock or other securities of another Person, (ii) a loan, advance or capital contribution to, or purchase or other acquisition of any other Indebtedness of or
equity participation or interest in, another Person, including any partnership or Investment Vehicle interest in such other Person or (iii) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another
Person that constitute a business unit. Except as otherwise set forth in the definition of “Adjusted Qualified Investment Amount” with respect to Qualified Investments, the amount of any Investment shall be the original cost of such
Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment. For avoidance of doubt, any Qualified Investment held by any
Person shall constitute an Investment by such Person.” 
 (ix) The definition of “Investment Vehicle
Equity Amount” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 
 “‘Investment Vehicle Equity Amount’ means, as at any date of determination, with respect to each Eligible Investment Vehicle, the product of (i) 0.35 multiplied by
(ii) the difference between (A) the Adjusted Loan Amount of all Obligor Loans held by such Eligible Investment Vehicle as of the Measurement Date ending on or most recently ended prior to such date and (B) the difference between
(1) the Investment Vehicle Debt of such Eligible Investment Vehicle as of the Measurement Date ending on or most recently ended prior to such date and (2) the Principal Cash of each Eligible Investment Vehicle as of such date, provided
that (a) so long as no party has any recourse to the Company in respect of any Indebtedness of an Eligible Investment Vehicle, the Investment Vehicle Equity Amount with respect to such Eligible Investment Vehicle shall not be an amount less
than zero, and (b) with respect to any Investment Vehicle Debt as to which a third party has total or partial recourse to the Company, the Investment Vehicle Equity Amount with respect to such Eligible Investment Vehicle may be less than zero,
but the amount by which such Investment Vehicle Equity Amount may be less than zero shall not exceed the Liquidated Recourse Amount in respect of such Investment Vehicle Debt.” 

  
 5 

 (x) The definition of “Obligor Senior Leverage Ratio” is hereby
amended by deleting such definition in its entirety and by substituting the following therefor: 

“‘Obligor Senior Leverage Ratio’ means, with respect to any Obligor Loan as of any Measurement Date,
the ratio of (a) the excess of Obligor Senior Debt in respect of such Obligor Loan over Obligor Cash of the related Obligor as of such Measurement Date to (b) Obligor EBITDA in respect of such Obligor Loan for the period of twelve
consecutive calendar months ending on or most recently ended prior to such Measurement Date.” 
 (xi) The
definition of “Revolving Commitment” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 
 “‘Revolving Commitment’ means, with respect to each Revolving Holder, the commitment of such Revolving Holder to make Revolving Loans hereunder, as such commitment may be
(1) reduced from time to time pursuant to Section 2.03(b) and/or Section 2.03(c), or (2) reduced or increased from time to time pursuant to assignments by or to such Holder pursuant to Section 12.07. The
initial maximum amount of each Revolving Holder’s Revolving Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Revolving Holder shall have assumed its Revolving Commitment, as applicable.
The aggregate maximum amount of the Revolving Commitments as of the First Amendment Effective Date is equal to $25,000,000.” 
 (xii) The definition of “Scheduled Maturity Date” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 

“‘Scheduled Maturity Date’ means August 31, 2016.” 

(xiii) The definition of “Term Commitment” is hereby amended by deleting such definition in its entirety and by
substituting the following therefor: 
 “‘Term Commitment’ means, with respect to each Term
Holder, the commitment of such Term Holder to make Term Loans hereunder, as such commitment may be (1) reduced from time to time pursuant to Section 2.03(c), or (2) reduced or increased from time to time pursuant to assignments
by or to such Term Holder pursuant to Section 12.07. The initial maximum amount of each Term Holder’s Term Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Term Holder shall
have assumed its Term Commitment, as applicable. The aggregate maximum amount of the Term Commitments as of the First Amendment Effective Date is equal to $100,000,000.” 

(xiv) The definition of “Unencumbered Asset Amount” is hereby amended by deleting such definition in its
entirety and by substituting the following therefor: 
 “‘Unencumbered Asset Amount’ means,
as of any date of determination, the sum of (a) the product of (i) 0.70 multiplied by (ii) of the aggregate Adjusted Loan Amount of all Eligible Unencumbered Assets consisting of Obligor Loans and Investments (other than Qualified
Investments) as of the Measurement Date ending on or most recently ended prior to such date plus (b) the aggregate Adjusted Qualified Investment Amount of all Eligible Unencumbered Assets consisting of Qualified Investments as of the
Measurement Date ending on or most recently ended prior to such date.” 

  
 6 

 (xv) The definition of “Unencumbered Assets” is hereby amended by
deleting such definition in its entirety and by substituting the following therefor: 

“‘Unencumbered Assets’ means (a) Obligor Loans or Investments (other than Qualified
Investments) owned by the NewStar Collateral Subsidiary or an REO Subsidiary and not subject to any Lien (other than Permitted Encumbrances) or (b) Investments consisting of Qualified Investments owned by the Company or the NewStar Collateral
Subsidiary and not subject to any Lien (other than Permitted Encumbrances). 
 (xvi) The definition of
“Wachovia Facility” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 
 “‘Wachovia Facility’ means the Fourth Amended and Restated Loan and Servicing Agreement amended and restated as of July 12, 2011, by and among NewStar CP Funding LLC, as the
Borrower, the Company, as the Originator and Servicer, each of the conduit lenders and institutional lenders from time to time party thereto, each of the lender agents from time to time party thereto, Wells Fargo Securities, LLC, as the
Administrative Agent, and U.S. Bank National Association, as the Trustee, together with any documents executed in connection therewith, as amended by the First Amendment to Fourth Amended and Restated Loan and Servicing Agreement dated as of
November 4, 2011 and as the same may be further amended, restated, supplemented or otherwise modified from time to time.” 
 (xvii) Section 1.01 of the Note Agreement is hereby further amended by inserting the following new definitions of “Adjusted Qualified Investment Amount”, “Applicable Debt Rating”,
“First Amendment Effective Date”, “Large Liquid Loan”, “Moody’s”, “Obligor Cash”, “Qualified Investment”, and “S&P” therein in appropriate alphabetical order: 

“‘Adjusted Qualified Investment Amount’ means, at any time of determination, with respect to any
Qualified Investment set forth below, the product of (a) the value of such Qualified Investment as of such date of determination as quoted by Bloomberg Professional Service (or, in the case of Qualified Investments not so quoted, the amount of
such Qualified Investment as of such date) multiplied by (b) the percentage (expressed as a fraction) set forth opposite such Qualified Investment below: 
  

					
	 Qualified Investment
	  	Percentage	 
		
	 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 of America and that have a maturity of not more than 365 days from the date of acquisition
	  	 	99	% 
		
	 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 365 days from the date of acquisition
	  	 	99	% 
		
	 Negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of 1-10 years
	  	 	97	% 

  
 7 

					
	 Qualified Investment
	  	Percentage	 
		
	 Negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of more than 10
years
	  	 	95	% 
		
	 Bankers’ acceptances and certificates of deposit and other interest-bearing obligations (in each case having a maturity of
not more than 360 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 of least A-1 by S&P
and P-1 by Moody’s
	  	 	98	% 
		
	 Commercial paper (having original maturities of no more than 365 days) rated at least A-1 by S&P and P-1 by
Moody’s
	  	 	98	% 

 “‘Applicable Debt Rating’ means, with respect to any loan facility
on any date of determination, the rating assigned to such facility by S&P (or, in the event that such facility is not rated by S&P, the current rating assigned to such facility by Moody’s) as of such date.” 

“‘First Amendment Effective Date’ means January 27, 2012.” 

“‘Large Liquid Loan’ means any Obligor Loan issued as part of a publicly-rated loan facility that is
rated by S&P or Moody’s with an original loan size (including any first and second lien loans included in such facility) greater than $250,000,000, including for purposes of this definition, the maximum available amount of commitments under
any revolving loan facilities and delayed draw term loan facilities.” 

“‘Moody’s’ means Moody’s Investors Service, Inc.” 

“‘Obligor Cash’ means, as of any date of determination with respect to any Obligor Loan, the
aggregate amount of all cash of such Obligor as reflected in the Company’s internal credit performance tracking system (to the extent the Company has received the required information from such Obligor) and approved by the chief credit officer
of the Company, it being understood that the amount of cash of such Obligor reflected in such system shall be updated not less frequently than quarterly and shall be conclusive evidence of Obligor Cash with respect to such Obligor Loan, absent the
Company’s fraud, gross negligence or manifest error.” 
 “‘Qualified Investment’
means 
 (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 of America and that have a maturity of not more than 365 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 365 days from
the date of acquisition; 
 (c) negotiable debt obligations issued by the U.S. Treasury Department having a
remaining maturity of 1-10 years; 

  
 8 

 (d) negotiable debt obligations issued by the U.S. Treasury Department
having a remaining maturity of more than 10 years; 
 (e) bankers’ acceptances and certificates of deposit
and other interest-bearing obligations (in each case having a maturity of not more than 360 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 of least A-1 by S&P and P-1 by Moody’s; and 

(f) commercial paper (having original maturities of no more than 365 days) rated at least A-1 by S&P and P-1 by
Moody’s.” 
 “‘S&P’ means Standard & Poor’s Ratings Services, a
Standard & Poor’s Financial Services LLC business.” 
 (c) Amendment to Section 2.01(b) of the Note
Agreement. The final sentence of Section 2.01(b) of the Note Agreement is hereby amended by deleting such sentence in its entirety and substituting the following sentence therefor: 

“In the event that the Company does not borrow the full amount of the Term Commitments on or prior to March 31, 2012, the
Company will be required to pay the Commitment Termination Fee to the extent required pursuant to Section 2.04(d)(ii).” 
 (d) Amendment to Section 2.01(e) of the Note Agreement. Section 2.01(e) of the Note Agreement is hereby amended by deleting such section in its entirety and substituting the following
section therefor: 
 “(e) Notes. On the First Amendment Effective Date, the Company shall execute and deliver to each
Holder having a Revolving Commitment a Revolving Note in the principal amount of such Holder’s Revolving Commitment and shall execute and deliver to each Holder having a Term Commitment a Term Note in the principal amount of such Holder’s
Term Commitment. Each Holder shall return to the Company all Revolving Notes and Term Notes issued by the Company to such Holder prior to the First Amendment Effective Date marked ‘cancelled’.” 

(e) Amendment to Section 2.04(d)(ii) of the Note Agreement. Section 2.04(d)(ii) of the Note Agreement is hereby amended
by deleting such section in its entirety and substituting the following section therefor: 
 “(ii) In the event that the
Company shall not have requested the funding of additional Term Loans in the aggregate principal amount of $50,000,000 in accordance with Section 2.01(b) during the period commencing on the First Amendment Effective Date and continuing
through and including March 31, 2012, such that the aggregate amount of all Term Loans funded from and after the Closing Date equals $100,000,000 (or the Company shall have failed to satisfy the provisions of Section 4.02 with
respect to the funding of such additional Term Loans such that additional Term Loans in the aggregate principal amount of $50,000,000 are not funded during such period), then within five (5) Business Days after March 31, 2012, the Company
shall pay the Commitment Termination Fee to the Administrative Agent for the account of the Term Holders; provided that if, prior to March 31, 2012, a Commitment Termination Fee has been paid by the Company pursuant to
Section 2.04(d)(i) in connection with a termination of the Term Commitments in whole, then no Commitment Termination Fee shall be due pursuant to this Section 2.04(d)(ii).” 

  
 9 

 (f) Amendment to Section 5.21 of the Note Agreement. Section 5.21 of the
Note Agreement is hereby amended by deleting such section in its entirety and substituting the following section therefor: 
 “5.21 Ownership of CLO Notes. Other than the CLO Notes set forth on Schedule 1.01A, as of the First Amendment Effective Date, neither the Company nor 2009 CLO Subsidiary holds or otherwise
owns any CLO Notes.” 
 (g) Amendment to Section 7.04 of the Note Agreement. Section 7.04 of the Note
Agreement is hereby amended by deleting clause (e) in its entirety and substituting the following clause (e) therefor: 

“(e) Dispositions of Unencumbered Assets (other than Qualified Investments) or any Obligor Loan; provided that, if such Disposition
is made by any such Person other than 2009 CLO Subsidiary, after giving effect to such Disposition and the application of the proceeds thereof, the Coverage Test shall be satisfied; 

(h) Amendment to Section 7.04 of the Note Agreement. Section 7.04 of the Note Agreement is hereby amended by deleting
clauses (h) and (i) in their entirety and substituting the following clauses (h), (i), (j) and (k) therefor: 

“(h) Dispositions of Workout Assets to non-Affiliates, provided that, both before and after giving effect thereto, the Coverage Test
shall be satisfied; 
 (i) subject to the terms of Section 7.03, any Disposition by the Company of property or other
assets not constituting Collateral; 
 (j) after the First Amendment Effective Date, Disposition by the Company of the Capital
Stock of a Warehouse Subsidiary that is part of the Collateral, provided that, both before and after giving effect thereto, the Coverage Test shall be satisfied, and, provided further that, only one Disposition per Warehouse Subsidiary is permitted
pursuant to this Section 7.04(j); and 
 (k) Dispositions of, subject to the prior written consent of the
Administrative Agent (except that no such consent shall be required if (A) the Company shall have delivered to the Administrative Agent a Borrowing Base Certificate no later than three (3) Business Days prior to the date of such
Disposition and the Administrative Agent shall not have notified the Company of any error in any calculation made under such Borrowing Base Certificate within three (3) Business Days after the delivery of such Borrowing Base Certificate to the
Administrative Agent and (B) after giving effect to such Disposition and the application of the proceeds thereof, the Coverage Test shall be satisfied), Unencumbered Assets that are Qualified Investments; provided, that only four such
Dispositions per calendar quarter are permitted pursuant to this Section 7.04(k).” 
 (i) Amendment to
Schedules to Note Agreement. Schedules 1.01A, 2.01, 5.20 and 12.02 of the Note Agreement are hereby amended by replacing such Schedules with updated Schedules 1.01A, 2.01, 5.20 and 12.02 attached hereto. Such updated Schedules 1.01A, 2.01, 5.20
and 12.02 shall be deemed to be incorporated into the Note Agreement as of the date hereof and each reference in the Note Agreement to such Schedules shall be deemed to refer to such updated Schedules 1.01A, 2.01, 5.20 and 12.02 attached hereto on
and after the date hereof. 
 3. No Default; Representations and Warranties, Etc. The Company hereby represents,
warrants, confirms and covenants that the execution, delivery and performance by the Company of this Amendment and the consummation of the transactions contemplated hereby (a) have been duly authorized by all necessary action on the part of the
Company, (b) have not violated, conflicted with or resulted in a default under and will not violate or conflict with or result in a default under (i) any applicable law or regulation, (ii) any term or provision of the organizational
documents of the Company 

  
 10 

 
or (iii) any term or provision of any indenture, agreement or other instrument binding on the Company or any of its assets, except, in the case of the foregoing clauses (i) and (iii),
to the extent that such violation, conflict or default could not reasonably be expected to result in a Material Adverse Effect, and (c) do not require any consent, waiver or approval of or by any Person which has not been obtained. 

4. Ratification and Confirmation. The Company hereby agrees and confirms that: 

(a) the Note Agreement and each of the other Note Documents, as amended and otherwise modified by the amendments specifically provided
herein, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed; and 
 (b)
the liens and security interests granted in favor of the Administrative Agent for the benefit of itself and the Holders under the terms of the Note Documents are perfected, effective, enforceable and valid and that such liens and security interests
are, in each case, a first priority lien and security interest except to the extent otherwise expressly permitted by the Note Documents and that such liens and security interests are hereby in all respects ratified and confirmed. 

5. Conditions to this Amendment. The effectiveness of this Amendment shall be subject to the satisfaction of the following
conditions precedent: 
 (a) The Administrative Agent shall have received payment of the upfront fee in accordance with that
certain fee letter between the Company and the Administrative Agent of even date herewith. 
 (b) The Administrative Agent shall
have received the following, each of which shall be originals or facsimiles or other electronic format (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Person, each dated the
date hereof (or, in the case of certificates of governmental officials, a recent date before the date hereof) and each in form and substance satisfactory to the Administrative Agent and its legal counsel: 

 

	 	i)	executed counterparts of this Amendment and the Notes, sufficient in number for distribution to the Administrative Agent, each Holder and the Company;

  

	 	ii)	such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Note Party as the Administrative
Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Note Documents to which such Note Party is a
party; 

  

	 	iii)	such documents and certifications as the Administrative Agent may reasonably require to evidence that each Note Party is duly organized or formed, and that each Note
Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that the
failure to be so qualified in any such jurisdiction other than the jurisdiction of such Note Party’s organization or formation could not reasonably be expected to result in a Material Adverse Effect; 

 

	 	iv)	a certificate of a Responsible Officer of the Company stating that no consent, license or approval is required in connection with the execution, delivery and
performance by any Note Party and the validity against such Note Party of the Note Documents to which it is a party, other than those consents, licenses and approvals that have already been obtained; 

 

	 	v)	 a certificate signed by a Responsible Officer of the Company certifying that (A) the representations and warranties of the Company contained in
Article V of the Note Agreement or any other Note Document, or which are contained in any document furnished under or in 

  
 11 

	 	
connection herewith or therewith, shall be true and correct in all material respects on and as of the First Amendment Effective Date (except to the extent that any such representation or warranty
expressly relates to an earlier date, in which case such representation or warranty shall be true and correct in all material respects of such date); (B) as of the First Amendment Effective Date, immediately after giving effect to this
Amendment, no Default or Event of Default shall have occurred and be continuing; (C) there is no Judgment binding on any Note Party, and the Administrative Agent has not received from the Company any notice that any action, suit, investigation,
litigation or proceeding is pending or overtly threatened in any court or before any arbitrator or Governmental Authority, which would be reasonably expected to impose or result in the imposition of a Material Adverse Effect; and (D) there has
been no event or circumstance since September 30, 2011 that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; and 

 

	 	vi)	a Borrowing Base Certificate setting forth the Borrowing Base as of the date hereof, after giving effect to the initial Loans, if any, made on the date hereof.

 (c) The Administrative Agent shall have received a favorable written opinion of Edwards Wildman Palmer LLP,
counsel to the Note Parties, dated the First Amendment Effective Date, addressed to the Administrative Agent and the Holders and substantially similar in form and substance to the opinion delivered by such counsel on the Amendment Closing Date.

 (d) The Administrative Agent shall have received evidence of the execution of such amendments, supplements or other
modifications as may be required under the Natixis Facility and the Wachovia Facility, including amendments to the related limited liability agreement and sale and servicing agreements. 

(e) The Administrative Agent shall have received an update or supplement to Exhibit C of the Security Agreement in form and substance
reasonably satisfactory to the Administrative Agent. 
 (f) The Administrative Agent shall have received such other assurances,
certificates, documents, consents or opinions as the Administrative Agent may reasonably require. 
 6. Miscellaneous.

 (a) Except as otherwise expressly set forth herein, nothing herein shall be deemed to constitute an amendment, modification
or waiver of any of the provisions of the Note Agreement or the other Note Documents, all of which remain in full force and effect as of the date hereof and are hereby ratified and confirmed. The Company acknowledges and agrees that nothing
contained herein shall be deemed to entitle such party to a consent to, or a waiver, amendment or modification of, any of the terms, conditions, obligations, covenants or agreements contained in the Note Documents in similar or different
circumstances or shall prejudice any right or rights which the Administrative Agent or any Holder now has or may have under, or in connection with, the Note Agreement, as amended hereby, the Note Documents, or any other documents referred to herein
or therein. 
 (b) Upon the effectiveness of this Amendment, each reference in the Note Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” “hereby” or words of like import shall mean and be a reference to the Note Agreement as amended hereby, and each reference to the Note Agreement in any other document,
instrument or agreement executed and/or delivered in connection with the Note Agreement shall mean and be a reference to the Note Agreement as amended hereby. 
 (c) This Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but all counterparts shall together constitute one instrument. Whenever
the terms or sections amended hereby shall be referred to in the Note Agreement, Note 

  
 12 

 
Documents or such other documents (whether directly or by incorporation into other defined terms), such defined terms shall be deemed to refer to those terms or sections as amended by this
Amendment. A signature page sent to the Administrative Agent or its counsel by facsimile or other electronic means (including in portable document format (.pdf)) shall be effective as an original counterpart signature. 

(d) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH HOLDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective permitted successors and assigns. 
 (e) The Company agrees to pay all reasonable expenses, including legal fees and
disbursements incurred by the Administrative Agent in connection with this Amendment and the transactions contemplated hereby. 

[Signature Pages Follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment which shall be deemed to
be a sealed instrument as of the date first above written. 
  

			
	COMPANY
	
	NEWSTAR FINANCIAL, INC.
		
	By:	 	 /s/ JOHN J. FRISHKOPF

		 	John J. Frishkopf
		 	Treasurer

 
			
	
	ADMINISTRATIVE AGENT
	
	 FORTRESS CREDIT CORP.,
 as Administrative Agent

		
	By:	 	 /s/ CONSTANTINE M. DAKOLIAS

		 	Name: Constantine M. Dakolias
		 	Title: President

 
			
	
	HOLDERS
	
	 FORTRESS CREDIT OPPORTUNITIES I LP,
 as a Holder

	
	 By: Fortress Credit Opportunities I GP LLC,
 its general partner

		
	By:	 	 /s/ CONSTANTINE M. DAKOLIAS

		 	Name: Constantine M. Dakolias
		 	Title: President

 
			
	
	 FORTRESS CREDIT FUNDING I LP,
 as a Holder

	
	By: Fortress Credit Funding I GP LLC, its general partner
		
	By	 	 /s/ CONSTANTINE M. DAKOLIAS

		 	Name: Constantine M. Dakolias
		 	Title: President

 
			
	 FORTRESS CREDIT FUNDING III LP,
 as a Holder

	
	 By: Fortress Credit Funding III GP LLC,
 its general partner

		
	By:	 	 /s/ CONSTANTINE M. DAKOLIAS

		 	Name: Constantine M. Dakolias
		 	Title: President

 
			
	
	 FORTRESS CREDIT FUNDING IV LP,
 as a Holder

	
	 By: Fortress Credit Funding IV GP LLC,
 its general partner

		
	By:	 	 /s/ CONSTANTINE M. DAKOLIAS

		 	Name: Constantine M. Dakolias
		 	Title: President

  
 15

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