Document:

Exhibit 10.5
Dear ____________:
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On behalf of Norwegian Cruise Line Holdings Ltd. and its subsidiaries (together, the “Company”), I am pleased to offer you the opportunity to receive a key employee retention bonus pursuant to the Company’s Amended and Restated 2013 Performance Incentive Plan if you agree to the terms and conditions contained in this letter agreement (this “Agreement”), which shall be effective as of the date you execute and return a copy of this Agreement (such date, the “Effective Date”). If you do not execute and return a copy of this Agreement, which must occur prior to [October 16, 2020], this Agreement shall be null and void.
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1.Retention Bonus. Subject to the terms and conditions set forth herein, you will receive a cash lump sum payment in the amount of $___________ (the “Retention Bonus”), payable following the Effective Date, but no later than [October 31, 2020]1. You agree that in the event your employment with the Company terminates for any reason other than a Qualifying Termination before December 31, 2021 (the “Retention Date”), you will be required to repay to the Company within ten business days of such termination 100% of the Retention Bonus. For the sake of clarity, you will not be required to repay the Retention Bonus if (i) you are terminated in a Qualifying Termination or (ii) you are employed by the Company on the Retention Date. At the option of the Company, all or part of the amount to be repaid to the Company may be deducted from any amounts owed by the Company to you, including without limitation, any amounts owed as wages, salary, bonuses, equity or other incentive compensation or awards, expense reimbursements, and any other remuneration due for or on account of your employment with the Company, provided, however, that no such deduction shall be made to the extent that it would result in a tax being owed pursuant to Section 409A or 457A of the Code.
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2.Definitions. For purposes of this Agreement:

(a)“Cause” shall have the meaning specified in your employment agreement with the Company. A termination for “Cause” shall include a determination by the Company following your termination of employment for any other reason that, prior to such termination of employment, circumstances constituting Cause existed with respect to you.
(b)“Code” means the Internal Revenue Code of 1986, as it may be amended from time to time, including regulations and rules thereunder and successor provisions and regulations and rules thereto.
(c)“Disability” shall have the meaning specified in your employment agreement with the Company.
(d)“Good Reason” shall have the meaning specified in your employment agreement with the Company.

1 For Mr. Del Rio, the payment date will be a date prior to December 31, 2020.

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(e)“Qualifying Termination” means the termination of your employment before the Retention Date (i) by the Company for a reason other than Cause, (ii) by you for Good Reason or (iii) due to your death or Disability if, and only if, in the case of any termination pursuant to clauses (i), (ii) and (iii), other than in the case of your death, you execute a general release agreement, substantially in the form included in your employment agreement (with such amendments that may be necessary to ensure the release is enforceable to the fullest extent permissible under then applicable law), within twenty-one days following the termination of your employment with the Company and you not revoking such release (the “Release”). For the sake of clarity, a termination of employment (other than in the case of death) will not be a Qualifying Termination if you do not execute, or if you revoke, the Release, in which case you will be required to repay the Retention Bonus within ten business days after the expiration of the twenty-one-day period.
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3.Withholding Taxes. The Company may withhold from any and all amounts payable to you hereunder such federal, state and local taxes as the Company determines in its sole discretion may be required to be withheld pursuant to any applicable law or regulation.
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4.No Right to Continued Employment. Nothing in this Agreement will confer upon you any right to continued employment with the Company (or any successors) or to interfere in any way with the right of the Company (or any successors) to terminate your employment at any time.
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5.Other Benefits. The Retention Bonus is a special payment to you and will not be taken into account in computing the amount of salary or compensation for purposes of determining any bonus, incentive, pension, retirement, death or other benefit under any other bonus, incentive, retirement, insurance or other employee benefit plan of the Company, unless such plan or agreement expressly provides otherwise.
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6.Governing Law. This Agreement will be governed by, and construed under and in accordance with, the internal laws of the State of Florida, without reference to rules relating to conflicts of laws.
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7.Entire Agreement; Amendment. This Agreement constitutes the entire agreement between you and the Company with respect to the Retention Bonus and supersedes any and all prior agreements or understandings between you and the Company with respect to the Retention Bonus, whether written or oral. This Agreement may be amended or modified only by a written instrument executed by you and the Company.
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8.Section 409A and 457A Compliance. The intent of the parties is that the Retention Bonus be exempt from the requirements of Section 409A and 457A of the Code, and 

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accordingly, to the maximum extent permitted, this Agreement shall be interpreted in a manner consistent therewith.
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9.Voluntary Nature of this Agreement. The Retention Bonus and this Agreement are a voluntary decision being offered to you. You understand that accepting this Retention Bonus is optional. Although you will be required to pay taxes on the Retention Bonus now in the ordinary course, you may be required to return the entire payment pursuant to paragraph 1 and you may not be able to recover any of the taxes that have been paid with respect to such amounts. By signing this Agreement, you understand that you will need to consult with your personal tax advisor as to the impact such repayment, if required, would have on your personal taxes.
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10.Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

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[The remainder of this page has intentionally been left blank.]

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NORWEGIAN CRUISE LINE HOLDINGS LTD.
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By:​ ​​ ​​ ​​ ​ 
Name: Lynn White
Title: Executive Vice President and Chief Talent Officer
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My signature below confirms my agreement to the terms of this Agreement.
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By:​ ​​ ​​ ​​ ​
Name:
Title:
Date:

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​bdcii_3q2020xex101xfourt

                                                                 EXHIBIT 10.1                                                          EXECUTION VERSION                               FOURTH AMENDMENT                               Dated as of October 2, 2020                                         to                        REVOLVING CREDIT AGREEMENT                              Dated as of October 3, 2017          This FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT (this   “Amendment”), dated as of October 2, 2020, is entered into by and among TCG BDC II, Inc., a   Maryland corporation (the “Borrower”), the banks and financial institutions listed on the   signature pages hereto as the “Lenders” (collectively, the “Lenders”, and, individually, a   “Lender”) and Bank of America, N.A., as the Administrative Agent for the Secured Parties, the   Letter of Credit Issuer and a Lender.                                       RECITALS          WHEREAS, the Borrower and certain Lenders from time to time party thereto are parties   to that certain Revolving Credit Agreement, dated as of October 3, 2017, as amended by the First  Amendment to Revolving Credit Agreement, dated as of March 14, 2018, as amended by the   Second Amendment to Revolving Credit Agreement, dated as of November 16, 2018, as   amended by the Third Amendment to Revolving Credit Agreement, dated as of May 12, 2020 (as   further amended, restated, supplemented or otherwise modified from time to time, the “Credit   Agreement”);           WHEREAS, MUFG Union Bank, N.A. as the Syndication Agent, Joint Lead Arranger   and a Lender, wishes to (i) be removed from the Credit Facility in such capacities and (ii) fully   repaid for all principal, interest and fees and any other amounts due and owing to it by the   Borrower under the Credit Agreement and related Loan Documents as of the date hereof; and           WHEREAS, the parties hereto wish to make certain modifications to the Credit   Agreement as further described herein.          NOW, THEREFORE, in consideration of the premises and the mutual agreements   contained herein and in the Credit Agreement, the parties hereto agree as follows:          SECTION 1.  Definitions.  All capitalized terms not otherwise defined herein are used as   defined in the Credit Agreement.          SECTION 2.  Changes to the Credit Agreement. Effective as of the Effective Date (as   defined below), certain sections of the Credit Agreement are hereby amended as set forth on   Exhibit A to this Amendment.  Language being inserted into the applicable section of the Credit   Agreement is evidenced by bold and underline formatting.  Language being deleted from the   applicable section of the Credit Agreement is evidenced by strike-through formatting.              SECTION 3.  Conditions Precedent to Closing.  Section 2 hereof shall become effective   on the date (the “Effective Date”) upon which each of the following conditions precedent have   been satisfied or waived:                3.1.  the Administrative Agent shall have received this Amendment, duly     USActive 55297742.3

 

         executed and delivered by each of the parties hereto;               3.2.  the Administrative Agent shall have received certified resolutions (or        similar authorizing documents) of the Borrower authorizing entry into the transactions        contemplated by this Amendment, as in effect on the date hereof and, in form and        substance, reasonably satisfactory to the Administrative Agent;                3.3.  if requested by the Administrative Agent and any Borrower qualifies as a        “legal entity customer” under the Beneficial Ownership Regulation, such Borrower shall        have delivered a Beneficial Ownership Certification to the Administrative Agent and the        Lenders in relation to such Borrower;               3.4.  the Administrative Agent shall have received a customary written opinion        or opinions of (i) Latham & Watkins LLP, New York counsel to the Borrower and (ii)        Venable LLP, Maryland counsel to the Borrower, each in form and substance reasonably        satisfactory to the Administrative Agent and its counsel, dated as of the date hereof; and               3.5.  the Borrower shall have paid all fees and amounts due and payable by the        Borrower on or prior to the Effective Date, including, without limitation, (i) all principal,        interest and fees and any other amounts due and owing to MUFG Union Bank, N.A. by        the Borrower under the Credit Agreement and related Loan Documents as of the date        hereof, (ii) all fees payable pursuant to any Fee Letter and (iii) the fees and disbursements        invoiced through the Effective Date by the Administrative Agent’s special counsel,        Cadwalader, Wickersham & Taft LLP.         SECTION 4.  Miscellaneous.               4.1.  Representations and Warranties. After the effectiveness of this        Amendment, the representations and warranties of the Borrower set forth in the Credit        Agreement and in the other Loan Documents are true and correct in all material respects        on and as of the date hereof, with the same force and effect as if made on and as of such        date, except to the extent that such representations and warranties (i) specifically refer to        an earlier date, in which case they shall be true and correct in all material respects as of        such earlier date (except to the extent of changes in facts or circumstances that have been        disclosed to the Lenders and do not constitute an Event of Default or a Potential Default       under the Credit Agreement or any other Loan Document), and (ii) are already qualified       by materiality, in which case they shall be true and correct in all respects.              4.2.  Representations and Warranties.  The Borrower hereby represents and        warrants that (a) this Amendment is the legal and binding obligation of the Borrower,        enforceable against the Borrower in accordance with its terms, subject to Debtor Relief        Laws and general equitable principles (whether considered in a proceeding in equity or at       law); and (b) upon the Effective Date, no Event of Default has occurred and is       continuing.              4.3.  References to the Credit Agreement.  Upon the effectiveness of this        Amendment, each reference in the Credit Agreement to “this Credit Agreement”,   USActive 55297742.3 2     

 

         “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to        the Credit Agreement as amended hereby, and each reference to the Credit Agreement in        any other document, instrument or agreement executed and/or delivered in connection        with the Credit Agreement shall mean and be a reference to the Credit Agreement as        amended hereby.               4.4.  Reaffirmation of Obligations. The Borrower (a) acknowledges and        consents to all of the terms and conditions of this Amendment, (b) affirms all of its        obligations under the Loan Documents, and (c) agrees that this Amendment and all        documents executed in connection herewith do not operate to reduce or discharge its        obligations under the Loan Documents.               4.5.  Reaffirmation of Security Interests. The Borrower (a) affirms that each of        the Liens granted in or pursuant to the Loan Documents are valid and subsisting, and (b)        agrees that this Amendment and all documents executed in connection herewith shall in        no manner impair or otherwise adversely affect any of the Liens granted in or pursuant to        the Loan Documents.               4.6.  Effect on Credit Agreement.  Except as specifically amended above, the        Credit Agreement and all other Loan Documents executed and/or delivered in connection       therewith shall remain in full force and effect and are hereby ratified and confirmed.              4.7.  No Waiver.  The execution, delivery and effectiveness of this Amendment        shall not operate as a waiver of any right, power or remedy of any Agent or any Lender        under the Credit Agreement or any other document, instrument or agreement executed in        connection therewith, nor constitute a waiver of any provision contained therein, except        as specifically set forth herein.               4.8.  Governing Law.  This Amendment and the rights and obligations of the        parties hereto shall be governed by, and construed and interpreted in accordance with, the        law of the State of New York.               4.9.  Successors and Assigns.  This Amendment shall be binding upon and shall        inure to the benefit of the parties hereto and their respective successors and permitted        assigns as provided in the Credit Agreement.               4.10. Headings.  Section headings in this Amendment are for reference only and        shall in no way affect the interpretation of this Amendment.               4.11. Counterparts. This Amendment may be executed in any number of        counterparts, all of which taken together shall constitute one and the same agreement, and        any of the parties hereto may execute this Amendment by signing any such counterpart.         Delivery of an executed counterpart hereof, or a signature page hereto, by facsimile or in        a .pdf or similar file shall be effective as delivery of a manually executed original        counterpart thereof.                                  [Signatures Follow]  USActive 55297742.3 3     

 

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly  executed as of the day and year first above written.                                          BORROWER:                                          Executed and delivered as a deed by:                                          TCG BDC II, INC., a Maryland corporation                                           By: ____________________________________                                           Name: Thomas Hennigan                                            Title:   Chief Financial Officer and Chief                                                        Risk Officer                                    Carlyle BDC – Fourth  Amendment to Revolving Credit Agreement   

 

 

                   Acknowledged and agreed to by:      MUFG UNION BANK, N.A.                By:                                                  Name:  Rafael Vistan            Title:    Director                                     Carlyle BDC – Fourth Amendment to Revolving Credit Agreement   

 

                                    EXHIBIT A                                    [See attached]          USActive 55297742.3 

 

                            EXECUTION VERSION (CONFORMED THROUGH THIRD                                            EXHIBIT A TO FOURTH AMENDMENT)                         REVOLVING CREDIT AGREEMENT                                 TCG BDC II, INC.,                                   as Borrower                             BANK OF AMERICA, N.A.,            as the Administrative Agent, the Letter of Credit Issuer and a Lender,          MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,                        as a JointBOFA SECURITIES, INC.,                   as the Sole Lead Arranger and the Sole Bookrunner                                       and                            MUFG UNION BANK, N.A.,               as the Syndication Agent, a Joint Lead Arranger and a Lender                                   October 3, 2017   55297837USActive 55297837.4

 

                            TABLE OF CONTENTS                                                                            Page  SECTION 1      DEFINITIONS                                                  1    1.1    Defined Terms                                                      1   1.2    Other Definitional Provisions                                   4243    1.3   Accounting Terms                                                4344    1.4  UCC Terms                                                        4344    1.5   References to Agreement and Laws                                4344    1.6   Times of Day                                                    4344    1.7   Letter of Credit Amounts                                        4344    1.8   Exchange Rates; Currency Equivalents                            4445    1.9   Additional Alternative Currencies                               4445    1.10  Defined Terms                                                   4445    1.11  Schedules and Exhibits                                          4446    1.12  Permitted Liens                                                 4546    1.13  Change in GAAP                                                    46    1.14  Interest Rates                                                    46  SECTION 2     REVOLVING CREDIT LOANS AND LETTERS OF CREDIT               4546     2.1   The Commitment                                                  4546    2.2   Revolving Credit Commitment                                     4647    2.3   Manner of Borrowing                                             4647    2.4   Minimum Loan Amounts                                            4850    2.5   Funding                                                         4950    2.6   Interest                                                        5051    2.7   Determination of Rate                                           5052    2.8   Letters of Credit                                               5052    2.9   Qualified Borrowers                                             5657    2.10  Use of Proceeds, Regulation W, Letters of Credit and Qualified Borrower          Guaranties                                                      5657    2.11  Fees                                                            5758    2.12  Unused Commitment Fee                                           5758    2.13  Letter of Credit Fees                                           5859    2.14  Extension of Maturity Date                                      5860    2.15  Increase in the Maximum Commitment                              5960  SECTION 3     PAYMENT OF OBLIGATIONS                                     6062     3.1   Revolving Credit Notes                                          6062    3.2   Payment of Obligations                                          6162                                       -  i- 55297837

 

   3.3   Payment of Interest                                             6162    3.4   Payments on the Obligations                                     6263    3.5   Prepayments                                                     6364    3.6   Reduction or Early Termination of Commitments                   6465    3.7   Applicable Lending Office                                       6566    3.8   Joint and Several Liability                                     6566  SECTION 4     CHANGE IN CIRCUMSTANCES                                    6667     4.1   Taxes                                                           6667    4.2   Illegality                                                      7172    4.3   Inability to Determine Rates                                    7173    4.4   Increased Cost and Reduced Return; Change in Requirements of Law 7273    4.5   Funding Losses                                                  7374    4.6   Requests for Compensation                                       7375    4.7   Survival                                                        7475    4.8   Mitigation Obligations; Replacement of Lenders                  7475    4.9   Euro Event                                                      7576    4.10  LIBOR Successor Rate                                              77  SECTION 5     SECURITY                                                   7579     5.1   Liens and Security Interest                                     7579    5.2   The Collateral Accounts; Capital Calls                          7679    5.3   Agreement to Deliver Additional Collateral Documents            7881    5.4   Subordination                                                   7881  SECTION 6     CONDITIONS PRECEDENT TO LENDING                            7882     6.1   Obligations of the Lenders                                      7882    6.2   Conditions to all Loans and Letters of Credit                   8084    6.3   Addition of Qualified Borrowers                                 8285    6.4   Addition of AIV Borrowers, Parallel Fund Borrowers              8487  SECTION 7     REPRESENTATIONS AND WARRANTIES OF THE BORROWERS            8689     7.1   Organization and Good Standing                                  8689    7.2   Authorization and Power                                         8689    7.3   No Conflicts or Consents                                        8689    7.4   Enforceable Obligations                                         8690    7.5   Priority of Liens                                               8690    7.6   Financial Condition                                             8790    7.7   Full Disclosure                                                 8790    7.8   No Default                                                      8791    7.9   No Litigation                                                   8791    7.10  Material Adverse Effect                                         8791                                      - ii- 55297837

 

   7.11  Taxes                                                           8891    7.12  Principal Office; Jurisdiction of Formation                     8891    7.13 ERISA                                                            8891    7.14  Compliance with Law                                             8892    7.15  Environmental Matters                                           8892    7.16  Capital Commitments and Contributions                           8992    7.17  Fiscal Year                                                     8992    7.18  Investor Documents                                              8992    7.19  Margin Stock                                                    8992    7.20  Investment Company Act                                          8993    7.21 No Defenses                                                      9093    7.22  No Withdrawals Without Approval                                 9093    7.23  Sanctions                                                       9093    7.24  Insider                                                         9094    7.25  Investors                                                       9194    7.26  Organizational Structure                                        9194    7.27  No Brokers                                                      9194    7.28  Financial Condition                                             9194    7.29  [Reserved]                                                      9194    7.30  [Reserved]                                                      9194    7.31  Investments                                                     9194  SECTION 8     AFFIRMATIVE COVENANTS OF THE BORROWERS                     9194     8.1   Financial Statements, Reports and Notices                       9194    8.2   Payment of Obligations                                          9498    8.3   Maintenance of Existence and Rights                             9498    8.4   [Reserved.]                                                     9498    8.5   Books and Records; Access                                       9498    8.6   Compliance with Law                                             9598    8.7   Insurance                                                       9598    8.8   Authorizations and Approvals                                    9598    8.9   Maintenance of Liens                                            9599    8.10  Further Assurances                                              9599    8.11  Maintenance of Independence                                     9599    8.12  RIC Status under the Internal Revenue Code; Investment Company Act 9699    8.13  Covenants of Qualified Borrowers                                9699    8.14  Investor Default                                                9699    8.15  Taxes                                                          96100    8.16  Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws 96100    8.17  Compliance with Sanctions                                      96100    8.18  Solvency                                                       97100    8.19  Returned Capital                                               97100    8.20  Capital Calls                                                  97100    8.21  [Reserved]                                                     97100    8.22  Compliance with Loan Documents and Constituent Documents       97101                                       -iii- 55297837

 

   8.23  Leverage Limitations                                           97101  SECTION 9     NEGATIVE COVENANTS                                        97101     9.1   Borrower Information                                           97101    9.2   Mergers, Etc                                                   98101    9.3   Negative Pledge                                                98101    9.4   Fiscal Year and Accounting Method                              98101    9.5   Transfer of Interests; Admission of Investors                  98101    9.6   Constituent Documents                                          98102    9.7   [Reserved]                                                     99103    9.8   Negative Pledge                                               100103    9.9   Notice of Withdrawals                                         100103    9.10  Alternative Investment Vehicles and Parallel Investment Vehicles; Transfers          of Capital Commitments                                        100103    9.11  Limitation on Indebtedness                                    100104    9.12  Capital Commitments                                           100104    9.13  Capital Calls                                                 101104    9.14  ERISA Compliance                                              101104    9.15  Dissolution                                                   101105    9.16  Environmental Matters                                         101105    9.17  Limitations on Distributions                                  102105    9.18  Limitation on Withdrawals                                     102105    9.19  Borrower Structure                                            102105    9.20  [Reserved]                                                    102105    9.21  Transactions with Affiliates                                  102106    9.22  Deposits to Collateral Accounts                               102106  SECTION 10    EVENTS OF DEFAULT                                        103106     10.1  Events of Default                                             103106    10.2  Remedies Upon Event of Default                                105109    10.3 Lender Offset                                                  107111    10.4  Performance by the Administrative Agent                       108111    10.5  Good Faith Duty to Cooperate                                  108112  SECTION 11    AGENCY PROVISIONS                                        109112     11.1  Appointment and Authorization of Agents                       109112    11.2  Delegation of Duties                                          110113    11.3  Exculpatory Provisions                                        110113    11.4  Reliance on Communications                                    110114    11.5  Notice of Default                                             111114    11.6  Non-Reliance on Agents and Other Lenders                      111115    11.7  Indemnification                                               112115    11.8  Agents in Their Individual Capacity                           112116                                       - iv- 55297837

 

   11.9  Successor Agents                                              113116    11.10 Reliance by the Borrowers                                     115118    11.11 Administrative Agent May File Proofs of Claim                 115118  SECTION 12    MISCELLANEOUS                                            116119     12.1  Amendments                                                    116119    12.2 Sharing of Offsets                                             118121    12.3  Sharing of Collateral                                         119122    12.4  Waiver                                                        119122    12.5  Payment of Expenses; Indemnity                                120123    12.6  Notice                                                        122125    12.7  Governing Law                                                 124127    12.8  Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of          Trial by Jury                                                 124127    12.9  Invalid Provisions                                            124128    12.10 Entirety                                                      124128    12.11 Successors and Assigns; Participations                        125128    12.12 All Powers Coupled with Interest                              131134    12.13 Headings                                                      131134    12.14 Survival                                                      131134    12.15 Full Recourse                                                 131134    12.16 Availability of Records; Confidentiality                      131135    12.17 Customer Identification Notice                                132136    12.18 Multiple Counterparts                                         133136    12.19 Term of Agreement                                             133136    12.20 Inconsistencies with Other Documents                          133136    12.21 Acknowledgement and Consent to Bail-In of EEA Financial Institutions 133136                                        -  v- 55297837

 

 SCHEDULES  SCHEDULE I:    Borrower Information  SCHEDULE II:   Commitments  SCHEDULE III: Borrower Organizational Structure   EXHIBITS   EXHIBIT A:     Schedule of Investors/Form of Borrowing Base Certificate EXHIBIT B:      Form of Note EXHIBIT C:      Form of Borrower Security Agreement EXHIBIT D:      Form of Borrower Pledge of Collateral Account EXHIBIT E:      Form of Request for Borrowing EXHIBIT F:      Form of Request for Letter of Credit EXHIBIT G:      Form of Rollover/Conversion Notice EXHIBIT H:      Form of Lender Assignment and Assumption EXHIBIT I:      Form of Qualified Borrower Note EXHIBIT J:      Form of Qualified Borrower Guaranty EXHIBIT K:      Form of Responsible Officer’s Certificate EXHIBIT L:      Form of Subscription Agreement EXHIBIT M:      Form of Facility Extension/Increase Request EXHIBIT N:      [Reserved] EXHIBIT O:      [Reserved] EXHIBIT P-1:    Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not                Partnerships) EXHIBIT P-2:    Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are                Not Partnerships) EXHIBIT P-3:    Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are                Partnerships) EXHIBIT P-4:    Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are                Partnerships) EXHIBIT Q:      Form of Compliance Certificate                                         -  1-  55297837

 

                      REVOLVING CREDIT AGREEMENT         THIS REVOLVING CREDIT AGREEMENT is dated as of October 3, 2017, by and  among TCG BDC II, INC., a Maryland corporation (the “Initial Borrower” and, collectively  with  any  other  Borrower  becoming  party  hereto  (including  Qualified  Borrowers),  the  “Borrowers”),  the  banks  and  financial  institutions  from  time  to  time  party  hereto  as  Lenders,  BANK OF AMERICA, N.A. (“Bank of America”), as a Lender, the Administrative Agent for  the  Secured  Parties  and  the  Letter  of  Credit  Issuer  (each  as  defined  below), MERRILL   LYNCH, PIERCE, FENNER & SMITH INCORPORATED (“Merrill Lynch”), as a Jointand   BofA  SECURITIES,  INC. (“BofA Securities”), as the  Sole  Lead  Arranger  and  the  Sole  Bookrunner and MUFG  UNION  BANK,  N.A. (“MUFG”), as the Syndication Agent, a Joint   Lead Arranger and a Lender.         A.    The  Initial  Borrower  has  requested  that  the  Lenders  make  loans  and  cause  the  issuance of letters of credit to provide working capital to the Initial Borrower and to any other  Borrower becoming a party hereto for purposes permitted under the Constituent Documents (as  defined below) of the Borrowers.         B.    The  Lenders  are  willing  to  make  loans  and  to  cause  the  issuance  of  letters  of  credit upon the terms and subject to the conditions set forth in this Credit Agreement.         NOW, THEREFORE, in consideration of the mutual promises herein contained and for  other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the  parties hereto, intending to be legally bound, hereby agree as follows:   Section 1.  DEFINITIONS               1.1   Defined  Terms.   For  the  purposes  of  the  Loan  Documents,  unless  otherwise  expressly  defined,  the  following  terms  shall  have  the  meanings  assigned  to  them  below:         “Account Bank” means State Street and/or such other Eligible Institution appointed as an  “Account Bank” pursuant to Section 5.2(f).         “Adequately Capitalized” means compliance with the capital standards for bank holding  companies as described in the Bank Holding Company Act of 1956, as amended, and regulations  promulgated thereunder.         “Adjusted LIBOR” means,  for  any  Loan,  for  any  Interest  Period  therefor,  the  rate per  annum  (rounded  upwards,  if  necessary,  to  the  nearest  1/100  of  1%)  determined  by  the  Administrative Agent to be equal to:  (a) the quotient obtained by dividing:  (i) LIBOR for such  Loan for such Interest Period; by (ii) one (1) minus the LIBOR Reserve Requirement for such Loan for such Interest Period; plus (b) the Applicable Margin.  If the calculation of clause (a) of Adjusted LIBOR results in a rate for such clause (a) of Adjusted LIBOR that is less than zero   (0fifty basis points (0.50%), clause (a) of Adjusted LIBOR shall be deemed to be zero (0fifty   basis points (0.50%) for all purposes of the Loan Documents.                                           1  55297837

 

      “Adjustment” has the meaning provided in Section 4.10(a).        “Administrative Agent” means  Bank  of  America,  until  the  appointment  of  a  successor “Administrative Agent”  pursuant  to  Section  11.9  and,  thereafter,  shall  mean  such  successor Administrative Agent.        “Administrative Questionnaire” means  an  administrative  questionnaire  in  a  form supplied by the Administrative Agent.        “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK  Financial Institution.        “Affected Party” means any Lender or Letter of Credit Issuer.        “Affiliate” of any Person means any other Person that, directly or indirectly, controls or is controlled by, or is under common Control with, such Person.        “Affiliate Agreements”  means  collectively,  (a)  the  Amended  and  Restated  Investment Advisory Agreement dated as of September 15, 2017, between the Initial Borrower and Carlyle GMS Investment Management L.L.C., (b) the Placement Agent Agreement dated as of June 26, 2017,  between  the  Initial  Borrower  and  TCG  Securities,  L.L.C.  and  (c)  the  Administration Agreement dated as of April 18, 2017, between the Initial Borrower and Carlyle GMS Finance Administration L.L.C.        “Agency Services Address” means the address for the Administrative Agent set forth in Section  12.6,  or  such  other  address  as  may  be  identified  by  written  notice from  the Administrative Agent to the Borrowers and the Lenders from time to time.        “Agent-Related Person” has the meaning provided in Section 11.3.        “Agents” means,  collectively,  the  Administrative  Agent,  the JointSole Lead ArrangersArranger, the Sole Bookrunner, the Syndication Agent, the Letter of Credit Issuer and any successors and assigns in such capacities.        “AIV Borrower” means each Borrower identified as an “AIV Borrower” on Schedule I hereto (as such Schedule I may be amended, restated, supplemented or otherwise modified from time  to  time),  together  with  any  other  Alternative  Investment  Vehicle  which  becomes  a Borrower under this Credit Agreement pursuant to Section 6.4.        “Alternative Currency” means Canadian Dollars, Euros, Sterling and each other currency (other than Dollars) requested by the Borrowers and approved in accordance with Section 1.9.        “Alternative Currency Equivalent”  means,  at  any  time,  with  respect  to  any  amount denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the Letter of Credit Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.                                         2 55297837

 

       “Alternative Currency Sublimit” means fiftyone  hundred  percent  (50100%)  of  the  Maximum Commitment.         “Alternative Investment Vehicle” means  an  entity  created  in  accordance  with  a  Constituent Document of the Borrowers for the purpose of making Investments through a vehicle  or entity other than a Borrower.         “Anti-Corruption Laws” means to the extent applicable to a Person, (a) the U.S. Foreign  Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended; and (c)  other Applicable Laws relating to anti-bribery or anti-corruption.         “Anti-Money Laundering Laws” means Applicable Law in any jurisdiction in which any Borrower  or  any  of  its  Subsidiaries  or  their  respective  Related  Parties  are  located  or  doing business that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.        “Applicable Law” means  all  applicable  provisions  of  constitutions,  laws,  statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators.        “Applicable Lending Office” means,  for  each  Lender  and  for  each  Type  of  Loan,  the “lending office” of such Lender (or of an Affiliate of such Lender) designated for such Type of Loan on Schedule II hereto or such other office of such Lender (or an Affiliate of such Lender)  as such Lender may from time to time specify to the Administrative Agent and the Borrowers by  written notice in accordance with the terms hereof as the office by which its Loans of such Type  are to be made and maintained.         “Applicable Margin” has the meaning set forth in the applicable Fee Letter.         “Applicable Requirement” means each of the following requirements:               (a)   such  Investor  (or  such  Investor’s  Sponsor,  Responsible  Party  or  Credit        Provider,  if  applicable)  shall  be  a  Rated  Included  Investor,  and  such  Investor  (or  such        Investor’s  Sponsor,  Responsible  Party  or  Credit  Provider,  as  applicable)  shall  have  a        Rating of BBB- / Baa3 or higher; and               (b)   if such Investor (or such Investor’s Sponsor, Responsible Party or Credit        Provider, if applicable) is:                     (i)   a  Bank  Holding  Company,  it  shall  have  Adequately  Capitalized              status or better;                    (ii)   an  insurance  company,  it  shall  have  a  Best’s  Financial  Strength              Rating of A- or higher; or                    (iii)  an ERISA Investor or Governmental Plan Investor, or the trustee              or nominee of an ERISA Investor or a Governmental Plan Investor, such ERISA                                          3  55297837

 

       “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by an  applicable EEA Resolution Authority (or other applicable authority) in respect of any liability of  an EEAAffected Financial Institution (or other applicable institution).         “Bail-In Legislation”  means, (a)  with  respect  to  any  EEA  Member  Country  implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council  of  the  European  Union,  the  implementing  law,  regulation,  rule or  requirement  for  such  EEA  Member Country from time to time which is described in the EU Bail-In Legislation Schedule  or, in relation to any other state, any analogousand (b) with respect to the United Kingdom, Part I   of the  United  Kingdom  Banking Act  2009 and any other law or  regulation which  requires   recognition of any  Write-Down and  Conversion  Powers,  regulation or  rule  applicable in the   United Kingdom relating to the resolution of unsound or failing banks, investment firms or other   financial  institutions or their  affiliates  (other  than  through  liquidation,  administration or other   insolvency proceedings).         “Bank Holding Company” means a “bank holding company” as defined in Section 2(a)  of the Bank Holding Company Act of 1956, as amended from time to time and any successor  statute or statutes, or a non-bank subsidiary of such bank holding company.         “Bank of America” has the meaning provided in the Preamble hereto.         “Beneficial Ownership Certification”  means a  certification  regarding  beneficial   ownership  required by the  Beneficial  Ownership  Regulation, which  certification shall be   substantially  similar in  form and  substance to the  form of  Certification  Regarding  Beneficial   Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and   Trading Association and Securities Industry and Financial Markets Association.         “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.         “Best’s Financial Strength Rating” means a “Best’s Financial Strength Rating” by A.M.  Best Company.         “Borrower” and “Borrowers” have the meanings provided in the Preamble hereto.         “Borrower Collateral Account” means, for each Borrower that has Investors, the account  listed  on  Schedule I  hereto  (as  such  Schedule I  may  be  amended,  restated,  supplemented  or  otherwise modified from time to time), with respect to such Person, which account shall be used  solely  for  receipt  of  proceeds  from  Capital  Calls.   “Borrower Collateral Accounts” means, where the context requires, all Borrower Collateral Accounts, collectively.        “Borrower Collateral Account Pledge” means  the  pledge  of  a  Borrower  Collateral  Account, in the form of Exhibit D hereto, made by a Borrower in favor of the Administrative  Agent, pursuant to which such Borrower has granted to the Administrative Agent for the benefit  of the Secured Parties, a first priority, exclusive Lien in and to a Borrower Collateral Account, as  the same may be amended, restated, supplemented or otherwise modified from time to time.                                           5  55297837

 

Other Concentration Limits6 Non-Rated Included Investors                              10.0% - 25.0%3 Corporate Designated Investors87                              5.0%3 Foreign Sovereign Designated Investors                        5.0%3 Fund-of-Funds Designated Investors                            3.0%3 HNW Designated Investors and HNW                           1.0% - 10.0%3, 5 Aggregation Investors Aggregate Foreign Sovereign Designated                       20.0%3, 4 Investors Aggregate Fund-of-Funds Designated                           15.0%3, 4 Investors Aggregate HNW Designated Investors                       20.010.0%3, 4, 5, 75 and HNW Aggregation Investors Aggregate Designated Investors                               50.0%4 Fresno County Retirement Plan                               100.0%7  1  The Ratings for such Investor shall be the lower of any senior unsecured rating of such Investor as issued by    either S&P or Moody’s.  If such Investor has only one rating from either S&P or Moody’s, that rating shall    apply. 2  For any Investor that is an unrated subsidiary of a rated parent, acceptable Credit Link Documents from the    Rated  parent  entity  will  be  required  in  order  to  apply  the  Concentration  Limit  based  on  the  Ratings  of  the    parent. 3  The Concentration Limits for each individual Investor classification shall be calculations as a percentage of the    aggregate Uncalled Capital Commitments of all Borrowing Base Investors. The Concentration Limit for Fresno     County Retirement Plan shall be 25.0%. 4  The  aggregate  Concentration  Limits  for  Investor  classifications  shall  be  calculations  (after  deducting  any    amounts in excess of the applicable individual Investor Concentration Limits) as a percentage of the aggregate    Uncalled Capital Commitments of all Borrowing Base Investors, such method as set forth in the borrowing base    certificate delivered on the closing date. 5  The Concentration Limits for any HNW Designated Investor may be increased up to 10% in the Administrative    Agent’s sole discretion.  The Concentration Limits for any HNW Aggregation Investor may be increased up to    or above 10% in the Administrative Agent’s sole discretion. 6  The Concentration Limit for any particular Investor is a percentage of the Unfunded Capital Commitments of    the Borrowing Base Investors. 7  During any period that the lower rate included within the “Applicable Margin” as set forth in the applicable Fee     Letter is in effect, then the Concentration Limit (x) for Fresno County Retirement Plan shall be a Non-Rated     Included  Investor set at  25% and (y) for  Aggregate  HNW  Designated  Investors and  HNW  Aggregation     Investors shall be 10%, in each case, applied at all times during such period.8 Carlyle  employees  shall    be treated as one Corporate Designated Investor.  provided that for purposes of calculating the above Concentration Limits for any Investor, each Investor and its investing Affiliates shall be treated as a single Investor.                                              10 55297837

 

 control as defined in Section 414(c) of the Internal Revenue Code (and Sections 414(m) and (o)  of the Internal Revenue Code for purposes of provisions relating to Section 412 of the Internal  Revenue  Code),  in  each  case  of  which  the  applicable  Borrower  is  a  member;  provided  that  a  Borrower shall only be considered a part of a Controlled Group as of any date to the extent such  Borrower is part of such Controlled Group on such date.         “Conversion Date” means  any  LIBOR  Rate  Conversion  Date  or  Reference  Rate  Conversion Date, as applicable.         “Conversion Notice” has the meaning provided in Section 2.3(g).         “Convert”,  “Conversion”,  and  “Converted” shall  refer  to  a  conversion  pursuant  to Section 2.3(h) or Section 4 of one Type of Loan into another Type of Loan.         “Corporate Designated Investor” means  any  Designated  Investor  that  is  not  an  HNW  Designated Investor, a Sovereign Designated Investor or a Fund-of-Funds Designated Investor.         “Credit Agreement” means this Revolving Credit Agreement, of which this Section 1.1  forms a part, as amended, restated, supplemented or otherwise modified from time to time.         “Credit Facility” means the Loans and Letters of Credit provided to the Borrowers by the Lenders and the Letter of Credit Issuer under the terms and conditions of this Credit Agreement and the other Loan Documents.        “Credit Link Documents” means such financial information and documents as may be requested by the Administrative Agent in its sole discretion, to reflect and connect the relevant or appropriate credit link or credit support of a Sponsor, Credit Provider or Responsible Party, as applicable,  to  the  obligations  of  the  applicable  Investor  to  make  Capital  Contributions,  as  to whether  the  applicable  Investor  satisfies  the  Applicable  Requirement  based  on  the  Rating  or other credit standard of its Sponsor, Credit Provider or Responsible Party, as applicable.        “Credit Provider” means  a  Person  providing  Credit  Link  Documents,  in  form  and substance acceptable to the Administrative Agent in its sole discretion, of the obligations of an Investor to make Capital Contributions.        “Daily LIBOR” means for each day during any Interest Period, the rate of interest per annum  determined  by  the  Administrative  Agent  based  on  the  London  interbank  offered  rate administered by ICE Benchmark Administration Limited (or any other Person that takes over the administration of such rate) for deposits in Dollars in minimum amounts of at least $5,000,000 for a period equal to one month (commencing on the date of determination of such interest rate) as published by a commercially available source providing quotations of such rate as selected by the Administrative Agent from time to time at approximately 11:00 a.m. (London time) on such date  of  determination,  or,  if  such date is not a Business Day, then the immediately preceding Business Day (rounded upwards, if necessary, to the nearest 1/100 of 1%).  If the calculation of Daily LIBOR results in a Daily LIBOR rate that is less than zero (0fifty basis points (0.50%),  Daily LIBOR shall be deemed to be zero (0fifty basis points (0.50%) for all purposes of the Loan  Documents.                                          12  55297837

 

       time of admission of such Investor that no such financial information is required for such        Investor.         “Existing Law” means (a) the Dodd-Frank Wall Street Reform and Consumer Protection  Act  (“Dodd Frank Act”);  (b)  the  revised  Basel  Accord  prepared  by  the  Basel  Committee  on  Banking Supervision as set out in the publication entitled “Basel II: International Convergence  of Capital Measurements and Capital Standards: A Revised Framework,” as updated from time  to time (“Basel II”); (c) the publication entitled “Basel III: A global regulatory framework for  more resilient banks and banking systems,” as updated from time to time (“Basel III”), including  without limitation, any publications addressing the liquidity coverage ratio or the supplementary  leverage  ratio;  or  (d)  any  implementing  laws,  rules,  regulations,  guidance,  interpretations  or  directives from any Governmental Authority relating to the Dodd Frank Act, Basel II or Basel III (whether or not having the force of law).        “Extension Fee” means the fee  payable  with  respect to any  extension of the  Stated   Maturity Date in accordance with Section 2.14, as set forth in the applicable Fee Letter.         “Extension Request” means a written request by the Borrowers substantially in the form  of  Exhibit M  hereto  to  extend  the  initial  or  extended  Stated  Maturity  Date for  an  additional  period of no greater than 364 days.         “Facility Increase” has the meaning provided in Section 2.15(a).         “Facility Increase Fee” means the fee payable with respect to any Facility Increase in  accordance with Section 2.15, as set forth in the applicable Fee Letter.         “Facility Increase Request” means the notice in the form of Exhibit M hereto pursuant to  which  the  Borrowers  request  an  increase  of  the  Maximum  Commitment  in  accordance  with  Section 2.15.         “FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the  Closing  Date  (or  any  amended  or  successor  version  that  is  substantively  comparable  and  not  materially  more  onerous  to  comply  with),  and  any  current  or  future  regulations  or  official  interpretations  thereof,  any  agreements  entered  into  pursuant  to  Section  1471(b)(1)  of  the  Internal Revenue Code, and any intergovernmental agreement between a non-U.S. jurisdiction  and  the  United  States  of  America  with  respect  to  the  foregoing and  any  law,  regulation  or  practice adopted pursuant to any such intergovernmental agreement.         “Federal Funds Rate” means,  for  any  day,  the  rate per annum  equal  to  the  weighted  average  of  the  rates  on  overnight  Federal  funds  transactions  with  members  of  the  Federal  Reserve System arranged by federal funds brokers on such day (or, if such day is not a Business  Day, for the immediately preceding Business Day), as published by the Federal Reserve Bank of  New York on the Business Day next succeeding such day; provided that if such rate is not so  published for any day that is a Business Day, the average of the quotation for such day on such  transactions  received  by  the  Administrative  Agent  from  three  (3)  federal  funds  brokers  of  recognized standing selected by the Administrative Agent.                                          21  55297837

 

       “Investment Policies” means  the  investment  objectives,  policies,  restrictions  and  limitations for the Initial Borrower as delivered to the Administrative Agent prior to the Closing  Date, and as the same may be changed, altered, expanded, amended, modified, termination or  restated from time to time in accordance with the definition of Permitted Policy Amendment.         “Investor” means any Person that is admitted to any Borrower (other than a Qualified  Borrower) as a member, shareholder, limited partner, general partner or other equity holder in  accordance with the applicable Constituent Documents of such Borrower.  “Investors” means, where the context may require, all Investors, collectively.         “Investor Information” has the meaning provided in Section 12.16.         “IRS” means the United States Internal Revenue Service.         “ISP98” means the International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of Commerce Publication No. 590.         “KYC Compliant” means any Person who has satisfied all requests for information from the  Lenders  for  “know-your-customer”  and  other  anti-terrorism, anti-money  laundering  and similar rules and regulations and related policies and who would not result in any Lender being non-compliant with any such rules and regulations and related policies were such Person to enter into a banking relationship with such Lender.         “Joint Lead Arrangers” means Merrill Lynch and MUFG.         “Lender” means (a) Bank of America, in its capacity as lender and (b) each other lender that  becomes  party  to  this  Credit  Agreement  in  accordance  with the  terms  hereof,  and collectively, the “Lenders”.         “Lender Party” has the meaning provided in Section 11.1(a).         “Lending Fund” means  any  Person  (other  than  a  natural  Person)  that  is  (or  will be)  engaged in making, purchasing, holding or otherwise investing in commercial loans and similar  extensions of credit in the ordinary course of its activities.         “Letter of Credit” means  any  letter  of  credit  issued  by  the  Letter  of  Credit  Issuer  pursuant  to  Section  2.8  either  as  originally  issued  or  as  the  same  may,  from  time  to  time,  be  amended or otherwise modified or extended.         “Letter of Credit Application” means an application, in the form specified by the Letter  of Credit Issuer from time to time and customarily used by such Letter of Credit Issuer in similar  circumstances, requesting the Letter of Credit Issuer issue a Letter of Credit.         “Letter of Credit Issuer” means Bank of America or any Affiliate thereof or any Lender  or  Affiliate  of  such  Lender  so  designated,  and  which  accepts  such  designation,  by  the  Administrative Agent and is approved by the Borrowers.                                          29  55297837

 

 apply for settlement in immediately available funds by leading banks in the London interbank  market for a period equal to the Interest Period selected, or (y) in the case of Loans denominated  in Dollars, on the same day such rate shall apply for settlement in immediately available funds  by leading banks in the London interbank market for a period equal to one month; provided that  LIBOR shall, in no event, exceed the Reference Rate.         Each calculation by the Administrative Agent of LIBOR shall be conclusive and binding  for all purposes, absent manifest error.  If the calculation of LIBOR  (or any applicable LIBOR   Successor Rate adopted together with LIBOR Successor Rate Conforming Changes pursuant to   Section 4.10 hereof) results in a LIBOR rate that is less than zero (0fifty basis points (0.50%),  LIBOR, or such LIBOR Successor Rate, as applicable, shall be deemed to be zero (0fifty basis   points (0.50%) for all purposes of the Loan Documents.         “LIBOR Rate Conversion Date” has the meaning provided in Section 2.3(g).         “LIBOR Rate Loan” means a Loan (other than a Reference Rate Loan) that bears interest  at a rate based on LIBOR.         “LIBOR Reserve Requirement” means, at any time, the maximum rate at which reserves  (including, without limitation, any marginal, special, supplemental or emergency reserves) are  required to be maintained under regulations issued from time to time by the Board of Governors  of  the  Federal  Reserve  System  (or  any  successor  thereto)  by  member  banks  of  the  Federal  Reserve  System  against:  “Eurocurrency liabilities”  (as  such  term  is  used  in  Regulation  D).  Without limiting the effect of the foregoing, the LIBOR Reserve Requirement shall reflect any  other reserves required to be maintained by such member banks with respect to:  (a) any category  of liabilities that includes deposits by reference to which Adjusted LIBOR is to be determined;  or  (b)  any  category  of  extensions  of  credit  or  other assets that include LIBOR Rate Loans or  Reference Rate Loans bearing interest based off LIBOR.  LIBOR shall be adjusted automatically  on  and  as  of  the  effective  date  of  any  change  in  the  LIBOR  Reserve  Requirement.   Each  determination  by  the  Administrative  Agent  of  the  LIBOR  Reserve Requirement  shall,  in  the  absence of manifest error, be conclusive and binding.         “LIBOR Successor Rate” has the meaning provided in Section 4.10(a).         “LIBOR Successor Rate Conforming Changes”  means,  with  respect to any  proposed   LIBOR  Successor  Rate, any  conforming  changes to the  definition of  Reference  Rate,  Interest   Period,  timing and  frequency of determining rates and making payments of interest and other   technical, administrative or operational matters as may be appropriate, in the discretion of the   Administrative Agent, to reflect the adoption and implementation of such LIBOR Successor Rate   and to permit the administration thereof by the Administrative Agent in a manner substantially   consistent with market practice (or, if the Administrative Agent determines that adoption of any   portion of such market practice is not administratively feasible or that no market practice for the   administration of such LIBOR Successor Rate exists, in such other manner of administration as   the Administrative Agent determines in consultation with the Borrowers).           “Lien” means any lien, mortgage, security assignment, security interest, charge, tax lien, pledge, encumbrance, or conditional sale or title retention arrangement, or any other interest in                                          31  55297837

 

 property  designed  to  secure  the  repayment  of  indebtedness,  whether  arising  by  agreement  or  under common law, any statute, law, contract, or otherwise.         “Loan Deficit” has the meaning provided in Section 2.3(f).         “Loan Documents” means  this  Credit  Agreement,  the  Notes  (including  any  renewals,  extensions,  re-issuances  and  refundings  thereof),  each  of  the  Collateral  Documents,  each  Assignment and Assumption, each Letter of Credit Application, all Credit Link Documents, each  Qualified Borrower Guaranty, each Fee Letter and such other agreements and documents, and  any amendments or supplements thereto or modifications thereof, executed or delivered pursuant  to the terms of this Credit Agreement or any of the other Loan Documents and any additional  documents delivered in connection with any such amendment, supplement or modification.         “Loans” means the groups of LIBOR Rate Loans and Reference Rate Loans made by the  Lenders to the Borrowers pursuant to the terms and conditions of this Credit Agreement, plus all  payments under a Letter of Credit made to the beneficiary named thereunder (and certain other  related amounts specified in Section 2.9 shall be treated as Loans pursuant to Section 2.9.        “Management Agreement”  means  that  certain  Amended  and  Restated  Investment Advisory  Agreement  dated  as  of  September  15,  2017,  between  Borrower  and  the  Investment Manager, as it may be amended or restated from time to time, as permitted hereunder.        “Margin Stock” has the meaning assigned thereto in Regulation U.        “Material Adverse Effect” means a material adverse effect on:  (a) the assets, operations,  properties,  liabilities  (actual  or  contingent),  financial  condition,  or  business  of  the  Borrowers  taken  as  a  whole;  (b)  the  ability  of  any Borrower to perform its obligations under this Credit  Agreement or any of the other Loan Documents; (c) the validity or enforceability of this Credit  Agreement, any of the other Loan Documents, or the rights and remedies of the Secured Parties  hereunder or thereunder taken as a whole; (d) the obligation or the liability of the Intial Borrower  to make calls for Capital Contributions under the Borrower Constituent Documents; or (e) the  obligations of the Investors (or applicable Sponsors, Responsible Parties or Credit Providers) to  make  Capital  Contributions  under  the  Borrower  Constituent  Documents  with  respect  to  their  Unfunded Capital Commitments.         “Material Amendment” has the meaning provided in Section 9.6.         “Maturity Date” means the earliest of:  (a) the Stated Maturity Date; (b) the date upon  which the Administrative Agent declares the Obligations due and payable after the occurrence  and  continuance  of  an  Event  of  Default  (c)  thirty  (30)  days  prior  to  the  Capital  Call  Cut-Off  Date; and (d) the date upon which the Borrowers terminate the Commitments pursuant to Section   3.6 or otherwise.         “Maximum Commitment” means (x) $375,000,000 on and after the Second Amendment   Effective Date until but excluding the Temporary Increase Maturity Date and (y) $300,000,000   on and after the Temporary Increase Maturity Date, in each case,$75,000,000, as it may be (a)  reduced by the Borrowers pursuant to Section 3.6, or (b) after the Temporary Increase Maturity   Date, increased from time to time by the Borrowers pursuant to Section 2.15.                                         32  55297837

 

 representatives of such Person and of such Person’s Affiliates. For the avoidance of doubt, as it  relates to a Borrower, the term “Related Parties” shall not include a portfolio company.         “Release” means  any  release,  spill,  emission,  leaking,  pumping,  injection,  deposit,  disposal, discharge, dispersal, leaching, or migration of Hazardous Materials into the indoor or  outdoor environment, or into or out of any real property Investment, including the movement of  any  Hazardous  Material  through  or  in  indoor  or  outdoor  the  air,  soil,  surface  water  or  groundwater of any real property Investment.         “Relevant Governmental Body” means the  Federal  Reserve Board  and/or the  Federal   Reserve Bank of New  York, or a  committee  officially  endorsed or  convened by the  Federal   Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending   a benchmark rate to replace LIBOR in loan agreements similar to this Credit Agreement.         “Removal Effective Date” has the meaning provided in Section 11.9(a)(ii).        “Request for Borrowing” has the meaning provided in Section 2.3(a).         “Request for Letter of Credit” has the meaning provided in Section 2.8(b).         “Required Lenders” means, at any time the Lenders (other than the Defaulting Lenders)  holding an aggregate Pro Rata Share of greater than or equal to fifty-one percent (51%) of the  Maximum Commitment; provided that if at any time there is only one Lender party hereto, then  “Required Lenders” means such Lender.         “Required Payment Time” means in immediately available funds (except to the extent  any such excess is addressed by subsection (ii) below), as follows: (i) promptly, and in any event  within two (2) Business Days, to the extent such funds are available in a Collateral Account of  the  Borrowers;  and  (ii)  within  twenty  (20)  Business  Days  of  demand,  to  the  extent  that  it  is  necessary  for  the  Borrowers  to  issue  a  Capital  Call  to  fund  such  required  payment  (and  the  Borrowers shall issue such Capital Calls (and shall pay such excess immediately after the Capital  Contributions relating to such Capital Call are received)).         “Requirement of Law”  means,  as  to  any  Person,  the  certificate  of  incorporation  and  by-laws or other organizational or governing documents of such Person, and any law, treaty, rule  or regulation or determination of an arbitrator or a court or other Governmental Authority, in  each case applicable or binding upon such Person or any of its property or to which such Person  or any of its property is subject.         “Resignation Effective Date” has the meaning provided in Section 11.9(a).         “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK   Financial Institution, a UK Resolution Authority.         “Responsible Officer” means (a) in the case of a corporation, its president or any vice president  or  any  other  officer  or  the  equivalent  thereof  (including  a  secretary  or  an  assistant secretary),  and,  in  any  case  where  two  Responsible  Officers  are  acting  on  behalf  of  such corporation, the second such Responsible Officer may be a secretary or assistant secretary or the                                         38  55297837

 

      “Sanction” or  “Sanctions”  means  economic  or  financial  sanctions  or  trade  embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered  by  OFAC  or  the  U.S.  Department  of  State,  or  (b)  the  United  Nations  Security Council,  the  European  Union,  any  Member  State  of  the  European  Union,  or  the  United Kingdom.        “Sanctioned Country”  means,  at  any  time,  a  country  or  territory  which  is  itself  the subject or target of any Sanctions (as of the date of the Agreement, Cuba, Iran, North Korea, Sudan, Syria, and the Crimea region of Ukraine).        “Sanctioned Entity”  means  any  individual,  entity,  or  group  (a)  listed  in  any Sanctions-related list of designated Persons maintained by the OFAC, or the U.S. Department of State,  the  United  Nations  Security  Council,  the  European  Union,  any  Member  State  of  the European Union, or the United Kingdom, (b) operating, organized or resident in a Sanctioned Country or (c) owned or controlled by any such Person.        “Scheduled Unavailability Date” has the meaning provided in Section 4.10(a)(ii).        “SEC” means the Securities and Exchange Commission.        “Second Amendment Effective Date” means November 16, 2018.        “Secured Parties” means  the  Administrative  Agent,  the  Lenders,  the  Letter  of  Credit Issuer and each Indemnitee.        “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended to the date hereof and from time to time hereafter, and any successor statute.        “Security Agreements” means, collectively, each Borrower Security Agreement.        “Side Letter” means  any  side  letter  executed  by  or  on  behalf  of  an  Investor  with  any Borrower or the Investment Manager with respect to such Investor’s rights and/or obligations under its Subscription Agreement or the Borrower Constituent Documents, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof.        “SOFR” with respect to any day means the secured overnight financing rate published  for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark  (or a  successor  administrator) on the  Federal  Reserve Bank of New  York’s  website (or any  successor  source)  and, in  each  case,  that has  been  selected or  recommended by the  Relevant  Governmental Body.        “SOFR-Based Rate” means SOFR or Term SOFR.        “Sole Bookrunner” means Merrill LynchBofA Securities.        “Sole Lead Arranger” means BofA Securities.                                         40 55297837

 

 date as of which the foreign exchange computation is made; provided that the Administrative  Agent or Letter of Credit Issuer may obtain such spot rate from another commercially available  source designated by the Administrative Agent or Letter of Credit Issuer if such spot rate is not  available on Bloomberg.         “Stated Maturity Date” means  October  3, 2020,2022,  subject  to  the  Borrowers’  extension of such date under Section 2.14.        “Sterling” and “£” mean the lawful currency of the United Kingdom.        “Subscription Agreement” means a subscription agreement and any related supplement thereto  executed  by  an  Investor  in  connection  with  the  subscription  for  a  partnership,  shares, units,  common  stock,  membership  or  other  equity  interest  in  any  Borrower,  as  applicable,  as amended,  restated,  supplemented  or  otherwise  modified  from  time to time; “Subscription Agreements” means, where the context may require, all Subscription Agreements, collectively.        “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of the board of directors or other governing body (other  than  securities  or  interests  having  such  power  only  by  reason  of  the  happening  of  a contingency)  are  at  the  time  beneficially  owned,  or  the  management  of  which  is  otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer  to a Subsidiary or Subsidiaries of a Borrower.         “Syndication Agent” means MUFG.         “Synthetic Lease” means any synthetic lease, tax retention operating lease, off-balance  sheet loan or similar off-balance sheet financing product where such transaction is considered  borrowed  money  indebtedness  for  tax  purposes  but  is  classified as  an  Operating  Lease  in  accordance with GAAP.         “Taxes” means  all  present  or  future  taxes,  levies,  imposts,  duties,  deductions,  withholdings (including backup withholding), assessments, fees or other charges imposed by any  Governmental  Authority,  including  any  interest,  fines,  additions  to  tax  or  penalties  applicable  thereto.         “Temporary Increase Maturity Date” means the earliest of: (a) November 15, 2019; (b)   the date upon which the Administrative Agent declares the Obligations due and payable after the   occurrence and continuance of an Event of Default (c) thirty (30) days prior to the Capital Call   Cut-Off Date; and (d) the date upon which the Borrowers terminate the Commitments pursuant   to Section 3.6 or otherwise.Term SOFR” means the forward-looking term rate for any period   that is approximately (as determined by the Administrative Agent in consultation with the Credit   Parties) as  long as any of the  Interest Period  options set forth in the  definition of “Interest   Payment Date” and  that is  based on SOFR  that has  been  selected or  recommended by the   Relevant Governmental Body, in each case as published on an  information service as selected   by the Administrative Agent from time to time in its reasonable discretion.                                          42  55297837

 

       “Threshold Amount” means the lesser of (a) $50,000,000, and (b) ten percent (10%) of  the aggregate Uncalled Capital Commitments at such time.         “Transfer” means to assign, convey, exchange, pledge, sell, set-off, transfer or otherwise  dispose.         “Type of Loan” means a Reference Rate Loan or a LIBOR Rate Loan.         “UCC” means the Uniform Commercial Code as adopted in the State of New York and  any other state from time to time that governs creation or perfection (and the effect thereof) of  security interests in any Collateral.         “UK Financial Institution”  means any  BRRD  Undertaking (as  such term is  defined   under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom   Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook   (as  amended from  time to  time)  promulgated by the  United  Kingdom  Financial  Conduct   Authority, which includes certain credit institutions and investment firms, and certain affiliates   of such credit institutions or investment firms.         “UK Resolution Authority”  means the Bank of  England or any other  public   administrative authority having responsibility for the resolution of any UK Financial Institution.         “Uncalled Capital Commitment” means, with respect to any Investor at any time, such Investor’s uncalled Capital Commitment.        “Unfunded Capital Commitment” means, with respect to any Investor at any time, such Investor’s Capital Commitment minus (a) any portion of such Investor’s Capital Commitment  that  is  subject  to  a  Pending  Capital  Call,  including,  for  the  avoidance  of  doubt  an  Investor’s  “Unused Capital Commitment” as defined in the Borrower Constituent Documents, and (b) such  Investor’s Capital Contributions to date.         “Uniform Customs” means the Uniform Customs and Practice for Documentary Credits  (2007 Revision), effective July, 2007 International Chamber of Commerce Publication No. 600.         “Unused Commitment Fee Rate” has the meaning set forth in the applicable Fee Letter.         “U.S. Person” means any Person that is a “United States person” as defined in Section  7701(a)(30) of the Internal Revenue Code.         “U.S. Tax Compliance Certificate” has the meaning provided in Section 4.1(f).         “Withholding Agent” means any Borrower and the Administrative Agent.         “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution  Authority (or other  similar  authority),  the  write-down  and  conversion  powers  of  such  EEA  Resolution Authority (or other similar authority) from time to time under the Bail-In Legislation  for  the  applicable  EEA  Member  Country (or other  applicable  state),  which  write-down  and                                          43  55297837

 

conversion  powers  are  described  in  the  EU  Bail-In  Legislation  Schedule (or other  similar or  analogous legislation or regulation), and (b) with respect to the United Kingdom, any powers of  the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or  change the form of a liability of any UK Financial Institution or any contract or instrument under  which  that  liability  arises, to  convert all or part of  that  liability  into shares,  securities or  obligations of that Person or any other Person, to provide that any such contract or instrument is  to have effect as if a right had been exercised under it or to suspend any obligation in respect of  that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to  any of those powers.        1.2   Other  Definitional  Provisions.   With  reference  to  this  Credit  Agreement  and each other Loan Document, unless otherwise specified herein or in such other Loan Document:              (a)   all  terms  defined  in  this  Credit  Agreement  shall  have  the  above-defined       meanings when used in the Notes or any other Loan Documents or any certificate, report       or other document made or delivered pursuant to this Credit Agreement, unless otherwise       defined in such other document;              (b)   the  definitions  of  terms  herein  shall  apply  equally  to  the  singular  and       plural forms of the terms defined;              (c)   whenever  the  context  may  require,  any  pronoun  shall  include  the       corresponding masculine, feminine and neuter forms;              (d)   the  words  “include”,  “includes”  and  “including”  shall  be  deemed  to  be       followed by the phrase “without limitation”;              (e)   the word “will” shall be construed to have the same meaning and effect as       the word “shall”;              (f)   any  reference  herein  to  any  Person  shall  be  construed  to  include  such       Person’s successors and assigns;              (g)   the  words  “herein”,  “hereof”  and  “hereunder”,  and  words  of  similar       import, shall be construed to refer to this Credit Agreement in its entirety and not to any       particular provision hereof;              (h)   all  references  herein  to  Sections,  Exhibits  and  Schedules  shall be       construed to refer to Sections of, and Exhibits and Schedules to, this Credit Agreement;              (i)   the  words  “asset”  and  “property”  shall  be  construed  to  have  the same       meaning  and  effect  and  to  refer  to  any  and  all  tangible  and  intangible  assets  and       properties, including cash, securities, accounts and contract rights;              (j)   the  term  “documents”  includes  any  and  all  instruments,  documents,       agreements,  certificates,  notices,  reports,  financial  statements  and  other  writings,       however evidenced, whether in physical or electronic form;                                         44 55297837

 

Schedule or Exhibit, as applicable, are updated or modified in accordance with the terms of this Credit Agreement.        1.12  Permitted  Liens.  Any  reference  in  any  of  the  Loan  Documents  to  Liens permitted  under  this  Credit  Agreement  or  under  any  other  Loan  Document  is  not  intended  to subordinate or postpone, and shall not be interpreted as subordinating or postponing, or as an agreement to subordinate or postpone any Lien created by any of the Loan Documents to any Liens permitted hereunder or under such other Loan Document.        1.13  Change in GAAP.  In the event of any change in generally accepted accounting  principles after the date  hereof which  would  affect the  computation of any  covenant,  ratio or  other  requirement set forth in any  Loan  Document,  then  upon the  request of  Borrower or the  Administrative Agent, Initial Borrower and the Administrative Agent shall negotiate promptly,  diligently and in good faith in order to amend the provisions of the Loan Documents such that  such covenant, ratio or other requirement shall continue to provide substantially the same tests or  restrictions of  Borrower as in  effect prior to  such  accounting  change, as  determined by the  Required Lenders in their good faith judgment.  Until such time as such amendment shall have  been executed and delivered by Borrower, the Administrative Agent and the Required Lenders,  such covenants, ratio and other requirements, and all financial statements and other documents  required to be delivered under the Loan Documents, shall be calculated and reported as if such  change had not occurred.        1.14  Interest Rates.  The  Administrative  Agent  does  not  warrant,  nor  accept  responsibility,  nor shall the  Administrative  Agent have any  liability  with  respect to the  administration, submission or any other matter related to the rates in the definition of “LIBOR”  or with respect to any rate that is an alternative or replacement for comparable or successor rate  thereto to any of  such rate  (including,  without  limitation, any LIBOR  Successor Rate) or the  effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.  Section 2.  REVOLVING CREDIT LOANS AND LETTERS OF CREDIT       2.1    The Commitment.             (a)    Committed  Amount.   Subject  to  the  terms  and  conditions  herein  set      forth, each Lender agrees, during the Availability Period: (i) to extend to the Borrowers a       revolving line of credit; and (ii) to participate in Letters of Credit issued by the Letter of       Credit Issuer for the account of the Borrowers, in each case in Dollars or in one or more       other Alternative Currencies.              (b)   Limitation on Borrowings and Re-borrowings.  Except as provided in       Section  2.1(c),  the  Lenders  shall  not  be  required  to  advance  any  Borrowing,       Continuation, or cause the issuance of any Letter of Credit hereunder if:                  (i)  after  giving  effect  to  such  Borrowing,  Continuation,  Conversion,  or             issuance  of  such  Letter  of  Credit:  (A)  the  Dollar  Equivalent  of the Principal             Obligations  would  exceed  the  Available  Commitment;  (B)  with  respect  to  the             issuance of any Letter of Credit only, the Dollar Equivalent of the Letter of Credit                                         47 55297837

 

 of Credit Issuer related to the issuance, amendment or transfer of Letters of Credit upon demand  by the Letter of Credit Issuer.  Letter of Credit fees shall be payable in Dollars.        2.14   Extension of Maturity Date.  The Borrowers shall have two options to extend the  Stated  Maturity  Date  then  in  effect  for  364  days  (for  each extension  option),  subject  to  satisfaction or waiver by the Lenders of the following conditions precedent:               (a)  each  of  the  Administrative  Agent  and  the  new  or  extending  Lenders        consent to the extension in their sole discretion;               (b)   the Borrowers shall have paid an extension fee in the amount of twenty         basis points (0.20%) of the Maximum Commitment for each extensionExtension Fee, to        the Administrative Agent for the benefit of the new or extending Lenders;               (c)   no  Event  of  Default  or  Potential  Default  shall  have  occurred  and  be        continuing on the date on which notice is given in accordance with the following clause         (d) or on the initial Stated Maturity Date;               (d)   as  of  the  effective  date  of  such  extension  and  immediately  after  giving        effect thereto, the representations and warranties set forth herein and in the other Loan        Documents are true and correct in all material respects with the same force and effect as        if  made  on  and  as  of  such  date  (except  to  the  extent  that  such representations  and        warranties  expressly  relate  to  an  earlier  date);  provided  that  if  a  representation  or        warranty is qualified as to materiality, with respect to such representation or warranty,        the foregoing materiality qualifier shall be disregarded for the purposes of this condition;        and               (e)   the Borrowers shall have delivered an Extension Request with respect to        the Stated Maturity Date to the Administrative Agent not less than thirty (30) days (or        such shorter timeframe agreed to by the Administrative Agent in its sole discretion) prior        to  the  Stated  Maturity  Date  then  in  effect  (which  shall  be  promptly  forwarded  by  the        Administrative Agent to each Lender).         2.15  Increase in the Maximum Commitment.              (a)    Request  for  Increase.   Provided  there  exists  no  Event  of  Default  or       Potential Default and no Event of Default or Potential Default would result from such        Facility  Increase,  and  subject  to  compliance  with  the  terms  of this  Section  2.15,  the        Borrowers  may  increase  the  Maximum  Commitment  to  an  aggregate  amount  not        exceeding $750,000,000. Such increase may be done in one or more requested increases,        in a minimum amount of $20,000,000, and in $1,000,000 increments (each such increase        shall be referred to herein as a “Facility Increase”). Subject to compliance with Section         2.15(c) below, no consent of the Administrative Agent or Lenders shall be required.              (b)    Effective Date.  Within ten (10) days (or such shorter timeframe agreed to       by the Administrative Agent in its sole discretion) of the receipt of a request from the        Borrower  to  increase  the  Maximum  Commitment,  the  Administrative  Agent  shall                                          61  55297837

 

      to  comply  with  the  applicable  timing  period  in  Section  2.3  to  each  Lender  which  is       required  to  fund  any  amount  or  receive  any  partial  repayment  in  connection  therewith       and (ii) applicable Lender or Lenders will fund such amounts up to their respective shares       of the Loans being reallocated and the Administrative Agent shall remit to any applicable       Lenders its applicable portion of such funded amount if necessary to give effect to the       reallocation of such Loans. In connection with such repayment made with respect to such       reallocation  (to  the  extent  such  repayment  is  required),  the  Borrowers  shall  pay  or       capitalize  (i)  all  interest  due  on  the  amount  repaid  to  the  date  of  repayment  on  the       immediately  following  Interest  Payment  Date  and  (ii)  any  amounts  due  pursuant  to       Section 4.5 as a result of such reallocation occurring on any date other than an Interest       Payment Date.  Section 3.  PAYMENT OF OBLIGATIONS        3.1   Revolving Credit Notes.  Any Lender may request that its Loans be evidenced by a promissory note.  In such event, each Borrower shall execute and deliver a Note or Notes in the form of Exhibit B (with blanks appropriately completed in conformity herewith), in favor of such Lender. Each Borrower agrees, from time to time, upon the request of the Administrative Agent  or  any  Lender,  to  reissue  a  new  Note,  in  accordance  with the  terms  and  in  the  form heretofore provided, to the Administrative Agent or such Lender, in renewal of and substitution for the Note previously issued by such Borrower to the Administrative Agent or such Lender, and such previously issued Note shall be returned to such Borrower marked “replaced”.        3.2   Payment  of  Obligations.   The  unpaid  principal  amount  of  the  Obligations outstanding on the Maturity Date, together with all accrued but unpaid interest thereon, shall be due and payable on the Maturity Date in the currency of the related Loan or Letter of Credit. Unless the Maximum  Commitment has  been  reduced below  $300,000,000 by the  Borrowers  pursuant to Section  3.6, the  unpaid principal  amount of the  Obligations in  excess of  $300,000,000 outstanding on the Temporary Increase Maturity Date, together with all accrued  but unpaid interest thereon, shall be due and payable on the Temporary Increase Maturity Date in  the currency of the related Loan or Letter of Credit.        3.3   Payment of Interest.              (a)   Interest.   Interest  on  each  Borrowing  and  any  portion  thereof  shall       commence to accrue in accordance with the terms of this Credit Agreement and the other       Loan Documents as of the date of the disbursement or wire transfer of such Borrowing by       the Administrative Agent, consistent with the provisions of Section 2.6, notwithstanding       whether the Borrowers received the benefit of such Borrowing as of such date and even if       such Borrowing is held in escrow pursuant to the terms of any escrow arrangement or       agreement.   When  a  Borrowing  is  disbursed  by  wire  transfer  pursuant  to  instructions       received from the Borrowers in accordance with the related Request for Borrowing, then       such  Borrowing  shall  be  considered  made  at  the  time  of  the  transmission  of  the  wire,       rather  than  the  time  of  receipt  thereof  by  the  receiving  bank.  With regard to the       repayment of the Loans, interest shall continue to accrue on any amount repaid until such       time as the repayment has been received in federal or other immediately available funds       by the Administrative Agent in the Administrative Agent’s Account described in Section                                         63 55297837

 

       A  Lender  shall  not  be  required  to  make  any  such  assignment  or  delegation  if,  prior        thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling        the Borrowers to require such assignment and delegation cease to apply.         4.9   Euro Event.  In the event that the Euro is no longer used as the common currency  of the European Union (such event, a “Euro Event”), each Borrower shall either: (a) repay all Euro  denominated  Loans  made  to  it  (and  Cash  Collateralize  all  Euro  denominated  Letters  of Credit issued for its account) in Dollars or an Alternative Currency other than Euro (in either case based on the applicable Spot Rate on the date of such repayment) or (b) convert such Loans to  (or  replace  such  Letters  of  Credit  with  those  denominated  in)  Dollars  or  an  Alternative Currency other than Euro, in each case within thirty (30) days of request after such Euro Event by any affected party to take such actions.         4.10 LIBOR Successor Rate.               (a)   Notwithstanding anything to the contrary in this Credit Agreement or any   other  Loan  Document, if the  Administrative  Agent  determines (which  determination shall be   conclusive  absent  manifest  error), or the  Required  Lenders  notify the  Administrative  Agent   (with, in the case of the Required Lenders, a copy to the Borrowers) that the Required Lenders   (as applicable) have determined, that:               (i)   adequate and  reasonable  means do  not exist for ascertaining LIBOR for         any  requested  Interest  Period,  including,  without  limitation,  because LIBOR is  not         available or  published on a  current basis and  such  circumstances are  unlikely to be         temporary; or              (ii)   the  administrator of LIBOR or a  Governmental  Authority having         jurisdiction  over the  Administrative  Agent has made a  public  statement  identifying a         specific date after which LIBOR shall no  longer be made  available, or used for         determining the interest rate of loans; provided that, at the time of such statement, there is         no  successor  administrator  that is  satisfactory to the  Administrative  Agent  that  will         continue to provide LIBOR after such specific date (such specific date, the “Scheduled         Unavailability Date”); or              (iii)  syndicated loans currently being executed, or that include language similar         to that contained in this Section 4.10, are being executed or amended (as applicable) to         incorporate or adopt a new benchmark interest rate to replace LIBOR;         then,  reasonably  promptly after  such  determination by the  Administrative  Agent or   receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and   the  Borrowers may amend  this  Credit  Agreement to  replace LIBOR  with (x)  one or  more   SOFR-Based  Rates or (y) another alternate benchmark rate in consultation with the Borrower   after  giving  due  consideration to any  evolving or  then  existing  convention for  similar   Dollar-denominated syndicated credit facilities for such alternative benchmarks and, in each case   (A) in a manner that is consistent with the Administrative Agent’s then-current practices with   respect to similarly situated borrowers and (B) including any mathematical or other adjustments                                           78  55297837

 

to  such  benchmark  giving  due  consideration to any  evolving or  then  existing  convention for  similar Dollar-denominated syndicated credit facilities for such benchmarks, which adjustment  or  method for  calculating  such  adjustment shall be  published on an  information service as  selected by the Administrative Agent from time to time in its reasonable discretion and may be  periodically  updated (the “Adjustment”; and any  such  proposed  rate, a “LIBOR Successor  Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth (5th) Business  Day after the Administrative Agent shall have posted such proposed amendment to all Lenders  and the  Borrowers  unless, prior to  such  time,  Lenders  comprising the  Required  Lenders have  delivered to the Administrative Agent written notice that such Required Lenders (A) in the case  of an  amendment to  replace LIBOR  with a rate  described in  clause (x)  above,  object to the  Adjustment; or (B) in the  case of an  amendment to  replace LIBOR  with a rate  described in  clause (y) above, object to such amendment; provided that, for the avoidance of doubt, in the  case of clause (A), the Required Lenders shall not be entitled to object to any SOFR-Based Rate  contained in any such amendment. Such LIBOR Successor Rate shall be applied in a manner  consistent with market practice; provided that, to the extent the Administrative Agent determines  that adoption of such LIBOR Successor Rate is not administratively feasible (x) it shall provide  written notice of such determination to the Borrower, (y) such written notice shall confirm that  the Administrative Agent is taking the same position with respect to such LIBOR Successor Rate  in its other facilities for similarly situated borrowers and (z) the Administrative Agent shall use  commercially reasonable efforts to ensure that any alternate rate of interest the Administrative  Agent  selects in  lieu of  such LIBOR  Successor Rate shall  include a  modifier, to the  extent  necessary, to cause such alternate rate to be comparable to such LIBOR Successor Rate, which  modifier shall be determined at the time such alternate rate is determined and which shall remain  constant for so long as this Agreement remains in effect.              (b)   If no LIBOR Successor Rate has been determined and the circumstances  under Section 4.10(a)(i) exist or the Scheduled Unavailability Date has occurred (as applicable),  the Administrative Agent shall promptly so notify the Borrowers and the Lenders.  Thereafter, (i)  the obligation of the Lenders to make or maintain LIBOR Rate Loans shall be suspended (to the  extent of the  affected LIBOR Rate  Loans or  Interest  Periods) and  (ii) the  Adjusted LIBOR  component shall no longer be utilized in determining the Reference Rate.  Upon receipt of such  notice, the Borrowers may revoke any pending Request for Borrowing of, or Rollover Notice or  Conversion Notice for the conversion to or Continuation of, LIBOR Rate Loans (to the extent of  the  affected LIBOR Rate  Loans or  Interest  Periods) or,  failing that,  will be deemed to have  converted  each  such LIBOR Rate  Loan to a  Reference Rate  Loan  pursuant to Section  2.3(g)  (subject to the foregoing clause (ii)).              (c)   Notwithstanding any other  provision of  this  Credit  Agreement, any  definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor  Rate be less than 0.50% for purposes of this Credit Agreement.              (d)   In  connection  with the  implementation of a LIBOR  Successor  Rate, the  Administrative Agent will have the right to make LIBOR Successor Rate Conforming Changes  from  time to  time  and,  notwithstanding  anything to the  contrary  herein or in any other  Loan  Document, any  amendments  implementing  such LIBOR  Successor Rate  Conforming  Changes  will  become  effective  without any further  action or  consent of any other party to  this  Credit  Agreement.                                        79 55297837

 

            (i)   “Know  Your  Customer”  Information  and  Documents.   The  Lenders       shall  have  received (i) all  items  required  to  make  such  Qualified  Borrower  KYC       Compliant and  (ii) if  such  Qualified  Borrower  qualifies as a “legal  entity  customer”        under the  Beneficial  Ownership  Regulation, a  Beneficial  Ownership  Certification in        relation to such Qualified Borrower;              (j)   Due Diligence Review.  The Administrative Agent shall have completed       to its satisfaction its due diligence review of such Qualified Borrower and its respective       management, controlling owners, systems and operations;              (k)   ERISA  Status.   With  respect  to  the  initial  advance  to  such  Qualified       Borrower only, a no Plan Asset Certificate of such Qualified Borrower; and              (l)   Fees,  Costs  and  Expenses.   Payment  of  all  fees  and  other  invoiced       amounts  due  and  payable  by  any  Borrower  on  or  prior  to  the  date  of  such  Qualified       Borrower joinder and, to the extent invoiced, reimbursement or payment of all expenses       required to be reimbursed or paid by any Borrower hereunder, which may be deducted       from the proceeds of any related Borrowing.             Upon the satisfaction of the requirements of this Section 6.3 described above, such       Qualified Borrower shall be bound by the terms and conditions of this Credit Agreement       as if it were a Borrower hereunder.        6.4   Addition of AIV Borrowers, Parallel Fund Borrowers.  The obligation of the Lenders  to  advance  a  Borrowing  to  a  proposed  AIV  Borrower,  Parallel  Fund  Borrower,  as applicable, hereunder or to cause the issuance of a Letter of Credit to a proposed AIV Borrower, Parallel Fund Borrower, as applicable, is subject to the conditions that the Borrowers shall have given  the  Administrative  Agent  at  least  ten  (10)  Business  Days prior  written  notice  (or  such shorter  time  as  the  Administrative  Agent  may  agree  in  its  sole discretion)  and  each  of  the following:              (a)   Approval of AIV Borrower, Parallel Fund Borrower.  In order for an       entity to be approved as an AIV Borrower, a Parallel Fund Borrower, as applicable, (i)       the  Borrowers  must obtain the written consent of each Lender, such consent not to be       unreasonably withheld; (ii) such entity shall be either an Alternative Investment Vehicle       or a Parallel Investment Vehicle, as applicable, of a Borrower; and (iii) the provisions of       this Section 6.4 shall be satisfied;              (b)   Joinder  and  Security  of  New  Borrower  Obligations.  The AIV       Borrower  or  Parallel  Fund  Borrower  and  their  general  partners  shall  provide  to  the       Administrative Agent and each of the Lenders duly executed documentation substantially       similar, in the reasonable discretion of the Administrative Agent, to that executed by the       Borrower at the Closing Date, including but not limited to a joinder agreement to this       Credit Agreement (pursuant to which it agrees to be jointly and severally liable for all       Obligations), Collateral Documents and such other Loan Documents and Filings as the       Administrative Agent may reasonably request;                                         88 55297837

 

            (c)   Borrower Note.  Upon the request of the Administrative Agent, such AIV       Borrower, Parallel Fund Borrower, as applicable, shall execute and deliver a promissory       note, in the form of Exhibit B;              (d)   Authorizations  of  Borrower.   The  Administrative  Agent  shall  have       received from the AIV Borrower or Parallel Fund Borrower, as applicable, appropriate       evidence  of  the  authorization  of  such  Borrower  approving  the  execution,  delivery  and       performance  of  its  Note,  its  applicable  Collateral  Documents  and  any  other  Loan       Documents required of such Borrower, duly adopted by such Borrower, as required by       Applicable Law or agreement, and accompanied by a certificate of an authorized Person       of  such  Borrower  stating  that  such  authorizations  are  true  and correct,  have  not  been       altered or repealed and are in full force and effect;             (e)    Responsible  Officer  Certificates.   A  certificate  from  a  Responsible      Officer of each AIV Borrower or Parallel Fund Borrower, as applicable, in the form of      Exhibit K;              (f)   Constituent  Documents.   True  and  complete  copies  of  the  Constituent       Documents  of  such  AIV  Borrower  or  Parallel  Fund  Borrower,  as  applicable,  together       with  certificates  of  existence  and  good  standing  (or  other  similar  instruments)  of  such       Borrower, in each case certified by a Responsible Officer of such Person to be correct       and  complete  copies  thereof  and  in  effect  on  the  date  such  AIV Borrower  or  Parallel       Fund  Borrower,  as  applicable,  becomes  a  Borrower  hereunder  and in  each  case       satisfactory to the Administrative Agent in its sole discretion;              (g)   ERISA Status.  With respect to the initial advance to such AIV Borrower       or Parallel Fund Borrower only, a No Plan Asset Certificate of such AIV Borrower or       Parallel Fund Borrower;              (h)   Incumbency Certificate.  The Administrative Agent shall have received       from the AIV Borrower or Parallel Fund Borrower, as applicable, a signed certificate of a       Responsible  Officer  of  such  Borrower  which  shall  certify  the  names  of  the  Persons       authorized to sign the Loan Documents to be delivered pursuant to the terms hereof by       such Borrower, together with the true signatures of each such Person (the Administrative       Agent may conclusively rely on such certificate until it shall receive a further certificate       canceling or amending the prior certificate and submitting the authority and signatures of       the Persons named in such further certificate);              (i)   Opinion of Counsel to AIV Borrower or Parallel Fund Borrower.  The       Administrative Agent shall have received a customary written opinion of counsel for the       AIV  Borrower  or  Parallel  Fund  Borrower,  as  applicable,  in  form and  substance       satisfactory to the Administrative Agent;              (j)   “Know  Your  Customer”  Information  and  Documents.   The  Lenders       shall have received and completed (a) all items required to make such AIV Borrower or       Parallel Fund Borrower, as applicable, KYC Compliant; provided that the Lenders shall                                         89 55297837

 

      use commercially reasonable efforts to (i) request all KYC items at least 4 Business Days       prior to the proposed date of the joinder and (ii) complete KYC at least 1 Business Day       prior  to  the  date  of  the  proposed  joinder and (b) if  such AIV  Borrower,  Parallel  Fund        Borrower, Feeder Fund or Borrowers of a new Fund Group, as applicable, qualifies as a        “legal  entity  customer”  under the  Beneficial  Ownership  Regulation, a  Beneficial        Ownership  Certification in  relation to  such AIV  Borrower,  Parallel  Fund  Borrower,        Feeder Fund or Borrower of a new Fund Group, as applicable;              (k)   Fees,  Costs  and  Expenses.   Payment  of  all  fees  and  other  invoiced       amounts due and payable by any Borrower on or prior to the date such AIV Borrower or       Parallel Fund Borrower, as applicable, becomes a Borrower hereunder and, to the extent       invoiced, reimbursement or payment of all expenses required to be reimbursed or paid by       any  Borrower  hereunder,  which  may  be  deducted  from  the  proceeds  of  any  related       Borrowing; and              (l)   Due Diligence Review. The Administrative Agent shall have completed       to  its  satisfaction  its  due  diligence  review  of  such  AIV  Borrower  or  Parallel  Fund       Borrower, as applicable, and its respective management, controlling owners, systems and       operations.              Upon the satisfaction of the requirements of this Section 6.4 described above, the       AIV Borrower or Parallel Fund Borrower, as applicable, shall be bound by the terms and       conditions of this Credit Agreement as a Borrower hereunder.  Section 7.  REPRESENTATIONS AND WARRANTIES OF THE BORROWERS        To  induce  the  Lenders  to  make  the  Loans  and  cause  the  issuance of  Letters  of  Credit hereunder, each Borrower hereby represents and warrants to the Administrative Agent, the Letter of Credit Issuer and the Lenders that, as to itself:        7.1   Organization and Good Standing.  Each Borrower (a) is duly organized, duly formed or duly incorporated, as applicable; (b) validly existing and in good standing under the laws  of  its  jurisdiction  of  organization,  formation  or  incorporation,  as  applicable;  (c)  has  the requisite power and authority to own its properties and assets and to carry on its business as now conducted;  and  (d)  is  qualified  to  do  business  in  each  jurisdiction  where  the  nature  of  the business conducted or the property owned or leased requires such qualification except where the failure to be so qualified to do business would not have a Material Adverse Effect.        7.2   Authorization  and  Power.   Each  Borrower  (a)  has  the  partnership,  limited liability company or corporate power, as applicable, and requisite authority to execute, deliver, and  perform  its  respective  obligations  under  this  Credit  Agreement,  the  Notes,  and  the  other Loan  Documents  to  be  executed  by  it,  its  Constituent  Documents and  its  Subscription Agreements; (b) is duly authorized to, and has taken all partnership, limited liability company, organization or corporate action, as applicable, necessary to authorize it to execute, deliver, and perform its obligations under this Credit Agreement, the Notes, such other Loan Documents, its Constituent Documents and the Subscription Agreement; and (c) is and will continue to be duly                                         90 55297837

 

            (l)   Notice of Material Adverse Effect.  Each Borrower shall, promptly upon       receipt of knowledge thereof, notify the Administrative Agent of any event if such event       could reasonably be expected to result in a Material Adverse Effect.              (m)   Beneficial  Ownership  Certification.   Each  Credit Party shall  promptly        notify the  Administrative  Agent or any  Lender of any  change to any  Beneficial        Ownership  Certification  previously  delivered and  deliver an  updated  Beneficial        Ownership Certification, and if any Credit Party becomes a “legal entity customer” under        the  Beneficial  Ownership  Regulation after the Closing  Date,  such  Credit Party shall        promptly notify the Administrative Agent and shall deliver to the Administrative Agent        or any Lender a Beneficial Ownership Certification in relation to such Credit Party.              (n)   (m) [Reserved].Know  Your  Customer  Information.   Promptly        following any request therefor, information and documentation reasonably requested by        the  Administrative  Agent or any  Lender for  purposes of  compliance  with  applicable        “know  your  customer”  requirements  under the USA  PATRIOT Act, the  Beneficial        Ownership  Regulation or other  applicable  Anti-Money  Laundering Laws and        Anti-Corruption Laws.              (o)   (n) Other Information.  Such other information concerning the business, properties, or financial condition of the Borrowers as the Administrative Agent shall reasonably request (including such additional information for “know-your-customer” rules and regulations and related policies as the Lenders (through the Administrative Agent) may reasonably request).        8.2   Payment  of  Obligations.   Each  Borrower  shall  pay  and  discharge  all Indebtedness  and  other  obligations  before  any  such  obligation  becomes  delinquent,  if  such failure could reasonably be expected to result in a default in excess of the Threshold Amount.        8.3   Maintenance  of  Existence  and  Rights.   Each  Borrower  shall  preserve  and maintain  its  existence.   Each  Borrower  shall  further  preserve  and  maintain  all  of  its  rights, privileges, and franchises necessary in the normal conduct of its business and in accordance with all  valid  regulations  and  orders  of  any  Governmental  Authority the  failure  of  which  could reasonably be expected to result in a Material Adverse Effect.        8.4   [Reserved.]        8.5   Books  and  Records;  Access.   Following  ten  (10)  Business  Days  prior  written notice, each Borrower shall give the Administrative Agent, the Lenders, or any of them, access during ordinary business hours to, and permit such person to examine, copy, or make excerpts from, any and all books, records, and documents in the possession of such Borrower and relating to their affairs, and to inspect any of the properties of the Borrower and to discuss its affairs, finances  and  condition  with  its  officers  and  independent  accountants;  provided  that representative  of  the  Borrowers  shall  be  given  reasonable  opportunity  to  be  present  for  any discussions with independent accountants.                                         99 55297837

 

effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):              (a)   the  Borrowers  shall  fail  to  pay  when  due  any  (i)  principal  of  the       Obligations, including, without limitation, any failure to pay any amount required under       Section 3.5(b); or (ii) interest on the Obligations or any fee, expense, indemnity or other      payment  required  hereunder,  or  under  any  other  Loan  Document,  including,  without      limitation, payment of cash for deposit as Cash Collateral under Section 2.8(h), and such       failure under this Section 10.1(a)(ii) shall continue for three (3) Business Days following      the date the Administrative Agent notifies the Borrowers in writing of such failure;             (b)   any representation or warranty made or deemed made by or on behalf of      the Borrowers (in each case, as applicable) under this Credit Agreement, or any of the      other  Loan  Documents  executed  by  any  one  or  more  of  them,  or  in  any  certificate  or      statement furnished or made to the Administrative Agent or Lenders or any one of them      by the Borrowers (in each case, as applicable) pursuant hereto, in connection herewith or      with the Loans, or in connection with any of the other Loan Documents, shall prove to be      untrue or inaccurate in any material respect (except for any representation and warranty      that  is  qualified  by  materiality  or  reference  to  Material  Adverse  Effect,  in  which  case      such representation and warranty shall prove be untrue and inaccurate in all respects) as      of the date on which such representation or warranty is made and the adverse effect of the      failure  of  such  representation  or  warranty  shall  not  have  been cured  within  thirty  (30)      days after the earlier of: (i) written notice thereof has been given by the Administrative      Agent  to  the  Borrowers  or  (ii)  a  Responsible  Officer  of  a  Borrower  obtains  actual      knowledge thereof;             (c)   default  shall  occur  in  the  performance  of:  (i)  any  of  the  covenants  or      agreements contained herein (other than the covenants contained in Sections 3.5(b), 8.1,        and Sections 9.1 through 9.22) by the Borrowers; or (ii) the covenants or agreements of       the Borrowers contained in any other Loan Documents executed by such Person, and, if       such default is susceptible to cure, such default shall continue uncured to the satisfaction       of the Administrative Agent for a period of thirty (30) days after the earlier of: (x) written       notice  thereof  has  been  given  by  the  Administrative  Agent  to  the  Borrowers  or  (y)  a       Responsible Officer of a Borrower obtains actual knowledge thereof;              (d)   default  shall  occur  in  the  performance  of  any  of  the  covenants or       agreements  of  any  Borrower  contained  in  Section  3.5(b),  or  any  one  of  Sections  9.1       through 9.4, Section 9.6, Section 9.8, Section 9.9, Section 9.11 through 9.15 or Section        9.17 through 9.22;              (e)   default shall occur in the performance of Section 8.1, Section 9.5, Section        9.7, Section 9.10 and Section 9.16 and such default shall continue uncured for five (5)       Business  Days  after  the  earlier  of:  (x)  written  notice  thereof has  been  given  by  the       Administrative  Agent  to  the  Borrowers  or  (y)  a  Responsible  Officer  of  a  Borrower       obtains actual knowledge thereof;                                        108 55297837

 

            of the Lenders that are required to amend, waive or modify any rights hereunder             or otherwise make any determination or grant any consent hereunder;                 (iv)  except as otherwise provided in this Credit Agreement, consent to the             assignment or transfer by any Borrower of any of its rights and obligations under             (or in respect of) the Loan Documents;                 (v)   amend the terms of this Section 12.1; or                 (vi)  except as otherwise contemplated in this Credit Agreement, designate             a Person as a Borrowing Base Investor.              The Administrative Agent shall notify the Lenders of any proposed modification       or  amendment  to  any  Loan  Document,  and  deliver  drafts  of  any  such  proposed       modification or amendment to the Lenders, prior to the effectiveness of such proposed       modification or amendment.  Notwithstanding the above: (A) no provisions of Section 11       may be amended or modified without the consent of the Administrative Agent; (B) no       provisions of Section 2.8 may be amended or modified without the consent of the Letter      of Credit Issuer; and (C) Section 8 and Section 9 specify the requirements for waivers of       the Affirmative Covenants and Negative Covenants listed therein, and any amendment to       a  provision  of  Section 8  or  Section 9  shall  require  the  consent  of  the  Lenders  or  the       Administrative Agent that are specified therein as required for a waiver thereof. For the        avoidance of doubt, the Administrative Agent and the Borrowers may amend this Credit        Agreement at any  time to  replace LIBOR  with a LIBOR  Successor Rate  pursuant to        Section  4.10  hereof, and  such  amendment shall  not  require the  consent of any other        Person.  Any  amendment,  waiver  or  consent  not  specifically  addressed  in  this  Section        12.1 or otherwise shall be subject to the approval of Required Lenders.             Notwithstanding the fact that the consent of all the Lenders is required in certain      circumstances as set forth above: (1) each Lender is entitled to vote as such Lender sees      fit on any reorganization plan that affects the Loans or the Letters of Credit, and each      Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of      the  United  States  supersede  the  unanimous  consent  provisions  set  forth  herein;  (2)  the      Required Lenders may consent to allow a Borrower to use cash collateral in the context      of a bankruptcy or insolvency proceeding; and (3) the Administrative Agent may, with      the consent of the Borrowers, in its sole discretion, agree to the modification or waiver of      any of the other terms of this Credit Agreement or any other Loan Document or consent      to any action or failure to act by any Borrower, if such modification, waiver, or consent is      of an administrative nature or an obvious error or any error or omission of a technical or      immaterial nature.             If  the  Administrative  Agent  shall  request  the  consent  of  any  Lender  to  any      amendment, change, waiver, discharge, termination, consent or exercise of rights covered      by  this  Credit  Agreement,  and  not  receive  such  consent  or  denial  thereof  in  writing      within  ten  (10)  Business  Days  of  the  making  of  such  request  by the  Administrative      Agent, as the case may be, such Lender shall be deemed to have denied its consent to the      request.                                        122 55297837

 

      obligations  of  a  Lender  under  this  Credit  Agreement  and  the  other  Loan  Documents;       provided that:                  (i)  The  Commitment  of  the  new  Lender  shall  be  in  addition  to  the             Commitment of the existing Lenders in effect on the date of such new Lender’s             entry into the Credit Facility and the Maximum Commitment shall be increased in             a corresponding amount;                 (ii)  the Commitment of the new Lender shall be in a minimum amount of             $50,000,000,  or  such  lesser  amount  agreed  to  by  the  Borrowers  and  the             Administrative Agent; and                (iii)  the  Borrowers  shall  execute  such  new  Notes  as  the  Administrative            Agent or any Lender may request, and the new Lender shall deliver payment of a            processing  and  recordation  fee  of  $3,500  to  the  Administrative Agent,  which            amount the Administrative Agent may waive in its sole discretion.             (h)   Disclosure  of  Information.   Any  Lender  may  furnish  any  information      concerning any Borrower in the possession of such Lender from time to time to assignees      and participants (including prospective assignees and participants), subject, however, to      the provisions of Section 12.16.                (i) Assignment by  Merrill Lynch.  Notwithstanding the  foregoing, the        parties hereby agree that Merrill Lynch may, without notice to the Borrowers, assign its        rights and obligations under this Credit Agreement to any other registered broker-dealer        wholly-owned by Bank of America Corporation to which all or substantially all of Bank        of America  Corporation’s or any of  its  subsidiaries’  investment  banking,  commercial        lending services or related businesses may be transferred following the date of this Credit        Agreement.        12.12 All  Powers  Coupled  with  Interest.   All  powers  of  attorney  and  other authorizations granted to the Lenders, the Administrative Agent and any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Credit Agreement or any  of  the  other  Loan  Documents  shall  be  deemed  coupled  with  an  interest  and  shall  be irrevocable so long as any of the Obligations remain unpaid or unsatisfied (other than contingent indemnification obligations not yet due or owing), any of the Commitments remain in effect or the Credit Facility has not been terminated.        12.13 Headings.  Section headings are for convenience of reference only and shall in no way affect the interpretation of this Credit Agreement.        12.14 Survival.  All representations and warranties made by the Borrowers herein shall survive delivery of the Notes, the making of the Loans and the issuance of the Letters of Credit.        12.15 Full Recourse.  The payment and performance of the Obligations with respect to any Borrower shall be fully recourse to such Borrower.  Notwithstanding anything in this Credit Agreement and the Loan Documents to the contrary, the Obligations shall not be recourse to any                                        136 55297837

 

      or  reasonably  claiming  to  have  jurisdiction  over  such  party  or its  Related  Parties       (including  any  self-regulatory  authority,  such  as  the  National Association  of  Insurance       Commissioners); (iii) in connection with any audit by an independent public accountant       of such party, provided such auditor thereto agrees to be bound by the provisions of this       Section 12.16; (iv) to examiners or auditors of any applicable Governmental Authority       that  examines  such  party’s  books  and  records  while  conducting  such  examination  or       audit; or (v) as otherwise specifically required by law.        12.17 Customer Identification Notice.  Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Borrower that U.S. law requires each U.S. Lender and the Administrative Agent to obtain, verify and record information that identifies each Borrower, which information includes the name and address of each Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Borrower.        12.18 Multiple Counterparts.  This Credit Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of  the  parties  hereto  may  execute  this  Credit  Agreement  by  signing  any  such  counterpart. Delivery of an executed counterpart of a signature page of this Credit Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Credit Agreement.        12.19 Term  of  Agreement.   This  Credit  Agreement  shall  remain  in  effect  from  the Closing Date through and including the date upon which all Obligations (other than contingent obligations for which no claim has yet been made) arising hereunder or under any other Loan Document shall have been paid and satisfied in full, all Letters of Credit have been terminated or expired and all Commitments have been terminated.  No termination of this Credit Agreement shall affect the rights and obligations of the parties hereto arising prior to such termination or in respect  of  any  provision  of  this  Credit  Agreement  that  survives  such  termination.   For  the avoidance of doubt, this Credit Agreement shall remain in full force and effect after the Maturity Date if any Letters of Credit remain outstanding, even if Cash Collateralized.        12.20 Inconsistencies  with  Other  Documents.   In  the  event  there  is  a  conflict  or inconsistency between this Credit Agreement and any other Loan Document, the terms of this Credit  Agreement  shall  control;  provided  that  any  provision  of  the  Collateral  Documents  that imposes additional burdens on any Borrower or further restricts the rights of any Borrower or any of its Affiliates or gives the Administrative Agent or Lenders additional rights shall not be deemed to be in conflict or inconsistent with this Credit Agreement and shall be given full force and effect.        12.21 Acknowledgement  and  Consent  to  Bail-In  of  EEA  Financial  Institutions. Notwithstanding anything to the contrary in any Financing Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEAAffected Financial Institution arising under any Financing Document,  to  the  extent  such  liability  is  unsecured,  may  be  subject  to  the write-down and  conversion powers of an EEAWrite-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:                                       138 55297837

 

            (a)   the application of any Write-Down and Conversion Powers by an EEAthe  applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEAAffected 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 EEAAffected  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  Credit  Agreement  or  any  other       FinancingLoan Document; or              the variation of the terms of such liability in connection with the exercise of the write-downWrite-Down and conversion powers of any EEAConversion Powers of the applicable Resolution Authority.                 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK                          SIGNATURE PAGES FOLLOW.                                        139 55297837

 

             IN  WITNESS  WHEREOF,  the  parties  hereto  have  caused  this  Credit Agreement to be duly executed as of the day and year first above written.                                          BORROWER:                                          TCG BDC II, INC., a Maryland corporation                                          By:                                             Name:                                             Title:                                                 Carlyle Umbrella - Revolving Credit Agreement

 

                                       Acknowledged and Agreed to with respect to                                        Section 5.4 only:                                         MANAGER:                                         CARLYLE GMS INVESTMENT                                        MANAGEMENT L.L.C.,                                        a Delaware limited liability company                                          By:                                           Name:                                           Title:                                            -  1-  Carlyle Umbrella - Revolving Credit Agreement 55297837

 

                                       ADMINISTRATIVE AGENT, LETTER OF                                        CREDIT ISSUER AND LENDER:                                         BANK OF AMERICA, N.A.                                          By:                                           Name:                                           Title:                                            -  1-  Carlyle Umbrella - Revolving Credit Agreement 55297837

 

                                  SCHEDULE I                                 Borrower Information  Borrower:               TCG BDC II, Inc.  Jurisdiction of Formation: Maryland  Collateral Account #:   [Omitted] ABA #:  Principal Office, Chief 520 Madison Avenue Executive Office, and   New York, NY 10022 Principal Place of Business                                      - 1-  Sch. I.  55297837

 

                                SCHEDULE II                                   Commitments                     Lender Name                  Commitment                                           On and after the Second                                           Amendment Effective Date                                           until but excluding the                                           Temporary Increase Maturity                                           Date, $187,500,000.          Bank of America, N.A.                                           On the Temporary Increase                                           Maturity Date and thereafter,                                              $150,000,000.$75,000,000.00                                           On and after the Second                                           Amendment Effective Date                                           until but excluding the                                           Temporary Increase Maturity           MUFG Union Bank, N.A.           Date, $187,500,000.                                           On the Temporary Increase                                           Maturity Date and thereafter,                                              $150,000,000.                                    -  1-  Sch. II. 55297837

 

                                SCHEDULE III                           Borrower Organizational Structure     55297837                                    Sch. III.

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