Document:

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Exhibit
4.7

 

This
THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental
Indenture”), dated as of ________, 20__, among GENERAL
FINANCE CORPORATION, a Delaware corporation (the
“Company”),
and ___________, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the
Company and the Wells Fargo Bank, National Association have
heretofore executed and delivered an indenture, dated as of June
18, 2014 (the “Indenture”), providing
for the issuance by the Company from time to time of its debt
securities to be issued in one or more series;

 

WHEREAS, Sections
2.1 and 9.1 of the Indenture provide, among other things, that the
Company and the trustee under this Third Supplemental Indenture
(the “Trustee”) may, without
the consent of Holders, enter into indentures supplemental to the
Indenture to provide for specific terms applicable to any series of
Securities;

 

WHEREAS, Section
2.1 of the Indenture provides, among other things, that there shall
be established in or pursuant to a Board Resolution, and set forth,
or determined in the manner provided, in an Officers’
Certificate of the Company or in a Company Order, or established in
one or more indentures supplemental to the Indenture, prior to the
issuance of Securities of any series, or any exceptions to or
changes to those set forth in Article X of the
Indenture;

 

WHEREAS, the
Company intends by this Third Supplemental Indenture to create and
provide for the issuance of a new series of debt securities to be
designated as the “___% Senior Securities due ____”
(the “Securities”);

 

WHEREAS, pursuant
to Section 9.1(9) and (11) of the Indenture, the Trustee and
the Company are authorized to execute and deliver this Third
Supplemental Indenture to amend or supplement the Indenture,
without the consent of any Holder of Securities; and

 

WHEREAS, all things
necessary to make the Securities, when executed by the Company and
authenticated and delivered by the Trustee, issued upon the terms
and subject to the conditions set forth hereinafter and in the
Indenture and delivered as provided in the Indenture against
payment therefor, valid, binding and legal obligations of the
Company according to their terms, and all actions required to be
taken by the Company under the Indenture to make this Third
Supplemental Indenture a valid, binding and legal agreement of the
Company, have been done.

 

NOW,
THEREFORE, in consideration of the premises and for other good and
valuable consideration, the sufficiency and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as
follows:

 

ARTICLE I

  

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section
1.01   Definitions.

 

(a) All capitalized
terms used herein and not otherwise defined below shall have the
meanings ascribed thereto in the Indenture.

 

(b) The following are
definitions used in this Third Supplemental Indenture, and to the
extent that a term is defined both herein and in the Indenture, the
definition in this Third Supplemental Indenture shall govern with
respect to the Securities.

 

“Acquired
Indebtedness” means Indebtedness of a Person or any of its
Subsidiaries existing at the time such Person becomes a Restricted
Subsidiary of the Company or at the time it merges or consolidates
with or into the Company or any of its Subsidiaries or assumed in
connection with the acquisition of assets from such Person and in
each case not incurred by such Person in connection with, or in
anticipation or contemplation of, such Person becoming a Restricted
Subsidiary of the Company or such acquisition, merger or
consolidation.

 

“Acquisition”
means (a) the purchase or other acquisition by a Person or its
Subsidiaries of all or substantially all of the assets of (or any
division or business line of) any other Person, or (b) the
purchase or other acquisition (whether by means of a merger,
amalgamation, consolidation, or otherwise) by a Person or its
Subsidiaries of all or substantially all of the Capital Stock of
any other Person.

 

“Additional
Issue Date” means the date or dates on which the Company
issues Additional Securities issued as a result of the exercise by
the underwriters of the offering of the Securities of their right
to purchase up to $___ million aggregate principal amount of
Securities within 30 days of the date of the prospectus relating to
the offering of the Securities.

 

“Additional
Securities” means Securities issued pursuant to Article II of
the Indenture and in compliance with Section 4.04 hereof, in
addition to and having substantially the same terms as the
Securities issued on the Issue Date.

 

“Asset
Acquisition” means (1) an Investment by the Company or any
Restricted Subsidiary of the Company in any other Person pursuant
to which such Person shall become a Restricted Subsidiary of the
Company, or shall be merged with or into the Company or any
Restricted Subsidiary of the Company, or (2) the acquisition by the
Company or any Restricted Subsidiary of the Company of the assets
of any Person (other than a Restricted Subsidiary of the Company)
which constitute all or substantially all of the assets of such
Person or comprises any division or line of business of such Person
or any other properties or assets of such Person other than in the
ordinary course of business.

 

“Asset
Sale” means any direct or indirect sale, issuance,
conveyance, transfer, lease (other than operating leases entered
into in the ordinary course of business), assignment or other
transfer for value by the Company or any Restricted Subsidiary
(including any Sale and Leaseback Transaction) to any Person other
than the Company or a Restricted Subsidiary of: (1) any Capital
Stock of any Restricted Subsidiary; or (2) any other property or
assets of the Company or any Restricted Subsidiary other than in
the ordinary course of business; provided, however, that asset
sales or other dispositions shall not include: (a) a transaction or
series of related transactions for which the Company or a
Restricted Subsidiary receive aggregate consideration (exclusive of
any indemnities) of less than $5.0 million; (b) the sale, lease,
conveyance, disposition or other transfer of all or substantially
all of the assets of the Company as permitted under Article V
hereof; (c) any Restricted Payment permitted by Section 4.02 or
that constitutes a Permitted Investment; (d) the sale or discount,
in each case without recourse, of accounts receivable arising in
the ordinary course of business, but only in connection with the
compromise or collection thereof; (e) the sale of or other
disposition of cash or Cash Equivalents; (f) any sale or
disposition deemed to occur in connection with creating or granting
any Liens pursuant to Section 4.07; (g) the lease, assignment or
sublease of any real or personal property in the ordinary course of
business; (h) sales of Unrestricted Subsidiaries; (i) disposals,
trade-ins or replacements of obsolete or worn-out equipment or
other assets; (j) the sale, lease or other disposition of inventory
in the ordinary course of business; and (k) the surrender, or
waiver of contract rights or settlement, release or surrender of
contract, tort or other claims.

 

“Borrowing
Base” shall have the meaning given such term in the Credit
Agreement.

 

“Capital
Stock” means:

 

(1)           in
the case of a corporation, corporate stock;

 

(2)           in
the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)           in
the case of a partnership or limited liability company, partnership
interests (whether general or limited) or membership interests;
and

 

(4)           any
other interest or participation that confers on a Person the right
to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person;

 

but
excluding from all of the foregoing any debt securities convertible
into Capital Stock, whether or not such debt securities include any
right of participation with Capital Stock.

 

“Cash
Equivalents” means:

 

(1)           marketable
direct obligations issued by, or unconditionally guaranteed by, the
United States Government or issued by any agency thereof and backed
by the full faith and credit of the United States, in each case
maturing within one year from the date of acquisition
thereof;

 

(2)           marketable
direct obligations issued by any state of the United States of
America or any political subdivision of any such state or any
public instrumentality thereof maturing within one year from the
date of acquisition thereof and, at the time of acquisition, having
one of the two highest ratings obtainable from either S&P or
Moody’s;

 

(3)           commercial
paper maturing no more than one year from the date of creation
thereof and, at the time of acquisition, having a rating of at
least A-1 from S&P or at least P-1 from
Moody’s;

 

(4)           certificates
of deposit or bankers’ acceptances maturing within one year
from the date of acquisition thereof issued by any bank organized
under the laws of the United States of America or any state thereof
or the District of Columbia or any U.S. branch of a foreign bank
having at the date of acquisition thereof combined capital and
surplus of not less than $250 million;

 

(5)           repurchase
obligations with a term of not more than seven days for underlying
securities of the types described in clause (1) above entered into
with any bank meeting the qualifications specified in clause (4)
above; and

 

(6)           investments
in money market funds which invest substantially all their assets
in securities of the types described in clauses (1) through (5)
above.

 

“Cash
Management Services” means any cash management or related
services including treasury, depository, return items, overdraft,
controlled disbursement, merchant store value cards, e-payables
services, electronic funds transfer, interstate depository network,
automatic clearing house transfer (including the Automated Clearing
House processing of electronic funds transfers through the direct
Federal Reserve Fedline system) and other cash management
arrangements.

 

“Change of
Control” means the occurrence of one or more of the following
events:

 

(1)           the
direct or indirect sale, lease, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of
the assets of the Company and its Subsidiaries taken as a whole to
any “person” (as that term is used in Section 13(d)(3)
of the Exchange Act) other than to the Company or one of its
Subsidiaries;

 

(2)           the
consummation of any transaction (including without limitation, any
merger or consolidation) the result of which is that any
“person” (as that term is used in Section 13(d)(3) of
the Exchange Act) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly
or indirectly, of more than 50% of the outstanding Voting Stock of
the Company, measured by voting power rather than number of
shares;

 

(3)           the
Company consolidates with, or merges with or into, any Person, or
any Person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of the
outstanding Voting Stock of the Company or such other Person is
converted into or exchanged for cash, securities or other property,
other than any such transaction where the shares of the Voting
Stock of the Company outstanding immediately prior to such
transaction constitute, or are converted into or exchanged for, a
majority of the Voting Stock of the surviving Person immediately
after giving effect to such transaction;

 

(4)           the
first day on which the majority of the members of the board of
directors of the Company cease to be Continuing Directors;
or

 

(5)           the
adoption of a plan relating to the liquidation or dissolution of
the Company.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common
Stock” of any Person means any and all shares, interests or
other participations in, and other equivalents (however designated
and whether voting or non-voting) of such Person’s common
stock, whether outstanding on the Issue Date or issued after the
Issue Date, and includes, without limitation, all series and
classes of such common stock.

 

 “Comparable
Treasury Issue” means the United States treasury security
selected by an Independent Investment Bank as having an actual or
interpolated maturity comparable to the remaining term of the
Securities to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Securities.

 

“Comparable
Treasury Price” means, with respect to any Redemption
Date:

 

(1)           the
average of the bid and ask prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) on
the third business day preceding such Redemption Date, as set forth
in the most recently published statistical release designated
“H.15 (519)” (or any successor release) published by
the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States treasury
securities adjusted to constant maturity under the caption
“Treasury Constant Maturities,” or

 

(2)           if
such release (or any successor release) is not published or does
not contain such prices on such business day, the average of the
Reference Treasury Dealer Quotations for such Redemption
Date.

 

“Consolidated
Assets” means, as of the date of determination, the total
assets (less goodwill and intangible assets) of the Company and its
Restricted Subsidiaries as shown on the balance sheet of the
Company and its Subsidiaries for the most recently ended fiscal
quarter for which financial statements are available, determined on
a consolidated basis in accordance with GAAP.

 

“Consolidated
EBITDA” means, with respect to any Person, for any period,
the sum (without duplication) of:

 

(1)           Consolidated
Net Income; and

 

(2)           to
the extent Consolidated Net Income has been reduced
thereby:

 

(a)           all
income taxes of such Person and its Restricted Subsidiaries paid or
accrued in accordance with GAAP for such period (other than income
taxes attributable to extraordinary, unusual or nonrecurring gains
or losses or taxes attributable to sales or dispositions outside
the ordinary course of business);

 

(b)           Consolidated
Interest Expense;

 

(c)           Consolidated
Non-cash Charges less any non-cash items increasing Consolidated
Net Income for such period, and

 

(d)           any
expenses, charges or other costs related to any equity offering,
Permitted Investment, acquisition (including amounts paid in
connection with the acquisition or retention of one or more
individuals comprising part of a management team retained to manage
the acquired business, provided that such payments are made
at the time of such
acquisition and are consistent with the customary practice in the
industry at the time of such acquisition), disposition, incurrence
or refinancing of Indebtedness permitted to be incurred by the
Indenture, (whether or not successful)

 

all as
determined on a consolidated basis for such Person and its
Restricted Subsidiaries in accordance with GAAP.

 

“Consolidated
Fixed Charge Coverage Ratio” means, with respect to any
Person, the ratio of Consolidated EBITDA of such Person during the
four full fiscal quarters (the “Four Quarter Period”)
ending prior to the date of the transaction giving rise to the need
to calculate the Consolidated Fixed Charge Coverage Ratio for which
financial statements are available (the “Transaction
Date”) to Consolidated Fixed Charges of such Person for the
Four Quarter Period. In addition to and without limitation of the
foregoing, for purposes of this definition, “Consolidated
EBITDA” and “Consolidated Fixed Charges” shall be
calculated after giving effect on a pro forma basis for the period
of such calculation to:

 

(1)           the
incurrence or repayment of any Indebtedness of such Person or any
of its Restricted Subsidiaries (and the application of the proceeds
thereof) giving rise to the need to make such calculation and any
incurrence or repayment of other Indebtedness (and the application
of the proceeds thereof), other than the incurrence or repayment of
Indebtedness in the ordinary course of business for working capital
purposes pursuant to working capital facilities, occurring during
the Four Quarter Period or at any time subsequent to the last day
of the Four Quarter Period and on or prior to the Transaction Date,
as if such incurrence or repayment, as the case may be (and the
application of the proceeds thereof), occurred on the first day of
the Four Quarter Period; and

 

(2)           any
asset sales or other dispositions or Asset Acquisitions (including,
without limitation, any Asset Acquisition giving rise to the need
to make such calculation as a result of such Person or one of its
Restricted Subsidiaries (including any Person who becomes a
Restricted Subsidiary as a result of the Asset Acquisition)
incurring, assuming or otherwise being liable for Acquired
Indebtedness and also including any Consolidated EBITDA (including
any pro forma expense and cost reductions and other operating
improvements or synergies (x) calculated on a basis consistent with
Regulation S-X under the Exchange Act) or (y) as determined in good
faith by a responsible financial or accounting officer of the
Company for which steps have been taken or are reasonably expected
to be taken within six (6) months of such transaction and are
supportable and quantifiable and as set forth on an Officer’s
Certificate) attributable to the assets which are the subject of
the Asset Acquisition or asset sale or other disposition during the
Four Quarter Period) occurring during the Four Quarter Period or at
any time subsequent to the last day of the Four Quarter Period and
on or prior to the Transaction Date, as if such asset sale or other
disposition or Asset Acquisition (including the incurrence,
assumption or liability for any such Acquired Indebtedness)
occurred on the first day of the Four Quarter Period. If such
Person or any of its Restricted Subsidiaries directly or indirectly
guarantees Indebtedness of a third Person, the preceding sentence
shall give effect to the incurrence of such guaranteed Indebtedness
as if such Person or any Restricted Subsidiary of such Person had
directly incurred or otherwise assumed such guaranteed
Indebtedness.

 

Furthermore, in
calculating “Consolidated Fixed Charges” for purposes
of determining the denominator (but not the numerator) of this
“Consolidated Fixed Charge Coverage
Ratio”:

 

(1)           interest
on outstanding Indebtedness determined on a fluctuating basis as of
the Transaction Date and which will continue to be so determined
thereafter shall be deemed to have accrued at a fixed rate per
annum equal to the rate of interest on such Indebtedness in effect
on the Transaction Date; and

 

(2)           notwithstanding
clause (1) above, interest on Indebtedness determined on a
fluctuating basis, to the extent such interest is covered by
agreements relating to Hedge Agreements, shall be deemed to accrue
at the rate per annum resulting after giving effect to the
operation of such agreements.

 

Furthermore, in
calculating “Consolidated EBITDA” for purposes of
determining the “Consolidated Fixed Charge Coverage
Ratio,” the net income (or loss) of a Restricted Subsidiary
that has become a Guarantor during the relevant Four Quarter Period
shall be included from the beginning of such Four Quarter
Period.

 

“Consolidated
Fixed Charges” means, with respect to any Person for any
period, the sum, without duplication, of:

 

(1)           Consolidated
Interest Expense; plus

 

(2)           the
product of (x) the amount of all dividend payments to any Person
other than the Company or a Restricted Subsidiary on any series of
Preferred Stock of such Person and, to the extent permitted under
this Indenture, its Restricted Subsidiaries (other than dividends
paid in Qualified Capital Stock) paid, accrued or scheduled to be
paid or accrued during such period times (y) a fraction, the
numerator of which is one and the denominator of which is one minus
the then current effective consolidated federal, state and local
income tax rate of such Person, expressed as a
decimal.

 

“Consolidated
Interest Expense” means, with respect to any Person for any
period, the sum of, without duplication:

 

(1)           The
aggregate of the interest expense of such Person and its Restricted
Subsidiaries for such period determined on a consolidated basis in
accordance with GAAP, including without limitation: (a) any
amortization of debt discount and amortization or write-off of
deferred financing costs; (b) the net costs under Hedge Agreements
incurred in the fiscal quarter beginning after the Issue Date; (c)
all capitalized interest; and (d) the interest portion of any
deferred payment obligation; and

 

(2)           the
interest component of Capitalized Lease Obligations paid, accrued
and/or scheduled to be paid or accrued by such Person and its
Restricted Subsidiaries during such period as determined on a
consolidated basis in accordance with GAAP; less

 

(3)           interest
income for such period.

 

“Consolidated
Net Income” means, with respect to any Person, for any
period, the aggregate net income (or loss) of such Person and its
Restricted Subsidiaries for such period on a consolidated basis,
determined in accordance with GAAP; provided that

 

(a)           there
shall be included thereto (without duplication) the amount of cash
dividends or distributions actually received by the referent Person
or a Wholly Owned Restricted Subsidiary of the referent Person from
any Person that is not a Restricted Subsidiary; and

 

(b)           there
shall be excluded therefrom (without duplication):

 

(1)           after-tax
gains from Asset Sales (without regard to the $5.0 million
limitation set forth in the definition thereof) or abandonments or
reserves relating thereto;

 

(2)           after-tax
items classified as extraordinary or nonrecurring
gains;

 

(3)           the
net income (but not loss) of any Restricted Subsidiary (other than
a Guarantor of the Securities)of the referent Person to the extent
that the declaration of dividends or similar distributions by that
Restricted Subsidiary of that income is restricted by a contract,
operation of law or otherwise;

 

(4)           any
restoration to income of any contingency reserve, except to the
extent that provision for such reserve was made out of Consolidated
Net Income accrued at any time following the Issue
Date;

 

(5)           income
or loss attributable to discontinued operations (including, without
limitation, operations disposed of during such period whether or
not such operations were classified as discontinued);

 

(6)           in
the case of a successor to the referent Person by consolidation or
merger or as a transferee of the referent Person’s assets,
any earnings of the successor corporation prior to such
consolidation, merger or transfer of assets;

 

(7)           fees
and expenses incurred in connection with the refinancing or
repayment of indebtedness;

 

(8)           the
amount of extraordinary, nonrecurring or unusual losses or charges
(including all fees, expenses or charges incurred in connection
with acquisitions, mergers of consolidations after the Issue
Date);

 

(9)           any
non-cash compensation charge or expense, including any such charge
or expense arising from the grants of stock appreciation or similar
rights, stock options, restricted stock or other rights or equity
incentive programs;

 

(10)           any
net after-tax effect of income (loss) from the early extinguishment
or conversion of (a) Indebtedness, (b) Hedging Obligations or (c)
other derivative instruments;

 

(11)           any
impairment charge or asset write-off or write-down, including
impairment charges or asset write-offs or write-downs related to
goodwill, intangible assets, long-lived assets, investments in debt
and equity securities or as a result of a change in law or
regulation, in each case, pursuant to GAAP, and the amortization of
intangibles arising pursuant to GAAP;

 

(12)           any
non-cash income (or loss) related to the recording of the fair
market value of Hedge Agreements entered into in the ordinary
course of business and not for speculative purposes;
and

 

(13)           the
cumulative effect of a change in accounting
principles.

 

“Consolidated
Non-cash Charges” means, with respect to any Person, for any
period, the aggregate depreciation, amortization and other non-cash
expenses of such Person and its Restricted Subsidiaries reducing
Consolidated Net Income of such Person and its Restricted
Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP (excluding any such charges constituting an
extraordinary item or loss or any such charge which requires an
accrual of or a reserve for cash charges for any future
period).

 

“Consolidated
Secured Leverage Ratio” means, as of the date of
determination (the “Secured Leverage Ratio Calculation
Date”), the ratio of (a) the total Indebtedness of the
Company and its Restricted Subsidiaries as of the end of the most
recent fiscal quarter for which internal financial statements are
available that is secured by Liens (other than property or assets
held in a defeasance or similar trust or arrangement for the
benefit of the Indebtedness secured thereby) to (b) Consolidated
EBITDA of the Company and its Restricted Subsidiaries for the most
recently ended four fiscal quarters ending immediately prior to
such date for which internal financial statements are available,
with such pro forma adjustments as are appropriate and consistent
with the pro forma adjustment provisions set forth in the
definition of “Consolidated Fixed Charge Coverage
Ratio.”

 

“Continuing
Director” means, as of any date of determination, any member
of the board of directors of the Company who:

 

(1)           was
a member of such board of directors on the Issue Date;
or

 

(2)           was
nominated for election or elected to such board of directors with
the approval of a majority of the Continuing Directors who were
members of such board of directors at the time of such nomination
or election.

 

“Credit
Agreement” means the amended and restated credit agreement,
dated as of April 7, 2014, as amended to date, by and among Wells
Fargo Bank, National Association, as Administrative Agent, Wells
Fargo Bank, National Association and HSBC Bank USA, N.A.,
as Co-Lead Arrangers, Wells Fargo Bank, National Association, as
Book Runner, HSBC Bank USA, N.A., as Syndication Agent,
the lenders that are parties thereto, Pac-Van, Inc., Lone Star
Tank Rental Inc. and the Subsidiaries that are signatories
thereto, as borrowers, together with the related documents thereto
(including, without limitation, any notes, guarantee agreements and
security documents), in each case as such agreements may be amended
(including any amendment and restatement thereof), supplemented or
otherwise modified from time to time, including one or more credit
agreements, loan agreements, indentures or similar agreements
extending the maturity of, refinancing, replacing, renewing or
otherwise restructuring (including increasing the amount of
available credit thereunder or adding Subsidiaries of the Company
as additional borrowers or guarantors thereunder) all or any
portion of the Indebtedness under such agreement or agreements or
any successor or replacement agreement or agreements and whether by
the same or any other agent, lender or group of
lenders.

 

“Credit
Facilities” means one or more of (i) the Credit Agreement and
(ii) any other facilities or arrangements designated by the
Company, in each case with one or more banks or other lenders or
institutions, providing for revolving credit loans, term loans,
receivables or fleet financings (including without limitation
through the sale of receivables or fleet assets to such
institutions or to special purpose entities formed to borrow from
such institutions against such receivables or fleet assets or the
creation of any Liens in respect of such receivables or fleet
assets in favor of such institutions), letters of credit or other
Indebtedness, in each case, including all agreements, instruments
and documents executed and delivered pursuant to or in connection
with any of the foregoing, including but not limited to any notes
and letters of credit issued pursuant thereto and any guarantee and
collateral agreement, patent and trademark security agreement,
mortgages or letter of credit applications and other guarantees,
pledge agreements, security agreements and collateral documents, in
each case as the same may be amended, supplemented, waived or
otherwise modified from time to time, or refunded, refinanced,
restructured, replaced, renewed, repaid, increased or extended from
time to time (whether in whole or in part, whether with the
original banks, lenders or institutions or other banks, lenders or
institutions or otherwise, and whether provided under any original
Credit Agreement or one or more other credit agreements,
indentures, financing agreements or other Credit Facilities or
otherwise). Without limiting the generality of the foregoing, the
term “Credit Facility” shall include any agreement (i)
changing the maturity of any Indebtedness Incurred thereunder or
contemplated thereby, (ii) adding Subsidiaries as additional
borrowers or guarantors thereunder, (iii) increasing the amount of
Indebtedness Incurred thereunder or available to be borrowed
thereunder or (iv) otherwise altering the terms and conditions
thereof.

 

“Disqualified
Capital Stock” means that portion of any Capital Stock which,
by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable at the option of the
holder thereof), or upon the happening of any event (other than an
event which would constitute a Change of Control), matures or is
mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or is redeemable at the sole option of the holder
thereof (except, in each case, upon the occurrence of a Change of
Control) on or prior to the final maturity date of the
Securities.

 

“Domestic
Restricted Subsidiary” means a Restricted Subsidiary
incorporated or otherwise organized or existing under the laws of
the United States, any state thereof or any territory or possession
of the United States.

 

“Earn-Outs”
shall mean unsecured liabilities of the Company or a Restricted
Subsidiary arising under an agreement to make any deferred payment
as a part of the purchase price for a Permitted Acquisition,
including performance bonuses or consulting payments in any related
services, employment or similar agreement, in an amount that is
subject to or contingent upon the revenues, income, cash flow or
profits (or the like) of the target of such Permitted
Acquisition.

 

“Equity
Offering” means a public or private offering of Qualified
Capital Stock of the Company or any of its Subsidiaries other
than:

 

(1)           public
offerings with respect to the common stock of the Company or any
Subsidiary registered on Form S-8;

 

(2)           the
registration of common stock of the Company on Form S-4 issued in
connection with acquisitions by the Company or any Subsidiary of
the Company.

 

(3)           issuances
to any Subsidiary of the Company.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended,
or any successor statute or statutes thereto.

 

“fair market
value” means, with respect to any asset or property, the
price which could be negotiated in an arm’s-length,
free-market transaction, for cash, between a willing seller and a
willing and able buyer, neither of whom is under undue pressure or
compulsion to complete the transaction. Fair market value shall be
determined by the Board of Directors of the Company acting
reasonably and in good faith and shall be evidenced by a Board
Resolution of the Board of Directors of the Company delivered to
the Trustee.

 

“Foreign
Subsidiary” means any Restricted Subsidiary that is not a
Domestic Restricted Subsidiary.

 

“guarantee”
means, as to any Person, a guarantee, direct or indirect, in any
manner, including, without limitation, by way of a pledge of assets
or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness of another Person,
but excluding endorsements for collection or deposit in the normal
course of business.

 

“Guarantor”
means any Restricted Subsidiary of the Company that fully and
unconditionally guarantees the payment of principal of, premium, if
any, and accrued and unpaid interest on the Notes by executing and
delivering to the Trustee a supplemental indenture, until such time
as such Restricted Subsidiary is released from its Subsidiary
Guarantee.

 

“Hedge
Agreement” means a “swap agreement” as that term
is defined in the Bankruptcy Code.

 

“Indebtedness”
means with respect to any Person, without duplication:

 

(1)           all
Obligations of such Person for borrowed money;

 

(2)           all
Obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments;

 

(3)           all
Capitalized Lease Obligations of such Person;

 

(4)           all
Obligations of such Person issued or assumed as the deferred
purchase price of property, all conditional sale obligations and
all Obligations under any title retention agreement (but excluding
trade accounts payable and other accrued liabilities arising in the
ordinary course of business that are not overdue by 90 days or more
or are being contested in good faith by appropriate proceedings
promptly instituted and diligently conducted);

 

(5)           all
Obligations for the reimbursement of any obligor on any letter of
credit, banker’s acceptance or similar credit
transaction;

 

(6)           guarantees
and other contingent obligations in respect of Indebtedness
referred to in clauses (1) through (5) above and clause (8)
below;

 

(7)           all
Obligations of any other Person of the type referred to in clauses
(1) through (6) which are secured by any lien on any property or
asset of such Person, the amount of such Obligation being deemed to
be the lesser of the fair market value of such property or asset or
the amount of the Obligation so secured;

 

(8)           all
Obligations under Hedge Agreements of such Person; and

 

(9)           all
Disqualified Capital Stock issued by such Person or any Preferred
Stock of any Restricted Subsidiary with the amount of Indebtedness
represented by such Disqualified Capital Stock or Preferred Stock
being equal to the greater of its voluntary or involuntary
liquidation preference and its maximum fixed repurchase price, but
excluding accrued dividends, if any.

 

For
purposes hereof, the “maximum fixed repurchase price”
of any Disqualified Capital Stock which does not have a fixed
repurchase price shall be calculated in accordance with the terms
of such Disqualified Capital Stock as if such Disqualified Capital
Stock were purchased on any date on which Indebtedness shall be
required to be determined pursuant to this Indenture, and if such
price is based upon, or measured by, the fair market value of such
Disqualified Capital Stock, such fair market value shall be
determined reasonably and in good faith by the Board of Directors
of the issuer of such Disqualified Capital Stock.

 

“Independent
Financial Advisor” means a firm: (1) which does not, and
whose directors, officers and employees or Affiliates do not, have
a direct or indirect financial interest in the Company; and (2)
which, in the judgment of the Board of Directors of the Company, is
otherwise independent and qualified to perform the task for which
it is to be engaged.

 

“Independent
Investment Bank” means one of the Reference Treasury Dealers
appointed by the Company.

 

“Investment”
means, with respect to any Person, any direct or indirect loan or
other extension of credit (including, without limitation, a
guarantee) or capital contribution to (by means of any transfer of
cash or other property to others or any payment for property or
services for the account or use of others), or any purchase or
acquisition by such Person of any Capital Stock, bonds, notes,
debentures or other securities or evidences of Indebtedness issued
by, any other Person. “Investment” shall exclude (i)
extensions of trade credit by the Company and its Restricted
Subsidiaries on commercially reasonable terms in accordance with
normal trade practices of the Company or such Restricted
Subsidiary, as the case may be; (ii) the acquisition of property
and assets from suppliers and other vendors in the normal course of
business and consistent with past practice; and (iii) prepaid
expenses and workers’ compensation, utility, lease and
similar deposits, in the normal course of business and consistent
with past practice. If the Company or any Restricted Subsidiary of
the Company sells or otherwise disposes of any Common Stock of any
direct or indirect Restricted Subsidiary of the Company such that,
after giving effect to any such sale or disposition, such Person is
no longer a Restricted Subsidiary, the Company shall be deemed to
have made an Investment on the date of any such sale or disposition
equal to the fair market value of the Common Stock of such
Restricted Subsidiary not sold or disposed of.

 

“Issue
Date” means _____________.

 

“Net Cash
Proceeds” means, with respect to any Asset Sale, the proceeds
in the form of cash or Cash Equivalents including payments in
respect of deferred payment obligations when received in the form
of cash or Cash Equivalents (other than the portion of any such
deferred payment constituting interest) received by the Company or
any of its Restricted Subsidiaries from such Asset Sale net
of:

 

(1)           reasonable
out-of-pocket expenses and fees relating to such Asset Sale
(including, without limitation, legal, accounting and investment
banking fees and sales commissions);

 

(2)           taxes
paid or payable after taking into account any reduction in
consolidated tax liability due to available tax credits or
deductions and any tax sharing arrangements;

 

(3)           repayment
of Indebtedness that is secured by the property or assets that are
the subject of such Asset Sale;

 

(4)           amounts
required to be paid to any Person owning a beneficial interest in
or having a Lien on the assets subject to the Asset Sale;
and

 

(5)           appropriate
amounts to be provided by the Company or any Restricted Subsidiary,
as the case may be, as a reserve, in accordance with GAAP, against
any liabilities associated with such Asset Sale and retained by the
Company or any Restricted Subsidiary, as the case may be, after
such Asset Sale, including, without limitation, pension and other
post-employment benefit liabilities, liabilities related to
environmental matters and liabilities under any indemnification
obligations associated with such Asset Sale.

 

“Obligations”
means all obligations for principal, premium, interest, penalties,
fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any
Indebtedness.

 

 “Pari
Passu Debt” means any Indebtedness of the Company that ranks
pari passu in right of payment with the Securities, as
applicable.

 

“Permitted
Acquisition” means any Acquisition so long as:

 

(1)
           no
Default or Event of Default shall have occurred and be continuing
or would result from the consummation of the proposed
Acquisition,

 

(2)           no
Indebtedness will be incurred, assumed, or would exist with respect
to the Company or any Restricted Subsidiary as a result of such
Acquisition, other than (A) Indebtedness permitted under clause (7)
of the definition of Permitted Indebtedness or (B) such
Indebtedness is incurred in compliance with Section
4.04(a);

 

(3)           no
Liens will be incurred, assumed, or would exist with respect to the
assets of the Company or any Restricted Subsidiary as a result of
such Acquisition other than Permitted Liens; and

 

 (4)           the
assets being acquired (other than a de minimis amount of assets in
relation to the Company and its Restricted Subsidiaries’
total assets), or the Person whose Capital Stock is being acquired,
constitute a Permitted Business.

 

“Permitted
Business” means any business conducted by the Company on the
Issue Date, any reasonable extension thereof, and any additional
business reasonably ancillary, incidental, complementary or related
to, or a reasonable extension, development or expansion of, the
business conducted by the Company and the Restricted Subsidiaries
on the Issue Date, in each case, as determined in good faith by the
Board of Directors of the Company.

 

“Permitted
Indebtedness” means, without duplication, each of the
following:

 

(1)           Indebtedness
under the Securities issued on the Issue Date or Additional Issue
Date;

 

 (2)           Indebtedness
incurred pursuant to the Credit Agreement, including any permitted
refinancing thereof, in an aggregate principal amount at any time
outstanding not to exceed the greater of (i) $200 million (or $225
million upon the exercise of the $25 million accordion increase
under the Credit Agreement) less the amount of all required
permanent repayments (which are accompanied by a corresponding
permanent commitment reduction thereunder) and (ii) the Borrowing
Base, including any permitted refinancing thereof;

 

(3)           other
Indebtedness of the Company and its Restricted Subsidiaries
outstanding on the Issue Date reduced by the amount of any
scheduled amortization payments or mandatory prepayments when
actually paid or permanent reductions thereon;

 

(4)           Permitted
Purchase Money Indebtedness;

 

(5)           endorsement
of instruments or other payment items for deposit;

 

(6)           Indebtedness
consisting of (i) unsecured guarantees incurred in the
ordinary course of business with respect to surety and appeal
bonds, performance bonds, bid bonds, appeal bonds, completion
guarantee and similar obligations; (ii) unsecured guarantees
arising with respect to customary indemnification obligations to
purchasers in connection with dispositions in the ordinary course
of business; and (iii) unsecured guarantees with respect to
Indebtedness of the Company or a Restricted Subsidiary, to the
extent that the Person that is obligated under such guaranty could
have incurred such underlying Indebtedness,

 

(7)           Acquired
Indebtedness of the Company or any Restricted Subsidiary including
any permitted refinancing thereof, in an aggregate principal amount
not to exceed $10.0 million outstanding at any one time and any
refinancing thereof;

 

(8)           Indebtedness
incurred in the ordinary course of business under performance,
surety, statutory, or appeal bonds;

 

(9)           Indebtedness
owed to any Person providing property, casualty, liability, or
other insurance to the Company or any Restricted Subsidiary, so
long as the amount of such Indebtedness is not in excess of the
amount of the unpaid cost of, and shall be incurred only to defer
the cost of, such insurance for the year in which such Indebtedness
is incurred and such Indebtedness is outstanding only during such
year;

 

(10)           Indebtedness
under Hedge Agreements that are incurred for the bona fide purpose
of hedging the interest rate, commodity, or foreign currency risks
associated with Company and its Subsidiaries’ operations and
not for speculative purposes as determined in good faith by the
Board of Directors of the Company;

 

  (11)                      Indebtedness
incurred in the ordinary course of business in respect of credit
cards, credit card processing services, debit cards, stored value
cards, commercial cards (including so-called “purchase
cards”, “procurement cards” or
“p-cards”), or Cash Management Services;

 

(12)           unsecured
Subordinated Indebtedness owing to former employees, officers, or
directors (or any spouses, ex-spouses, or estates of any of the
foregoing) of the Company or any of its Subsidiaries or their
authorized representatives upon the death, disability or
termination of employment of such employees or termination of their
seat on our Board of Directors, so long as (i) no Default or
Event of Default has occurred and is continuing or would result
from the incurrence of such Indebtedness and (ii) the
aggregate amount of all such Indebtedness outstanding at any one
time does not exceed $250,000;

 

(13)           unsecured
Indebtedness owing to sellers of assets or Capital Stock to the
Company or a Restricted Subsidiary that is incurred by the Company
or a Restricted Subsidiary in connection with the consummation of
one or more Permitted Acquisitions so long as the aggregate
principal amount for all such unsecured Indebtedness does not
exceed $15 million at any one time outstanding;

 

(14)           contingent
liabilities in respect of any indemnification obligation,
adjustment of purchase price, non-compete, or similar obligation of
the Company or any Restricted Subsidiary Party incurred in
connection with the consummation of one or more Permitted
Acquisitions;

 

(15)           Indebtedness
composing Permitted Investments;

 

(16)           unsecured
Indebtedness incurred in respect of netting services, overdraft
protection, and other like services, in each case, incurred in the
ordinary course of business,

 

(17)           unsecured
Indebtedness of the Company or any Restricted Subsidiary in respect
of Earn-Outs owing to sellers of assets or Capital Stock to the
Company or a Restricted Subsidiary that is incurred in connection
with the consummation of one or more Permitted
Acquisitions;

 

(18)           accrual
of interest, accretion or amortization of original issue discount,
or the payment of interest in kind, in each case, on Indebtedness
that otherwise constitutes Permitted Indebtedness,

 

(19)           (i)
a guarantee by the Company of any Indebtedness of any Restricted
Subsidiary, provided that such Indebtedness was incurred in
accordance with Section 4.04 and (ii) a guarantee by any Restricted
Subsidiary of any Indebtedness of the Company provided that (a)
such Indebtedness was incurred in accordance with Section 4.04 and
(b) the Restricted Subsidiary concurrently guarantees the
Securities in accordance with Section 4.08;

 

(20)           the
incurrence by the Company or any Restricted Subsidiary of
Indebtedness in respect of workers’ compensation and claims
arising under similar legislation, captive insurance companies, or
pursuant to self-insurance obligations and not in connection with
the borrowing of money or the obtaining of advances or
credit;

 

(21)           Indebtedness
of a Restricted Subsidiary to the Company or to a Restricted
Subsidiary for so long as such Indebtedness is held by the Company
or a Restricted Subsidiary or the holder of a Lien permitted under
the Indenture, in each case subject to no Lien held by a Person
other than the Company or a Restricted Subsidiary or the holder of
a Lien permitted under the Indenture; provided that if as of any
date any Person other than the Company or a Restricted Subsidiary
or the holder of a Lien permitted under the Indenture owns or holds
any such Indebtedness or holds a Lien in respect of such
Indebtedness, such date shall be deemed the incurrence of
Indebtedness not constituting Permitted Indebtedness under this
clause (21) by the issuer of such Indebtedness;

 

(22)           Indebtedness
of the Company to a Restricted Subsidiary for so long as such
Indebtedness is held by a Restricted Subsidiary or the holder of a
Lien permitted under the Indenture, in each case subject to no Lien
other than a Lien permitted under the Indenture; provided that (a)
any Indebtedness of the Company to any Restricted Subsidiary is
unsecured and subordinated, pursuant to a written agreement, to the
Company’s obligations under the Indenture and the Securities
and (b) if as of any date any Person other than a Restricted
Subsidiary or the holder of a Lien permitted under the Indenture
owns or holds any such Indebtedness or any Person holds a Lien in
respect of such Indebtedness, such date shall be deemed the
incurrence of Indebtedness not constituting Permitted Indebtedness
under this clause (22) by the Company;

 

(23)
Indebtedness incurred pursuant to that certain Facility Agreement
dated March 31, 2014 among the Company, GFN U.S. Australasia
Holdings, Inc. and Credit Suisse AG in an aggregate principal
amount at any time outstanding not to exceed $25 million
thereunder;

 

(24)           Indebtedness
incurred pursuant to the Master Lease Agreement number 27026-90000
dated April 29, 2014 by and among Banc of America Leasing &
Capital, LLC, Pac-Van, Inc. and Lone Star Tank Rental Inc. in an
aggregate amount at any time outstanding not to exceed $10
million.

 

(25)           Indebtedness
incurred pursuant to the Credit and Security Agreement, dated
October 1, 2012, by and among Southern Frac, LLC, GFN Manufacturing
Corporation, the Company and Wells Fargo Bank, National
Association, as amended as of the date hereof, including any
permitted refinancing thereof, in an aggregate principal amount at
any time outstanding not to exceed $15 million, less the amount of
all required permanent repayments (which are accompanied by a
corresponding permanent commitment reduction
thereunder).

 

(26)           Indebtedness
consisting of (i) Acquired Indebtedness and/or (ii) Additional
Securities or any unsecured Indebtedness of the Company represented
by notes or bonds (A) with terms substantially identical to the
Securities and (B) having a final maturity date no earlier that the
final maturity date of the Securities (and no optional redemption
prior to the final maturity date of the Securities), in all cases
incurred by the Company to finance (or refinance within 180 days of
the incurrence thereof of any Indebtedness incurred to finance) the
acquisition of any assets used in a Permitted Business or all or
substantially all of the Capital Stock of a Person engaged in a
Permitted Business; provided that in the case of both clauses (i)
and (ii) on the date of the incurrence (or refinancing) of such
Indebtedness, after giving effect to the incurrence thereof and the
use of proceeds therefrom, either

 

(a)           the
Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Section 4.04(a) or

 

(b)           the
Consolidated Fixed Charge Coverage Ratio of the Company would not
be less than the Consolidated Fixed Charge Coverage Ratio of the
Company immediately prior to the incurrence of such
Indebtedness.

 

(27)           Refinancing
Indebtedness;

 

(28)           (i)
any other unsecured Indebtedness incurred by the Company or any of
its Restricted Subsidiaries, including any permitted refinancing
thereof, and (ii) guarantees by the Company of amounts borrowed
under the credit facility described in clause (25) above, in either
case in an aggregate outstanding amount not to exceed at any one
time outstanding the greater of (x) $4.0 million and (y) 1% of
Consolidated Assets of the Company (which amount may, but need not,
be incurred in whole or in part under the Credit
Agreement).

 

For
purposes of determining compliance with Section 4.04, (1) in the
event that an item of Indebtedness meets the criteria of more than
one of the categories of Permitted Indebtedness described in
clauses (1) through (27) above or is entitled to be incurred
pursuant to the Consolidated Fixed Charge Coverage Ratio provisions
of Section 4.04, the Company shall, in its sole discretion,
classify (or later reclassify) such item of Indebtedness in any
manner that complies with this definition; provided that all
Indebtedness outstanding under the Credit Agreement up to the
maximum amount permitted under clause (2) of this definition above
shall be deemed to have been incurred pursuant to clause (2) of
this definition. For the avoidance of doubt the foregoing will not
prohibit the Company or any of its Restricted Subsidiaries from
incurring Indebtedness in an amount in excess of the amount
permitted to be incurred under clause (2) so long as such Debt
is otherwise Permitted Indebtedness; (2) the outstanding principal
amount of any particular Indebtedness shall be counted only once
and any obligations arising under any guarantee, lien, letter of
credit or similar instrument supporting such Indebtedness shall be
disregarded; (3) the maximum amount of Indebtedness that the
Company or a Restricted Subsidiary may incur pursuant to Section
4.04 shall not be deemed to be exceeded, with respect to any
outstanding Indebtedness, due solely to the result of fluctuations
in the exchange rates of currencies; and (4) the accrual of
interest, accretion or amortization of original issue discount, the
payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, and the payment of dividends on
Disqualified Capital Stock in the form of additional shares of the
same class of Disqualified Capital Stock will not be deemed to be
an incurrence of Indebtedness or an issuance of Disqualified
Capital Stock for purposes of Section 4.04.

 

“Permitted
Investments” means:

 

(1)           Investments
by the Company or any Restricted Subsidiary of the Company in any
Person that is or will become immediately after such Investment a
Restricted Subsidiary of the Company or that will merge or
consolidate into the Company or a Restricted Subsidiary of the
Company;

 

(2)           Investments
in the Company by any Restricted Subsidiary of the
Company;

 

(3)           investments
in cash and Cash Equivalents;

 

(4)           loans
and advances to employees, directors and officers of the Company
and its Restricted Subsidiaries in the ordinary course of business
for bona fide business purposes not in excess of $1.0 million at
any one time outstanding;

 

(5)           Hedge
Agreements entered into in the ordinary course of the
Company’s or its Restricted Subsidiaries’ businesses
and otherwise in compliance with this Indenture;

 

(6)           additional
Investments in an aggregate principal amount not to exceed the
greater of (x) $5.0 million and (y) 1.0% of Consolidated Assets of
the Company at any one time outstanding; provided, that if an Investment is made
pursuant to this clause in a Person that is not a Restricted
Subsidiary and such Person subsequently becomes a Restricted
Subsidiary or is subsequently designated a Restricted Subsidiary,
such Investment, if applicable, shall thereafter be deemed to have
been made pursuant to clause (1) or (2) above and not this
clause;

 

(7)           investments
in the Securities and any other Indebtedness of the Company or any
Restricted Subsidiary;

 

(8)
Investments in securities of trade creditors or customers received
pursuant to any plan of reorganization or similar arrangement upon
the bankruptcy or insolvency of such trade creditors or customers
or in good faith settlement of delinquent obligations of such trade
creditors or customers;

 

(9)           Investments
made by the Company or its Restricted Subsidiaries as a result of
consideration received in connection with an Asset Sale made in
compliance with Section 4.10;

 

(10)           Investments
represented by guarantees of Indebtedness that are otherwise
permitted under this Indenture;

 

(11)           Investments
made by the Company or its subsidiaries in the Capital Stock of
Royal Wolf Holdings Limited;

 

(12)           Investments
the payment for which is Qualified Capital Stock of the Company;
and

 

(13)           Investments
in existence on the date of this Indenture and an Investment in any
Person to the extent such Investment replaces or refinances an
Investment in such Person existing on the date of this Indenture in
an amount not exceeding the amount of the Investment being replaced
or refinanced; provided, however, that the new Investment is on
terms and conditions no less favorable to the Company and its
Restricted Subsidiaries than the Investment being renewed or
replaced.

 

“Permitted
Liens” means the following types of Liens:

 

(1)           Liens
for taxes, assessments or governmental charges or claims either (a)
not delinquent or (b) contested in good faith by appropriate
proceedings and as to which the Company or its Restricted
Subsidiaries shall have set aside on its books such reserves as may
be required pursuant to GAAP;

 

(2)           statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics,
suppliers, materialmen, repairmen and other Liens imposed by law
incurred in the ordinary course of business for sums not yet
delinquent or being contested in good faith, if such reserve or
other appropriate provision, if any, as shall be required by GAAP
shall have been made in respect thereof;

 

(3)           Liens
incurred or deposits made in the ordinary course of business in
connection with workers’ compensation, unemployment insurance
and other types of social security, including any Lien securing
letters of credit issued in the ordinary course of business
consistent with past practice in connection therewith, or to secure
the performance of tenders, statutory obligations, surety and
appeal bonds, bids, leases, warranty requirements, government
contracts, performance and return-of-money bonds and other similar
obligations (exclusive of obligations for the payment of borrowed
money);

 

(4)           judgment
Liens not giving rise to an Event of Default so long as such Lien
is adequately bonded and any appropriate legal proceedings which
may have been duly initiated for the review of such judgment shall
not have been finally terminated or the period within which such
proceedings may be initiated shall not have expired;

 

(5)           easements,
rights-of-way, zoning restrictions and other similar charges or
encumbrances in respect of real property not interfering in any
material respect with the ordinary conduct of the business of the
Company or any of its Restricted Subsidiaries;

 

(6)           any
interest or title of a lessor under any Capitalized Lease
Obligation; provided that such Liens do not extend to any property
or assets which is not leased property subject to such Capitalized
Lease Obligation other than proceeds thereof;

 

(7)           Liens
securing Purchase Money Indebtedness incurred or in the ordinary
course of business; provided, however, that (a) such Purchase Money
Indebtedness shall not exceed the purchase price or other cost of
such property or equipment and shall not be secured by any property
or equipment of the Company or any Restricted Subsidiary of the
Company other than the property and equipment so acquired and (b)
the Lien securing such Purchase Money Indebtedness shall be created
within 90 days of such acquisition;

 

(8)           Liens
upon specific items of inventory or other goods and proceeds of any
Person securing such Person’s obligations in respect of
letters of credit or bankers’ acceptances issued or created
for the account of such Person to facilitate the purchase, shipment
or storage of such inventory or other goods;

 

(9)           Liens
securing reimbursement obligations with respect to commercial
letters of credit which encumber documents and other property
relating to such letters of credit and products and proceeds
thereof;

 

(10)           Liens
encumbering deposits made to secure obligations arising from
statutory, regulatory, contractual, or warranty requirements of the
Company or any of its Restricted Subsidiaries, including rights of
offset and set-off;

 

(11)           Liens
securing Hedge Agreements which Hedge Agreements relate to
Indebtedness that is otherwise permitted under this
Indenture;

 

(12)           Liens
securing Acquired Indebtedness incurred in accordance with Section
4.04; provided that:

 

(a)           such
Liens secured such Acquired Indebtedness at the time of and prior
to the incurrence of such Acquired Indebtedness by the Company or a
Restricted Subsidiary of the Company and were not granted in
connection with, or in anticipation of, the incurrence of such
Acquired Indebtedness by the Company or a Restricted Subsidiary of
the Company, and

 

(b)           such
Liens do not extend to or cover any property or assets of the
Company or of any of its Restricted Subsidiaries other than the
property or assets that secured the Acquired Indebtedness prior to
the time such Indebtedness became Acquired Indebtedness of the
Company or a Restricted Subsidiary of the Company and are no more
favorable to the lienholders than those securing the Acquired
Indebtedness prior to the incurrence of such Acquired Indebtedness
by the Company or a Restricted Subsidiary of the
Company;

 

(13)           Liens
on assets of a Restricted Subsidiary of the Company that is not a
guarantor of the Securities to secure Indebtedness of such
Restricted Subsidiary that is otherwise permitted under this
Indenture;

 

(14)           leases,
subleases, licenses and sublicenses granted to others that do not
materially interfere with the ordinary cause of business of the
Company and its Restricted Subsidiaries;

 

(15)           banker’s
Liens, rights of setoff and similar Liens with respect to cash and
Cash Equivalents on deposit in one or more bank accounts in the
ordinary course of business;

 

(16)           Liens
arising from filing Uniform Commercial Code financing statements
regarding leases;

 

(17)           Liens
in favor of customs and revenue authorities arising as a matter of
law to secure payments of customs duties in connection with the
importation of goods;

 

(18)           other
Liens securing obligations or Indebtedness for borrowed money with
respect to property or assets with an aggregate fair market value
(valued at the time of creation thereof) of not more than $10.0
million at any time in the aggregate; and

 

(19)           Liens
existing on the Issue Date securing the repayment of amounts
borrowed under the Credit Agreement;

 

(20)           deposits
made in the ordinary course of business to secure liability to
insurance carriers.

 

“Preferred
Stock” of any Person means any Capital Stock of such Person
that has preferential rights to any other Capital Stock of such
Person with respect to dividends or redemptions or upon
liquidation.

 

“Purchase
Date” means, with respect to any Security to be repurchased,
the date fixed for such repurchase by or pursuant to this
Indenture.

 

“Purchase
Price” means the amount payable for the repurchase of any
Security on a Purchase Date, exclusive of accrued and unpaid
interest thereon to the Purchase Date, unless otherwise
specifically provided.

 

“Permitted
Purchase Money Indebtedness” means, as of any date of
determination, Indebtedness incurred after the Issue Date and at
the time of, or within 20 days after, the acquisition of any fixed
assets for the purpose of financing all or any part of the
acquisition cost thereof, in an aggregate principal amount
outstanding at any one time not in excess of $3
million.

 

“Qualified
Capital Stock” means any Capital Stock that is not
Disqualified Capital Stock.

 

“Reference
Treasury Dealer” means a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”)
chosen by the Company; provided that if such dealer shall cease to
be a Primary Treasury Dealer, the Company shall substitute therefor
another Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Company, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Company by such
Reference Treasury Dealer at 5:00 p.m. (New York City time) on the
third business day preceding such Redemption Date.

 

“Refinance”
means, in respect of any security or Indebtedness, to refinance,
extend, renew, refund, repay, prepay, redeem, defease or retire, or
to issue a security or Indebtedness in exchange or replacement for,
such security or Indebtedness in whole or in part.
“Refinanced” and “Refinancing” shall have
correlative meanings.

 

“Refinancing
Indebtedness” means any Refinancing by the Company or any
Restricted Subsidiary of Indebtedness incurred in accordance with
the Section 4.04(a) or described in clauses (1), (2), (3), (4),
(7), (24), (25), (26), (27) and (28) of the definition of Permitted
Indebtedness), in each case that does not:

 

(1)           result
in an increase in the aggregate principal amount of Indebtedness of
such Person as of the date of such proposed Refinancing above the
sum of (i) the aggregate principal amount of such Indebtedness,
plus (ii) the accrued interest on and amount of any premium
required to be paid under the terms of the instrument governing
such Indebtedness, plus (iii) the amount of reasonable expenses
incurred by the Company in connection with such Refinancing;
or

(2)           create
Indebtedness with: (a) a Weighted Average Life to Maturity that is
less than the Weighted Average Life to Maturity of the Indebtedness
being Refinanced; or (b) a final maturity earlier than the final
maturity of the Indebtedness being Refinanced;

 

provided
that (x) if such Indebtedness being Refinanced is Indebtedness
solely of the Company (and is not otherwise guaranteed by a
Restricted Subsidiary of the Company), then such Refinancing
Indebtedness shall be Indebtedness solely of the Company and (y) if
such Indebtedness being Refinanced is subordinate or junior to the
Securities, then such Refinancing Indebtedness shall be subordinate
to the Securities at least to the same extent and in the same
manner as the Indebtedness being Refinanced.

 

“Restricted
Subsidiary” means any Subsidiary that has not been designated
as an “Unrestricted Subsidiary” in accordance with this
Indenture.

 

“Sale and
Leaseback Transaction” means any direct or indirect
arrangement with any Person or to which any such Person is a party,
providing for the leasing to the Company or a Restricted Subsidiary
of any property, whether owned by the Company or any Restricted
Subsidiary at the Issue Date or later acquired, which has been or
is to be sold or transferred by the Company or such Restricted
Subsidiary to such Person or to any other Person from whom funds
have been or are to be advanced by such Person on the security of
such Property.

 

“Significant
Subsidiary”, with respect to any Person, means any Subsidiary
of such Person that satisfies the criteria for a “significant
subsidiary” set forth in Rule 1.02(w) of Regulation S-X under
the Exchange Act.

 

“Subordinated
Indebtedness” means Indebtedness of the Company that is
subordinated or junior in right of payment to the
Securities.

 

“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 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.

 

“Subsidiary
Guarantee” means any guarantee of the Securities by any
Restricted Subsidiary.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate
per annum equal to the yield to maturity of the Comparable Treasury
Issue, compounded semi-annually, assuming a price for such
Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such
Redemption Date.

 

“Unrestricted
Subsidiary” of any Person means:

 

(1)           unless
otherwise designated by the Company’s Board of Directors,
Royal Wolf Holdings Limited, an Australian corporation, and its
subsidiaries;

 

(2)           any
Subsidiary of the Company that at the time of determination shall
be or continue to be designated an Unrestricted Subsidiary by the
Board of Directors of the Company in the manner provided below;
and

 

(3)           any
Subsidiary of an Unrestricted Subsidiary.

 

The
Board of Directors may designate any Subsidiary (including any
newly acquired or newly formed Subsidiary) to be an Unrestricted
Subsidiary unless such Subsidiary owns any Capital Stock of, or
owns or holds any Lien on any property of, the Company or any other
Subsidiary of the Company that is not a Subsidiary of the
Subsidiary to be so designated; provided that:

 

(1)           the
Company certifies to the Trustee that such designation complies
with Section 4.7; and

 

(2)           each
Subsidiary to be so designated and each of its Subsidiaries has not
at the time of designation, and does not thereafter, create, incur,
issue, assume, guarantee or otherwise become directly or indirectly
liable with respect to any Indebtedness pursuant to which the
lender has recourse to any of the assets of the Company or any of
its Restricted Subsidiaries.

 

For
purposes of making the determination of whether any such
designation of a Subsidiary as an Unrestricted Subsidiary complies
with Section 4.7, the portion of the fair market value of the net
assets of such Subsidiary of the Company at the time that such
Subsidiary is designated as an Unrestricted Subsidiary that is
represented by the interest of the Company and its Restricted
Subsidiaries in such Subsidiary, in each case as determined in good
faith by the Board of Directors of the Company, shall be deemed to
be an Investment. Such designation will be permitted only if such
Investment would be permitted at such time under Section
4.7.

 

The
Board of Directors may designate any Unrestricted Subsidiary to be
a Restricted Subsidiary only if:

 

(1)           immediately
after giving effect to such designation, the Company is able to
incur at least $1.00 of additional Indebtedness (other than
Permitted Indebtedness) in compliance with Section 4.04;
and

 

(2)           immediately
before and immediately after giving effect to such designation, no
Default or Event of Default shall have occurred and be
continuing.

 

Any
such designation by the Board of Directors shall be evidenced to
the Trustee by promptly filing with the Trustee a copy of the Board
Resolution giving effect to such designation and an Officer’s
Certificate certifying that such designation complied with the
foregoing provisions.

 

“Weighted
Average Life to Maturity” means, when applied to any
Indebtedness at any date, the number of years obtained by dividing
(a) the then outstanding aggregate principal amount of such
Indebtedness into (b) the sum of the total of the products obtained
by multiplying (i) the amount of each then remaining installment,
sinking fund, serial maturity or other required payment of
principal, including payment at final maturity, in respect thereof,
by (ii) the number of years (calculated to the nearest one-twelfth)
which will elapse between such date and the making of such
payment.

 

“Wholly Owned
Restricted Subsidiary” of any Person means any Wholly Owned
Subsidiary of such Person which at the time of determination is a
Restricted Subsidiary of such Person.

 

“Wholly Owned
Subsidiary” of any Person means any Subsidiary of such Person
of which all the outstanding voting securities (other than in the
case of a foreign Subsidiary, directors’ qualifying shares or
an immaterial amount of shares required to be owned by other
Persons pursuant to applicable law) are owned by such Person or any
Wholly Owned Subsidiary of such Person.

 

Section
1.02   Other
Definitions.

 

	

Term

 

	

Defined
in Section

	

“Affiliate
Transaction”                                                                                                 

	

4.06(a)

	

“Change
of Control
Offer”                                                                                                 

	

3.02(a)

	

“Change
of Control
Period”                                                                                                 

	

3.02(d)

	

“incur”                                                                                                 

	

4.04

	
 

	
 

	

“Interest
Payment
Date”                                                                                                 

	

2.04(c)

	

“Maturity
Date”                                                                                                 

	

2.04(b)

	

“Net
Proceeds
Offer”                                                                                                 

	

4.05(b)

	

“Net
Proceeds Offer Trigger
Date”                                                                                                 

	

4.05(B)

	

“Regular
Record
Date”                                                                                                 

	

2.04(c)

 

Section
1.03   Incorporation
by Reference of Trust Indenture Act.

 

This
First Supplemental Indenture is subject to the mandatory provisions
of the TIA, which are incorporated by reference in and made a part
of this First Supplemental Indenture. The following TIA terms have
the following meanings:

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities.

 

“indenture
security holder” means a Holder.

 

“indenture to
be qualified” means this First Supplemental
Indenture.

 

“indenture
trustee” or “institutional trustee” means the
Trustee.

 

“obligor”
on the indenture securities means the Company and any other obligor
on the indenture securities.

 

All
other TIA terms used in this First Supplemental Indenture that are
defined by the TIA, defined by TIA reference to another statute or
defined by SEC rules promulgated under the TIA have the meanings
assigned to them by such definitions.

 

ARTICLE II

  

APPLICATION
OF SUPPLEMENTAL INDENTURE

 

AND
CREATION, FORMS, TERMS AND CONDITIONS OF SECURITIES

 

Section
2.01   Application
of this First Supplemental Indenture. Notwithstanding any
other provision of this First Supplemental Indenture, the
provisions of this First Supplemental Indenture, including the
covenants set forth herein, are expressly and solely for the
benefit of the Holders of the Securities. The Securities constitute
a separate series of Securities as provided in Section 2.1 of
the Indenture.

 

Section
2.02   Creation
of the Securities. In accordance with Section 2.1 of the
Indenture, the Company hereby creates the Securities as a separate
series of its Securities issued pursuant to the Indenture. The
Securities shall be issued initially in an aggregate principal
amount of up to $_______.

 

Section
2.03   Form
of the Securities. The Securities shall each be issued in
the form of a Global Security, duly executed by the Company and
authenticated by the Trustee, which shall be deposited with the
Trustee as custodian for DTC and registered in the name of
“Cede & Co.,” as the nominee of DTC. The Securities
shall be substantially in the form of Exhibit A attached hereto. So
long as DTC, or its nominee, is the registered owner of a Global
Security, DTC or its nominee, as the case may be, shall be
considered the sole owner or Holder of the Securities represented
by such Global Security for all purposes under the Indenture and
under such Securities. Ownership of beneficial interests in such
Global Security shall be shown on, and transfers thereof will be
effective only through, records maintained by DTC or its nominee
(with respect to beneficial interests of participants) or by
participants or Persons that hold interests through participants
(with respect to beneficial interests of beneficial owners). The
Securities shall not be issuable in temporary global
form.

 

Section
2.04   Terms
and Conditions of the Securities.

 

The
Securities shall be governed by all the terms and conditions of the
Indenture, as supplemented by this First Supplemental Indenture. In
particular, the following provisions shall be terms of the
Securities:

 

(a) Title and Conditions of the
Securities. The title of the Securities shall be as
specified in the Recitals; and the aggregate principal amount of
the Securities shall be as specified in Section 2.02 of this
Article II, except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, the
Securities pursuant to Sections 2.8, 2.9, 2.13, 2.16, 5.7 or 9.5 of
the Indenture.

 

(b) Stated Maturity. The Securities
shall mature, and the principal of the Securities shall be due and
payable in U.S. Dollars to the Holders thereof, together with
all accrued and unpaid interest thereon, on _________ (the
“Maturity
Date”).

 

(c) Payment of Principal and
Interest. The Securities shall bear interest at ____% per
annum, from and including __________, or from the most recent
Interest Payment Date (as defined hereafter) on which interest has
been paid or provided for until the principal thereof becomes due
and payable, and on any overdue principal. Interest shall be
calculated on the basis of a 360-day year comprised of twelve
30-day months. Interest on the Securities shall be payable
quarterly in arrears in U.S. Dollars on January 31, April 30, July
31 and October 31 of each year, commencing on _________ (each such
date, a “Interest
Payment Date” for the purposes of the Securities under
this First Supplemental Indenture). Payments of interest shall be
made to the Person in whose name a Security (or predecessor
Security) is registered (which shall initially be the Depositary)
at the close of business on the January 15, April 15, July 15 and
October 15 (whether or not that date is a Business Day), as the
case may be, immediately preceding such Interest Payment Date (each
such date, a “Regular Record Date” for
the purposes of the Securities under this First Supplemental
Indenture).

 

(d) Registration and Form. The
Securities shall be issuable as registered securities as provided
in Section 2.03 of this Article II. The form of the Securities
shall be as set forth in Exhibit A attached hereto. The
Securities shall be issued and may be transferred only in minimum
denomination of $[*] and integral multiples of $[*] in excess
thereof. All payments of principal, Redemption Price, any purchase
price relating to a Change of Control Offer and accrued unpaid
interest in respect of the Securities shall be made by the Company
as set forth in the Securities.

 

(e) Legal Defeasance and Covenant
Defeasance. The provisions for legal defeasance in Section
8.2 of the Indenture, and the provisions for covenant defeasance in
Section 8.3 of the Indenture, shall be applicable to the
Securities.

 

(f) Further Issuance.
Notwithstanding anything to the contrary contained herein or in the
Indenture, the Company may, from time to time, without the consent
of or notice to the Holders, create and issue further securities
having the same interest rate, maturity and other terms (except for
the issue date, the public offering price and the first Interest
Payment Date) as, ranking equally and ratably with, the Securities.
Additional Securities issued in this manner shall be consolidated
with and shall form a single series with the previously outstanding
Securities.

 

(g) Redemption. The Securities are
subject to redemption by the Company in whole or in part in the
manner described herein.

 

(h) Ranking. The Securities will be
the Company’s unsecured and unsubordinated obligations and
will rank equally with all of its current and future unsecured and
unsubordinated indebtedness and senior to all of its current and
future subordinated debt.

 

(i) Sinking Fund. The Securities
are not entitled to any sinking fund.

 

(j) Additional
Amounts. No Additional Amounts shall be payable with respect to the
Securities.

 

(k) Other Terms and Conditions. The
Securities shall have such other terms and conditions as provided
herein.

 

ARTICLE III

  

REDEMPTION
AND REPURCHASE

 

Section
3.01   Optional
Redemption.

 

(a) Prior to _________,
the Securities are subject to redemption, in whole or in part, from
time to time, at the Company’s option at a Redemption Price
equal to the sum of:

 

(i) 100% of the
principal amount of the Securities to be redeemed, and

 

(ii)

the excess, if any,
of (A) the present value at such redemption date of (i) the
redemption price of such Security on _________ (as described in the
immediately succeeding paragraph but excluding accrued and unpaid
interest to the redemption date) plus (ii) all remaining scheduled
interest payments due on the Securities through _________ (but
excluding accrued and unpaid interest to the redemption date),
discounted to the redemption date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 50 basis points, over (B) the principal amount of the
Securities on the redemption date.

 

plus,
in either case, accrued and unpaid interest, if any, to the
Redemption Date (subject to the right of Holders on the relevant
record date to receive interest due on the relevant Interest
Payment Date).

 

   
        On and after _________, the
Securities are subject to redemption, in whole or in part, from
time to time, at the Company’s option at the following
redemption prices (expressed as percentages of the principal amount
thereof) if redeemed during the twelve-month period commencing on
July 31 of the year set forth below:

 

	

Year

	

Percentage

	

[*]

	

[*]%

	

[*]

	

[*]%

	

[*]

	

[*]%

	

[*] and
thereafter

	

[*]%;

 

plus
accrued and unpaid interest, if any, to the Redemption Date
(subject to the right of Holders on the relevant record date to
receive interest due on the relevant Interest Payment
Date).

 

(b) Redemption Following Equity
Offering. Prior to _________, upon not less than 30 nor more
than 60 days’ written notice, the Company may on any one or
more occasions redeem up to 35% of the aggregate principal amount
of the Securities at a redemption price equal to [*]% of the
principal amount of the Securities being redeemed plus accrued and
unpaid interest, if any, to, but not including, the redemption date
(subject to the rights of holders of Securities on the relevant
record date to receive interest on the relevant interest payment
date), with the net cash proceeds from one or more Equity
Offerings. The Company may only do this, however, if:

 

(i)           at
least 65% of the aggregate principal amount of the Securities that
were initially issued under the Indenture (excluding Securities
held by the Issuer or any of its Subsidiaries) would remain
outstanding immediately after the occurrence of such proposed
redemption; and

 

(ii)
        the redemption occurs within
180 days after the closing of such Equity Offering.

 

Notice
of any redemption upon any Equity Offering may be given prior to
the completion thereof, and any such redemption or notice may, at
the Company’s discretion, be subject to one or more
conditions precedent, including, but not limited to, completion of
the related Equity Offering.

 

Section
3.02 Repurchase upon Change of Control
Offer.

 

(a) Upon the
occurrence of a Change of Control, each Holder will have the right
to require that the Company purchase all or a portion of such
Holder’s Securities pursuant to the offer described below
(the “Change of
Control Offer”), at a purchase price equal to 101% of
the principal amount thereof plus accrued and unpaid interest
thereon to the Purchase Date.

 

(b) The Company will
not be required to make a Change of Control Offer upon a Change of
Control if a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the
requirements set forth in this Supplemental Indenture applicable to
a Change of Control Offer made by the Company and purchases all
Securities validly tendered and not withdrawn under such Change of
Control Offer.

 

(c) The Company shall
comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with
the repurchase of Securities pursuant to a Change of Control Offer.
To the extent that the provisions of any securities laws or
regulations conflict with this Section 3.02, the Company shall
comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under this
Section 3.02 by virtue thereof.

 

(d) The Change of
Control Offer shall remain open for a period from the date of the
mailing of the notice of the Change of Control Offer described in
paragraph (c) until a date determined by the Company which is at
least 30 but no more than 60 days from the date of mailing of such
notice and no longer, except to the extent that a longer period is
required by applicable law (the “Change of Control Offer
Period”). On the Purchase Date, which shall be no
earlier than 30 days prior to the last day of the Change of Control
Offer Period and no later than such last day, the Company shall
purchase the principal amount of Securities properly tendered in
response to the Change of Control Offer. Payment for any Securities
so purchased shall be made in the same manner as interest payments
are made.

 

(e) Within 30 days
following any Change of Control, the Company shall send, by first
class mail (or, in the case of Securities held in book-entry form,
by electronic transmission) , a notice to the Trustee and the
Paying Agent and each of the Holders. The notice shall contain all
instructions and materials necessary to enable such Holders to
tender Securities pursuant to the Change of Control Offer. The
Change of Control Offer shall be made to all Holders. The notice,
which shall govern the terms of the Change of Control Offer, shall
state:

 

(i) the transaction or
transactions that constitute the Change of Control, providing
information, to the extent publicly available, regarding the Person
or Persons acquiring control, and stating that the Change of
Control Offer is being made pursuant to this Section 3.02 and that,
to the extent lawful, all Securities properly tendered will be
accepted for payment;

 

(ii) the
Purchase Price, the last day of the Change of Control Offer Period,
and the Purchase Date;

 

(iii) that
any Security not properly tendered or otherwise not accepted for
repurchase will continue to accrue interest;

 

(iv) that,
unless the Company defaults in the payment of the amount due on the
Purchase Date, all Securities or portions thereof accepted for
repurchase pursuant to the Change of Control Offer shall cease to
accrue interest after the Purchase Date;

 

(v) that Holders
electing to have any Securities purchased pursuant to the Change of
Control Offer will be required to tender the Securities, with the
form entitled Option of Holder to Elect Purchase on the reverse of
the Securities completed, or transfer by book-entry transfer, to
the Company, a Depositary, if appointed by the Company, or a Paying
Agent at the address specified in the notice not later than the
third Business Day preceding the Purchase Date;

 

(vi) that
Holders will be entitled to withdraw their election if the Company,
the Depositary or the Paying Agent, as the case may be, receives,
not later than the expiration of the Change of Control Offer
Period, a facsimile transmission or letter setting forth the name
of the Holder, the principal amount of Securities delivered for
repurchase, and a statement that such Holder is withdrawing his
election to have the Securities redeemed in whole or in
part;

 

(vii) that
Holders whose Securities are being repurchased only in part will be
issued new Securities equal in principal amount to the portion of
the Securities tendered (or transferred by book-entry transfer)
that is not to be repurchased, which portion must be equal to
$[*]in principal amount or an integral multiple of $[*] in excess
thereof; and

 

(f) On or before 10:00
A.M. (New York City time) on the Purchase Date, the Company shall
to the extent lawful, (i) accept for payment all Securities or
portions thereof properly tendered pursuant to the Change of
Control Offer, (ii) deposit with the Paying Agent an amount equal
to the Purchase Price, together with accrued and unpaid interest
thereon to the Purchase Date in respect of all Securities or
portions thereof so tendered and accepted for repurchase and (iii)
deliver or cause to be delivered to the Trustee the Securities so
accepted together with an Officers’ Certificate stating the
aggregate principal amount of Securities or portions thereof being
repurchased by the Company. The Paying Agent shall promptly (but in
any case not later than five days after the Purchase Date) mail to
each Holder of Securities so repurchased the amount due in
connection with such Securities, and the Company shall promptly
issue a new Security, and the Trustee, upon written request from
the Company in the form of an Officer’s Certificate shall
authenticate and mail or deliver (or cause to transfer by book
entry) to each relevant Holder a new Security, in a principal
amount equal to any unpurchased portion of the Securities
surrendered to the Holder thereof; provided that each such new Security
shall be in a principal amount of $[*] or an integral multiple of
$[*] in excess thereof. The Company shall publicly announce the
results of the Change of Control Offer on or as soon as practicable
after the Purchase Date.

 

(g) If the Purchase
Date is on or after an interest record date and on or before the
related interest payment date, any accrued and unpaid interest in
each case to the Purchase Date, shall be paid to the Person in
whose name a Security is registered at the close of business on
such record date, and no additional interest shall be payable to
Holders pursuant to the Change of Control Offer.

 

Section
3.03 Repurchase upon Application of Net
Proceeds.

 

(a) In the event that,
pursuant to Section 4.05, the Company shall be required to commence
a Net Proceeds Offer, it shall follow the procedures specified in
this Section 3.03.

 

(b) The notice of a Net
Proceeds Offer shall contain all instructions and materials
necessary to enable such Holders to tender Securities pursuant to
the Net Proceeds Offer. Each Net Proceeds Offer will be sent to all
record Holders as shown on the register of Holders within 30 days
following the Net Proceeds Offer Trigger Date, with a copy to the
Trustee, and shall comply with the procedures set forth in this
Indenture. Upon receiving notice of the Net Proceeds Offer, Holders
may elect to tender their Securities in whole or in part in a
principal amount of $[*] (or integral multiples of $[*] in excess
thereof) in exchange for cash. A Net Proceeds Offer shall remain
open for a period of 20 Business Days or such longer period as may
be required by law. Upon the expiration of that period, the Company
shall promptly (but in any event within three Business Days
following such expiration) purchase the Securities and any such
other pari passu Indebtedness properly tendered in accordance with
this Section 3.03 and Section 4.05. The notice, which shall govern
the terms of the Net Proceeds Offer, shall state:

 

(i) that the Net
Proceeds Offer is being made pursuant to this Section 3.03 and
Section 4.05;

 

(ii) the
Net Proceeds Offer Amount, the Purchase Price and the Purchase
Date;

 

(iii) that
any Security not properly tendered or otherwise not accepted for
repurchase shall continue to accrue interest;

 

(iv) that,
unless the Company defaults in the payment of the amount due on the
Purchase Date, all Securities or portions thereof accepted for
repurchase pursuant to the Net Proceeds Offer shall cease to accrue
interest after the Purchase Date;

 

(v) that Holders
electing to have any Securities repurchased pursuant to any Net
Proceeds Offer shall be required to tender the Securities, with the
form entitled Option of Holder to Elect Purchase on the reverse of
the Securities completed, or transfer by book-entry transfer, to
the Company, a Depositary, if appointed by the Company, or a Paying
Agent at the address specified in the notice prior to the close of
business on the third Business Day preceding the Purchase
Date;

 

(vi) that
Holders will be entitled to withdraw their election if the Company,
the Depositary or the Paying Agent, as the case may be, receives,
not later than expiration time by facsimile transmission a letter
setting forth the name of the Holder, the principal amount of the
Securities delivered for repurchase and a statement that such
Holder is withdrawing his election to have such Securities
repurchased in whole or in part; and

 

(vii) that,
to the extent Holders properly tender Securities (along with any
other pari passu Indebtedness of the Company properly tendered) in
an amount exceeding the Net Proceeds Offer Amount, the tendered
Securities will be purchased pro
rata based on the aggregate amounts of Securities and other
pari passu Indebtedness of the Company properly tendered (and the
Trustee shall select the tendered Securities of tendering Holders
pro rata based on the
amount of Securities and other pari passu Indebtedness of the
Company properly tendered).

 

(c) On or before 10:00
A.M. (New York City time) on the Purchase Date, the Company shall
to the extent lawful, (i) accept for payment, pro rata in accordance with this
Indenture to the extent necessary, the Net Proceeds Offer Amount of
Securities or portions thereof properly tendered pursuant to the
Net Proceeds Offer (along with any other pari passu Indebtedness of
the Company properly tendered), or if less than the Net Proceeds
Offer Amount has been tendered, all Securities properly tendered,
(ii) deposit with the Paying Agent an amount equal to the Purchase
Price, plus accrued
and unpaid interest thereon to the Purchase Date in respect of all
Securities or portions thereof so tendered and accepted for
repurchase and (iii) deliver or cause to be delivered to the
Trustee the Securities so accepted together with an Officers’
Certificate stating the aggregate principal amount of Securities or
portions thereof being repurchased by the Company. The Paying Agent
shall promptly (but in any case not later than five days after the
Purchase Date) mail to each Holder of Securities so repurchased the
amount due in connection with such Securities, and the Company
shall promptly issue a new Security, and the Trustee, upon written
request from the Company in the form of an Officer’s
Certificate shall authenticate and mail or deliver such new
Security to such Holder, in a principal amount equal to any
unpurchased portion to the Holder thereof; provided that each such new Security
shall be in a principal amount of $[*] or an integral multiple of
$[*] in excess thereof. The Company shall publicly announce the
results of the Net Proceeds Offer on or as soon as practicable
after the Purchase Date.

 

(d) If the Purchase
Date is on or after an interest record date and on or before the
related interest payment date, any accrued and unpaid interest to
the Purchase Date, shall be paid to the Person in whose name a
Security is registered at the close of business on such record
date, and no additional interest shall be payable to Holders to the
Net Proceeds Offer.

 

(e) Notwithstanding
anything herein to the contrary, all Securities held in book entry
form shall be tendered and withdrawn in accordance with the
applicable procedures of the Depositary.

 

ARTICLE IV

 

COVENANTS

 

The
covenants set forth in this Article IV shall be applicable to
the Company in addition to the covenants in Article III of the
Indenture, which shall in all respects be applicable in respect of
the Securities.

 

Section
4.01 Reports.

 

(a) Whether or not
required by the rules and regulations of the Commission, so long as
any Securities are outstanding, the Company will furnish the
Trustee, for delivery to the Holders of the Securities upon their
written request therefor:

 

(i) all quarterly and
annual financial information that would be required to be contained
in a filing with the Commission on Forms 10-Q and 10-K if the
Company were required to file such Forms, including a
“Management’s Discussion and Analysis of Financial
Condition and Results of Operations” that describes the
financial condition and results of operations of the Company and
its consolidated Subsidiaries (showing in reasonable detail, either
on the face of the financial statements or in the footnotes thereto
and in “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” the financial
condition and results of operations of the Company and its
Restricted Subsidiaries separate from the financial condition and
results of operations of the Unrestricted Subsidiaries of the
Company, if any) and, with respect to the annual information only,
a report thereon by the Company’s certified independent
accountants; and

 

(ii) all
current reports that would be required to be filed with the
Commission on Form 8-K if the Company were required to file such
reports, in each case within the time
periods specified in the Commission’s rules and regulations.
The Company shall at all times comply with TIA §
314(a).

 

Provided
that, the delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee's
receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information
contained therein, including the Company's compliance with any of
its covenants hereunder or under the Indenture (as to which the
Trustee is entitled to rely exclusively on Officers’
Certificates).

 

(b) In addition,
whether or not required by the rules and regulations of the
Commission, the Company will file a copy of all such information
and reports with the Commission for public availability within the
time periods specified in the Commission’s rules and
regulations (unless the Commission will not accept such a filing)
and make such information available to securities analysts and
prospective investors upon request.

 

Section
4.02 Limitation on Restricted
Payments.

 

(a) The Company will
not, and will not cause or permit any of its Restricted
Subsidiaries to, directly or indirectly (each of the actions set
forth in clauses (i), (ii), (iii) and (iv) below being referred to
as a “Restricted
Payment”):

 

(i) declare or pay any
dividend or make any distribution (other than dividends or
distributions payable in Qualified Capital Stock of the Company) on
or in respect of shares of the Company’s Capital Stock to
holders of such Capital Stock;

 

(ii) purchase,
redeem or otherwise acquire or retire for value any Capital Stock
of the Company or any warrants, rights or options to purchase or
acquire shares of any class of such Capital Stock (other than any
such Capital Stock or warrants, rights or options owned by the
Company or any Restricted Subsidiary of the Company);

 

(iii) make
any principal payment on, purchase, defease, redeem, prepay,
decrease or otherwise acquire or retire for value, prior to any
scheduled final maturity, scheduled repayment or scheduled sinking
fund payment, any Subordinated Indebtedness; or

 

(iv) make
any Investment (other than Permitted Investments);

 

if at
the time of such Restricted Payment or immediately after giving
effect thereto,

 

(a) a Default or an
Event of Default shall have occurred and be continuing;
or

 

(b) the Company is not
able to incur at least $1.00 of additional Indebtedness (other than
Permitted Indebtedness) in compliance with Section 4.04(a);
or

 

(c) the aggregate
amount of Restricted Payments (including such proposed Restricted
Payment) made subsequent to the Issue Date (the amount expended for
such purposes, if other than in cash, being the fair market value
of such property as determined in good faith by the Board of
Directors of the Company) shall exceed the sum of:

 

(i)

50% of the
cumulative Consolidated Net Income (or if cumulative Consolidated
Net Income shall be a loss, minus 100% of such loss) of the Company
from ___________ to the date the Restricted Payment occurs (the
“Reference
Date”) (treating such period as a single accounting
period); plus

 

(ii)

100% of the
aggregate net cash proceeds (or the fair market value of any
marketable securities or other property) received by the Company
from any Person (other than a Subsidiary of the Company) from the
issuance and sale subsequent to ___________ and on or prior to the
Reference Date of (1) Qualified Capital Stock of the Company, (2)
warrants, options or other rights to acquire Qualified Capital
Stock of the Company (but excluding any debt security that is
convertible into, or exchangeable for, Qualified Capital Stock) or
(3) convertible or exchangeable Disqualified Capital Stock or debt
securities that have been converted or exchanged in accordance with
their terms for Qualified Capital Stock; plus

 

(iii)

without duplication
of any amounts included in clause (c)(ii) above, 100% of the
aggregate net cash proceeds (or the fair market value of any
marketable securities or other property) from any equity
contribution received by the Company from a holder of the
Company’s Capital Stock subsequent to ___________ and on or
prior to the Reference Date; plus

 

(iv)

without
duplication, the sum of:

 

(A) 

the aggregate
amount returned in cash on or with respect to Investments (other
than Permitted Investments) made subsequent to ___________ whether
through interest payments, principal payments, dividends or other
distributions or payments;

 

(B) 

the net cash
proceeds received by the Company or any of its Restricted
Subsidiaries from the disposition of all or any portion of such
Investments (other than to a Restricted Subsidiary of the Company);
and

 

(C) 

upon redesignation
of an Unrestricted Subsidiary as a Restricted Subsidiary, the fair
market value of such Subsidiary;

 

provided, however,
that the sum of clauses (A), (B) and (C) above shall not exceed the
aggregate amount of all such Investments made subsequent to the
Issue Date.

 

(b) Notwithstanding the
foregoing, the provisions of paragraph (a) of this Section 4.02 do
not prohibit:

 

(i) the payment of any
dividend within 60 days after the date of declaration of such
dividend if the dividend would have been permitted on the date of
declaration;

 

(ii) the
redemption, repurchase, purchase, retirement, defeasance or other
acquisition of any shares of Capital Stock of the Company, either
(A) solely in exchange for shares of Qualified Capital Stock of the
Company or (B) through the application of net proceeds of a
substantially concurrent sale for cash (other than to a Restricted
Subsidiary of the Company) of shares of Qualified Capital Stock of
the Company, provided that such net proceeds are not included in
the calculation described in clause (c) of the preceding
paragraph;

 

(iii) the
redemption, repurchase, retirement, defeasance or other acquisition
of any Subordinated Indebtedness either (A) solely in exchange for
shares of Qualified Capital Stock of the Company, or (B) through
the application of net proceeds of a substantially concurrent sale
for cash (other than to a Restricted Subsidiary of the Company) of
(I) shares of Qualified Capital Stock of the Company or (II)
Refinancing Indebtedness provided that such net proceeds are not
included in the calculation described in clause (c) of the
preceding paragraph;

 

(iv) so
long as no Default or Event of Default shall have occurred and be
continuing redemption, repurchase, retirement, defeasance or other
acquisition by the Company of Common Stock of the Company from
officers, directors and employees of the Company or any of its
Subsidiaries or their authorized representatives upon the death,
disability or termination of employment of such employees or
termination of their seat on the board of the Company, in an
aggregate amount not to exceed the sum of (x) $250,000 plus (y)
$100,000 in any calendar year since the Issue Date, with any unused
amounts in such calendar year being carried forward to the next
succeeding calendar year; provided that the aggregate amount of
repurchases that may be made pursuant to this clause (4) in any
calendar year shall not exceed $250,000 in any calendar
year;

 

(v) so long as no
Default or Event of Default shall have occurred and be continuing,
Restricted Payments in an aggregate amount not to exceed $6.0
million;

 

(vi) repurchases
of Qualified Capital Stock deemed to occur upon the exercise of
stock options, warrants or other convertible or exchangeable
securities to the extent such Qualified Capital Stock represents a
portion of the exercise price of those stock options, warrants or
other convertible or exchangeable securities;

 

(vii) the
payment of any dividend (or, in the case of any partnership or
limited liability company, any similar distribution) by a
Restricted Subsidiary of the Company to the holders of its Capital
Stock on a pro rata basis;

 

(viii) the
repurchase of Capital Stock deemed to occur upon the exercise of
stock options to the extent such Capital Stock represents a portion
of the exercise price of those stock options;

 

(ix) payments
of cash in lieu of issuing fractional shares upon (i) the
exercise of options or warrants or (ii) the exchange or
conversion of Qualified Capital Stock of any such Person;
and

 

(x) the declaration and
payment of dividends to holders of any class or series of
Disqualified Capital Stock of the Company or any Preferred Stock of
any Restricted Subsidiary incurred in accordance with the Section
4.04.

 

If the
Company makes a Restricted Payment which, at the time of the making
of such Restricted Payment, in the good faith determination of the
Board of Directors of the Company, would be permitted under the
requirements of this Indenture, such Restricted Payment shall be
deemed to have been made in compliance with this Indenture
notwithstanding any subsequent adjustment made in good faith to the
Company’s financial statements affecting Consolidated Net
Income.

 

In
determining the aggregate amount of Restricted Payments made
subsequent to the Issue Date in accordance with clause (c) of
Section 4.02(a), amounts expended pursuant to clauses (i), (ii)(B),
(iii)(B)(II) and (iv) shall be included in such
calculation.

 

Section
4.03 Limitation on Dividend and Other
Payment Restrictions Affecting Restricted
Subsidiaries.

 

(a)   
The Company will not, and will not cause or permit any of its
Restricted Subsidiaries to, directly or indirectly, create or
otherwise cause or permit to exist or become effective any
encumbrance or restriction on the ability of any Restricted
Subsidiary of the Company to:

 

(i) pay dividends or
make any other distributions on or in respect of its Capital
Stock;

 

(ii) make
loans or advances to the Company or any other Restricted Subsidiary
or to pay any Indebtedness or other obligation owed to the Company
or any other Restricted Subsidiary of the Company; or

 

(iii) transfer
any of its property or assets to the Company or any other
Restricted Subsidiary of the Company,

 

except
in each case for such encumbrances or restrictions existing under
or by reason of:

 

(b) applicable law,
rule, regulation or order;

 

(c) the Indenture and
the Securities;

 

(d) the Credit
Agreement;

 

(e) customary
non-assignment and similar provisions of any contract, lease or
license entered into in the ordinary course of
business;

 

(f) any instrument
governing Acquired Indebtedness, which encumbrance or restriction
is not applicable to any Person, or the properties or assets of any
Person, other than the Person or the properties or assets of the
Person so acquired;

 

(g) agreements existing
on the Issue Date and any amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings of
those agreements to the extent and in the manner such agreements
are in effect on the Issue Date; provided that the amendments,
restatements, modifications, renewals, supplements, refundings,
replacements or refinancings are not materially more restrictive,
taken as a whole, with respect to such dividend and other payment
restrictions than those contained in those agreements on the Issue
Date (as determined in good faith by the Board of Directors of the
Company);

 

(h) any encumbrance or
restriction on the transfer of assets subject to any Lien permitted
under the Indenture imposed by the holder of such
Lien;

 

(i) restrictions
imposed by any agreement to sell assets or Capital Stock permitted
under the Indenture to any Person pending the closing of such
sale;

 

(j) Permitted Purchase
Money Indebtedness and mortgage financings for property acquired in
the ordinary course of business and Capitalized Lease Obligations
that only impose restrictions on the property so
acquired;

 

(k) any agreement
pursuant to which Indebtedness was issued if (i) the encumbrance or
restriction applies only in the event of a payment default or a
default with respect to a financial covenant contained in such
Indebtedness, (ii)(A) the encumbrance or restriction is not
materially more disadvantageous to the holders of the Securities
than is customary in comparable financings (as determined by the
Company) and (B) the Company determines that any such encumbrance
or restriction will not materially affect its ability to make
principal or interest payments on the Securities;

 

(l) Indebtedness
permitted to be incurred subsequent to the date of the Indenture
pursuant to Section 4.04; provided that such encumbrances or
restrictions are no less favorable to the Company, taken as a
whole, in any material respect than the encumbrances or
restrictions contained in the Credit Agreement as in effect on the
Issue Date;

 

(m) customary
provisions in joint venture agreements, Sale and Leaseback
Transactions and other similar agreements (in each case relating
solely to the respective joint venture or similar entity or the
equity interests therein) entered into in the ordinary course of
business; and

 

(n) an agreement
governing Indebtedness incurred to Refinance the Indebtedness
issued, assumed or incurred pursuant to an agreement referred to in
clauses (b) and (d) through (k) above; provided, however, that the
provisions relating to such encumbrance or restriction contained in
any such Indebtedness are no less favorable to the Company in any
material respect as determined by the Company’s Board of
Directors in their reasonable and good faith judgment than the
provisions relating to such encumbrance or restriction contained in
agreements referred to in such clauses (b) and (d) through
(k).

 

Section
4.04 Limitation on Incurrence of Additional
Indebtedness.

 

(a) The Company will
not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, assume, guarantee, acquire,
become liable, contingently or otherwise, with respect to, or
otherwise become responsible for payment of (collectively,
“incur”) any Indebtedness (other than Permitted
Indebtedness); provided,
however, that if no Default or Event of Default shall have
occurred and be continuing at the time of or as a consequence of
the incurrence of any such Indebtedness, the Company or any of its
Restricted Subsidiaries may incur Indebtedness (including, without
limitation, Acquired Indebtedness), in each case if on the date of
the incurrence of such Indebtedness, after giving effect to the
incurrence thereof, the Consolidated Fixed Charge Coverage Ratio of
the Company is greater than 2.0 to 1.0.

 

(b) The Company will
not, and will not permit any Restricted Subsidiary to directly or
indirectly, incur any Indebtedness which by its terms (or by the
terms of any agreement governing such Indebtedness) is expressly
subordinated in right of payment to any other Indebtedness of the
Company or such Restricted Subsidiary, as the case may be, unless
such Indebtedness is also by its terms (or by the terms of any
agreement governing such Indebtedness) made expressly subordinate
to the Securities to the same extent and in the same manner as such
Indebtedness is subordinated to other Indebtedness of the Company
or such Restricted Subsidiary, as the case may be.

 

Section
4.05 Limitation on Asset
Sales.

 

(a) The Company will
not, and will not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless:

 

(i) the
Company or the applicable Restricted Subsidiary, as the case may
be, receives consideration at the time of such Asset Sale at least
equal to the fair market value of the assets sold or otherwise
disposed of (as determined in good faith by the Company’s
Board of Directors);

 

(ii) at
least 75% of the consideration received by the Company or the
Restricted Subsidiary, as the case may be, from such Asset Sale
shall be in the form of cash, Cash Equivalents and/or Replacement
Assets (as defined below) (or a combination thereof) and is
received at the time of such disposition; provided that

 

(A) 

the amount of any
liabilities (as shown on the Company’s or such Restricted
Subsidiary’s most recent balance sheet) of the Company or any
such Restricted Subsidiary (other than liabilities that are by
their terms subordinated to the Securities) that are assumed by the
transferee of any such assets;

 

(B) 

the fair market
value of any securities or other assets received by the Company or
any such Restricted Subsidiary in exchange for any such assets that
are converted into cash within 180 days after such Asset Sale;
and

 

(C) 

any of the assets
described in clauses (iii)(B) and (C)

 

shall
be deemed to be cash for purposes of this provision;
and

 

(iii) upon
the consummation of an Asset Sale, the Company shall apply, or
cause such Restricted Subsidiary to apply, the Net Cash Proceeds
relating to such Asset Sale within 365 days of receipt thereof
either:

 

(A) 

to repay (i) any
Obligations under the Credit Agreement and effect a permanent
reduction in the availability under such Credit Agreement and (ii)
in the case of an Asset Sale by a Restricted Subsidiary,
Obligations of such Restricted Subsidiary;

 

(B) 

to invest or commit
to invest in properties and assets that replace the properties and
assets that were the subject of such Asset Sale or in properties
and assets (including Capital Stock) that will be used in the
business of the Company and its Restricted Subsidiaries as existing
on the Issue Date or in businesses reasonably related thereto
(“Replacement Assets”);

 

(C) 

to acquire or
commit to acquire all or substantially all of the assets of, or a
majority of the voting Capital Stock of a Permitted Business;
and/or

 

(D) 

a combination of
prepayment and investment permitted by the foregoing clauses
(iii)(A) through (iii)(C);

 

provided that in the case of a commitment under clauses (B)
and (C) above made prior to the expiration of such 365-day period,
such investment or acquisition shall be deemed to comply with this
covenant if consummated within six months after such
commitment.

 

(b) When the Net Cash
Proceeds from Asset Sales not applied or invested as provided in
the preceding paragraph total $5.0 million or more (each, a
“Net Proceeds Offer
Trigger Date”), the Company will, within 30 days, make
an offer to purchase (the “Net Proceeds Offer”) to
all Holders and, to the extent required by the terms of any Pari
Passu Debt, an offer to purchase to all holders of such Pari Passu
Debt, on a date (the “Net Proceeds Offer Payment
Date”) not less than 30 nor more than 60 days
following the applicable Net Proceeds Offer Trigger Date, from all
Holders (and holders of any Pari Passu Debt) on a pro rata basis, that amount of
Securities (and Pari Passu Debt) equal to the Net Proceeds Offer
Amount at a price equal to 100% of the principal amount of the
Securities (and Pari Passu Debt) to be purchased, plus accrued and
unpaid interest thereon, if any, to the date of purchase;
provided, however, that if at any time any
non-cash consideration received by the Company or any Restricted
Subsidiary of the Company, as the case may be, in connection with
any Asset Sale is converted into or sold or otherwise disposed of
for cash (other than as contemplated by clause 2(b) above and other
than interest received with respect to any such non-cash
consideration), then such conversion or disposition shall be deemed
to constitute an Asset Sale hereunder and the Net Cash Proceeds
thereof shall be applied in accordance with this
covenant.

 

(c) In the event of the
transfer of substantially all (but not all) of the property and
assets of the Company and its Restricted Subsidiaries as an
entirety to a Person in a transaction permitted under Article V
hereof, which transaction does not constitute a Change of Control,
the successor corporation shall be deemed to have sold the
properties and assets of the Company and its Restricted
Subsidiaries not so transferred for purposes of this covenant, and
shall comply with the provisions of this covenant with respect to
such deemed sale as if it were an Asset Sale. In addition, the fair
market value of such properties and assets of the Company or its
Restricted Subsidiaries deemed to be sold shall be deemed to be Net
Cash Proceeds for purposes of this covenant.

 

(d) Each Net Proceeds
Offer will be mailed to the record Holders as shown on the register
of Holders within 30 days following the Net Proceeds Offer Trigger
Date, with a copy to the Trustee, and shall comply with the
procedures set forth in this Indenture. Upon receiving notice of
the Net Proceeds Offer, Holders may elect to tender their
Securities in whole or in part in a principal amount of $[*] and
integral multiples of $[*] in excess thereof in exchange for cash.
To the extent Holders properly tender Securities in an amount
exceeding the Net Proceeds Offer Amount, Securities of tendering
Holders will be purchased on a pro
rata basis (based on amounts tendered). A Net Proceeds Offer
shall remain open for a period of 20 business days or such longer
period as may be required by law. If any Net Cash Proceeds remain
after the consummation of any Net Proceeds Offer, the Company may
use those Net Cash Proceeds for any purpose not otherwise
prohibited by this Indenture. Upon completion of each Net Proceeds
Offer, the amount of Net Cash Proceeds will be reset at
zero.

 

(e) The Company will
comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with
the repurchase of Securities pursuant to a Net Proceeds Offer. To
the extent that the provisions of any securities laws or
regulations conflict with this Section 4.05 or Section 3.03, the
Company shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its
obligations under this Section 4.05 or Section 3.03 by virtue
thereof.

 

Section
4.06 Limitations on Transactions with
Affiliates.

 

(a) The Company will
not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, enter into or permit to exist any
transaction or series of related transactions (including, without
limitation, the purchase, sale, lease or exchange of any property
or the rendering of any service) with, or for the benefit of, any
of its Affiliates (each, an “Affiliate Transaction”),
other than (x) Affiliate Transactions permitted under paragraph (c)
of this Section and (y) Affiliate Transactions on terms that are no
less favorable than those that might reasonably have been obtained
in a comparable transaction at such time on an arm’s-length
basis from a Person that is not an Affiliate of the Company or such
Restricted Subsidiary (as determined in good faith by the Board of
Directors of the Company).

 

(b) All Affiliate
Transactions (and each series of related Affiliate Transactions
which are similar or part of a common plan) involving aggregate
payments or other property with a fair market value in excess of
$1.0 million must be approved by the Company’s Board of
Directors or such Restricted Subsidiary, as the case may be, such
approval to be evidenced by a Board Resolution stating that such
Board of Directors has determined that such transaction complies
with the foregoing provisions. If the Company or any Restricted
Subsidiary enters into an Affiliate Transaction (or a series of
related Affiliate Transactions related to a common plan) that
involves an aggregate fair market value of more than $2.5 million,
the Company or such Restricted Subsidiary, as the case may be,
shall, prior to the consummation thereof, obtain a written opinion
stating that the Affiliate Transaction or series of related
Affiliate Transactions is (i) fair to the Company or the relevant
Restricted Subsidiary, as the case may be, from a financial point
of view, from an Independent Financial Advisor or (ii) on terms not
less favorable than might have been obtained in a comparable
transaction at such time on an arm’s length basis from a
Person who is not an Affiliate, and file the same with the
Trustee.

 

(c) The restrictions
set forth in paragraphs (a) and (b) shall not apply
to:

 

(i) reasonable
fees and compensation (including the payment of reasonable and
customary benefits (including retirement, health, option, deferred
compensation and other benefits plans) to officers and employees of
the Company) paid to, and indemnity provided on behalf of,
officers, directors, employees or consultants of the Company or any
Restricted Subsidiary of the Company as determined in good faith by
the Company’s Board of Directors or senior
management;

 

(ii) transactions
exclusively between or among the Company and any of its Restricted
Subsidiaries or exclusively between or among such Restricted
Subsidiaries, provided such
transactions are not otherwise prohibited by this
Indenture;

 

(iii) any
agreement as in effect as of the Issue Date or any amendment
thereto or any transaction contemplated thereby (including pursuant
to any amendment thereto) in any replacement agreement thereto so
long as any such amendment or replacement agreement is not more
disadvantageous to the Holders in any material respect than the
original agreement as in effect on the Issue Date;

 

(iv) Restricted
Payments or Permitted Investments permitted by this Indenture;
and

 

(v) the
issuance of Qualified Capital Stock of the Company otherwise
permitted hereunder.

 

Section
4.07 Limitation on
Liens.

 

The
Company will not, and will not cause or permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur,
assume or permit or suffer to exist any Liens of any kind against
or upon any property or assets of the Company or any of its
Restricted Subsidiaries whether owned on the Issue Date or acquired
after the Issue Date, or any proceeds therefrom, or assign or
otherwise convey any right to receive income or profits therefrom
unless:

 

(a) in the case of
Liens securing Subordinated Indebtedness or the Securities, as the
case may be, are secured by a Lien on such property, assets or
proceeds that is senior in priority to such Liens; and

 

(b) in all other cases,
the Securities are equally and ratably secured,

 

except
for:

 

(i) Liens existing as
of the Issue Date to the extent and in the manner such Liens are in
effect on the Issue Date;

 

(ii) Liens
securing Indebtedness and other Obligations under Credit Facilities
in an aggregate amount not to exceed the amount permitted to be
incurred pursuant to clause (2) of the definition of
“Permitted Indebtedness”;

 

(iii) Liens
securing the Securities or any guarantee thereof;

 

(iv) Liens
of the Company or a Wholly Owned Restricted Subsidiary of the
Company on assets of any Restricted Subsidiary of the
Company;

 

(v) Liens securing
Refinancing Indebtedness which is incurred to Refinance any
Indebtedness which has been secured by a Lien permitted under this
Indenture and which has been incurred in accordance with the
provisions of this Indenture; provided, however, that such Liens: (i) are no
less favorable to the Holders in any material respect and are not
more favorable to the lienholders in any material respect with
respect to such Liens than the Liens in respect of the Indebtedness
being Refinanced; and (ii) do not extend to or cover any property
or assets of the Company or any of its Restricted Subsidiaries not
securing the Indebtedness so Refinanced;

 

(vi) Liens
securing Indebtedness (including Liens securing any Obligations in
respect thereof) consisting of Indebtedness incurred in compliance
with Section 4.04, provided that after giving effect to such
incurrence of Indebtedness (or on the date of the initial borrowing
of such Indebtedness after giving pro forma effect to the
incurrence of the entire committed amount of such Indebtedness),
the Consolidated Secured Leverage Ratio shall not exceed 3.0 to
1.0; and

 

(vii) Permitted
Liens.

 

Section
4.08 Limitation on Subsidiary Guarantees of
Company Indebtedness. The Company shall not permit any
Restricted Subsidiary, directly or indirectly, to guarantee any
Indebtedness of the Company (other than the Securities) unless such
Restricted Subsidiary executes and delivers to the Trustee a
supplemental indenture providing for the guarantee of the
Securities by such Subsidiary, which guarantee of the Securities
will rank equally in right of payment with such Subsidiary’s
guarantee of the Company Indebtedness (unless the Company
Indebtedness is subordinated in right of payment to the Securities,
in which case the guarantee of the Indebtedness of the Company
shall be subordinated to the guarantee of the Securities to the
same extent as the Indebtedness of the Company is subordinated to
the Securities). Any guarantee of the Securities provided pursuant
to this Section 4.08 will be automatically released when the
Indebtedness is no longer outstanding or the guarantee of the
Indebtedness is released or terminated, in each case, other than as
a result of a payment thereon by the Restricted
Subsidiary.

 

Section
4.09 Payments for
Consent.

 

The
Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, pay or cause to be paid
any consideration to or for the benefit of any Holder of Securities
for or as an inducement to any consent, waiver or amendment of any
of the terms or provisions of this Indenture or the Securities
unless such consideration is offered to be paid and is paid to all
Holders of the Securities that consent, waive or agree to amend in
the time frame set forth in the solicitation documents relating to
such consent, waiver or agreement.

 

Section
4.10 Limitation on Preferred Stock of
Restricted Subsidiaries.

 

The
Company will not permit any Restricted Subsidiary to issue any
Preferred Stock other than Preferred Stock issued to the Company or
a Wholly Owned Restricted Subsidiary. The Company will not sell,
transfer or otherwise dispose of Preferred Stock issued by a
Restricted Subsidiary or permit a Restricted Subsidiary to sell,
transfer or otherwise dispose of Preferred Stock issued by a
Restricted Subsidiary, other than to the Company or a Wholly Owned
Restricted Subsidiary. Notwithstanding the foregoing, nothing in
this Section 4.10 will prohibit Preferred Stock issued by a Person
prior to the time:

 

(A)            

such person becomes
a Restricted Subsidiary;

 

(B)            

such person merges
with or into a Restricted Subsidiary; or

 

(C)            

a Restricted
Subsidiary merges with or into such person;

 

provided, however, that such Preferred Stock was not issued
or incurred by such person in anticipation of a transaction
contemplated by subclause (B) or (C) above.

 

Section
4.11 Conduct of
Business.

 

The
Company and its Restricted Subsidiaries will not engage in any
businesses other than a Permitted Business, except to the extent as
would not be material to the Company and its Restricted
Subsidiaries taken as a whole.

 

ARTICLE V

  

SUCCESSORS

 

Section
5.01 Merger, Consolidation and Sale of
Assets. Section 4.1 of the Indenture shall be deleted in its
entirety and replaced with the following:

 

(a) The Company will
not, in a single transaction or series of related transactions,
consolidate or merge with or into any Person, or sell, assign,
transfer, lease, convey or otherwise dispose of (or cause or permit
any Restricted Subsidiary of the Company to sell, assign, transfer,
lease, convey or otherwise dispose of) all or substantially all of
the Company’s assets (determined on a consolidated basis for
the Company and the Company’s Restricted Subsidiaries)
whether as an entirety or substantially as an entirety to any
Person unless:

 

(i) either:

 

(A)           the
Company shall be the surviving or continuing corporation;
or

 

(B)           the
Person (if other than the Company) formed by such consolidation or
into which the Company is merged or the Person which acquires by
sale, assignment, transfer, lease, conveyance or other disposition
the properties and assets of the Company and of the Company’s
Restricted Subsidiaries substantially as an entirety (the
“Surviving Entity”):

 

(x) 

shall be a
corporation organized and validly existing under the laws of the
United States or any State thereof or the District of Columbia;
and

 

(y) 

shall expressly
assume, by supplemental indenture (in form and substance reasonably
satisfactory to the Trustee), executed and delivered to the
Trustee, the due and punctual payment of the principal of, and
premium, if any, and interest on all of the Securities and the
performance of every covenant of the Securities and this Indenture
on the part of the Company to be performed or
observed;

 

(ii) immediately
after giving effect to such transaction and the assumption
contemplated by clause (i)(B)(y) above (including giving effect to
any Indebtedness and Acquired Indebtedness incurred or anticipated
to be incurred in connection with or in respect of such
transaction), either (x) the Company or such Surviving Entity, as
the case may be, shall be able to incur at least $1.00 of
additional Indebtedness (other than Permitted Indebtedness)
pursuant to Section 4..04(a) or (y) the Consolidated Fixed Charge
Coverage Ratio of the Company would be no less than such ratio
immediately prior to such transaction;

 

(iii) immediately
before and immediately after giving effect to such transaction and
the assumption contemplated by clause (i)(B)(y) above (including,
without limitation, giving effect to any Indebtedness and Acquired
Indebtedness incurred or anticipated to be incurred and any Lien
granted in connection with or in respect of the transaction), no
Default or Event of Default shall have occurred or be continuing;
and

 

(iv) the
Company or the Surviving Entity shall have delivered to the Trustee
an Officer’s Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, sale, assignment,
transfer, lease, conveyance or other disposition and, if a
supplemental indenture is required in connection with such
transaction, such supplemental indenture comply with the applicable
provisions of this Indenture and that all conditions precedent in
this Indenture relating to such transaction have been satisfied and
constitutes the legal, valid and binding obligation of the Company
or the Surviving Entity, enforceable against it in accordance with
its terms.

 

For
purposes of the foregoing, the transfer (by lease, assignment, sale
or otherwise, in a single transaction or series of transactions) of
all or substantially all of the properties or assets of one or more
Restricted Subsidiaries of the Company the Capital Stock of which
constitutes all or substantially all of the properties and assets
of the Company, shall be deemed to be the transfer of all or
substantially all of the properties and assets of the
Company.

 

(b) Notwithstanding the
foregoing clauses (i), (ii) and (iii) of Section 5.1(a), the
Company may merge with an Affiliate that is a Person that has no
material assets or liabilities and which was organized solely for
the purpose of reorganizing the Company in another
jurisdiction.

 

Any
merger or consolidation of a Guarantor with and into the Company
(with the Company being the surviving entity) or another Guarantor
that is a Restricted Subsidiary of the Company need only comply
with clause (iv) of Section 5.1(a).

 

Section
5.02 Successor Corporation
Substituted.

 

Upon
any consolidation, combination or merger or any transfer of all or
substantially all of the assets of the Company in accordance with
Section 5.1 in which the Company is not the continuing corporation,
the successor Person formed by such consolidation or into which the
Company is merged or to which such conveyance, lease or transfer is
made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture and the
Securities with the same effect as if such Surviving Entity had
been named as such. When a successor corporation assumes all of the
obligations of the predecessor hereunder and under the Securities
and the Security Documents and agrees in writing to be bound hereby
and thereby, the predecessor shall be released from such
obligations.

 

ARTICLE VI

 

[RESERVED]

 

 

ARTICLE VII

 

MISCELLANEOUS

 

Section
7.01   Ratification
of Indenture.

 

This
First Supplemental Indenture is executed and shall be constructed
as an indenture supplement to the Indenture, and as supplemented
and modified hereby, the Indenture is in all respects ratified and
confirmed, and the Indenture and this First Supplemental Indenture
shall be read, taken and constructed as one and the same
instrument.

 

Section
7.02   Trust
Indenture Act Controls.

 

If any
provision of this First Supplemental Indenture limits, qualifies or
conflicts with another provision that is required or deemed to be
included in this First Supplemental Indenture by the TIA, the
required or deemed provision shall control.

 

Section
7.03   Notices.

 

All
notices and other communications shall be given as provided in the
Indenture; provided that
notices to a Guarantor shall be given to such Guarantor in care of
the Company.

 

Section
7.04   Governing
Law.

 

THIS
THIRD SUPPLEMENTAL INDENTURE AND THE SECURITIES SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. EACH OF THE COMPANY, THE TRUSTEE AND THE HOLDERS HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS FIRST SUPPLEMENTAL INDENTURE,
THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section
7.05   Successors.

 

All
agreements of the Company in this Third Supplemental Indenture and
the Securities shall bind their successors. All agreements of the
Trustee in this Third Supplemental Indenture shall bind its
successors.

 

Section
7.06   Multiple
Originals.

 

The
parties may sign any number of copies of this Third Supplemental
Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to
prove this Third Supplemental Indenture. The exchange of copies of
this Third Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution
and delivery of this Third Supplemental Indenture as to the parties
hereto and may be used in lieu of the original Third Supplemental
Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their
original signatures for all purposes.

 

Section
7.07   Headings.

 

The
headings of the Articles and Sections of this Third Supplemental
Indenture have been inserted for convenience of reference only, are
not intended to be considered a part hereof and shall not modify or
restrict any of the terms or provisions hereof.

 

Section
7.08   Trustee
Not Responsible for Recitals

 

The
Trustee accepts the amendments of the Indenture effected by this
Supplemental Indenture, but on the terms and conditions set forth
in the Indenture, including the terms and provisions defining and
limiting the liabilities and responsibilities of the Trustee.
Without limiting the generality of the foregoing, the recitals
contained herein shall be taken as statements of the Company, and
the Trustee does not assume any responsibility for their
correctness. The Trustee makes no representations as to (i) the
validity or sufficiency of this Supplemental Indenture or any of
the terms or provisions hereof, (ii) the proper authorization
hereof by the Company by action or otherwise, (iii) the due
execution hereof by the Company or (iv) the consequences of any
amendment herein provided for, and the Trustee makes no
representation with respect to any such matters, except that the
Trustee represents that it is duly authorized to execute and
deliver this Third Supplemental Indenture and perform its
obligations hereunder.

 

Section 7.09
Binder Nature of Supplemental
Indenture.

 

The
Company hereby represents and warrants that this Third Supplemental
Indenture is its legal, valid and binding obligation, enforceable
against it in accordance with its terms.

 

 

 

IN
WITNESS WHEREOF, the parties have caused this Third Supplemental
Indenture to be duly executed as of the date first written
above.

 

	
 

	
 

	
 

	
 

	
 

	

COMPANY:

 

GENERAL
FINANCE CORPORATION

 

 

	
 

	

By:  

	

/s/ Charles E. Barrantes

	
 

	

Name: 

	

Charles E. Barrantes

	
 

	

Title:

	

Executive
Vice President & Chief Financial Officer

	
 

	
 

	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  
Signature page to the Third Supplemental
Indenture

 

	
 

	
 

	
 

	
 

	
 

	

TRUSTEE:

 

___________________,
as Trustee

 

 

	
 

	

By:  

	
 

	
 

	

Name: 

	
 

	
 

	

Title:

	
 

	
 

	
 

	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature
page to the Third Supplemental Indenture

 

 

SCHEDULE I

 

 

 

EXHIBIT A

 

FORM OF NOTE

 

 

THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS IS REQUESTED BY THE DEPOSITORY TRUST COMPANY), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.

 

CUSIP
NO.

 

 

GENERAL
FINANCE CORPORATION

 

●%
SENIOR NOTE DUE ___

 

$●                                                                                                                      

No.:
R-1

 

GENERAL
FINANCE CORPORATION, a Delaware corporation (herein called the
“Company”), for value received, hereby promises to pay
to CEDE & CO., or registered assigns, the principal sum of
_______ MILLION DOLLARS or such other
principal amount as shall be set forth on Schedule I hereto
on June ●, ___ and to pay interest thereon at the rate of
●% per annum from and including ●, ____, or from the
most recent Interest Payment Date to which interest has been paid
or duly provided for, on January 31. April 30, July 31 and October
31 of each year, commencing on July 31, ____ (each, an
“Interest Payment Date”), until the principal hereof is
paid or made available for payment.

 

The
interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, except as provided in the Indenture
hereinafter referred to, be paid to the Person in whose name this
Security (or one or more predecessor Securities) is registered at
the close of business on the regular record date for such interest,
which will be the January 15, April 15, July 15 and October 15
(whether or not that date is a Business Day), as the case may be
(each, a “Regular Record Date”), immediately preceding
each Interest Payment Date. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to
the Holder on such Regular Record Date and either may be paid to
the Person in whose name this Security (or one or more predecessor
Securities) is registered at the close of business on a Special
Record Date for the payment of such defaulted interest to be fixed
by the Trustee, notice whereof shall be given to the Holders not
less than ten days prior to such Special Record Date, or may be
paid at any time in any other lawful manner, all as more fully
provided in the Indenture. Payment of the principal of and interest
on this Security (including, without limitation, any Redemption
Price, Special Mandatory Redemption Price or purchase price
relating to a Change of Control Offer) will be made at the office
or agency of the Company maintained for that purpose pursuant to
the Indenture (initially the Corporate Trust Office of the
Trustee), in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and
private debts; provided,
however, that payment of interest may be made at the option
of the Company (i) by check mailed to the address of the Person
entitled thereto as such address shall appear in the Securities
Register or (ii) by wire transfer to an account maintained by the
Person entitled thereto as specified in the Securities Register.
Payments of principal and interest at maturity will be made against
presentation of this Security at the Corporate Trust Office (or
such other office as may be established pursuant to the Indenture),
by check or wire transfer.

 

Reference is hereby
made to the further provisions of this Security set forth on the
reverse side hereof, which further provisions shall for all
purposes have the same effect as though fully set forth at this
place.

 

Unless
the Certificate of Authentication hereon has been executed by the
Trustee or an authenticating agent under the Indenture referred to
on the reverse hereof by the manual signature of one of its
authorized signatories, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any
purpose.

 

[Signature Pages Follow]

 

 

 

IN
WITNESS WHEREOF, the Company has caused this Security to be to be
duly executed as of the date set forth below.

 

	
 

	
 

	
 

	
 

	
 

	

GENERAL
FINANCE CORPORATION

 

 

	
 

	

By:  

	
 

	
 

	

Name: 

	
 

	
 

	

Title:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

By:  

	
 

	
 

	

Name: 

	
 

	
 

	

Title:

	
 

 

 

 

 

 

 

 

Trustee’s
Certificate of Authentication

 

This is
one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

 

Dated:
June 18, 2014

 

	
 

	
 

	
 

	
 

	
 

	

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as
Trustee

 

 

	
 

	

By:  

	
 

	
 

	
 

	

Its Authorized Signatory

	
 

	
 

	
 

 

 

 

 

(Reverse
of Security)

 

GENERAL
FINANCE CORPORATION

 

●%
SENIOR NOTE DUE ____

 

 

1.           This
Security is one of a duly authorized issue of securities of the
Company designated as its ●% Senior Notes due ____ (the
“Securities”) limited in aggregate principal amount to
$● issued and to be issued under an indenture, dated as of
_____ ●, ____, between the Company and Wells Fargo Bank,
National Association, as trustee (herein called the
“Trustee,” which term includes any successor Trustee
under the Indenture), and the first supplemental indenture, dated
as of _____ ●, ____ (the “Base Indenture,” as so
supplemented and as it may be further supplemented or amended from
time to time, is herein referred to as the
“Indenture”), between the Company and the Trustee.
Reference is hereby made to the Indenture for a statement of the
respective rights thereunder of the Company, the Trustee and the
Holders of the Securities, and the terms upon which the Securities
are, and are to be, authenticated and delivered. The indebtedness
of the Company evidenced by the Securities, including the principal
thereof and interest thereon (including post-default interest),
will constitute unsecured and unsubordinated indebtedness of the
Company and will rank equally in right of payment with all of the
Company's current and future unsecured and unsubordinated
indebtedness.

2.           The
Securities are subject to redemption, in whole or in part, from
time to time, at the Company’s option at the Redemption
Prices set forth in the Indenture.

3.           Upon
the occurrence of a Change of Control Triggering Event, unless the
Company has given written notice with respect to a redemption of
the Securities pursuant to paragraph 2 of this Security, each
Holder of Securities will have the right to require the Company to
purchase all or a portion of such Holder’s Securities
pursuant to the Change of Control Offer, at a purchase price equal
to 101% of the principal amount thereof plus accrued and unpaid
interest, if any, to the date of purchase.

 

4.           When
the Net Cash Proceeds from Asset Sales not applied or invested as
provided in the Indenture total $5.0 million or more, the Company
will be required to make an offer to purchase an amount of
Securities (and Pari Passu Debt) equal to the Net Proceeds Offer
Amount at a price equal to 100% of the principal amount of the
Securities (and Pari Passu Debt) to be purchased, plus accrued and
unpaid interest thereon, if any, to the date of
purchase.

 

5.           If
an Event of Default with respect to the Securities shall occur and
be continuing, the principal of the Securities may be declared due
and payable in the manner and with the effect provided in the
Indenture.

 

6.           The
Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and
obligations of the Company and the Guarantors and the rights of the
Holders of Securities under the Indenture at any time by the
Company, the Guarantors and the Trustee with the consent of the
Holders of a majority in aggregate principal amount of Securities
at the time outstanding. The Indenture also contains provisions
permitting the Holders of a majority in aggregate principal amount
of Securities at the time outstanding, on behalf of the Holders of
all Securities, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in
exchange therefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security.

 

7.           No
reference herein to the Indenture and no provisions of this
Security or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Security at the times, places and
rate, and in the coin or currency, herein prescribed.

 

8.           As
provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security may be registered
on the Securities Register of the Company, upon surrender of this
Security for registration of transfer at the Corporate Trust
Office, duly endorsed by, or accompanied by a written instruction
of transfer in form satisfactory to the Company, and duly executed
by the Holder hereof or such Holder’s attorney, duly
authorized in writing, on which instruction the Company can rely,
and thereupon one or more new Securities, of authorized
denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

 

9.           The
Securities are issuable only in fully registered form, without
coupons, in minimum denominations of $[*] or any amount in excess
thereof which is an integral multiple of $[*]. As provided in the
Indenture, and subject to certain limitations therein set forth,
the Securities are exchangeable for a like aggregate principal
amount of Securities in authorized denominations, as requested by
the Holder surrendering the same.

 

10.           No
service charge shall be made to the Holder for any such
registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith.

 

11.           Prior
to the due presentment of this Security for registration of
transfer or exchange, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Company,
the Trustee, nor any such agent shall be affected by notice to the
contrary.

 

12.           Interest
on the Securities shall be computed on the basis of a 360-day year
consisting of twelve 30-day months.

 

13.           The
Trustee, in its individual or any other capacity, may make loans
to, accept deposits from, and perform services for the Company or
its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee.

 

14.           No
past, present or future director, manager, officer, employee,
incorporator, member, partner, stockholder or other owner of
Capital Stock of the Company or any Guarantor, as such, shall have
any liability for any obligations of the Company or of the
Guarantors under the Securities, the Indenture, the Securities
Guarantees or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of Securities
by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for issuance of
the Securities. The waiver and release may not be effective to
waive or release liabilities under the federal securities
laws. 

 

15.           This
Security shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.

 

16.           Customary
abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and
not as tenants in common), CUT (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

 

17.           Each
Holder of this Security covenants and agrees by such Holder’s
acceptance thereof to comply with and be bound by the foregoing
provisions.

 

18.           THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE TRUSTEE AND
THE HOLDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
NOTE.

 

19.           All
capitalized terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the
Indenture.

 

 

 

 

ASSIGNMENT FORM

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

 

PLEASE
INSERT SOCIAL SECURITY OR

OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

	
 

 

	
 

PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF
ASSIGNEE

 

______________________________________

 

______________________________________

 

______________________________________

 

the
within Security and all rights thereunder, hereby irrevocably
constituting and appointing ______ _____________________________
attorney to transfer said Security on the books of the Company,
with full power of substitution in the premises.

 

Dated:                     

__________________________

 

Signature:
____________________________

 

NOTICE:
THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.

 

 

Signature
Guarantee:

 

SIGNATURE
GUARANTEE

 

Signatures must be
guaranteed by an “eligible guarantor institution”
meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by
the Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as
amended.

 

 

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you
want to elect to have this Security purchased by the Issuer
pursuant to Section 3.02 or Section 4.05 of the Supplemental
Indenture, check the appropriate box:

	
 

	
 

	

Section
3.02

	
 

	

[ ]
Change of Control Offer

	
 

	
 

	
 

	
 

	

Section
4.05

	
 

	

[ ] Net
proceeds Offer

	
 

	
 

 

If you
want to elect to have only part of this Security purchased by the
Company pursuant to Section 3.02 or Section 4.05 of the
Supplemental Indenture, state the amount you elect to have
purchased:

 

$

 

Dated:                                                                                      

________________________________________

NOTICE:
The signature on this assignment must correspond with the name as
it appears upon the face of the within Note in every particular
without alteration or enlargement or any change whatsoever and be
guaranteed.

 

Signature
Guarantee:

 

 

Schedule
I

 

SCHEDULE OF TRANSFERS AND EXCHANGES

 

The
following increases or decreases in principal amount of this Global
Security have been made:

 

	

Date of
Exchange

	
 

	

Amount
of Decrease in Principal Amount of this Global
Security

	
 

	

Amount
of Increase in Principal Amount of this Global
Security

	
 

	

Principal
Amount of this Global Security following such Decrease or
Increase

	
 

	

Signature
of Authorized Signatory of trustee or CustodianExhibit 10.1

 

EXECUTION VERSION

 

SECOND AMENDMENT

Dated as of May 31, 2019

to

REVOLVING CREDIT AND SECURITY AGREEMENT

Dated as of February 4, 2019

 

This SECOND AMENDMENT TO REVOLVING CREDIT
AND SECURITY AGREEMENT (this “Amendment”), dated as of May 31, 2019, is entered into by and among GOLUB CAPITAL
BDC 3, INC., a Maryland corporation, as borrower (in such capacity, “Borrower”) and Signature Bank, as the administrative
agent and a lender under the Credit Agreement (as defined below) (“Signature Bank”).

 

RECITALS

 

WHEREAS, the Borrower and Signature Bank are
parties to that certain Revolving Credit and Security Agreement, dated as of February 4, 2019 (as amended by that certain First
Amendment to Revolving Credit and Security Agreement, dated as of April 8, 2019, and as may be further amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, the parties hereto wish to make certain
changes 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.

 

2.1.       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.

 

2.2.       Exhibit
B to the Credit Agreement is hereby amended and restated in its entirety by deleting the existing Exhibit B and replacing it with
the Exhibit B attached hereto.

 

2.3.       Exhibit
J to the Credit Agreement is hereby amended and restated in its entirety by deleting the existing Exhibit J and replacing it with
the Exhibit C attached hereto.

 

    	-1-

     

    

 

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.       Signature
Bank shall have received a counterpart (or counterparts) of this Amendment, executed and delivered by Borrower, or other evidence
satisfactory to Signature Bank of the execution and delivery of this Amendment by Borrower;

 

3.2.       Signature
Bank shall have received true and correct copies of the resolutions adopted by Borrower approving or consenting to the transactions
contemplated by this Amendment, certified by a Responsible Officer of Borrower, as in effect on the Effective Date; and

 

3.3.       Borrower
shall have paid all fees and other amounts due and payable on or prior to the date hereof, including, without limitation, payment
of all reasonable expenses required to be reimbursed or paid by Borrower hereunder, including the reasonable and documented fees
and disbursements of Cadwalader, Wickersham & Taft LLP.

 

Section
4.          Miscellaneous.

 

4.1.       Reaffirmation
of Covenants, Representations and Warranties. Upon the effectiveness of this Amendment, Borrower hereby reaffirms all covenants
applicable to it, and confirms the representations and warranties set forth in the Credit Agreement and the other Loan Documents
are true and correct in all material respects (except to the extent such representations and warranties expressly relate to an
earlier date).

 

4.2.       Representations
and Warranties. Borrower hereby represents and warrants that (i) this Amendment constitutes a legal, valid and binding obligation
of such Person, enforceable against it in accordance with its terms, subject to Debtor Relief Laws and general equitable principles
(whether considered a proceeding in equity or at law), and (ii) upon the Effective Date, no Event of Default or Potential Default
shall exist.

 

4.3.       References
to the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“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.       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.

 

4.5.       No
Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy
of Signature Bank or any other 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.

 

    	-2-

     

    

 

4.6.       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.

 

4.7.       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.

 

4.8.       Headings.
Section headings in this Amendment are for reference only and shall in no way affect the interpretation of this Amendment.

 

4.9.       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]

 

    	-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:
	 	 
	 	GOLUB CAPITAL BDC 3, INC., a Maryland corporation, as Initial Borrower
	 	 	 
	 	By:	/s/Ross A. Teune
	 	Name:	Ross A. Teune
	 	Title:	Chief Financial Officer

 

    	-4-

     

    

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 
	 	SIGNATURE BANK
	 	 	 
	 	By:	s/Trevor Freeman
	 	Name:	Trevor Freeman
	 	Title:	Managing Director

 

    	-5-

     

    

 

EXHIBIT A

[See attached]

 

    	-6-

     

    

 

EXECUTION VERSION

 

 

 

REVOLVING CREDIT AND SECURITY AGREEMENT

 

 

 

GOLUB CAPITAL BDC 3, INC.,

as Borrower

 

and

 

SIGNATURE BANK,

 

as Administrative Agent and a Lender

 

 

 

February 4, 2019

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	Section 1.        DEFINITIONS	1
	 	 	 
	1.1.	Defined Terms	1
	 	 	 
	1.2.	Other Definitional Provisions	23
	 	 	 
	1.3.	Accounting Terms	23
	 	 	 
	1.4.	UCC Terms	23
	 	 	 
	1.5.	Times of Day	24
	 	 	 
	1.6.	Defined Terms	24
	 	 	 
	Section 2.        REVOLVING CREDIT LOANS	24
	 	 	 
	2.1.	The Commitments	24
	 	 	 
	2.2.	Limitation on Borrowings and Re-borrowings	24
	 	 	 
	2.3.	Borrowings	25
	 	 	 
	2.4.	Interest	27
	 	 	 
	2.5.	Use of Proceeds	28
	 	 	 
	2.6.	Fees	28
	 	 	 
	2.7.	Unused Commitment Fee	28
	 	 	 
	2.8.	Extension of Maturity Date	29
	 	 	 
	Section 3.       PAYMENT OF OBLIGATIONS	29
	 	 	 
	3.1.	Payment of Obligations	29
	 	 	 
	3.2.	Payment of Interest	29
	 	 	 
	3.3.	Payments on the Obligations	30
	 	 	 
	3.4.	Prepayments	31
	 	 	 
	3.5.	Reduction or Early Termination of Commitments	31
	 	 	 
	3.6.	Increase in the Maximum Commitment	32
	 	 	 
	3.7.	Joint and Several Liability	32
	 	 	 
	Section 4.       CHANGE IN CIRCUMSTANCES	33
	 	 	 
	4.1.	Taxes	33
	 	 	 
	4.2.	Increased Cost and Capital Adequacy	37
	 	 	 
	4.3.	Funding Losses	38
	 	 	 
	4.4.	Inability to Determine Rates	38
	 	 	 
	4.5.	Mitigation	39

 

    	i

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	4.6.	Survival	39
	 	 	 
	Section 5.      SECURITY	39
	 	 	 
	5.1.	Liens and Security Interest	39
	 	 	 
	5.2.	The Collateral Account; the Investment Collection Account; Capital Calls	40
	 	 	 
	5.3.	Agreement to Deliver Additional Collateral Documents	42
	 	 	 
	5.4.	Subordination	42
	 	 	 
	Section 6.       CONDITIONS PRECEDENT TO LENDING	43
	 	 	 
	6.1.	Obligations of the Lenders	43
	 	 	 
	6.2.	Conditions to all Loans	45
	 	 	 
	6.3.	Additional Borrowers	45
	 	 	 
	Section 7.       REPRESENTATIONS AND WARRANTIES OF THE BORROWERS	47
	 	 	 
	7.1.	Organization and Good Standing	47
	 	 	 
	7.2.	Authorization and Power	47
	 	 	 
	7.3.	No Conflicts or Consents	48
	 	 	 
	7.4.	Enforceable Obligations	48
	 	 	 
	7.5.	Priority of Liens; Eligibility of Investments	48
	 	 	 
	7.6.	Financial Condition	48
	 	 	 
	7.7.	Full Disclosure	49
	 	 	 
	7.8.	No Default	49
	 	 	 
	7.9.	No Litigation	49
	 	 	 
	7.10.	Material Adverse Change	49
	 	 	 
	7.11.	Taxes	49
	 	 	 
	7.12.	Principal Office; Jurisdiction of Formation	49
	 	 	 
	7.13.	ERISA	50
	 	 	 
	7.14.	Compliance with Law	50
	 	 	 
	7.15.	Capital Commitments and Contributions	50
	 	 	 
	7.16.	Fiscal Year	50
	 	 	 
	7.17.	Investor Documents	50
	 	 	 
	7.18.	Margin Stock	50
	 	 	 
	7.19.	Investment Company Act	51

 

    	ii

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	7.20.	No Defenses	51
	 	 	 
	7.21.	No Withdrawals or Reductions of Capital Commitments	51
	 	 	 
	7.22.	Sanctions	51
	 	 	 
	7.23.	Insider	52
	 	 	 
	7.24.	Financial Condition	52
	 	 	 
	7.25.	Other Investment Vehicles	52
	 	 	 
	7.26.	Borrowing Base Certificate and Investment Report	52
	 	 	 
	Section 8.      AFFIRMATIVE COVENANTS OF THE BORROWERS	52
	 	 	 
	8.1.	Financial Statements, Reports and Notices	52
	 	 	 
	8.2.	Payment of Obligations	55
	 	 	 
	8.3.	Maintenance of Existence and Rights	55
	 	 	 
	8.4.	Books and Records; Access	55
	 	 	 
	8.5.	Compliance with Law	56
	 	 	 
	8.6.	Authorizations and Approvals	56
	 	 	 
	8.7.	Maintenance of Liens	56
	 	 	 
	8.8.	Compliance with Constituent Documents	56
	 	 	 
	8.9.	Investor Default	56
	 	 	 
	8.10.	Solvency	56
	 	 	 
	8.11.	Accounts	56
	 	 	 
	8.12.	Sanctions	56
	 	 	 
	8.13.	Taxes	56
	 	 	 
	8.14.	Insurance	57
	 	 	 
	8.15.	Authorization and Power	57
	 	 	 
	8.16.	Further Assurances	57
	 	 	 
	8.17.	Inspection of Investment Documents	57
	 	 	 
	Section 9.      NEGATIVE COVENANTS	57
	 	 	 
	9.1.	Borrower Information	57
	 	 	 
	9.2.	Mergers, Etc.	57
	 	 	 
	9.3.	Negative Pledge	57
	 	 	 
	9.4.	Admission of Investors	57

 

    	iii

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	9.5.	Constituent Documents	58
	 	 	 
	9.6.	Status of BDC	58
	 	 	 
	9.7.	Certain Restrictions on Subsidiaries	59
	 	 	 
	9.8.	Alternative Investment Vehicles	59
	 	 	 
	9.9.	Limitation on Indebtedness	59
	 	 	 
	9.10.	Capital Commitments	59
	 	 	 
	9.11.	Capital Calls	59
	 	 	 
	9.12.	ERISA Compliance	59
	 	 	 
	9.13.	Limitations on Distributions	60
	 	 	 
	9.14.	Limitation on Withdrawals from Collateral Account and Investment Collection Account	60
	 	 	 
	9.15.	Transactions with Affiliates	60
	 	 	 
	9.16.	Investment Company	60
	 	 	 
	9.17.	Deemed Capital Contributions	60
	 	 	 
	9.18.	Transactions with Lenders or Affiliates	60
	 	 	 
	9.19.	Investor Liens	61
	 	 	 
	9.20.	Limitation on Investments	61
	 	 	 
	9.21.	Use of Proceeds; Sanctions	61
	 	 	 
	9.22.	No Cancellations, Withdrawals or Reductions of Capital Commitments	61
	 	 	 
	9.23.	Net Asset Value	61
	 	 	 
	9.24.	Debt Coverage Test	62
	 	 	 
	9.25.	Investor Documents	62
	 	 	 
	Section
    10.     EVENTS OF DEFAULT	62
	 	 	 
	10.1.	Events of Default	62
	 	 	 
	10.2.	Remedies Upon Event of Default	64
	 	 	 
	10.3.	Lender Offset	67
	 	 	 
	10.4.	Good Faith Duty to Cooperate	67
	 	 	 
	Section 11.     MISCELLANEOUS	67
	 	 	 
	11.1.	Amendments	67
	 	 	 
	11.2.	Waiver	68

 

    	iv

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	11.3.	Payment of Expenses; Indemnity	69
	 	 	 
	11.4.	Notice	70
	 	 	 
	11.5.	Governing Law	71
	 	 	 
	11.6.	Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury	71
	 	 	 
	11.7.	Invalid Provisions	71
	 	 	 
	11.8.	Entirety	71
	 	 	 
	11.9.	Successors and Assigns; Participations	71
	 	 	 
	11.10.	Treatment of Certain Information; Confidentiality	75
	 	 	 
	11.11.	All Powers Coupled with Interest	76
	 	 	 
	11.12.	Headings	76
	 	 	 
	11.13.	Survival	76
	 	 	 
	11.14.	Full Recourse	76
	 	 	 
	11.15.	USA PATRIOT Act Notice	76
	 	 	 
	11.16.	Multiple Counterparts	76
	 	 	 
	11.17.	Term of Agreement	77
	 	 	 
	11.18.	Conflicts	77
	 	 	 
	11.19.	Borrower Liability	77
	 	 	 
	Section 12.     AGENCY PROVISIONS	78
	 	 	 
	12.1.	Appointment and Authorization of Administrative Agent	78
	 	 	 
	12.2.	Delegation of Duties	78
	 	 	 
	12.3.	Exculpatory Provisions	79
	 	 	 
	12.4.	Reliance on Communications	79
	 	 	 
	12.5.	Notice of Default	79
	 	 	 
	12.6.	Non-Reliance on Administrative Agent and Other Lenders	80
	 	 	 
	12.7.	Indemnification	80
	 	 	 
	12.8.	Administrative Agent in Its Individual Capacity	81
	 	 	 
	12.9.	Resignation of Administrative Agent	81
	 	 	 
	12.10.	Administrative Agent May File Proofs of Claim	81

 

    	v

     

    

 

Table
of Contents

(continued)

 

	SCHEDULES	 
	 	 
	SCHEDULE I:	Borrower Information
	SCHEDULE II:	Lender Commitments
	SCHEDULE III:	Eligible Investments as of the Closing Date
	 	 
	EXHIBITS	 
	 	 
	EXHIBIT A:	Schedule of Investors 
	EXHIBIT B:	Form of Request for Borrowing 
	EXHIBIT C:	Form of Compliance Certificate
	EXHIBIT D:	Form of Responsible Officer’s Certificate 
	EXHIBIT E:	Form of Subscription Agreement 
	EXHIBIT F:	Form of Investment Report
	EXHIBIT G:	Form of Borrowing Base Certificate 
	EXHIBIT H:	Form of Extension Notice
	EXHIBIT I-1:	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT I-2:	U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT I-3:	U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT I-4:	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT J: 	Form of Notice of Continuation/Conversion
	EXHIBIT K: 	Form of Additional Borrower Joinder Agreement

 

    	vi

     

    

 

REVOLVING CREDIT AND SECURITY
AGREEMENT

 

THIS REVOLVING CREDIT
AND SECURITY AGREEMENT (this “Credit Agreement”), dated February 4, 2019, by and among (a) GOLUB CAPITAL
BDC 3, INC., a Maryland corporation, as initial borrower (the “Initial Borrower”), (b) SIGNATURE BANK,
a New York corporation (“Signature Bank”), as Administrative Agent and a Lender, (c) each of the other lending
institutions that from time to time becomes a lender hereunder (collectively referred to as “Lenders”; and each
individually, a “Lender”), and (d) each of the other Borrowers that from time to time becomes party hereto.

 

A.           Borrowers
have requested that Lenders make loans to provide working capital to Borrowers for purposes permitted under their Constituent Documents
(as defined below).

 

B.           The
Lenders are willing to make loans upon the terms and subject to the conditions set forth in this Credit Agreement.

 

C.           It
is the intent of the Borrowers, Administrative Agent and the Lenders that, affiliated funds may be added as Borrowers under this
Credit Agreement (subject to each Lender’s underwriting criteria) pursuant to documentation acceptable to Administrative
Agent and the Lenders.

 

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 any Eligible Institution that enters into a Deposit Account Control Agreement with respect to a Collateral Account or Investment
Collection Account in accordance with Section 5.2(b).

 

“Additional
Borrower” means each Person which becomes a Borrower under this Credit Agreement pursuant to Section 6.3.

 

“Additional
Borrower Joinder” means a joinder agreement, in form and substance reasonably acceptable to Administrative Agent, pursuant
to which new Borrowers join the Credit Facility in accordance with Section 6.3.

 

“Adjusted
LIBOR” means, for any LIBOR Rate Loan, for any Interest Period therefor, the rate per annum (rounded upwards, if necessary,
to the nearest 1/100 of 1%) determined by Administrative Agent to be equal to the quotient obtained by dividing: (i) LIBOR for
such LIBOR Rate Loan for such Interest Period; by (ii) one (1) minus the LIBOR Reserve Requirement for such LIBOR Rate Loan for
such Interest Period. 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 (0), clause (a) of Adjusted LIBOR shall be deemed to be zero (0) for all purposes of the Loan Documents.

 

    	1

     

    

 

“Administration
Agreement” means the Administration Agreement between the Initial Borrower and the Administrator dated as of September
29, 2017, as it may be amended, amended and restated, supplemented or otherwise modified from time to time.

 

“Administrative
Agent” means Signature Bank, until the appointment of a successor “Administrative Agent” pursuant to Section
12.9 and, thereafter, shall mean such successor “Administrative Agent”.

 

“Administrator”
means Golub Capital LLC, a Delaware limited liability company.

 

“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.

 

“Agent-Related
Person” has the meaning provided in Section 12.3.

 

“Alternative
Currency” means any of Euro, Sterling, Canadian Dollars, Australian Dollars and any other currency (other than Dollars) requested
by the Borrowers and approved by the Administrative Agent and the Lenders in their sole discretion.

 

“Alternative
Investment Vehicle” means an entity created in accordance with the Operative Documents of a Borrower to make Investments,
including, but not limited to, any parallel fund.

 

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

 

“Anti–Terrorism
Laws” means any Applicable Law relating to money laundering or terrorism, including, without limitation, Executive Order
13224, the OFAC Regulations, the Bank Secrecy Act, the PATRIOT Act, the International Emergency Economic Powers Act, 50 U.S.C.
§§ 1701 et seq., the Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive orders or regulations promulgated
thereunder.

 

“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
Rate” means (a) at any time the NAV Coverage Condition is in effect, (x) with respect to LIBOR Rate Loans, Adjusted LIBOR
plus 200 basis points (2.00%), and (y) with respect to Prime Rate Loans, the Prime Rate in effect from day to day less 90 basis
points (0.90%) (provided that solely for the purpose of this subsection (a), such rates provided for in this subsection
(a) will not take effect until the NAV Coverage Condition is in effect for twelve (12) consecutive Business Days, and (b) otherwise,
(x) with respect to LIBOR Rate Loans, Adjusted LIBOR plus 150 basis points (1.50%), and (y) with respect to Prime Rate Loans, the
Prime Rate in effect from day to day less 140 basis points (1.40%); provided that, in each case, in the event such rate
of interest is less than zero, such rate shall be deemed to be zero for purposes of this Credit Agreement.

 

    	2

     

    

 

“Assignee”
has the meaning provided in Section 11.9(b).

 

“Australian
Dollars” means the lawful currency of Australia. 

 

“Availability
Period” means the period commencing on the Closing Date and ending on the Maturity Date.

 

“Available
Commitment” means, at any time of determination, the lesser of: (a) the Maximum Commitment; and (b) the sum of (i) seventy-five
percent (75%) of the aggregate Unfunded Capital Commitments and Pending Capital Calls (to the extent that the applicable Capital
Call was made less than ten (10) days prior to the time of determination) of the Investors that are not Defaulting Investors plus
(ii) the NAV Advance Amount, minus, in each case, the FX Reserve Amount.

 

“BBSW
Rate” means, with respect to any Loan denominated in Australian Dollars, the applicable rate shown on the display “BBSW
Page” (or any display substituted therefor) published by Bloomberg (or if such service is no longer available or widely used
in the market, the applicable screen page published by Reuters or another commercially available source providing quotations of
such rate as selected by Administrative Agent in its reasonable discretion from time to time) as of 10:00 a.m. (Sydney, Australia
time) two (2) Business Days prior to the commencement of the related Interest Period and for a period comparable to the applicable
Interest Period of the requested Loan.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation in a form as agreed to by the Administrative Agent.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Borrower”
means the Initial Borrower and any Additional Borrower becoming party hereto. “Borrowers” means all such Persons,
collectively.

 

“Borrower
Party” has the meaning provided in Section 12.1(a).

 

“Borrowing”
means a disbursement made by the Lenders of the proceeds of the Loans, and “Borrowings” means the plural thereof.

 

“Borrowing
Base Certificate” means the certification and spreadsheet setting forth the calculation of the Available Commitment in
the form of Exhibit G.

 

    	3

     

    

 

“Business
Day” means (a) any day of the year except a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or required by Applicable Law to close; and (b) if such day relates
to any interest rate settings as to a LIBOR Rate Loan, any fundings, disbursements, settlements and payments in respect of any
LIBOR Rate Loan, or any other dealings to be carried out pursuant to this Credit Agreement or the other Loan Documents in respect
of any such LIBOR Rate Loan, any day that is a Business Day described in clause (a) of this definition and that is also
a day for trading by and between banks in Dollar deposits in the London interbank market; (c) in respect
of Loans or payments under this Credit Agreement in Euros or Sterling, any day on which the Trans-European Automated Real-time
Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment
system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments
in Euros; and (d) if such day relates to any dealings in an Alternative Currency to be carried out pursuant to this Credit Agreement,
any day in which banks are open for foreign currency exchange business in the principal finance center of the country of such Alternative
Currency.

 

“Bylaws”
means the Bylaws of the Initial Borrower adopted August 2, 2017, as the same may be further amended, restated, modified or supplemented
in accordance with the terms hereof.

 

“Canadian
Dollars” or “Cdn.$” means the lawful currency of Canada.

 

“Capital
Call” means, for any Borrower, a call upon its Investors for payment of all or any portion of their Capital Commitments;
“Capital Calls” means all such Capital Calls, collectively.

 

“Capital Commitment”
means, for any Borrower, the capital commitment of its Investors in the amount set forth in the applicable Subscription Agreements;
“Capital Commitments” means all such Capital Commitments, collectively.

 

“Capital Contribution”
means, for any Borrower, the amount of cash actually contributed by its Investors with respect to their Capital Commitments; “Capital
Contributions” means all Capital Contributions, collectively.

 

“CDOR
Rate” means, with respect to any Loan denominated in Canadian Dollars, the applicable rate shown on the display referred
to as the “CDOR Page” (or any display substituted therefor) published by Bloomberg (or if such service is no longer
available or widely used in the market, the applicable screen page published by Reuters or another commercially available source
providing quotations of such rate as selected by Administrative Agent in its reasonable discretion from time to time) as of 11:00 a.m.
(Toronto, Canada time) two (2) Business Days prior to the commencement of the related Interest Period and for a period comparable
to the applicable Interest Period of the requested Loan.

 

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

 

    	4

     

    

 

“Charter”
means the articles of amendment and restatement of the Initial Borrower dated as of September 29, 2017, filed with the Maryland
Secretary of State, as the same may be further amended, restated, modified or supplemented in accordance with the terms hereof.

 

“Closing Date”
means the date hereof.

 

“Collateral”
has the meaning provided in Section 5.1(a).

 

“Collateral
Account” means the deposit account or accounts of the applicable Borrower, in the name of such Borrower, held at the
Account Bank for such Borrower, into which all Capital Contributions to such Borrower are to be funded, as such accounts are listed
on Schedule I. “Collateral Accounts” means all such accounts, collectively.

 

“Commitment”
means the obligation of each Lender to make Loans up to the amount set forth on Schedule II hereto (or on an assignment
agreement in connection with any assignment made pursuant to Section 11.9); “Commitments” means all such
Commitments, collectively.

 

“Commitment
Period” means the “Commitment Period” (as defined in the form Subscription Agreement).

 

“Competitor” means any “business development company” under the Investment Company Act of 1940,
as amended, and any private fund that invests in loans or promissory notes as portfolio assets.

 

“Compliance
Certificate” has the meaning provided in Section 8.1(b).

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Constituent
Documents” means, for any Person, such Person’s formation documents, as certified (if applicable) with the Secretary
of State or equivalent of such Person’s state of formation on a date that is no earlier than thirty (30) days prior to the
Closing Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company,
its limited liability company agreement (or similar agreement), (c) if such Person is a partnership, its partnership agreement
(or similar agreement), or, if such Person is an exempted limited partnership registered in the Cayman Islands: (i) its exempted
limited partnership agreement, (ii) its certificate of registration, and (iii) its Section 9(1) statement and any Section 10(1)
statements, if applicable, and (d) if such Person is an exempted company incorporated with limited liability under the laws of
the Cayman Islands, its memorandum and articles of association, its certificate of incorporation (and any certificate of incorporation
on change of name), each of the foregoing with all current amendments or modifications thereto. For the avoidance of doubt, the
Constituent Documents of the Initial Borrower shall include its Operative Documents.

 

    	5

     

    

 

“Controlled
Group” means a corporation, trade or business that is, along with the applicable Borrower, a member of a controlled group
of corporations or a controlled group of trades or businesses, as described in Section 414 of the Internal Revenue Code or Section
4001 of ERISA.

 

“Convert,” “Conversion,” and “Converted” shall refer to a conversion
pursuant to Section 2.3(i) of one Type of Loan into another Type of Loan.

 

“Cost
of Funds” means, with respect to a Loan in an Alternative Currency, the actual cost to a Lender of funding or maintaining
such Loan in the applicable currency from whatever source it may reasonably select for the relevant Interest Period.

 

“Cost
of Funds Rate” means a rate per annum notified by the applicable Lender as soon as practicable after the occurrence of the
events specified in Section 4.4 hereof which expresses as a percentage rate the actual Cost of Funds to such Lender.

 

“Cost
Basis” means, as of any date of determination, with respect to any Eligible Investment, the par value of such Eligible
Investment.

 

“Credit Agreement”
has the meaning provided in the preamble hereof.

 

“Credit Facility”
means the credit facility provided to Borrowers by Lenders under the terms and conditions of this Credit Agreement and the other
Loan Documents.

 

“Debtor Relief
Laws” means, as applicable, the Bankruptcy Code of the United States of America and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, winding up, reorganization,
or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.

 

“Default Rate”
means, on any day, the lesser of: (a) the rate otherwise applicable plus 200 basis points (2.00%) and (b) the Maximum Rate.

 

“Defaulting
Investor” is any Investor:

 

(a)          that
has not funded any portion of a Capital Call made by the applicable Borrower when due in accordance with such Capital Call and
has not cured such failure in accordance with the applicable Subscription Agreement, unless Administrative Agent elects in writing,
in its sole discretion, to waive any such failure;

 

(b)          that,
to the knowledge of the applicable Borrower, (i) applies for or consent to the appointment of a receiver, trustee, custodian, intervenor,
liquidator or other similar official of itself or of all or a substantial part of its assets; (ii) files a voluntary petition as
debtor in bankruptcy or admit in writing that it is unable to pay its debts as they become due; (iii) makes a general assignment
for the benefit of creditors; (iv) files a petition or answer seeking reorganization or an arrangement with creditors or take advantage
of any Debtor Relief Laws; (v) files an answer admitting the material allegations of, or consent to, or default in answering, a
petition filed against it in any bankruptcy, reorganization, winding up or insolvency proceeding; or (vi) takes personal, partnership,
limited liability company, corporate or trust action, as applicable, for the purpose of effecting any of the foregoing; or

 

    	6

     

    

 

(c)          as
to which, to the knowledge of the applicable Borrower, an involuntary case or other proceeding has been commenced against, seeking
liquidation, reorganization or other relief with respect to such Investor or such Investor’s debts under any Debtor Relief
Law or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of such Investor or any
substantial part of such Investor’s property, or an order, order for relief, judgment, or decree shall be entered by any
court of competent jurisdiction or other competent authority approving a petition seeking such Investor’s reorganization
or appointing a receiver, custodian, trustee, intervenor, or liquidator of such Investor or of all or substantially all of such
Investor’s assets, or an order for relief shall be entered in respect of such Investor in a proceeding under the United States
Bankruptcy Code.

 

“Defaulting
Lender” means any Lender that has failed to fund all or any portion of the Loans required to be funded by it hereunder
within two (2) Business Days of written notice of such delinquency by Administrative Agent or Borrowers; provided that,
for the avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity
interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority.

 

“Deposit Account
Control Agreement” means each deposit account control agreement among a Borrower, the Administrative Agent and the Account
Bank, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time.

 

“Distribution”
has the meaning provided in Section 9.13.

 

“Dollar
Equivalent” means, at any time: (a) with respect to any amount denominated in Dollars, such amount; and (b) with respect
to any amount denominated in any Alternative Currency, the Spot Rate for such Alternative Currency.

 

“Dollars”
and the sign “$” mean the lawful currency of the United States of America.

 

“Eligible
Assignee” means: (a) any Person that meets the requirements to be an assignee under Section 11.9(b); (b) a Lender;
(c) an Affiliate of a Lender; or (d) any other Person (other than a natural person) that is a commercial bank, finance company,
insurance company or other financial institution (other than a Competitor) that is engaged in making, purchasing, or otherwise
investing in commercial loans in the ordinary course of its business and that is regulated by the United States Federal Reserve
Bank, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision or any other
governmental agency, and approved by Administrative Agent.

 

    	7

     

    

 

“Eligible
Institution” means any depository institution, organized under the laws of the United States or any state, having capital
and surplus in excess of $200,000,000, the deposits of which are insured by the Federal Deposit Insurance Corporation to the fullest
extent permitted by Applicable Law and which is subject to supervision and examination by federal or state banking authorities;
provided that such institution also must have a short-term unsecured debt rating of at least P-1 from Moody’s and at least
A-1 from S&P. If such depository institution publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published.

 

“Eligible
Investments” means Investments owned by the Additional Borrowers that have been approved as eligible investments by the
Administrative Agent in its commercially reasonable discretion and in respect of which the Administrative Agent has received copies
of each Investment Document related thereto. For the avoidance of doubt, any Investment that is (i) sold, assigned, transferred
or otherwise disposed of or removed from the Collateral in accordance with Section 9.20, (ii) subject to any Debtor Relief
Law, or (iii) designated by the Additional Borrowers to the Administrative Agent in writing as no longer constituting an “Eligible
Investment” shall, in each case, be excluded from the calculation of the Available Commitment. No Eligible Investments exist
as of the date hereof. In the event Additional Borrowers join this Credit Agreement, their Eligible Investments as of the date
of joinder will be listed on Schedule III hereto. For the avoidance of doubt, the definition of Eligible Investments shall
not include (a) any Investments or other assets to the extent any valid contract with respect to such Investment or asset or any
applicable law prohibits the grant of a security interest in such Investment, asset or contract, (b) Margin Stock, (c) equity interests
in any Subsidiary of a Borrower, (d) cash or cash equivalents, repurchase agreements and any other liquid investment products and
(e) Excluded Amounts.

 

“EMU
Legislation” means the legislative measures of the European council for the introduction of, changeover to or operation of
a single or unified European currency.

 

“Environmental
Laws” means any and all federal, foreign, state, provincial and local laws, statutes, ordinances, codes, rules, standards
and regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the
protection of human health or the environment, including, but not limited to, requirements pertaining to the manufacture, processing,
distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation
of hazardous materials.

 

“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated thereunder, each as amended
or modified from time to time.

 

“EURIBOR”
means, with respect to any Loan denominated in Euro, the applicable rate shown on the display referred to as the “EURIBOR
Page” (or any display substituted therefor) published by Bloomberg (or if such service is no longer available or widely used
in the market, the applicable screen page published by Reuters or another commercially available source providing quotations of
such rate as selected by Administrative Agent in its reasonable discretion from time to time) as of 11:00 a.m. (Frankfurt
time) two (2) Business Days prior to the commencement of the related Interest Period and for a period comparable to the applicable
Interest Period of the requested Loan.

 

    	8

     

    

 

“Euro”
and “€” mean the lawful currency of the Participating Member States introduced in accordance with the EMU Legislation.

 

“Event
of Default” has the meaning provided in Section 10.1.

 

“Excluded
Amount” means, as of any date of determination, with respect to any Investment: (a) any amount that is attributable to
the reimbursement of payment by the applicable Additional Borrower of any tax, fee or other charge imposed by any Governmental
Authority on such Investment, (b) any interest or fees (including origination, agency, structuring, management or other up-front
fees) that are for the account of the applicable Person from whom the applicable Additional Borrower purchased such Investment,
(c) any reimbursement of insurance premiums relating to such Investment, (d) any escrows relating to taxes, insurance and other
amounts in connection with such Investment which are held in an escrow account for the benefit of the applicable Additional Borrower
pursuant to escrow arrangements under the Investment Documents and (e) any amount deposited into the Investment Collection Account
in error.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and
branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan
or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment
or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 4.1, amounts
with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or
to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure
to comply with Section 4.1(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

“Excused Investor”
is any Investor that has claimed or exercised an excuse or exclusion right with respect to the funding of a particular Capital
Call made by the applicable Borrower.

 

“Extension
Notice” means a written notice by Administrative Agent, on behalf of the Lenders, substantially in the form of Exhibit
H.

 

“Extension
Request” has the meaning provided in Section 2.8.

 

“Facility
Fee” has the meaning provided in Section 2.6.

 

“Fair Market
Value” means, with respect to Eligible Investments acquired since the most recent quarter end for which financial statements
of the Additional Borrowers are available, the Cost Basis thereof, and with respect to all other Eligible Investments, the value
for such Eligible Investment determined by the Additional Borrowers in accordance with GAAP and as set forth in such most recent
quarterly or, if applicable, annual financial statements of the Additional Borrowers.

 

    	9

     

    

 

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Credit Agreement (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 and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code
or any analogous provision of non-U.S. law and any intergovernmental agreements entered into in connection with the implementation
of such Sections adopting any U.S. or non-U.S. fiscal or regulatory legislation, current or future laws, regulations, rules, promulgations,
official interpretations or guidance notes relating to, or official agreements implementing, any such intergovernmental agreements.

 

“Filings”
means (a) UCC financing statements, UCC financing statement amendments and UCC financing statement terminations and (b) the substantial
equivalent as reasonably determined to be necessary by Administrative Agent in any other jurisdiction in which any Borrower may
be formed.

 

“Foreign Lender”
means, with respect to each Borrower, (a) if such Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if such
Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which
such Borrower is resident for tax purposes.

 

“FX
Reserve Amount” means, at any date of determination, an amount equal to ten percent (10%) of the Dollar Equivalent of the
aggregate Principal Obligations denominated in an Alternative Currency, as determined by the Administrative Agent in its sole discretion.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Governmental
Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings
with, and reports to, all Governmental Authorities.

 

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

 

“Guarantor”
means any present or future guarantor of any Borrower’s obligations under this Credit Agreement or any other Loan Document.

 

    	10

     

    

 

“Guaranty
Obligations” means, with respect to a Borrower, without duplication, any obligation, contingent or otherwise, of such
Borrower pursuant to which such Borrower has directly or indirectly guaranteed any Indebtedness or other obligation of any other
Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such
Borrower (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation
(whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services,
to take-or-pay, or to maintain financial statement condition or otherwise) or (b) entered into for the purpose of assuring in any
other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss
in respect thereof (in whole or in part); provided that the term Guaranty Obligations shall not include endorsements for
collection or deposit in the ordinary course of business.

 

“Indebtedness”
means, with respect to any Person at any date, without duplication, the sum of: (a) all liabilities, obligations and indebtedness
for borrowed money including obligations for borrowed money evidenced by bonds, debentures, notes or other similar instruments;
(b) all obligations to pay the deferred purchase price of property or services (including, without limitation, all obligations
under non- competition, earn-out or similar agreements, but excluding trade payables in the ordinary course of business not more
than ninety (90) days delinquent); (c) all attributable indebtedness in respect of capital leases and synthetic leases; (d) all
obligations under conditional sale or other title retention agreements relating to property purchased to the extent of the value
of such property (other than customary reservations or retentions of title under agreements with suppliers entered into in the
ordinary course of business); (e) all “Indebtedness” of any other Person secured by a Lien on any asset owned or being
purchased by such Person, whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; (f)
all obligations, contingent or otherwise, relative to the face amount of letters of credit, whether or not drawn, and banker’s
acceptances; (g) all obligations to repurchase any securities which repurchase obligation is related to the issuance thereof; (h)
all net obligations under any hedge agreements; and (i) any Guaranty Obligations with respect to any of the foregoing guaranteed
by such Person.

 

“Indemnified
Liabilities” has the meaning provided in Section 11.3(b).

 

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

 

“Indemnitee”
has the meaning provided in Section 11.3(b).

 

“Initial Borrower”
has the meaning provided in the preamble hereof.

 

“Interest
Option” means the Prime Rate or Adjusted LIBOR.

 

“Interest
Payment Date” means (a) with respect to any Prime Rate Loan, the first calendar day of each calendar month, (b) as to
any LIBOR Rate Loan in respect of which a Borrower has selected a one-, two-, or three- month Interest Period, the last day of
such Interest Period for such LIBOR Rate Loan; (c) the date of any prepayment of any Loan, as to the amount prepaid; and (d) the
Maturity Date.

 

    	11

     

    

 

“Interest
Period” means, with respect to any LIBOR Rate Loan, the period commencing on (and including) the date of such Borrowing
and ending on (but excluding) the numerically corresponding day in the calendar month that is one (1), two (2) or three (3) months
thereafter, as the Borrower may elect; provided that:

 

(i)           any
Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business
Day; provided further that, if such Interest Period would otherwise end on a day which is not a Business Day, and there is no subsequent
Business Day in the same calendar month, such Interest Period shall end on the next preceding Business Day;

 

(ii)          if
such Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of such
Interest Period, then such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest
Period; and

 

(iii)         in
the case of any Interest Period which commences before the Maturity Date and would otherwise end on a date occurring after the
Maturity Date, such Interest Period shall end on (but exclude) the Maturity Date and the duration of each Interest Period which
commences on or after the Maturity Date shall be of a duration selected by the Administrative Agent in its sole discretion.

 

For purposes hereof,
the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date
of the most recent conversion or continuation of such Borrowing.

 

“Internal
Revenue Code” means the U.S. Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder, each
as amended or modified from time to time.

 

“Investment”
means any portfolio investment of a Borrower, including, for the avoidance of doubt, any follow-on investment thereto, but excluding
cash and cash equivalents, repurchase agreements and other liquid investment products and equity interests in any Subsidiary of
a Borrower.

 

“Investment
Adviser” means (a) with respect to the Initial Borrower, GC Advisors LLC, and (b) with respect to each Additional Borrower
joining the Credit Facility after the Closing Date, the entity, if any, appointed, employed or contracted with by such Borrower
and responsible for directing or performing the day-to-day business affairs of such Borrower, as set forth in its joinder documentation.

 

“Investment
Advisory Agreement” means (a) with respect to the Initial Borrower, the investment advisory agreement by and between
the Investment Adviser and the Initial Borrower dated as of September 29, 2017, and (b) with respect to each Additional Borrower
joining the Credit Facility after the Closing Date, the investment management or similar agreement among any one or more Borrowers
and its Investment Adviser, as it may be restated, modified, amended or supplemented from time to time in accordance with the terms
thereof.

 

    	12

     

    

 

“Investment
Collection Account” means the bank account or accounts of the applicable Additional Borrower listed on Schedule I with
respect to such Additional Borrower held at the Administrative Agent for such Additional Borrower, into which proceeds of and distributions
from any Eligible Investment received or otherwise collected by the Additional Borrower shall be deposited, including all funds
or other assets on deposit therein or credited thereto. “Investment Collection Accounts” means all such accounts,
collectively.

 

“Investment
Documents” means, for each Eligible Investment, the following documents or instruments entered into in respect of such
Investment (including all material amendments, supplements or modifications thereto), to the extent applicable, reasonably available
and not waived by the Administrative Agent in its sole discretion:

 

(a)          evidence
of the applicable Additional Borrower’s direct or indirect ownership of such Investment, any certificates representing equity
interests issued to the applicable Additional Borrower, a copy of any executed promissory note or certificated note or, in the
case of a lost note, a copy of the executed underlying promissory note or, in the case of a noteless loan, the applicable assignment
agreement, loan agreement or other document pursuant to which the applicable Additional Borrower acquired such Investment, in each
case which may be redacted in the sole discretion, exercised in good faith, of the applicable Additional Borrowers for pricing
or other confidential information that does not pertain to the key terms of the security or obligation;

 

(b)        copies
of the executed (i) credit or loan agreement, note purchase agreement or indenture, as applicable, (ii) any guaranty agreement,
pledge agreement, and/or security agreement or similar material collateral documentation, as applicable and reasonably available,
and (iii) related Constituent Documents for such Investments, as applicable and reasonably available; and

 

(c)         to
the extent reasonably requested by the Administrative Agent, copies of any other material agreements, certificates and documentation
related to such Investment that the applicable Additional Borrower possesses.

 

“Investment
Obligor” means, with respect to any Investment, the issuer or obligor of such Investment (and any guarantor thereof),
as applicable.

 

“Investment
Report” means a report setting forth the applicable Eligible Investments of each Additional Borrower, which report shall
be substantially in the form attached hereto as Exhibit F. For the avoidance of doubt, such report shall set forth the Fair
Market Value of each Eligible Investment.

 

“Investor”
means any Person that has a Capital Commitment to a Borrower.

 

“Investor
Exclusion Event” means the exclusion or excuse of any Investor from participating in a particular Investment pursuant
to the terms of the applicable Subscription Agreement or its Side Letter, where the Investor is entitled to such exclusion or excuse
under the applicable Subscription Agreement or its Side Letter as a matter of right (i.e., not in Borrower’s discretion).

 

    	13

     

    

 

“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.

 

“Lender”
has the meaning provided in the preamble hereof.

 

“Lender Party”
has the meaning provided in Section 12.1(a).

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender (or an Affiliate of such Lender) designated as such in writing to
the Administrative Agent, as may be changed from time to time by notice to the Administrative Agent.

 

“LIBOR”
means, :

 

		(a)	with respect to any LIBOR Rate Loan denominated in Dollars for
any Interest Period, (a) the rate of interest per annum determined
by Administrative Agent based on the London interbank offered rate administered by ICE Benchmark Administration
Limited (or any other Person which takes over the administration of such rate) (“ICE LIBOR”) for deposits in
Dollars in minimum amounts of at least $1,000,000 for a period equal to such Interest Period (commencing on the date of determination
of such interest rate) as published by apublished
by Bloomberg (or if such service is no longer available or widely used in the market, the applicable screen page published by Reuters
or another commercially available source providing quotations of such rate as selected by Administrative Agent in its reasonable
discretion from time to time) at approximately 11:00 a.m. (London time) two (2) Business Days prior to the commencement of such
Interest Period (for delivery on the first day of such Interest Period);

 

		(b)	with respect to any LIBOR Rate Loan denominated in Euro, EURIBOR for a period equal to the applicable
Interest Period;

 

		(c)	with respect to any LIBOR Rate Loan denominated in Sterling, ICE LIBOR
for deposits in Sterling in minimum amounts of at least £1,000,000 for a period equal to such Interest Period (commencing
on the date of determination of such interest rate) published by Bloomberg (or if such service is no longer available or widely
used in the market, the applicable screen page published by Reuters or another commercially available source providing
quotations of such rate as selected by Administrative Agent in its reasonable discretion from
time to time) at approximately 11:00 a.m. (London time) two (2)
Business Days prior to the commencement of such Interest Period (or the date of such
interest calculation, as applicable), for Dollars (for delivery on the first day of such Interest Period); or
(b)

 

    	14

     

    

 

		(d)	with respect to any LIBOR Rate Loan denominated in Canadian Dollars, the CDOR Rate for a period
equal to the applicable Interest Period; 

 

		(e)	with respect to any LIBOR Rate Loan denominated in Australian Dollars, the BBSW Rate for a period
equal to the applicable Interest Period; and

 

		(f)	with respect to any LIBOR Rate Loan denominated in an Alternative Currency other than Euro,
Sterling, Canadian Dollars or Australian Dollars for any Interest Period, ICE LIBOR for deposits in the relevant Alternative Currency
and the relevant Interest Period, as published by Bloomberg (or if such service is no longer available or widely used in the market,
the applicable screen page published by Reuters or another commercially available source providing quotations of such rate as selected
by Administrative Agent in its reasonable discretion from time to time) at approximately 11:00 a.m., London time, two (2) Business
Days prior to the commencement of such Interest Period (for delivery on the first day of such Interest Period);

 

provided,
that if for any reason such rate is not available for the applicable Interest Period but is available for periods that
are longer than such Interest Period, the applicable rate shall be ICE LIBOR rate,
EURIBOR, the CDOR Rate or the BBSW Rate, as applicable, for the shortest available period that is longer than such Interest
Period with respect to such Loan, in either case if such date is not a Business Day, then the immediately preceding Business Day
(rounded upward, if necessary, to the nearest whole 1/100 of 1%). If;
and provided further that if such rate is not available at such time for any reason, then “LIBOR” for such
Interest Period shall be a comparable index rate agreed by the Administrative
Agent and the Borrowers. Each calculation by Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent
manifest error. If the calculation of LIBOR results in a LIBOR rate of less than zero (0), LIBOR shall be deemed to be zero (0)
for all purposes of the Loan Documents.

 

“LIBOR Conversion
Date” has the meaning provided in Section 2.3(i).

 

“LIBOR Rate
Loan” means a Loan that bears interest at a rate based on Adjusted LIBOR (or, if applicable
pursuant to Section 4.4(a), the Cost of Funds Rate).

 

“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) 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 which includes
deposits by reference to which Adjusted LIBOR is to be determined; or (b) any category of extensions of credit or other assets
which include LIBOR Rate Loans. Adjusted LIBOR shall be adjusted automatically on and as of the effective date of any change in
the LIBOR Reserve Requirement. Each determination by Administrative Agent of the LIBOR Reserve Requirement shall, in the absence
of manifest error, be conclusive and binding.

 

    	15

     

    

 

“Lien”
means any lien, mortgage, security interest, security assignment, charge, tax lien, pledge, encumbrance, or conditional sale or
title retention arrangement, or any other interest in property designed to secure the repayment of indebtedness, whether arising
by agreement or under common law, any statute, law, contract, or otherwise.

 

“Loan Documents”
means this Credit Agreement, each Lender assignment agreement, a Federal Reserve Form U-1, each Deposit Account Control Agreement,
and such other agreements and documents, and any amendments or supplements thereto or modifications thereof, executed or delivered
pursuant to the terms of such other Loan Documents.

 

“Loans”
means loans made by the Lenders to any Borrower pursuant to the terms and conditions of this Credit Agreement and the other Loan
Documents.

 

“Margin Stock”
has the meaning assigned thereto in Regulation U.

 

“Material
Adverse Change” means any one or more of (a) a material adverse change in the perfection or priority of Administrative
Agent’s Lien in the Collateral; (b) a material adverse change in the business, operations or condition (financial or otherwise)
of Borrowers; and (c) a material adverse change in the prospect of repayment of any portion of the Obligations.

 

“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 the applicable Borrowers (taken as a whole)
to perform their material obligations under any of the Loan Documents or any of their Constituent Documents; or (c) the validity
or enforceability of any of the Loan Documents or such Constituent Documents, or the rights and remedies of the Lenders hereunder
or thereunder taken as a whole.

 

“Material
Amendment” has the meaning provided in Section 9.5.

 

“Maturity
Date” means the earliest of: (a) the Stated Maturity Date; (b) the date upon which Administrative Agent declares the
Obligations due and payable after the occurrence of an Event of Default; (c) forty-five (45) days prior to the earlier of (i) the
last day any Borrower is authorized pursuant to the Constituent Documents of Borrowers to make Capital Calls for the purpose of
repaying the Obligations, and (ii) the termination of the Constituent Documents of Borrowers; and (d) the date upon which Borrowers
terminate the Commitments pursuant to Section 3.5.

 

“Maximum Commitment”
means $175,000,000,225,000,000, as such
amount may be increased by Borrowers in accordance with Section 3.6 or decreased by Borrowers pursuant to Section 3.5.

 

“Maximum Rate”
means, on any day, the highest rate of interest (if any) permitted by Applicable Law on such day.

 

“Memorandum”
means the Initial Borrower’s Confidential Private Placement Memorandum dated July 2017 (together with any appendices and
supplements thereto), as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with
the terms hereof.

 

    	16

     

    

 

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

 

“NAV Advance
Amount” means (a) at any time there are less than ten Eligible Investments, zero (0), and (b) at any time there are ten
or more Eligible Investments, twenty-five percent (25%) of the aggregate Fair Market Value of such Eligible Investments, provided
that such amount does not exceed the aggregate par value of such Eligible Investments, and, if such amount exceeds the aggregate
par value of such Eligible Investments, the NAV Advance Amount for the purposes of this clause (b) shall be the aggregate par value
of such Eligible Investments.

 

“NAV Coverage
Condition” means, on any date of determination, that (a) seventy-five percent (75%) of the aggregate Unfunded Capital
Commitments and Pending Capital Calls (to the extent that the applicable Capital Call was made less than ten (10) days prior to
the time of determination) of the Investors that are not Defaulting Investors equal less than (b) eighty-five percent (85%) of
the outstanding Loans.

 

“Notice of
Continuation” has the meaning provided in Section 2.3(j).

 

“Notice of
Conversion” has the meaning provided in Section 2.3(i).

 

“Obligations”
means all present and future indebtedness, obligations, and liabilities of such Borrowers to the Lenders and Administrative Agent,
and all renewals and extensions thereof (including, without limitation, Loans), or any part thereof, arising pursuant to the Loan
Documents (including, without limitation, indemnity provisions), and all interest accruing thereon, and attorneys’ fees incurred
in the enforcement or collection thereof, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect,
fixed, contingent, joint, several, or joint and several.

 

“OFAC”
means the United States Department of the Treasury’s Office of Foreign Assets Control.

 

“OFAC Regulations”
means the regulations promulgated by OFAC, as amended. “Operating Company” means an “operating company”
within the meaning of 29 C.F.R. §2510.3-101(c) of the Plan Asset Regulations.

 

“Operative
Documents” means, with respect to the Initial Borrower, its Charter, Bylaws, Investment Advisory Agreement, Administration
Agreement, Memorandum and the form Subscription Agreement attached as Exhibit E hereto.

 

“Other Claims”
has the meaning provided in Section 5.4.

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of any present or former connection between such
Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or
engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan
Document).

 

    	17

     

    

 

“Other Taxes”
means all present or future stamp (including any stamp duty arising as a result of any original Loan Document brought into the
Cayman Islands or presented before a Cayman Islands court), court, documentary, excise, property, intangible, recording, filing
or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration
of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment.

 

“Overadvance”
has the meaning provided in Section 3.4(b).

 

“Participant”
has the meaning provided in Section 11.9(e).

 

“Participant
Register” has the meaning provided in Section 11.9(e).

 

“PATRIOT Act”
has the meaning provided in Section 11.15.

 

“Pending Capital
Call” means a Capital Call that has been made on an Investor but that has not yet been funded by such Investor.

 

“Permitted
Indebtedness” means (a) the Obligations, (b) Indebtedness secured by Liens permitted under clause (c) of the definition
of “Permitted Liens”, (c) unsecured Indebtedness in the ordinary course of business in an aggregate amount not to exceed
Two Hundred Fifty Thousand Dollars ($250,000.00) outstanding at any time, and (d) Indebtedness that is in compliance with Section
9.24.

 

“Permitted
Liens” means (a) any Liens pursuant to the Loan Documents, (b) Liens for taxes, fees, assessments or other government
charges or levies, either (i) not due and payable or (ii) being contested in good faith and for which the applicable Borrower maintains
adequate reserves on its books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue
Code and the Treasury Regulations adopted thereunder, (c) Liens arising from judgments in circumstances not constituting an Event
of Default under Section 10.1(h) and (d) customary Liens of depositary banks on the accounts such depositary banks hold.

 

“Person”
means an individual, sole proprietorship, joint venture, association, trust, estate, business trust, corporation, company, limited
liability company, exempted company, limited liability partnership, limited partnership, exempted limited partnership, nonprofit
corporation, partnership, sovereign government or agency, instrumentality, or political subdivision thereof, or any similar entity
or organization.

 

“Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), including any single-employer
plan or multiemployer plan (as such terms are defined in Section 4001(a)(15) and in Section 4001(a)(3) of ERISA, respectively),
that is subject to Title IV of ERISA or Section 412 of the Internal Revenue Code.

 

“Plan Asset
Regulations” means the U.S.  Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified
in application by Section 3(42) of ERISA.

 

“Plan Assets”
means “plan assets” within the meaning of the Plan Asset Regulations.

 

    	18

     

    

 

“Potential
Default” means any condition, act or event which, with the giving of notice or lapse of time or both, would become an
Event of Default.

 

“Prime Rate”
is the rate of interest per annum from time to time published in the money rates section of The Wall Street Journal or
any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest
is less than zero, such rate shall be deemed to be zero for purposes of this Credit Agreement; and provided further that if such
rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable
for any reason as determined by Administrative Agent, the “Prime Rate” shall mean the rate of interest per annum announced
by Administrative Agent as its prime rate in effect at its principal office in the State of California (such Administrative Agent
announced Prime Rate not being intended to be the lowest rate of interest charged by Administrative Agent in connection with extensions
of credit to debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero
for purposes of this Credit Agreement.

 

“Prime Rate Conversion Date” has the meaning provided in Section 2.3(i).

 

“Prime Rate
Loan” means a Loan (other than a LIBOR Rate Loan) denominated in Dollars that
bears interest at a rate based on the Prime Rate.

 

“Principal
Obligations” means the aggregate outstanding principal amount of the Loans.

 

“Prior Loan
Agreement” means that certain Revolving Credit Agreement among the Initial Borrower and Sumitomo Mitsui Banking Corporation,
dated as of March 16, 2018, as amended, restated, supplemented or otherwise modified from time to time.

 

“Pro Rata
Share” means, with respect to each Lender, the percentage obtained from the fraction (i) (A) the numerator of which is
the Commitment of such Lender, and (B) the denominator of which is the aggregate Commitments of all Lenders; or (ii) in the event
the Commitments have been terminated: (A) the numerator of which is the Commitment of such Lender as in effect immediately prior
to such termination, and (B) the denominator of which is the aggregate Commitments of all Lenders as in effect immediately prior
to such termination.

 

“Proceedings”
has the meaning provided in Section 7.9.

 

“Proposed
Amendment” has the meaning provided in Section 9.5.

 

“Recallable
Capital” means, for any Investor, at any time, any amounts distributed to such Investor that are added back to such Investor’s
Uncalled Capital Commitment and subject to recall as a Capital Contribution pursuant to the applicable Subscription Agreement.

 

“Recipient”
means (a) Administrative Agent, and (b) any Lender, as applicable.

 

“Regulation
D,” “Regulation T,” “Regulation U,” and “Regulation X” means
Regulation D, T, U, or X of the Board of Governors of the Federal Reserve System, from time to time in effect, and shall include
any successor or other regulation relating to reserve requirements or margin requirements applicable to member banks of the Federal
Reserve System.

 

    	19

     

    

 

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

 

“Request for
Borrowing” has the meaning provided in Section 2.3(a).

 

“Required
Lenders” means, at any time, (a) if only one (1) Lender holds the Commitments, such Lender, and (b) if more than one
(1) Lender holds the Commitments then in effect, at least two (2) Lenders who hold more than fifty percent (50%) of the Commitments
then in effect, or if the Commitments have been terminated, the Loans then outstanding; provided that, for purposes of this
clause (b), the Commitments of, and the portion of the Loans held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Lenders; provided further that a Lender and its Affiliates shall be deemed
one Lender.

 

“Required
Payment Time” means (a) within three (3) Business Days, to the extent such funds are available in the Collateral Account;
and (b) otherwise, within fifteen (15) days.

 

“Resignation
Effective Date” has the meaning provided in Section 12.9.

 

“Responsible
Officer” means an authorized officer, director or signatory of any Person who has the power to bind such Person. Any
document delivered under any Loan Document signed by a Responsible Officer of a Person shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the part of such Person and such Responsible Officer
shall be conclusively presumed to have acted on behalf of such Person.

 

“Revaluation
Date” means each of the following: (a) each date of a Borrowing; (b) each date on which a Borrowing Base Certificate must
otherwise be delivered pursuant to the terms of this Credit Agreement; (c) solely with respect to the calculation of the Unused
Commitment Fee, the first day of related fiscal quarter for any date of determination of the Unused Commitment Fee in such fiscal
quarter; and (d) any other time requested by the Administrative Agent or the Borrowers in their sole discretion, but not more than
once per calendar month.

 

“RIC”
means a “Regulated Investment Company” under the Internal Revenue Code.

 

“S&P”
means Standard & Poor’s Financial Services, LLC, a subsidiary of the McGraw-Hill Companies, Inc. and any successor thereto.

 

“Sanction(s)”
means all 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, the U.S. Department of State or the U.S. Department of Commerce, (b) the United
Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom, or (c) other relevant sanctions
authority.

 

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

 

    	20

     

    

 

“Sanctioned
Person” means (a) a Person that is the subject or target of any Sanctions or is otherwise listed in any Sanctions-related
list of designated Persons maintained by OFAC, the U.S. Department of State, the U.S. Department of Commerce, the United Nations
Security Council, the European Union or any European Union EU member state, (b)(i) an agency of the government of a Sanctioned
Country, (ii) an organization controlled by a Sanctioned Country, or (iii) any Person operating, organized or resident in a Sanctioned
Country, or (c) any Person or organization owned or controlled by any such Person or Persons described in the foregoing clauses
(a) or (b).

 

“Sanctions
Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Borrower from time to time concerning
or relating to transactions with a Sanctioned Country or a Sanctioned Person.

 

“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.

 

“Side Letter”
means any side letter executed by an Investor with any Borrower or the Investment Adviser with respect to such Investor’s
rights and/or obligations under its Subscription Agreement and any other applicable Operative Document.

 

“Signature
Bank” has the meaning provided in the first paragraph hereof.

 

“Solvent”
means, with respect to any Borrower, as of any date of determination, that as of such date: (a) the fair value of the assets of
such Borrower are greater than the total amount of liabilities, including contingent liabilities, of such Borrower; (b) the fair
value of the assets of such Borrower are not less than the amount that will be required to pay the probable liability of such Borrower
on its debts as they become absolute and matured; (c) such Borrower does not intend to, and does not believe that it will, incur
debts or liabilities beyond its ability to pay as such debts or liabilities as they become absolute and matured; and (d) such Borrower
is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which its assets would
constitute unreasonably small capital.

 

“Special Purpose
Entity” means a corporation, partnership, limited liability company or other entity, including, without limitation, any
subsidiary, special purpose vehicle, or alternative investment vehicle, in each case that holds Investments of or on behalf of,
or which are otherwise beneficially owned directly or indirectly by, or controlled by, a Borrower.

 

“Spot
Rate” means the currency exchange rate for the purchase of Dollars in the applicable Alternative Currency on any Revaluation
Date that appears on the Bloomberg screen page for such Alternative Currency (or if such service is no longer available or widely
used in the market, the applicable screen page published by Reuters or another commercially available source providing quotations
of such rate as selected by Administrative Agent in its reasonable discretion from time to time) on such Revaluation Date, provided
that, in the case of a payment to be made on a particular day, at the end of the immediately preceding Business Day.

 

“Standstill
Period” has the meaning provided in Section 10.2(b).

 

    	21

     

    

 

“Stated Maturity
Date” means February 4, 2021, subject to Borrowers’ extension of such date under Section 2.8.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Subscription
Agreement” means a Subscription Agreement, substantially in the form attached hereto as Exhibit E, and any related
supplement thereto executed by an Investor in connection with the subscription for a partnership interest in a Borrower, as amended,
restated, supplemented or otherwise modified from time to time; “Subscription Agreements” means all Subscription
Agreements, collectively.

 

“Subscription
Documents” means with respect to any Investor, its Subscription Agreement and Side Letter, as applicable.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the equity interests having ordinary voting power for the election 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.

 

“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.

 

“Type of Loan” means a Prime 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, which governs creation
or perfection (and the effect thereof) of security interests in any Collateral.

 

“Uncalled
Capital Commitment” means, with respect to any Investor at any time, such Investor’s uncalled Capital Commitment
to the applicable Borrower.

 

“Unfunded
Capital Commitment” means, with respect to any Investor at any time, such Investor’s Uncalled Capital Commitment
to the applicable Borrower minus any portion thereof subject to a Pending Capital Call.

 

“Unused Commitment
Fee” means a fee equal to 15 basis points (0.15%) per annum of the average unused portion of the Commitments, as determined
by Administrative Agent. The unused portion of the Commitments, for purposes of this definition, shall equal the difference between
(x) the Commitments (as they may be reduced or increased from time to time pursuant to the provisions of this Credit Agreement)
and (y) the average for the period of the daily closing balance of Loans outstanding.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code.

 

    	22

     

    

 

“U.S. Tax
Compliance Certificate” has the meaning specified in Section 4.1(g).

 

“Watch List”
means a list of all the adversely risk rated loans of the Additional Borrowers, which list shall be in a customary form of presentation
reasonably acceptable to Administrative Agent.

 

“Withholding
Agent” means any Borrower and Administrative Agent.

 

1.2.        Other
Definitional Provisions. 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 any other Loan Documents or any certificate,
report or other document made or delivered pursuant to this Credit Agreement, unless otherwise defined therein;

 

(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
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;

 

(f)         in
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding”; and the word
“through” means “to and including”; 

 

(g)        a
Potential Default is “continuing” if it has not been cured or waived and an Event of Default is “continuing”
if it has not been waived or, to the extent permitted hereby, cured; and

 

(h)        section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Credit Agreement or any other Loan Document.

 

1.3.        Accounting
Terms. All accounting terms not specifically or completely defined in any Loan Document shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted hereunder shall
be prepared in conformity with GAAP, except as otherwise specifically prescribed herein.

 

1.4.        UCC
Terms. Terms defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the context otherwise
indicates, have the meanings provided by those definitions.

 

    	23

     

    

 

1.5.        Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to times of day in New York,
New York.

 

1.6.        Defined
Terms. Certain defined terms hereunder are defined by cross reference to the Initial Borrower’s form Subscription Agreement
and certain provisions of this Credit Agreement and the other Loan Documents reference particular sections of the Initial Borrower’s
form Subscription Agreement. With respect to any Additional Borrower that joins the Credit Facility after the Closing Date in
accordance with the terms hereof, such definitions and provisions with respect to each such Additional Borrower, as applicable,
shall be deemed to refer to the definitions and sections in each such Additional Borrower’s form Subscription Agreement,
as applicable, that correspond to the stated definitions and sections of the Initial Borrower’s Subscription Agreement.

 

1.7.        Exchange
Rates; Currency Equivalents. Administrative Agent shall determine the Spot Rates as of each applicable
date required to be used for calculating Dollar Equivalent amounts of Principal Obligations denominated in Alternative Currencies.
In the case of a Spot Rate required to be calculated as of a Revaluation Date, such Spot Rate shall become effective as of such
Revaluation Date and shall be the Spot Rate employed in converting any amounts between the applicable currencies until the next
Revaluation Date to occur. Except for purposes of financial statements delivered by a Credit Party hereunder or calculating financial
covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes
of the Loan Documents shall be such Dollar Equivalent amount as reasonably determined by the Administrative Agent based on the
Spot Rate as of the last Revaluation Date.

 

Section
2.            REVOLVING CREDIT LOANS

 

2.1.        The
Commitments. Each Lender severally agrees, on any Business Day during the Availability Period, to make Loans to Borrowers
at any time and from time to time in an aggregate principal amount up to such Lender’s Commitment, subject to the limitations
in Section 2.2 and the other terms and conditions herein set forth. Borrowers may borrow, repay without penalty or premium,
and re-borrow Loans hereunder, during the Availability Period, subject to the limitations and conditions set forth in Sections
2.2 and 6 and the other terms and conditions herein set forth.

 

2.2.        Limitation
on Borrowings and Re-borrowings. No Lender shall be required to advance any Loan hereunder if after giving effect thereto
(a) the Dollar Equivalent of the Principal Obligations would exceed the Available Commitment,
(b) the Dollar Equivalent of the Principal Obligations of such Lender would exceed its
Commitment, (c) the aggregate Dollar Equivalent of the Principal Obligations would exceed
the Maximum Commitment or (d) the conditions precedent for such Borrowing in Section 6 have not been satisfied.

 

    	24

     

    

 

2.3.        Borrowings.

 

(a)        Request
for Borrowing. The applicable Borrower shall give Administrative Agent notice of each requested Borrowing hereunder, which
notice shall be in writing (a “Request for Borrowing”), in the form of Exhibit B hereto. Each Request
for Borrowing shall be irrevocable and effective upon receipt by Administrative Agent and shall be furnished to Administrative
Agent (i) no later than 10:00 a.m. (Eastern time) on the requested date of the funding of a Prime Rate Loan, and (ii) at least
three (3) Business Days prior to the requested date of the funding of a LIBOR Rate Loan; provided that any such request
received by Administrative Agent after 11:00 a.m. (Eastern time) (or, with respect to a Prime Rate Loan, 10:00 a.m. (Eastern time))
shall be deemed to have been given by Borrowers on the next succeeding Business Day. Each Request for Borrowing shall specify
(A) the amount of such Borrowing, (B) the date of such Borrowing, which shall be a Business Day, (C) the Interest Option if
such Loan is to be funded in Dollars, and if applicable, the Interest Period, (D) the Borrower making the Request for
Borrowing, and (E) the amount of each Loan attributable to each Borrower (if
applicable), and (F) the currency; and (iii) shall be accompanied or preceded by a duly
executed Borrowing Base Certificate and, only to the extent applicable, Investment Report dated the date of such Request for Borrowing.
Administrative Agent shall promptly give notice of each Request for Borrowing to the Lenders.

 

(b)        Initial
Borrowing on Closing Date. Subject to the terms and conditions of this Credit Agreement, the
Initial Borrower shall request on the Closing Date, and the Lenders shall make, one (1) Loan to the Initial Borrower in an original
principal amount sufficient to pay in full all “Obligations” (as defined in the Prior Loan Agreement) outstanding under
the Prior Loan Agreement (including, without limitation, all principal and accrued interest), and the Initial Borrower shall use
the proceeds of such Loan to pay in full all “Obligations” (as defined in the Prior Loan Agreement) outstanding under
the Prior Loan Agreement (including, without limitation, all principal and accrued interest), and the Initial Borrower hereby authorizes
Administrative Agent to apply the proceeds of such Loan to pay in full such “Obligations” (as defined in the Prior
Loan Agreement).

 

(c)        Loans
in Dollars. All Loans made hereunder shall be denominated in Dollars or in an Alternative Currency.

 

(d)        Minimum
Loan Amounts. Each Loan in Dollars shall be in an aggregate amount that is an integral
multiple of $100,000 and not less than $500,000; provided that a Loan may be in an aggregate amount that is equal to the
entire unused balance of the Available Commitment. Any Loans in an Alternative Currency shall satisfy
this minimum threshold on a Dollar Equivalent basis.

 

(e)        Funding
Indemnification. The applicable Borrower shall indemnify the Lenders against any cost, loss, or expense incurred by the Lenders
(other than loss of margin or spread), or any of them, as a result of any failure of such Borrower to fulfill, on or before the
date specified in the Request for Borrowing, the conditions to such Borrowing set forth herein, including any cost, loss, or expense
incurred by reason of the liquidation or redeployment of the deposits or other funds acquired by the Lenders to fund such Borrowing
to be made by the Lenders as a part of such Borrowing when such Borrowing, as a result of such failure, is not made on such date.
A certificate of Administrative Agent setting forth the amount of any such cost, loss or expense, and the basis for the determination
thereof and the calculation thereof, shall be delivered to such Borrower and shall, absent manifest or demonstrable error, be
conclusive and binding.

 

    	25

     

    

 

(f)         Funding.
Subject to the fulfillment of all applicable conditions set forth herein, (i) each Lender shall make the proceeds of its Pro
Rata Share of each Loan available to Administrative Agent no later than 1:00 p.m. (Eastern time) (or, with respect to a Prime
Rate Loan, 4:00 p.m. (Eastern time)) on the date specified in the Request for Borrowing as the borrowing date, in immediately
available funds, and (ii) Administrative Agent shall deposit the proceeds of each Borrowing in the applicable Borrower’s
deposit account maintained with Administrative Agent or otherwise at the direction of such Borrower; provided that no Lender
shall be under any obligation to fund any Loan if any order, judgment or decree of any Governmental Authority or arbitrator shall
by its terms purport to enjoin or restrain such Lender from funding such Loan, or any Applicable Law applicable to such Lender
or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such
Lender shall prohibit, or request that such Lender refrain from, the funding of loans generally or loans to such Borrower in particular.
Any Lender who is prohibited from funding a Loan pursuant to the proviso in the immediately preceding sentence shall use commercially
reasonable efforts to promptly notify the applicable Borrower after such Lender’s receipt of such Borrower’s Request
for Borrowing that such Lender is prohibited from funding such Loan.

 

(g)        Obligations
of Lenders Several. Each Lender shall make each requested Loan hereunder in accordance with its Pro Rata Share. The liabilities
and obligations of each Lender hereunder shall be several and not joint, and neither Administrative Agent nor any Lender shall
be responsible for the performance by any other Lender of its obligations hereunder. The failure of any Lender to advance the
proceeds of its Pro Rata Share of any Loan shall not relieve any other Lender of its obligation to advance the proceeds of its
Pro Rata Share of any Loan required to be advanced hereunder. Each Lender shall be liable to the Borrowers only for the amount
of its respective Commitment.

 

(h)        [Reserved]

 

(i)         Conversions.
The applicable Borrower shall have the right, with respect to: (i) any Prime Rate Loan,
on any Business Day (a “LIBOR Conversion Date”), to convert such Prime Rate Loan to a LIBOR Rate Loan in
Dollars; and (ii) any LIBOR Rate Loan in Dollars, on any Business Day (a “Prime
Rate Conversion Date”) to convert such LIBOR Rate Loan to a Prime Rate Loan; provided that such Borrower shall, on such
LIBOR Conversion Date or Prime Rate Conversion Date, make the payments required by Section 4.3, if any, in either case,
by giving Administrative Agent a Notice of Conversion in the form of Exhibit J hereto (a “Notice of Conversion”)
of such selection no later than 11:00 a.m. at least either (x) three (3) Business Days prior to such LIBOR Conversion Date or
(y) one (1) Business Day prior to such Prime Rate Conversion Date, as applicable. Each Notice of Continuation/Conversion shall
be irrevocable and effective upon notification thereof to Administrative Agent. A request of a Borrower for a Conversion of a
Prime Rate Loan to a LIBOR Rate Loan is subject to the condition that no Event of Default or Potential Default with respect to
such Borrower exists at the time of such request or after giving effect to such Conversion.

 

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(j)         Continuations.
(k)           No later than 11:00 a.m. (x)
at least three (3) Business Days prior to the termination of each Interest Period related to a LIBOR Rate Loan, the
applicable Borrower shall give Administrative Agent a Notice of Continuation in the form of Exhibit J hereto (a “Notice
of Continuation”) setting forth whether it desires to renew such LIBOR Rate Loan. The Notice of Continuation shall also
specify the length of the Interest Period selected by such Borrower with respect to such Continuation. Each Notice of Continuation
shall be irrevocable and effective upon notification thereof to Administrative Agent. If the applicable Borrower fails to timely
give Administrative Agent the Notice of Continuation with respect to any LIBOR Rate Loan, such Borrower shall be deemed to have
elected the Prime Rate as the Interest Option with respect to such Loan.

 

2.4.        Interest.

 

(a)        Interest
Rate.  Each Loan shall accrue interest at a rate per annum equal to the Applicable Rate. At any time, each Loan shall have
only one Interest Period and one Interest Option. Notwithstanding anything to the contrary contained herein, in no event shall
the interest rate hereunder exceed the Maximum Rate.

 

(b)        Change
in Rate; Calculations of Interest. Each change in the rate of interest for any Loans shall become effective, without prior
notice to the Borrowers, automatically as of the opening of business of Administrative Agent on the date of said change. Administrative
Agent shall use commercially reasonable efforts to give the applicable Borrower prompt notice of any change in the rate of interest
for any Loans after such change becomes effective; provided, however, that any failure by Administrative Agent to provide
such Borrower with such notice shall not affect Administrative Agent’s right to make changes in the rate of interest for
any Loans. Interest on the unpaid principal balance of each Loan (other than Prime Rate Loans, LIBOR
Rate Loans denominated in Sterling and any other Alternative Currency where it is market practice to calculate on a 365 or 366
days basis) shall be calculated on the basis of the actual days elapsed in a year consisting of 360 days.

 

(c)        Default
Rate. If an Event of Default has occurred and is continuing, all Obligations shall bear interest before and after judgment
at the Default Rate; provided that, except with respect to an Event of Default occurring pursuant to Section 10.1(h),
the portion of interest accruing at the Default Rate (in excess of the interest accruing at the Applicable Rate) shall not be
due and payable by the applicable Borrower until (but in all events such interest shall accrue upon the occurrence and during
the continuance of an Event of Default) the earliest to occur of (i) such Borrower’s knowledge that the applicable Event
of Default has occurred and is continuing, (ii) Administrative Agent providing notice to such Borrower that the Default Rate is
applicable, and (iii) Administrative Agent’s acceleration of the Obligations pursuant to Section 10.2(a)(iii).

 

(d)        Determination
of Rate.  Administrative Agent shall determine the interest rate applicable to each Borrowing hereunder, and shall, upon request,
give notice to the applicable Borrower and to the Lenders of each rate of interest so determined, and its determination thereof
shall be conclusive and binding absent manifest or demonstrable error.

 

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2.5.        Use
of Proceeds. The proceeds of the Loans shall be used by the applicable Borrower solely for (a) purposes permitted under the
Constituent Documents of such Borrower; (b) bridging Capital Calls of the Investors in such Borrower; and (c) other general corporate
purposes of such Borrower. Neither the Lenders nor Administrative Agent shall have any liability, obligation, or responsibility
whatsoever with respect to any Borrower’s use of the proceeds of the Loans, and neither the Lenders nor Administrative Agent
shall be obligated to determine whether or not any Borrower’s use of the proceeds of the Loans are for purposes permitted
under the Constituent Documents of any Borrower. Nothing, including, without limitation, any funding of a Loan or the acceptance
of any other document or instrument, shall be construed as a representation or warranty, express or implied, to any party by the
Lenders or Administrative Agent as to whether any Investment by such Borrower is permitted by the Borrowers’ Constituent
Documents. A Borrower shall not use the proceeds of any Loan (a) to fund any activities of or business with any individual or
entity, or in any Sanctioned Country, that, at the time of such funding, is the subject of Sanctions, or in any other manner that
will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether
as Lender, Administrative Agent, or otherwise) of Sanctions (or lend, contribute or otherwise make available such proceeds to
any Subsidiary, joint venture partner or other individual or entity in violation of the foregoing); or (b) for any purpose which
would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, or other Anti-Corruption Laws.

 

2.6.        Fees.
Borrowers shall pay to Administrative Agent, for its own account, a facility fee on the Closing Date and first anniversary
thereof, in an amount equal to 20 basis points (0.20%) of the Maximum Commitment then in effect (the “Facility Fee”).
Such fees shall be fully earned upon becoming due and be non-refundable when paid.

 

2.7.        Unused
Commitment Fee. Borrowers shall pay to Administrative Agent, for the account of each Lender, an Unused Commitment Fee, payable
quarterly (on the first day of each quarter), in arrears, on a calendar year basis, during the period commencing on the Closing
Date and ending on the Maturity Date. Borrowers shall not be entitled to any credit, rebate or repayment of any Unused Commitment
Fee previously earned by the Lenders pursuant to this Section 2.7 notwithstanding any termination of this Credit Agreement
or the suspension or termination of the Commitments. The Borrowers and the Lenders acknowledge and agree that the Unused Commitment
Fees payable hereunder are bona fide unused commitment fees and are intended as reasonable compensation to the Lenders
for committing to make funds available to Borrowers as described herein and for no other purposes.

 

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2.8.        Extension
of Maturity Date. On any Business Day occurring at least thirty (30) calendar days but no more than sixty (60) calendar days
prior to the Stated Maturity Date then in effect, a Responsible Officer of Borrowers may submit to Administrative Agent, on behalf
of such Borrowers and in accordance with Section 11.4, a written request (an “Extension Request”) to
extend the Stated Maturity Date then in effect to a date occurring three hundred sixty-four (364) days after such Stated Maturity
Date or, if such date is not a Business Day, the immediately preceding Business Day. Submission by the Borrowers of an Extension
Request shall be deemed to be a restatement in all material respects of each representation and warranty made by such Borrowers
in Section 7 as of the date of such Extension Request. Upon receipt of an Extension Request, Administrative Agent and each
Lender shall determine, in its sole discretion, whether to consent to such Extension Request. If such consent is granted by Administrative
Agent and the Lenders, (a) Administrative Agent shall provide such requesting Borrowers with notice of Administrative Agent’s
and such Lenders’ consent to such Extension Request; (b) as of the date of such Extension Notice, all references to the
Stated Maturity Date in this Credit Agreement shall be deemed to be references to the Stated Maturity Date as extended by the
Extension Request; (c) if the Extension Notice indicates that either such term is to be amended, as of the date of such Extension
Notice, each of the definitions of the terms “Applicable Rate” and “Unused Commitment Fee” appearing in
Section 1.1 shall be deleted and replaced in its entirety with the new definition for such term set forth in the Extension
Notice; and (d) within five (5) Business Days of the applicable Borrowers’ receipt of the Extension Notice, such Borrowers
shall pay an extension fee to Administrative Agent for the benefit of the Lenders in an amount equal to 20 basis points (0.20%)
of each such Lender’s Commitment as of the date on which such Borrowers receive such Extension Notice. If Administrative
Agent, acting on behalf of the Lenders, does not provide the applicable Borrowers with notice of its and the Lenders’ consent
to an Extension Request on or prior to the Stated Maturity Date then in effect, such Extension Request shall be deemed to have
been denied by the Lenders, such Stated Maturity Date shall not be extended and such Borrowers shall not be permitted to submit
any subsequent Extension Requests. If Administrative Agent and the Lenders consent to the applicable Borrowers’ initial
Extension Request, such Borrowers may submit no more than one (1) subsequent Extension Request.

 

Section
3.            PAYMENT OF OBLIGATIONS

 

3.1.        Payment
of Obligations. The Principal Obligations of each individual Loan made hereunder shall be repaid by the applicable Borrower
without further demand to Administrative Agent, for the benefit of the Lenders, in immediately available funds by the date that
is three hundred and sixty-five (365) calendar days after the date of the Borrowing with respect to such Loan (or, if such date
is not a Business Day, the preceding Business Day), together with all accrued but unpaid interest thereof. The Principal Obligations,
together with all accrued but unpaid interest thereon and any other outstanding Obligations, shall be due and payable on the Maturity
Date.

 

3.2.        Payment
of Interest.

 

(a)        Interest.
 Interest on each Borrowing shall commence to accrue as of the date of the disbursement of such Borrowing by Administrative
Agent. When a Borrowing is disbursed by wire transfer pursuant to instructions received from a Borrower 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 Loans, interest shall continue to accrue
on any amount repaid until such time as the repayment has been received in immediately available funds by Administrative Agent.

 

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(b)        Interest
Payment Dates.  Accrued and unpaid interest on the Obligations shall be due and payable by the Borrowers in arrears (i) on
each Interest Payment Date, and (ii) upon the occurrence and during the continuance of an Event of Default, at any time upon demand
by Administrative Agent; provided that, solely with respect to the foregoing clause (ii), except with respect to an Event
of Default occurring pursuant to Section 10.1(h), during the Standstill Period, Administrative Agent shall not exercise
the remedies pursuant to clauses (i), (iii), (iv), (v), (viii) and (ix) of the first sentence of Section 10.2(b) on account
of the applicable Borrower’s failure to pay such interest when due. Interest hereunder shall be due and payable in accordance
with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief
Law.

 

3.3.        Payments
on the Obligations.

 

(a)        Borrower
Payments.  All payments of principal of, and interest on, the Obligations by any Borrower to or for the account of the Lenders
shall be made without condition or deduction or counterclaim, set-off, defense or recoupment for receipt before 3:00 p.m. (Eastern
time) in the case of payments made in Dollars and 11:00 a.m. in the case of payments made in an Alternative
Currency, in each case, in immediately available funds to Administrative Agent at the account Administrative Agent
designates in writing to the applicable Borrowers, in all cases for the ratable benefit of each Lender. Funds received after 3:00
p.m. (Eastern time) in the case of payments made in Dollars or after 11:00 a.m. in the case of payments
made in an Alternative Currency, as applicable, shall be treated for all purposes as having been received on the next
Business Day. All payments shall be made in the currency of the related Borrowing.

 

(b)        Application
of Payments. So long as no Event of Default has occurred and is continuing, all payments made by Borrowers on the Obligations
shall be applied as directed by Administrative Agent (it being understood that all payments to the Lenders will be distributed
ratably amongst the Lenders). At all times when an Event of Default has occurred and is continuing, all payments made on the Obligations
shall be credited in the following manner (in all applicable cases for the ratable benefit of each Lender): (i) first,
against all costs, expenses (excluding expenses constituting indemnification obligations) and other fees (including attorneys’
fees) arising under the terms hereof; (ii) second, against accrued and unpaid interest; (iii) third, against all
Principal Obligations due and owing; and (iv) fourth, against all other amounts constituting any portion of the Obligations.

 

(c)        Disbursement
of Funds.  If, at any time, Administrative Agent shall not have received on the date due any payment of interest upon the
Obligations or any fee payable described under this Credit Agreement or the other Loan Documents, Administrative Agent may (i)
direct the disbursement of funds from the Collateral Account of the applicable Borrower to the Lenders, in accordance with the
terms hereof, to the extent available therein for payment of any such amount or (ii) require Borrowers to request a Borrowing
of such amount (which shall be deemed to have complied with the requirements of Section 2.2 without any further actions
being required by such Borrowers), in which case the Loans representing such amount shall be credited directly to the account
of Administrative Agent rather than to any account of such Borrowers in satisfaction of such outstanding interest and/or fees;
provided that no Borrowing shall be made pursuant to this clause (ii) hereof if after giving effect thereto (A)
the Dollar Equivalent of the Principal Obligations would exceed the Available Commitment
or (B) the Dollar Equivalent of the Principal Obligations of any Lender would exceed such
Lender’s Commitment.

 

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3.4.        Prepayments.

 

(a)        Voluntary
Prepayments. The applicable Borrowers may, without premium, penalty or fees, upon (x) one (1) Business Day’s prior written
notice to Administrative Agent with respect to Prime Rate Loans, and (y) three (3) Business Day’s prior written notice to
Administrative Agent with respect to LIBOR Rate Loans, prepay Principal Obligations then outstanding, in whole or in part, at
any time or from time to time. Any prepayment not received by 3:00 p.m. (Eastern time) on a Business Day shall be deemed to have
been paid on the next succeeding Business Day. The notice of prepayment shall specify which Borrower’s Loans Administrative
Agent shall apply the prepayment to and shall be in a minimum principal amount of $100,000,100,000
(or the Dollar Equivalent thereof), or, if less, the entire amount of Principal Obligations then outstanding. All such
voluntary prepayments shall be made together with payment of all interest accrued thereon. Administrative Agent shall give notice
of any notice of repayment from a Borrower to Lenders promptly upon receipt thereof.

 

(b)        Mandatory
Prepayment.  If on any day the Dollar Equivalent of the Principal Obligations exceed
the Available Commitment for any reason (including, in each case without limitation, as a result of a Capital Call, an Investor
becoming a Defaulting Investor, a change in the Fair Market Value of any Eligible Investment or any failure of an Investment to
constitute an Eligible Investment) (any such excess, an “Overadvance”), then the applicable Borrower or Borrowers
shall (i) if the amount of such Overadvance is greater than or equal to $500,000, either pay the full amount of such Overadvance
to Administrative Agent, for the benefit of the Lenders, in immediately available funds, without demand, or otherwise eliminate
such Overadvance (by such other means that shall be subject to the Administrative Agent’s consent, which shall not be unreasonably
withheld or delayed), in each case on or before the Required Payment Time after the occurrence of such Overadvance, and (ii) if
the amount of such Overadvance is less than $500,000, either pay the full amount of such Overadvance to Administrative Agent,
for the benefit of the Lenders, in immediately available funds, upon demand by Administrative Agent, or otherwise eliminate such
Overadvance (by such other means that shall be subject to the Administrative Agent’s consent, which shall not be unreasonably
withheld or delayed), in each case on or before the Required Payment Time after such demand. If the applicable Borrower or Borrowers
fail to pay or eliminate any Overadvance required to be paid under, and within the time period set forth in, this Section 3.4(b),
then such Borrower or Borrowers hereby agree that Administrative Agent may withdraw from the Collateral Account and/or, to the
extent applicable, the Investment Collection Account, any Capital Contributions or other monies or sums deposited therein and
apply the same to the Principal Obligations until such time as such Overadvance has been satisfied in full.

 

3.5.        Reduction
or Early Termination of Commitments. So long as no Request for Borrowing is outstanding, Borrowers may (a) terminate the Commitments
or (b) reduce the Maximum Commitment, by giving irrevocable written notice to Administrative Agent of such termination or reduction
five (5) Business Days (or such shorter period of time agreed in writing by Administrative Agent in its sole discretion) prior
to the effective date thereof (which date shall be specified in such notice and be a Business Day): (i) in the case of complete
termination of the Commitments, upon prepayment of all of the outstanding Obligations; or (ii) in the case of a reduction of the
Maximum Commitment, upon prepayment of the amount by which the Dollar Equivalent of the
Principal Obligations exceed the reduced Available Commitment resulting from such reduction, including, without limitation, payment
of all interest accrued thereon. Notwithstanding the foregoing: (x) any reduction of the Maximum Commitment shall be in an amount
equal to $5,000,000 or multiples thereof; and (y) in no event shall a reduction reduce the Maximum Commitment to below $10,000,000
(except for a termination of all Commitments).

 

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3.6.        Increase
in the Maximum Commitment. Provided there exists no Event of Default or, to the knowledge of any Borrower or Administrative
Agent, Potential Default on the effective date of the increase, and subject to compliance with the terms below, upon written notice
to Administrative Agent, Borrowers may request the Lenders to increase the Maximum Commitment. Such increase shall be effective
upon the satisfaction of the following conditions precedent: (i) the existing Lenders shall have agreed in their sole discretion
to increase their Commitments and/or additional Persons shall have agreed to join the Credit Facility as Lenders such that the
Commitments of all Lenders equal the increased Maximum Commitment; (ii) on or prior to the proposed date of such increase, Borrowers
shall have paid to Administrative Agent, for the benefit of each Lender that increases its Commitment or provides a new Commitment,
a fee in an amount equal to 20 basis points (0.20%) of such increased or new Commitment; and (iii) Borrowers shall provide Administrative
Agent such evidence of their power and authority to effectuate such increase as Administrative Agent may reasonably request. For
the avoidance of doubt, such increase will be on the same terms as contained herein with respect to the Commitments and the Loans.
No Lender will be required to commit, nor shall any Lender have any preemptive right, to provide any portion of such increase.
On any date the Maximum Commitment is increased in accordance herewith, Borrowers and the Lenders agree to execute such documents
as Administrative Agent may reasonably request to give effect to such increase.

 

3.7.        Joint
and Several Liability. Each Borrower acknowledges, agrees, represents and warrants the following:

 

(a)        Combined
Liability. Borrowers shall be jointly and severally liable to the Lenders for all representations, warranties, covenants,
obligations and indemnities, including, without limitation, the Loans and the other Obligations of all Borrowers, and Administrative
Agent and the Lenders may at their option enforce the entire amount of the Loans and the other Obligations of the Borrowers against
any one or more of such Borrowers; and

 

(b)        Separate
Exercise of Remedies. Administrative Agent may exercise remedies against each Borrower and its property separately, whether
or not Administrative Agent exercises remedies against any other Borrower or its property. Administrative Agent may enforce one
or more Borrower’s obligations without enforcing any other Borrower’s obligations and vice versa. Any failure or inability
of Administrative Agent to enforce one or more Borrower’s obligations shall not in any way limit Administrative Agent’s
right to enforce the obligations of the other Borrowers. If Administrative Agent forecloses or exercises similar remedies under
any one or more Loan Documents, then such foreclosure or similar remedy shall be deemed to reduce the balance of the Loans only
to the extent of the cash proceeds actually realized by the Lenders from such foreclosure or similar remedy or, if applicable,
Administrative Agent’s credit bid at a foreclosure sale, regardless of the effect of such foreclosure or similar remedy
on the Loans secured by such Loan Documents under the applicable state law. Each Borrower expressly waives to the fullest extent
permitted by Applicable Law: (i) any defense based upon any statute or rule of law which provides that the obligation of a surety
must be neither larger in amount nor in other respects more burdensome than that of the principal; and (ii) any defenses or benefits
that may be derived from or afforded by Applicable Law which limit the liability of or exonerate guarantors or sureties, or which
may conflict with the terms of this Credit Agreement.

 

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Section
4.            CHANGE IN CIRCUMSTANCES

 

4.1.        Taxes.

 

(a)        Defined
Terms. For purposes of this Section 4.1, the term “Applicable Law” includes FATCA.

 

(b)        Payments
Free of Taxes.  Any and all payments by or on account of any obligation of any Borrower under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in
the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and,
if such Tax is an Indemnified Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that after
such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable
under this Section 4.1) the applicable Recipient receives an amount equal to the sum it would have received had no such
deduction or withholding been made.

 

(c)        Payment
of Other Taxes by the Borrowers. Without limiting the provisions of Section 4.1(b) above, each Borrower shall timely
pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of Administrative Agent timely
reimburse it for the payment of any Other Taxes applicable to such Borrower.

 

(d)        Evidence
of Payments. As soon as practicable after any payment of Taxes by any Borrower to a Governmental Authority pursuant to this
Section 4.1, such Borrower shall deliver to Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to Administrative Agent.

 

(e)        Indemnification
by Loan Parties. Each Borrower shall indemnify each Recipient, on or before the Required Payment Time after demand therefor,
for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under this Section 4.1) payable or paid by such Recipient or required to be withheld or deducted from a payment to
such Recipient, in each case with respect to such Borrower, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to such Borrower by a Lender (with a copy to Administrative
Agent), or by Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest or demonstrable
error.

 

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(f)         Indemnification
by Lenders. Each Lender shall severally indemnify Administrative Agent, within ten (10) days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower has not already indemnified Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 11.9 relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by Administrative
Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by Administrative Agent shall be conclusive absent manifest or demonstrable
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by Administrative Agent to the Lender from any other source against any amount
due to Administrative Agent under this Section 4.1(f).

 

(g)        Status
of Lenders.

 

(i)         Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to Borrowers and Administrative Agent, at the time or times reasonably requested by Borrowers or Administrative Agent,
such properly completed and executed documentation reasonably requested by Borrowers or Administrative Agent as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
Borrowers or Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested
by Borrowers or Administrative Agent as will enable Borrowers or Administrative Agent to determine whether or not such Lender is
subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections
4.1(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if the Lender is not legally entitled to complete,
execute or deliver such documentation or, in the Lender’s reasonable judgment, such completion, execution or submission would
subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender.

 

(ii)        Without
limiting the generality of the foregoing, in the event that a Borrower is a U.S. Person,

 

		(A)	any Lender that is a U.S. Person shall deliver to such
Borrower and Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Credit Agreement (and
from time to time thereafter upon the reasonable request of such Borrower or Administrative Agent), executed copies of IRS Form
W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

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		(B)	any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such Borrower
and Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such
Foreign Lender becomes a Lender under this Credit Agreement (and from time to time thereafter upon the reasonable request of such
Borrower or Administrative Agent), whichever of the following is applicable;

 

		(i)	in the case of a Foreign Lender claiming the benefits of
an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document,
executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or any successor form) establishing an exemption from,
or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or any
successor form) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty;

 

		(ii)	executed copies of IRS Form W-8ECI;

 

		(iii)	in the case of a Foreign Lender claiming the benefits of
the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in
the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section
881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of such Borrower within the meaning of Section
881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C)
of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form
W-8BEN or IRS Form W-8BEN-E, as applicable (or any successor form); or

 

		(iv)	to the extent a Foreign Lender is not the beneficial owner,
executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or any
successor form), a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender
is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption,
such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of
each such direct and indirect partner;

 

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		(C)	any Foreign Lender shall, to the extent it is legally entitled
to do so, deliver to such Borrower and Administrative Agent (in such number of copies as shall be requested by the recipient)
on or prior to the date on which such Foreign Lender becomes a Lender under this Credit Agreement (and from time to time thereafter
upon the reasonable request of such Borrower or Administrative Agent), executed copies of any other form prescribed by Applicable
Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by Applicable Law to permit such Borrower or the Administrative Agent to determine
the withholding or deduction required to be made; and

 

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

 

Each Lender agrees that
if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify the applicable Borrower and Administrative Agent in writing of its legal inability
to do so.

 

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(h)        Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 4.1 (including by the payment of additional
amounts pursuant to this Section 4.1), it shall pay to the indemnifying party an amount equal to such refund (but
only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net
of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this Section 4.1(h) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 4.1(h),
in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 4.1(h)
the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party
would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall
not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its
Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(i)         Survival.
Each party’s obligations under this Section 4.1 shall survive the resignation or replacement of, and any assignment
of rights by, Administrative Agent or any Lender.

 

4.2.        Increased
Cost and Capital Adequacy.

 

(a)          Increased
Costs Generally. If any Change in Law shall: (i) impose, modify or deem applicable any reserve, special deposit, compulsory
loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other
credit extended or participated in by, any Lender (except any reserve requirement reflected in Adjusted LIBOR), (ii) subject any
Recipient to any Taxes (other than (A) Indemnified Taxes and (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitment, or other obligations, or its deposits,
reserves, other liabilities or capital attributable thereto, or (iii) impose on any Lender any other condition, cost or expense
(other than Taxes) affecting this Credit Agreement or Loans made by any Lender, and the result of any of the foregoing shall be
to increase the cost to such Lender or other Recipient of making, converting to, continuing or maintaining any Loan (or of maintaining
its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender or other Recipient
hereunder (whether of principal, interest or any other amount) then, upon written request of such Lender or other Recipient, Borrowers
shall, on or before the Required Payment Time after such request, pay to any such Lender or other Recipient, as the case may be,
such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs
incurred or reduction suffered.

 

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(b)        Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender regarding capital or liquidity requirements,
has or would have the effect of reducing the rate of return on such Lender’s capital as a consequence of this Credit Agreement,
the Commitment of such Lender or the Loans made by such Lender to a level below that which such Lender could have achieved but
for such Change in Law (taking into consideration such Lender’s policies with respect to capital adequacy and liquidity),
then from time to time upon written request of such Lender, Borrowers shall, on or before the Required Payment Time after such
request, pay to such Lender such additional amount or amounts as will compensate such Lender for any such reduction suffered.

 

(c)        Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that Borrowers shall not be required to compensate
a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than one hundred eighty (180) days
prior to the date that such Lender notifies Borrowers of the Change in Law giving rise to such increased costs or reductions (except
that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the one hundred eighty (180)
day period shall be extended to include the period of retroactive effect).

 

4.3.        Funding
Losses. Upon demand of any Lender, each Borrower shall, on or before the Required Payment Time after such demand, pay Administrative
Agent for the account of such Lender, such amounts as shall compensate such Lender for, and hold such Lender harmless from, any
loss, cost or expense (other than loss of margin or spread) incurred by such Lender in obtaining, liquidating or employing deposits
or other funds from third parties as a result of (a) any failure or refusal of such Borrower (for any reasons whatsoever) to accept
a Loan after such Borrower shall have requested such Loan, (b) any prepayment of a Loan by such Borrower that is otherwise not
made in compliance with the provisions of the Credit Agreement, or (c) the failure such Borrower to make a prepayment of a Loan
after giving notice thereof.

 

4.4.        Inability
to Determine Rates. If Administrative Agent determines, for any proposed Interest Period, that: (a) deposits in Dollars are
not being offered to banks in the applicable offshore market for the applicable amount and Interest Period of any LIBOR Rate Loan;
(b) adequate and reasonable means do not exist for determining LIBOR; or (c) LIBOR does not adequately or fairly reflect the cost
to the Lenders of funding or maintaining any LIBOR Rate Loan, then: (i) Administrative Agent shall forthwith notify Borrowers
and the Lenders; and (ii) while such circumstances exist, none of the Lenders shall allocate any Loans made during such period,
or reallocate any Loans allocated to any then-existing Interest Period ending during such period, to an Interest Period with respect
to which interest is calculated by reference to LIBOR. If, with respect to any outstanding Interest Period, a Lender notifies
Administrative Agent that it is unable to obtain matching deposits in the London interbank market to fund its purchase or maintenance
of such Loans or that LIBOR applicable to such Loans will not adequately reflect the cost to the Person of funding or maintaining
such Loans for such Interest Period, then: (A) Administrative Agent shall forthwith so notify Borrowers and the Lenders; and (B)
upon such notice and thereafter while such circumstances exist, the applicable Lender shall not make any LIBOR Rate Loans during
such period or reallocate any Loans allocated to any Interest Period ending during such period, to an Interest Period with respect
to which interest is calculated by reference to LIBOR; provided that, (x) if the forgoing notice relates to Loans that are outstanding
as LIBOR Rate Loans, such Loans shall be Converted to Prime Rate Loans if denominated in Dollars
or a LIBOR Rate Loan based on the Cost of Funds Rate if denominated in an Alternative Currency only on the last day
of the then-current Interest Period, and (y) upon receipt of such notice, Borrowers may revoke any outstanding Requests for Borrowing.

 

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4.5.        Mitigation.
Each Lender and Administrative Agent agrees that, upon the occurrence of any event giving rise to Borrowers’ obligation
to make a payment under this Section 4 with respect to such Lender or Administrative Agent, it will use commercially reasonable
efforts to mitigate the effect of any such event, including by completing and delivering or filing any tax related forms that
would reduce or eliminate any amount of Taxes required to be deducted or withheld or paid by Borrowers hereunder and changing
the jurisdiction of its applicable lending office if, in the reasonable judgment of Administrative Agent or Lender, as the case
may be, the making of such a change (i) would avoid the need for, or reduce the amount of, any such amounts that would be payable
or may thereafter accrue and (ii) would not subject Administrative Agent or such Lender, as the case may be, to any material unreimbursed
cost or expense and would not be otherwise materially disadvantageous to Administrative Agent or such Lender, as the case may
be.

 

4.6.        Survival.
Without prejudice to the survival of any other agreement of Borrowers hereunder, all of Borrowers’ obligations under
this Section 4 shall survive and remain in full force and effect regardless of the repayment of the Loans, the expiration
or termination of the Commitments or the termination of this Credit Agreement. Each Lender shall notify Borrowers of any event
occurring after the termination of this Credit Agreement entitling such Lender to compensation under this Section 4 as
promptly as practicable.

 

Section
5.            SECURITY

 

5.1.        Liens
and Security Interest.

 

(a)        Collateral
Grant. In order to secure the Obligations and until payment and performance in full of such Obligations and the expiration
or termination of all Commitments hereunder and the termination of the Loan Documents, the respective Borrowers each hereby pledges,
charges and assigns by way of security to Administrative Agent and grants to Administrative Agent, for the benefit of the Lenders,
a first priority security interest in and Lien on their respective rights in the following (to the extent applicable), whether
now existing or hereafter acquired or arising and wherever located (the “Collateral”):

 

(i)          all
of such Borrower’s rights to make Capital Calls on Investors and all other rights, titles, interests, powers and privileges
related to, appurtenant to or arising out of such Borrower’s right to require or demand that the Investors make Capital Contributions
to such Borrower;

 

(ii)         all
of such Borrower’s rights, titles, interests and privileges in and to the Capital Commitments, the Uncalled Capital Commitments,
Pending Capital Calls and Capital Contributions made by Investors;

 

(iii)        all
of such Borrower’s rights, titles, interests, remedies, and privileges under the applicable Operative Documents and Subscription
Agreements to issue Capital Calls and to receive and enforce the funding of Capital Contributions;

 

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(iv)        the
Collateral Account and any successor or substitute accounts, together with all of the applicable Borrower’s right, title,
and interest in and to such account, all sums or other property now or at any time hereafter on deposit therein, credited thereto,
or payable thereon, and all instruments, documents, certificates, and other writings evidencing such account;

 

(v)         in
the case only of Additional Borrowers, all of such Additional Borrower’s rights, titles, interest and privileges in (x) the
Investments, whether now existing or hereafter acquired or arising and wherever located, and (y) its Investment Collection Account,
and any successor or substitute accounts, together with all of such Additional Borrower’s right, title, and interest in and
to such account, all sums or other property now or at any time hereafter on deposit therein, credited thereto, or payable thereon,
and all instruments, documents, certificates, and other writings evidencing such account;

 

(vi)        in
the case only of Additional Borrowers, all other assets of such Additional Borrower, including, without limitation, all instruments,
documents, general intangibles, investment property, supporting obligations, accounts, or deposit accounts under the Uniform Commercial
Code or otherwise relating to the foregoing; and

 

(vii)       all
proceeds of any and all of the foregoing.

 

Notwithstanding the
foregoing, the Collateral shall not include (a) any Investments or other assets to the extent any valid contract with respect to
such Investment or asset or any applicable law prohibits the grant of a security interest in such Investment, asset or contract;
provided, however, that this clause (a) shall not exclude the cash proceeds of any such Investment, asset
or contract or any prohibition invalidated by Sections 9-406, 9-407, 9-408 or 9-409 of the UCC, (b) Margin Stock, (c) equity interests
in any Subsidiary of a Borrower, (d) cash or cash equivalents, repurchase agreements and any other liquid investment products,
(e) Excluded Amounts and (f) Investments held by the Initial Borrower.

 

(b)        Reliance.
Borrowers acknowledge and agree that Administrative Agent and each Lender have entered into this Credit Agreement, extended
credit hereunder and at the time of each Loan will make such credit extension in reliance on the obligations of the Investors
to fund their respective Capital Commitments and accordingly, it is the intent of the parties that such Capital Commitments may
be enforced by Administrative Agent, pursuant to the terms of the Loan Documents, without further action by Borrowers and notwithstanding
any compromise of any such Capital Commitment after the Closing Date by all the Investors in a manner similar to the compromise
procedure permitted by 6 Del. Code section 17-502(b).

 

5.2.          The
Collateral Account; the Investment Collection Account; Capital Calls.

 

(a)        The
Collateral Account; the Investment Collection Account. Borrowers shall require all their Investors to wire transfer all monies
or sums paid or to be paid by such Investors pursuant to Capital Calls made by the applicable Borrower, on such Borrower’s
behalf, only to the applicable Collateral Account. In addition, Borrowers shall deposit into the applicable Collateral Account
any payments that any Borrower receives directly from the applicable Investors as Capital Contributions. Additional Borrowers
shall deposit any payment or proceed that any such Additional Borrower receives from or on account of any Investment, other than
any Excluded Amounts, only into the applicable Investment Collection Account.

 

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(b)        Use
of the Collateral Account; Investment Collection Account. The Borrowers may withdraw funds from the Collateral Account or
the Investment Collection Account only in compliance with Section 9.14. Upon the occurrence and continuance of (i) an Event
of Default or (ii) a mandatory prepayment having been triggered pursuant to Section 3.4(b) that is unpaid, (A) no Borrower
shall have the right to, and shall not, give instructions to the Account Bank with respect to the Collateral Account of any Borrower
or the Investment Collection Account of any Additional Borrower (other than to direct that such defaulted amount or mandatory
prepayment be made from such account) and (B) Administrative Agent is authorized to take exclusive control of each Collateral
Account and, in the case of Additional Borrowers, Investment Collection Account. Upon a change of circumstance such that events
in clauses (i) and (ii) above have been remedied or upon payment of all outstanding Obligations, Administrative
Agent shall promptly relinquish exclusive control of each Collateral Account and Investment Collection Account. If the Account
Bank with respect to any Collateral Account or the Investment Collection Account ceases to be an Eligible Institution, each applicable
Borrower shall have thirty (30) days following notice from the Administrative Agent to move its Collateral Account or, in the
case of Additional Borrowers, Investment Collection Account to a replacement Account Bank that is Signature Bank or an Eligible
Institution. If an Account Bank terminates a Deposit Account Control Agreement, the applicable Borrower shall open a new collateral
account or investment collection account, as applicable, that is subject to a new Deposit Account Control Agreement with a replacement
Account Bank within thirty (30) days of the earlier of (i) such termination and (ii) the terminating Account Bank providing notice
of its intent to terminate such Deposit Account Control Agreement.

 

(c)        No
Duty. Notwithstanding anything to the contrary herein contained, it is expressly understood and agreed that neither Administrative
Agent nor any Lender undertakes any duties, responsibilities, or liabilities with respect to the Capital Calls issued by a Borrower.
Neither Administrative Agent nor any Lender shall be required to take any action with respect to any other matter that might arise
in connection with the Constituent Documents of any Borrower, a Subscription Agreement, a Side Letter or any Capital Call. Neither
Administrative Agent nor any Lender shall have any duty to determine or inquire into any happening or occurrence or any performance
or failure of performance of any Borrower or any of the Investors.

 

(d)        Disbursements
from Collateral Account. Upon the occurrence and continuance of (i) an Event of Default or (ii) a mandatory prepayment having
been triggered pursuant to Section 3.4(b) that is unpaid, each Borrower hereby irrevocably authorizes and directs Administrative
Agent to charge from time to time the Collateral Account for amounts not paid when due; provided that promptly after any
disbursement of funds from such account to the Lenders, Administrative Agent shall provide notice thereof to Borrowers.

 

(e)        No
Representations. Neither Administrative Agent nor any Lender shall be deemed to make at any time any representation or warranty
as to the validity of any Capital Call nor shall Administrative Agent or any Lender be accountable for any Borrower’s use
of the proceeds of any Capital Contribution.

 

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(f)        No
Impairment of Rights. The rights of Administrative Agent hereunder shall not be released, diminished, impaired, reduced or
adversely affected by (i) any adjustment, indulgence, forbearance or compromise that might be granted or given by Administrative
Agent to any primary or secondary obligor or in connection with any security for the Obligations; (ii) any full or partial release
of any security for the Obligations, except in accordance with the provisions of the Loan Documents; (iii) any other action taken
or omitted to be taken by Administrative Agent in connection with the Obligations, whether or not such action or omission prejudices
any Borrower or increases the likelihood that the Collateral Account will be applied to the Obligations; or (iv) notice of any
of the foregoing.

 

(g)        Additional
Rights. Administrative Agent may, at any time and from time to time, without further consent of or notice to any Borrower,
and with or without valuable consideration (i) release any Person primarily or secondarily liable in respect of the Obligations
or any security therefor; (ii) renew, extend or accept partial payments upon, release or permit substitutions for or withdrawals
of, any security (other than a Collateral Account or Investment Collection Account) at any time directly or indirectly, immediately
or remotely, securing the payment of the Obligations or any part thereof; or (iii) release or pay to any Borrower, or any other
Person otherwise entitled thereto, any amount paid or payable in respect of any such other direct or indirect security for the
Obligations, or any part thereof.

 

5.3.        Agreement
to Deliver Additional Collateral Documents. The Borrowers shall deliver such security agreements, financing statements, assignments,
and other collateral documents, in form and substance satisfactory to Administrative Agent, as Administrative Agent may reasonably
request from time to time for the purpose of granting to, or maintaining or perfecting in favor of Administrative Agent, for the
benefit of the Lenders, first priority security interests in the Collateral, together with other assurances of the enforceability
and first priority of the Lenders’ Liens and assurances of due recording and documentation of the Filings and Loan Documents
or copies thereof, as Administrative Agent may reasonably require to avoid material impairment of the first priority Liens and
security interests granted or purported to be granted in accordance with this Section 5 (in each case subject to Permitted
Liens).

 

5.4.        Subordination.

 

(a)        Subordination
of Claims. Upon the occurrence and continuance of (i) an Event of Default or (ii) a mandatory prepayment having been triggered
pursuant to Section 3.4(b) that is unpaid, no Borrower shall make any payments of any kind, directly or indirectly, on
any debts and liabilities to any other Borrower, Investor, the Investment Adviser or the Administrator, whether now existing or
hereafter arising and whether direct, indirect, several, joint and several, or otherwise, and howsoever evidenced or created (collectively,
the “Other Claims”), but excluding payments to another Borrower to the extent such payments are solely used
to pay a defaulted payment or mandatory prepayment, in each case, of the Obligations. All Other Claims, together with all Liens
on assets securing the payment of the Other Claims shall at all times during the continuance of an Event of Default or during
the existence of a mandatory prepayment having been triggered pursuant to Section 3.4(b) that is unpaid be subordinated
to and inferior in right and in payment to the Obligations and all Liens on assets securing all or any portion of the Obligations
of any Borrower, and each Borrower, the Investment Adviser and the Administrator each agrees to take such actions as are necessary
to provide for such subordination between it and any other Borrower, the Investment Adviser and/or the Administrator. Each of
the Investment Adviser and the Administrator acknowledges and agrees that at any time an Event of Default has occurred and is
continuing or a mandatory prepayment has been triggered pursuant to Section 3.4(b) that is unpaid, the payment of any Other
Claims due and owing to it from any Borrower shall be subordinated to and inferior in right and payment to the Obligations in
all respects.

 

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(b)        Subordination
of Rights. Upon the occurrence and continuance of (i) an Event of Default or (ii) a mandatory prepayment having been triggered
pursuant to Section 3.4(b) that is unpaid, no Borrower shall exercise or enforce: (A) any creditor’s or partnership
right it may have against any Investor or (B) any rights or remedies against any Investor under the Constituent Documents of such
Person or the Subscription Documents, in each case ((A) and (B)), other than (1) to send notice of an overdue and unpaid Capital
Contribution or (2) otherwise upon request by Administrative Agent during a Standstill Period.

 

Section
6.            CONDITIONS PRECEDENT TO LENDING.

 

6.1.        Obligations
of the Lenders. The obligation of the Lenders to advance the initial Borrowing shall not become effective until the date on
which Administrative Agent shall have received each of the following documents and each of the other conditions listed below is
satisfied:

 

(a)        Credit
Agreement and Loan Documents. This Credit Agreement and any other Loan Document, duly executed and delivered by the Initial
Borrower and the other Persons party thereto;

 

(b)        Filings.
(i) Satisfactory reports of searches of Filings in the jurisdiction of formation or registration of the Initial Borrower,
copies of the financing statements on file in such jurisdictions and evidence that no Liens on the Collateral exist, or, if necessary,
copies of proper financing statements, if any, filed on or before the date hereof necessary to terminate all security interests
and other rights of any Person in any Collateral previously granted and (ii) Filings satisfactory to Administrative Agent with
respect to the Collateral, submitted for filing in the appropriate public filing office(s) (as applicable), to perfect Administrative
Agent’s first priority security interest in the Collateral (subject to Permitted Liens);

 

(c)        Responsible
Officer Certificates. A certificate from a Responsible Officer of the Initial Borrower, in the form of Exhibit D;

 

(d)        Constituent
Documents. True and complete copies of the Constituent Documents of the Initial Borrower, Investment Adviser and Administrator,
together with certificates of good standing, in each case certified by a Responsible Officer, to be correct and complete copies
thereof and in effect on the date hereof;

 

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(e)        Authority
Documents. Resolutions authorizing the entry into the transactions contemplated in the Loan Documents by the Initial Borrower,
certified by a Responsible Officer, as correct and complete copies thereof;

 

(f)         Incumbency
Certificate. From the Initial Borrower, a signed certificate of a Responsible Officer, who shall certify the names of the
Persons authorized, on the date hereof, to sign each of the Loan Documents, together with the true signatures of each such Person;
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;

 

(g)        Opinions.
A favorable written opinion of counsel to the Initial Borrower in form and substance reasonably satisfactory to Administrative
Agent;

 

(h)        Investor
Documents. A copy of each Investor’s duly executed Subscription Agreement and Side Letter (if applicable) with the Initial
Borrower, which in each case shall be acceptable to Administrative Agent and each Lender in its sole discretion, as well as a
schedule of the Commitment Periods for all Investors;

 

(i)         Payoff
Information. Evidence reasonably satisfactory to the Administrative Agent that the credit facility evidenced by the Prior
Loan Agreement has been paid in full;

 

(j)         ERISA
Status. With respect to the Initial Borrower, either (i) a favorable written opinion of counsel to the Initial Borrower, addressed
to Administrative Agent, reasonably acceptable to Administrative Agent and its counsel, regarding the status of the Initial Borrower
as an Operating Company (or a copy of such opinion addressed to the Investors of the Initial Borrower, reasonably acceptable to
Administrative Agent and its counsel, together with a reliance letter with respect thereto, addressed to Administrative Agent);
or (ii) a certificate, addressed to Administrative Agent, signed by a Responsible Officer of the Initial Borrower, that the underlying
assets of the Initial Borrower do not constitute Plan Assets because less than twenty-five percent (25%) of the total value of
each class of equity interests in the initial Borrower is held by “benefit plan investors” within the meaning of Section
3(42) of ERISA; and

 

(k)        Deposit
Account Control Agreement. A Deposit Account Control Agreement, duly executed and delivered by
the Initial Borrower, the Account Bank and the Administrative Agent, with respect to the Collateral Account, which shall be acceptable
to Administrative Agent and each Lender it its sole discretion;

 

(l)         “Know-Your-Customer”
Information and Documents. Such documentation requested by the Lenders so that the Initial Borrower is KYC Compliant.

 

(m)        Fees;
Costs and Expenses. Payment of all fees and other amounts due hereunder on or prior to the date
hereof, and payment of all reasonable expenses required to be reimbursed or paid by Borrowers hereunder, including the reasonable
and documented fees and disbursements of Cadwalader, Wickersham & Taft LLP. 

 

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6.2.        Conditions
to all Loans. The obligation of the Lenders to advance each Borrowing (including the initial Borrowing) is subject to the
following conditions precedent:

 

(a)        Representations
and Warranties. The representations and warranties of the Borrowers in the Loan Documents are true and correct in all material
respects (without duplication of any materiality qualifier) on and as of the date of such Borrowing, except to the extent that
such representations and warranties relate to an earlier date, in which case, such representations and warranties are true and
correct in all material respects (without duplication of any materiality qualifier) as of such earlier date;

 

(b)        No
Default. No event shall have occurred and be continuing, or would result from the Borrowing, which constitutes an Event of
Default or a Potential Default;

 

(c)        Material
Adverse Change. No Material Adverse Change shall have occurred and be continuing;

 

(d)        Request
for Borrowing. Administrative Agent shall have received a Request for Borrowing, together with a Borrowing Base Certificate
and, in the case of a borrowing by an Additional Borrower, an Investment Report;

 

(e)        No
Investor Excuses. Other than as disclosed to Administrative Agent in writing, the Borrowers have no knowledge or reason to
believe any Investor would be entitled to exercise any withdrawal, excuse or exemption right under the applicable Operative Documents,
its Subscription Agreement or any Side Letter with respect to any Investment being acquired in whole or in part with any proceeds
of the related Loan, provided, that if the Borrowers have disclosed a potential excuse or exemption right to Administrative
Agent in writing, the applicable Investor shall be deemed to be an “Excused Investor” hereunder, but Borrowers shall
not be prohibited from such Borrowing upon satisfaction of the other conditions therefor; and

 

(f)         Available
Commitment. After giving effect to the proposed Borrowing, the Dollar Equivalent of the Principal
Obligations will not exceed the Available Commitment and the aggregate Dollar Equivalent of the Principal
Obligations will not exceed the Maximum Commitment.

 

(g)        Eligible
Investments. Other than as disclosed to the Administrative Agent in writing, the Borrowers have
no knowledge or reason to believe that any Investment is no longer an Eligible Investment (provided, that if the Borrowers have
disclosed the foregoing to the Administrative Agent in writing, such Investment shall be excluded from the calculation of the
Available Commitment, but Borrower shall not be prohibited from such Borrowing upon satisfaction of the other conditions therefor).

 

6.3.        Additional
Borrowers. Borrowers may at any time request that Additional Borrowers be added as parties hereunder. The addition of such
Additional Borrower as a Borrower hereunder and for all purposes under the Loan Documents is subject to (i) consent of the Lenders,
in their reasonable discretion, and (ii) Administrative Agent’s receipt of the following documents and satisfaction of the
following conditions precedent (and upon the satisfaction of such requirements such Additional Borrower shall be a Borrower hereunder
and for all purposes under the Loan Documents):

 

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(a)        Additional
Borrower Joinder. An Additional Borrower Joinder, duly executed and delivered by the parties thereto, in form and substance
reasonably acceptable to the Lenders;

 

(b)        Filings.
(i) Satisfactory reports of searches of Filings in the jurisdiction of formation of such additional Borrower, copies of the
financing statements on file in such jurisdictions and evidence that no Liens on the Collateral exist (other than Permitted Liens),
or, if necessary, copies of proper financing statements, if any, filed on or before the date hereof necessary to terminate all
security interests and other rights of any Person in any Collateral previously granted and (ii) unfiled copies of each UCC-1
with respect to such additional Borrower as debtor and Administrative Agent as secured party reasonably satisfactory to Administrative
Agent with respect to the Collateral, to perfect Administrative Agent’s first priority security interest in the Collateral
(subject to Permitted Liens);

 

(c)        Responsible
Officer’s Certificates. A certificate from a Responsible Officer of such additional Borrower, in the form of Exhibit
D;

 

(d)        Constituent
Documents. True and complete copies of the Constituent Documents of such additional Borrower, together with certificates of
good standing, in each case certified by a Responsible Officer of such additional Borrower to be correct and complete copies thereof
and in effect on the date hereof;

 

(e)        Authority
Documents. Resolutions authorizing the entry into the transactions contemplated in the Loan Documents by such additional Borrower,
certified by a Responsible Officer as correct and complete copies thereof;

 

(f)         Incumbency
Certificate. From such Borrower, a signed certificate of a Responsible Officer, who shall certify the names of the Persons
authorized, on the date hereof, to sign each of the Loan Documents, together with the true signatures of each such Person; 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;

 

(g)        Opinions.
A favorable written opinion of counsel to such additional Borrower, in form and substance reasonably satisfactory to Administrative
Agent;

 

(h)        Investors.
Any new Investors (i.e., such Investors are not existing Investors in an existing
Borrower) of such additional Borrower shall be acceptable to Lenders in their reasonable discretion;

 

(i)         Investor
Documents. A copy of a duly executed Subscription Agreement and Side Letter (if applicable) of each Investor in such additional
Borrower;

 

(j)         Collateral
Accounts and Investment Collection Accounts. Such additional Borrower shall have entered into customary agreements or other
arrangements acceptable to Administrative Agent whereby such additional Borrower shall maintain the Collateral Account and Investment
Collection Account with the Account Bank or Administrative Agent, as applicable;

 

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(k)        Fees;
Costs and Expenses. Payment of all fees and other amounts due hereunder on or prior to the date hereof, and payment of all
reasonable expenses required to be reimbursed or paid by Borrowers hereunder, including the reasonable and documented fees and
disbursements of Cadwalader, Wickersham & Taft LLP and counsel to Administrative Agent in each applicable jurisdiction;

 

(l)         ERISA
Status. With respect to such additional Borrower, either (i) a written opinion of counsel to such additional Borrower, addressed
to Administrative Agent, reasonably acceptable to Administrative Agent and its counsel, stating that such additional Borrower
should qualify as an Operating Company (or a copy of such opinion addressed to certain or all of the Investors or another Borrower,
reasonably acceptable to Administrative Agent and its counsel, together with a reliance letter with respect thereto, addressed
to Administrative Agent); or (ii) a certificate, addressed to Administrative Agent, signed by a Responsible Officer of such additional
Borrower, stating that the underlying assets of such additional Borrower do not constitute Plan Assets because less than twenty-five
percent (25%) of the total value of each class of equity interests in such additional Borrower is held by “benefit plan
investors” within the meaning of Section 3(42) of ERISA; and

 

(m)       “Know-Your-Customer”
Information and Documents. Such documentation (including, without limitation, a Beneficial Ownership Certification in relation
to each Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation) requested
by the Lenders so that such additional Borrower is KYC Compliant prior to the date on which such additional Borrower is to be
added as an additional Borrower hereunder; and

 

(n)        Additional
Information. Administrative Agent shall have received such other information and documents as may reasonably be required by
any Lender. In addition, each Lender shall have completed to its reasonable satisfaction and in its reasonable discretion its
due diligence review of such additional Borrower.

 

Section
7.            REPRESENTATIONS AND WARRANTIES OF THE BORROWERS

 

To induce the Lenders
to make the Loans hereunder, Borrowers each hereby represents and warrants to Administrative Agent and the Lenders that:

 

7.1.        Organization
and Good Standing. Each Borrower is duly incorporated, organized, registered, validly existing and in good standing under
the laws of its jurisdiction of organization, formation, registration or incorporation, as applicable, has the requisite power
and authority to own its properties and assets and to carry on its business as now conducted, and 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 has the partnership, exempted limited partnership, limited liability company or corporate power,
as applicable, and requisite authority to execute, deliver, and perform its respective obligations under the Loan Documents to
be executed by it, its Constituent Documents, and its Subscription Agreements. Each Borrower is duly authorized to, and has taken
all partnership, exempted limited partnership, limited liability company or corporate action, as applicable, necessary to authorize
it to execute, deliver, and perform its obligations under the Loan Documents, its Constituent Documents, and the Subscription
Agreements, and is and will continue to be duly authorized to perform its obligations under the Loan Documents, its Constituent
Documents and the Subscription Agreements.

 

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7.3.        No
Conflicts or Consents. None of the execution and delivery of the Loan Documents, the consummation of any of the transactions
herein or therein contemplated, or the compliance with the terms and provisions hereof or thereof, will contravene or conflict,
in any material respect, with (a) any Applicable Law which the Borrower is subject, (b) any judgment, license, order or permit
applicable to the Borrower, (c) the Borrowers’ Constituent Documents or any Side Letter, or (d) any material indenture,
mortgage, contract, deed of trust or other agreement or instrument to which the Borrower is a party or by which the Borrower may
be bound or to which the Borrower may be subject. No consent, approval, authorization or order of any court or Governmental Authority,
Investor or third party is required in connection with the execution and delivery by the Borrower of the Loan Documents or to
consummate the transactions contemplated hereby or thereby, including its Constituent Documents, except, in each case, for that
which has already been obtained.

 

7.4.        Enforceable
Obligations. This Credit Agreement and the other Loan Documents to which each Borrower is a party are the legal and binding
obligations of such Borrower, enforceable in accordance with their respective terms, subject to Debtor Relief Laws and general
equitable principles (whether considered a proceeding in equity or at law).

 

7.5.        Priority
of Liens; Eligibility of Investments. The Loan Documents create, as security for the Obligations, valid and enforceable, perfected
first priority security interests in and Liens on all of the Collateral in favor of Administrative Agent, for the benefit of the
Lenders, subject to no other Liens (other than Permitted Liens), except as enforceability may be limited by Debtor Relief Laws
and general equitable principles (whether considered in a proceeding in equity or at law). Such security interests in and Liens
on such Collateral shall be superior to and prior to the rights of all third parties in such Collateral (subject to Permitted
Liens), and, other than in connection with any future change in the applicable Borrower’s name, identity or structure, or
its jurisdiction of organization, registration or incorporation, as the case may be, no further recordings or Filings are or will
be required in connection with the creation, perfection or enforcement of such security interests and Liens, other than the filing
of continuation statements in accordance with Applicable Law. Each Investment included as an Eligible Investment in any calculation
of the Available Commitment or other report was, in fact, to the knowledge of the Borrowers, an Eligible Investment as such time.

 

7.6.        Financial
Condition. Commencing after the first submission of the financial statements and reports as described in Section 8.1,
the Borrowers have delivered to Administrative Agent the most recently available copies of such financial statements and reports,
in each case which are true and correct in all material respects, and such financial statements fairly present in all material
respects the financial condition of such Borrower as of the applicable date of delivery.

 

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7.7.       Full
Disclosure. No written factual representation, warranty or other statement (other than general economic or industry data)
of any Borrower in any certificate or written statement given to Administrative Agent, as of the date such representation, warranty,
or other statement was made, taken together with all such written certificates and written statements given to Administrative
Agent, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained
in the certificates or statements not misleading in any material respect (it being recognized by Administrative Agent that the
projections and forecasts provided by the Borrowers in good faith and based upon reasonable assumptions and any statements with
respect to the collectability of, or risks or benefits associated with, any loan (whether or not such loan appears on the Watch
List) are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may
differ from the projected or forecasted results).

 

7.8.        No
Default. No event has occurred and is continuing which constitutes an Event of Default or, to the knowledge of the applicable
Borrower, a Potential Default.

 

7.9.        No
Litigation. (a) As of the Closing Date, there are no actions, suits, investigations or legal, equitable, arbitration or administrative
proceedings in any court or before any arbitrator or Governmental Authority (“Proceedings”) pending or, to
any Borrower’s knowledge, threatened, against any Borrower, other than any such Proceeding that has been disclosed in writing
by such Borrower to Administrative Agent, and (b) as of any date after the Closing Date, there are no such Proceedings pending,
or to any Borrower’s knowledge, threatened in writing by or against such Borrower that would reasonably be expected to result
in a Material Adverse Effect.

 

7.10.      Material
Adverse Change. No circumstances exist or changes to any Borrower have occurred since the date of the most recent financial
statements of such Borrower delivered to Administrative Agent which would reasonably be expected to result in a Material Adverse
Change.

 

7.11.      Taxes.
All U.S. federal income and other material tax returns, information statements and reports required to be filed by any Borrower
in any jurisdiction have been filed and all U.S. federal income and other material taxes, assessments, fees, and other governmental
charges upon such Borrower or upon any of its properties, income or franchises have been paid prior to the time that such taxes
become delinquent. There is no proposed material tax assessment against any Borrower or any basis for such assessment.

 

7.12.      Principal
Office; Jurisdiction of Formation. Each of the chief executive office, jurisdiction of formation or registration and principal
place of business of the Borrowers is correctly listed on Schedule I hereto.

 

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7.13.      ERISA.
Either (a) the underlying assets of each Borrower do not constitute “plan assets” within the meaning of the Plan
Asset Regulation because such Borrower qualifies as an “operating company” within the meaning of the Plan Asset Regulation
or (b) “Benefit Plan Investors” (as defined in Section 3(42) of ERISA) hold less than twenty-five percent (25.0%)
of each class of equity interests in such Borrower (calculated in accordance with Section 3(42) of ERISA) and, accordingly, the
underlying assets of such Borrower do not constitute “plan assets” within the meaning of the Plan Asset Regulation.
Assuming that no portion of any Borrowing is or has been funded with “plan assets” (within the meaning of the Plan
Asset Regulation) of any Plan, unless Administrative Agent and the Lenders relied on an available prohibited transaction exemption,
all of the conditions of which are satisfied, the execution, delivery and performance of this Credit Agreement and the other Loan
Documents by each Borrower, the enforcement of the Obligations in accordance with the terms of this Credit Agreement and the other
Loan Documents, and the borrowing and repayment of amounts under this Credit Agreement, do not constitute a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A) - (D) of the Internal Revenue Code. No Borrower nor any member
of any Borrower’s Controlled Group has established, maintains or has any obligation to contribute to any Plan, except as
could not reasonably be expected to result in a material adverse effect on the business or operations of such Borrower.

 

7.14.      Compliance
with Law. Each Borrower is in compliance with all Applicable Laws, including, without limitation, Environmental Laws, except
where non-compliance would not be reasonably likely to have a Material Adverse Effect.

 

7.15.      Capital
Commitments and Contributions. As of the Closing Date, all the Investors and their Capital Commitments and Uncalled Capital
Commitments are set forth on Exhibit A. No Capital Calls have been delivered to the Investors other than those disclosed
to Administrative Agent. Pursuant to the applicable Operative Document, Subscription Agreements and Side Letters, each Capital
Commitment may be subject to a Capital Call for paying the Obligations (without meeting any special conditions, including the
use of any Loan or the timing of any Borrowing) at any time, without regard to the termination or expiration of the Commitment
Period.

 

7.16.      Fiscal
Year. The fiscal year of such Borrower ends on September 30 in each year.

 

7.17.      Investor
Documents. Each Investor has executed a Subscription Agreement which has been provided to Administrative Agent. Each Side
Letter that has been entered into by such Investor has been provided to Administrative Agent. For each Investor, (i) the applicable
Operative Document and its Subscription Agreement (and any related Side Letter) set forth its entire agreement regarding its Capital
Commitment and (ii) no changes, modifications, amendments or waivers were otherwise made to the applicable Operative Document,
form Subscription Agreement attached hereto, or any related Side Letter.

 

7.18.      Margin
Stock. No Borrower is engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock,
and no proceeds of any Loan will be used: (a) to purchase or carry any Margin Stock or to extend credit to others for the purpose
of purchasing or carrying any Margin Stock; (b) to reduce or retire any Indebtedness which was originally incurred to purchase
or carry any such Margin Stock; or (c) for any other purpose which, in each of the foregoing clauses (a), (b) and (c), would result
in a violation of Regulation T, U or X. No Borrower nor any Person acting on behalf of the Borrowers has taken or will take any
action which might cause any Loan Document to violate Regulation T, U or X or any other regulation of the Board of Governors of
the Federal Reserve System or to violate Section 7 of the Securities Exchange Act, in each case as now in effect or as the same
may hereafter be in effect. No Loan will be secured at any time by, and the Collateral in which any Borrower has granted to Administrative
Agent, for the benefit of each of Administrative Agent and the Lenders, a security interest and Lien pursuant to the Loan Documents
will not contain at any time any Margin Stock.

 

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7.19.      Investment
Company Act. Other than the Initial Borrower, which is an “investment company” that has elected to be regulated
as a “business development company” within the meaning of the Investment Company Act of 1940, as amended, no Borrower
is required to be registered as an “investment company” as defined in the Investment Company Act of 1940, as amended.

 

7.20.      No
Defenses. No Borrower knows of any default or circumstance which with the passage of time and/or giving of notice, could constitute
a breach or default under its Constituent Documents, any Subscription Agreement or Side Letter which would constitute a defense
to the obligation of any Investor to make Capital Contributions, or has any knowledge of any claims of offset or any other claims
of any Investor against a Borrower which could diminish or adversely affect the obligations of such Investor to fund Capital Calls.

 

7.21.      No
Withdrawals or Reductions of Capital Commitments. No Investor has withdrawn or reduced such Investor’s Capital Commitment
for any reason other than (a) expiration of such Capital Commitment at scheduled maturity as provided in its Subscription Documents
and (b) transfers to such Investor’s Affiliates as expressly permitted under the Constituent Documents of the applicable
Borrower.

 

7.22.      Sanctions.
No Borrower nor any subsidiary, director or officer thereof, or to such Borrower’s actual knowledge, any Affiliate,
any Investor or any agent or employee of a Borrower, is a Person that is, or is owned or controlled by a Person that is (a) currently
the subject of any Sanctions or is otherwise a Sanctioned Person, (b) located, organized or resident of a country or territory
that is, or whose government is, a Sanctioned Country or is otherwise subject to Sanctions, or (c) has more than ten percent (10%)
of its assets in Sanctioned countries or derives more than ten percent (10%) of its revenues or profits from investments in or
transactions with Sanctioned Persons or Sanctioned Countries. Each Borrower has implemented and maintains in effect policies and
procedures designed to ensure compliance by such Borrower, its Subsidiaries and their respective directors, officers, employees
and agents with Anti-Corruption Laws, Sanctions Laws and applicable Sanctions, and such Borrower, its Subsidiaries and their respective
officers and employees, and to the knowledge of such Borrower, its directors and agents, are in compliance with Anti-Corruption
Laws, Sanctions Laws, and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would
reasonably be expected to result in such Borrower being designated as a Sanctioned Person. None of (a) any Borrower, any Subsidiary
or any of their respective directors, officers or employees, or (b) to the knowledge of any such Borrower or Subsidiary, any agent
of such Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established
hereby, is a Sanctioned Person. No Borrowing, use of proceeds or other transaction contemplated by this Credit Agreement will
violate Anti-Corruption Laws, Sanctions Laws or applicable Sanctions. To each Borrower’s actual knowledge, no Investor’s
funds used in connection with this transaction are derived from illegal or suspicious activities.

 

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7.23.      Insider.
No Borrower is an “executive officer,” “director,” or “person who directly or indirectly or
acting through or in concert with one or more persons owns, controls, or has the power to vote more than ten percent (10%) of
any class of voting securities” (as those terms are defined in 12 U.S.C. §375b or in regulations promulgated pursuant
thereto) of any Lender, of a bank holding company of which any Lender is a subsidiary, or of any subsidiary of a bank holding
company of which any Lender is a subsidiary.

 

7.24.      Financial
Condition. Each Borrower is Solvent.

 

7.25.      Other
Investment Vehicles. Other than as disclosed to Administrative Agent and the Lenders in writing, no Alternative Investment
Vehicles have been formed.

 

7.26.      Borrowing
Base Certificate and Investment Report. The Borrowing Base Certificate and, in the case of Additional Borrowers, the Investment
Report, as each may be updated in writing from time to time by the applicable Borrowers, is, to the knowledge of the applicable
Borrower, true and correct in all material respects.

 

Section
8.            AFFIRMATIVE COVENANTS OF THE BORROWERS

 

So long as the Commitments
remain outstanding and until payment and performance in full of the outstanding Obligations, each Borrower agrees that:

 

8.1.        Financial
Statements, Reports and Notices. The Borrowers shall deliver to Administrative Agent, and promptly upon receipt thereof, Administrative
Agent will provide copies thereof to all Lenders, in each case via physical copies or an electronic or other communication data
room or medium as Administrative Agent may reasonably request, the following:

 

(a)        Financial
Reports.

 

(i)          Annual
Reports. As soon as available, but no later than one hundred eighty (180) days after the end of each fiscal year for Borrowers,
(A) the audited balance sheet and related statements of operations, income, partners’ equity and cash flows of the Borrowers
as of the end of and for such year, setting forth in each case in comparative form (if applicable) the figures for the previous
fiscal year, all reported on by a firm of nationally recognized independent certified public accountants of recognized national
standing (without a “going concern” or like qualification or exception and without any qualification or exception as
to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the
financial condition and results of operations of Borrowers on a consolidated basis in accordance with GAAP, (B) a copy of all financial
reports and statements, and any notes thereon, delivered to the Investors during such fiscal year not previously delivered to Administrative
Agent, (C) a schedule of the current face value of all Investments, (D) a Watch List and (E) when Additional Borrowers are party
to this Credit Agreement, an Investment Report.

 

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(ii)         Quarterly
Reports. As soon as available, but no later than one hundred twenty (120) days after the end of each of the first three fiscal
quarters of each fiscal year of Borrowers, (A) the unaudited balance sheet and related statements of operations, income, schedule
of investments, partners’ equity and cash flows of Borrowers as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year; provided that the financial statements delivered for the first (1st) fiscal quarter
of each year may be preliminary in nature, with final financial statements for such fiscal quarter being delivered with the annual
financial statements for the prior fiscal year as required pursuant to Section 8.1(a)(i), (B) a copy of all financial reports
and statements, and any notes thereon, delivered to the Investors during such fiscal quarter, (C) a schedule of the current face
value of all Investments, (D) a Watch List and (E) when Additional Borrowers are party to this Credit Agreement, an Investment
Report.

 

Information required
to be delivered pursuant to this Section 8.1(a) shall be deemed to have been delivered if such information, or one or more annual
or quarterly reports containing such information, shall be available on the website of the SEC at http://www.sec.gov and the applicable
Borrower informs the Administrative Agent that such information has been posted.

 

(b)        Compliance
Certificate. As soon as available, but no later than the date any financial statements are due pursuant to Section 8.1(a),
a compliance certificate in the form of Exhibit C hereto (the “Compliance Certificate”), certified by
a Responsible Officer of Borrowers to be true and correct, (i) stating whether any Event of Default or, to the knowledge of the
applicable Borrower, any Potential Default exists, (ii) stating whether, to the knowledge of the applicable Borrower, Borrowers
are in full compliance with all the terms and conditions of the Loan Documents, and setting forth a summary of calculations demonstrating
compliance with the financial covenants set forth herein, and (iii) providing such other information as Administrative Agent may
reasonably request.

 

(c)        Capital
Calls. (i) Within ten (10) days after the issuance of each Capital Call, the applicable Borrowers shall notify Administrative
Agent of the timing and amount of such Capital Call and the aggregate amount of Uncalled Capital Commitments of the Investors
and (ii) Borrowers shall promptly notify Administrative Agent of the identity of any Investor that fails to fund such Capital
Call within thirty (30) days after the date such Capital Call is due (without regard to any additional cure or notice periods).

 

(d)        Notice
of Default. Within two (2) Business Days of becoming aware of the existence of an Event of Default or Potential Default, the
Borrowers shall furnish Administrative Agent a written notice specifying the nature and period of existence thereof and any action
being taken with respect thereto.

 

(e)        Investor
and Eligible Investment Events. Applicable Borrowers shall promptly notify Administrative Agent: (i) if, to the knowledge
of such Borrower, any Investor has become a Defaulting Investor, (ii) if any Investor has provided a notice of withdrawal or request
for excuse or exemption, (iii) of any transfer of any such Investor’s interest in a Borrower, (iv) if a new Investor acquires
an interest in such Borrower after the Closing Date, or (v) if, to the knowledge of such Borrower, any Eligible Investment no
longer meets the criteria of being an Eligible Investment. Applicable Borrowers shall, no later than thirty (30) days prior to
the expiration of the Commitment Period of any Investor, notify the Administrative Agent of the expiration thereof.

 

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(f)         Structure
Chart. If any Alternative Investment Vehicle is formed, Borrowers will promptly deliver an updated fund structure chart to
Administrative Agent.

 

(g)        ERISA
Certification. Prior to admitting one or more ERISA Investors which would result in twenty-five percent (25%) or more of the
total value of any class of equity interests in a Borrower being held by “benefit plan investors” within the meaning
of Section 3(42) of ERISA, such Borrower shall deliver a favorable written opinion of counsel addressed to Lenders and reasonably
acceptable to Administrative Agent, regarding the status of such Borrower as an Operating Company (or a copy of such opinion addressed
to the Investors or another Borrower, reasonably acceptable to Administrative Agent and its counsel, together with a reliance
letter with respect thereto, addressed to Administrative Agent).

 

(h)        Commitment
Period. Applicable Borrowers shall promptly notify Administrative Agent of the expiration, termination or suspension of the
Commitment Period, or any liquidation, winding up or dissolution of any such Borrower.

 

(i)         Litigation.
Within five (5) days after the applicable Borrower’s receipt of notice thereof, Borrowers shall notify Administrative
Agent of any Proceedings pending or threatened in writing against a Borrower that could, individually or in the aggregate, be
reasonably likely to result in a Material Adverse Effect.

 

(j)         Other
Reporting. Concurrently with the delivery to two or more unaffiliated Investors, copies of all other material (i) financial
statements, (ii) appraisal reports, (iii) performance reports, (iv) notices, and (v) other matters at any time or from time to
time furnished to the Investors.

 

(k)        Recallable
Capital Notice. Promptly after the delivery to any Investor, notice of any distribution to any Investor that is Recallable
Capital (it being agreed that any amounts distributed to any Investor constituting Recallable Capital shall be acknowledged by
the Borrowers as being subject to recall as a Capital Contribution pursuant to the applicable Subscription Agreement) along with
a revised Borrowing Base Certificate.

 

(l)         New
Investors or Amended Investor Documents. Promptly after the execution thereof, applicable Borrowers shall deliver to Administrative
Agent: (i) copies of the Subscription Agreement (and any related Side Letter) of any new Investor admitted after the Closing Date;
(ii) any transfer documentation of any new Investor admitted after the Closing Date; (iii) written evidence of any increase or
decrease in the Capital Commitment of any Investor; and (iv) any amendments to any Investor’s Side Letter.

 

(m)       Federal
Reserve Form U-1. Whenever required to ensure compliance with Regulations T, U and X and upon the reasonable request of Administrative
Agent, a statement in conformity with the requirements of Federal Reserve Form U-1 referred to in Regulation U and any other notice
or form required under Regulation U.

 

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(n)        Borrowing
Base Certificate and Investment Report. The applicable Borrower will provide an updated Borrowing Base Certificate and, in
the case of an Additional Borrower, an Investment Report certified by a Responsible Officer of such Borrower to be true and correct
in all material respects setting forth a calculation of the Available Commitment in reasonable detail at each of the following
times: (i) concurrently with each Compliance Certificate; (ii) in connection with any new Borrowing; (iii) concurrently with notice
of the issuance of any Capital Calls by such Borrower to the Investors in accordance with Section 8.1(c); (iv) concurrently with
notice of any distribution that gives rise to Recallable Capital in accordance with Section 8.1(k), (v) within three (3) Business
Days after acquiring knowledge of any Investor Exclusion Event or that any Eligible Investment no longer meets the criteria of
being an Eligible Investment; and (vi) within three (3) Business Days of any Borrower having knowledge of any other event that
reduces the Available Commitment (such as, by way of example, a deemed capital contribution).

 

(o)         Other
Information.  Such other information concerning the business, properties, or financial condition of the Borrowers as Administrative
Agent shall reasonably request.

 

(p)         Beneficial
Ownership Information. Applicable
Borrowers shall provide Administrative Agent with prompt written notice of any changes to the beneficial ownership information
set out on the CDD Attestation delivered to Administrative Agent by the Initial Borrower on the Closing Date (and with respect
to any other applicable Borrower, the date such Borrower joins the Credit Agreement pursuant to Section 6.3). Borrowers
understand and acknowledge that Administrative Agent and the Lenders rely on such true, accurate and up-to-date beneficial ownership
information to meet Administrative Agent’s and the Lenders’ regulatory obligations to obtain, verify and record information
about the beneficial owners of its legal entity customers.

 

8.2.        Payment
of Obligations. Each Borrower shall pay and discharge all Indebtedness and other obligations, including all taxes, assessments,
and governmental charges or levies imposed upon it, before any such obligation becomes delinquent, if such failure could reasonably
be expected to result in a Material Adverse Effect; provided that such Borrower shall not be required to pay any tax, assessment,
charge, or levy if the amount, applicability, or validity thereof shall be contested in good faith by adequate proceedings and
adequate reserves therefor have been established in accordance with GAAP.

 

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.        Books
and Records; Access. Following at least five (5) Business Days prior written notice, each Borrower shall give Administrative
Agent access during ordinary business hours to visit its premises, 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 and to discuss its affairs, finances and condition with its officers; provided that, such access shall
be limited to one time in each calendar year except upon the occurrence or during the continuance of an Event of Default.

 

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8.5.        Compliance
with Law. Each Borrower shall observe and comply with all Applicable Laws and all orders of any Governmental Authority, including
without limitation, Environmental Laws, Anti-Terrorism Laws and ERISA, and maintain in full force and effect all material Governmental
Approvals applicable to the conduct of its business, in each case except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect.

 

8.6.        Authorizations
and Approvals. Each Borrower shall promptly obtain, from time to time at its own expense, all such Governmental Approvals
as may be required to enable such Borrower to comply with its obligations, under the Loan Documents and its Constituent Documents,
and to conduct its business in the customary fashion.

 

8.7.        Maintenance
of Liens. Each Borrower shall perform all such acts and execute all such documents as Administrative Agent may reasonably
request in order to enable Administrative Agent and the Lenders to file and record every instrument that Administrative Agent
may deem necessary in order to perfect and maintain Administrative Agent’s first priority Liens on the Collateral (subject
to Permitted Liens).

 

8.8.        Compliance
with Constituent Documents. Each Borrower shall fully comply with all applicable material provisions of the Constituent Documents
of the Borrowers and Guarantors and all Side Letters.

 

8.9.        Investor
Default. At all times when an Event of Default has occurred and is continuing, if any applicable Investor is delinquent funding
a Capital Call or otherwise in breach of any of its obligations to any Borrower, then such Borrower shall exercise its available
remedies as to such Investor (other than the delivery of a defaulted payment notice) only with the written consent of Administrative
Agent.

 

8.10.      Solvency.
Each Borrower shall be Solvent.

 

8.11.      Accounts.
Applicable Borrowers shall maintain (i) their Collateral Account at the Account Bank, and (ii) their Investment Collection
Account at the Administrative Agent.

 

8.12.      Sanctions.
Each Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by such Borrower,
their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Sanctions
Laws and applicable Sanctions.

 

8.13.      Taxes.
Each Borrower will timely file, inclusive of any extensions, all U.S. federal income and other material tax returns, information
statements and reports required to be filed by it in any jurisdiction and will pay all U.S. federal income and other material
taxes, assessments, fees, and other governmental charges upon such Borrower or upon any of its properties, income or franchises
paid prior to the time that such taxes become delinquent, inclusive of any extensions.

 

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8.14.      Insurance.
Each Borrower shall maintain, with financially sound and reputable insurance companies, liability insurance, and insurance
on its present and future businesses against such casualties, risks, and contingencies, and in such types and amounts, as are
consistent with customary practices and standards of its industry in the same or similar locations.

 

8.15.      Authorization
and Power. Each Borrower is and will continue to be duly authorized to perform its obligations under the Loan Documents, its
Constituent Documents and its Subscription Agreements.

 

8.16.      Further
Assurances. Each Borrower shall make, execute or endorse, and acknowledge and deliver or file or cause the same to be done,
all such vouchers, invoices, notices, certifications, and additional agreements, undertakings, conveyances, transfers, assignments,
financing statements, or other assurances, and shall take any and all such other action, as Administrative Agent may, from time
to time, reasonably deem necessary or desirable in connection with the Credit Agreement or any of the other Loan Documents, the
obligations of the Borrowers hereunder or thereunder for better assuring and confirming unto Administrative Agent all or any part
of the security for any of such obligations.

 

8.17.      Inspection
of Investment Documents. From time to time at the request of the Administrative Agent and following at least fourteen (14)
days prior written notice by the Administrative Agent, each Additional Borrower shall give Administrative Agent access to its
Investment Documents.

 

Section
9.            NEGATIVE COVENANTS

 

So long as the Commitments
remain outstanding and until payment and performance in full of the outstanding Obligations, each Borrower agrees that:

 

9.1.        Borrower
Information. No Borrower shall change its name, jurisdiction of formation or registration and/or principal place of business
without providing prior written notice to Administrative Agent.

 

9.2.        Mergers,
Etc. No Borrower shall take any action (a) to merge or consolidate with or into any Person, unless a Borrower is the surviving
entity, or (b) that will dissolve or terminate such Borrower (other than liquidation into a Borrower).

 

9.3.        Negative
Pledge. No Borrower shall create, permit or suffer to exist any Lien (whether based on common law, statute, other law or contract
and whether junior or equal or superior in priority to the Liens created by the Loan Documents) upon the Collateral, other than
Permitted Liens.

 

9.4.        Admission
of Investors.

 

(a)         Transfers
or Withdrawals by Investors. The Borrowers shall not permit the transfer or withdrawal by Investors (individually or in the
aggregate) of more than ten percent (10%) of the aggregate Capital Commitments (other than upon expiration of such Capital Commitments
at scheduled maturity as provided in the Subscription Documents) without obtaining the written consent of Administrative Agent.

 

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(b)        Admission
of Investors; Sanctions Compliance. The Borrowers shall not permit (i) the admission of an Investor in Borrower or (ii) the
transfer of any Investor’s interest in Borrower, in each case to a Person which, to any Borrower’s actual knowledge,
is named on a list published by OFAC or is a Person with whom dealings are prohibited under any Sanctions Law or applicable Sanctions.

 

9.5.        Constituent
Documents. No Borrower shall alter, amend, modify, terminate, or change any provision of its Constituent Documents, any Subscription
Agreement or any Side Letter or enter any new Side Letter (each, a “Proposed Amendment”) if such Proposed Amendment
would (a) affect the Borrower’s or any Investor’s debts, duties, obligations, and liabilities, or the rights, titles,
security interests, Liens, powers and privileges of such Person (as applicable), in each case, relating to any Capital Calls,
Capital Contributions, Capital Commitments, Pending Capital Calls, Uncalled Capital Commitments that constitutes Collateral, or
any other Collateral or any time period applicable thereto; (b) suspend, reduce or terminate any Investor’s Uncalled Capital
Commitments or obligation to fund Capital Calls that constitutes Collateral; or (c) otherwise have a material adverse effect on
the rights, titles, first priority security interests and Liens, and powers and privileges of the Lenders hereunder (each, a “Material
Amendment”). With respect to any Proposed Amendment by a Borrower or Guarantor, such Borrower or Guarantor, as applicable,
shall notify Administrative Agent of such proposal. Administrative Agent shall within five (5) Business Days of such notification
inform Borrowers whether or not such Proposed Amendment would constitute a Material Amendment. In the event that Administrative
Agent determines that such Proposed Amendment is a Material Amendment, the approval of all Lenders shall be required. Proposed
Amendments that are not Material Amendments do not require Administrative Agent or Lender consent. Copies of all executed amendments
and new Side Letters will be promptly provided to Administrative Agent.

 

Notwithstanding anything
to the contrary in the preceding paragraph, to the extent any amendment is being made to the Operative Documents of the Initial
Borrower pursuant to a review by the Initial Borrower’s board of directors pursuant to the Investment Company Act of 1940,
as amended, and it is impractical for the Initial Borrower to obtain the Administrative Agent’s and Lenders’ prior
review and/or approval of such amendment pursuant to the preceding paragraph, Borrower may consummate such amendment without such
prior review or consent; provided, however, that (i) such amendment is not a Material Amendment, and (ii) the Initial
Borrower shall promptly (but in any event within five (5) Business Days of the effectiveness of such amendment) provide a copy
of the executed amendment to the Administrative Agent for the Administrative Agent to determine whether such proposed amendment
constitutes a Material Amendment.

 

9.6.        Status
of BDC. The Initial Borrower shall at all times maintain its status as a “business development company” under
the Investment Company Act of 1940, as amended.

 

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9.7.        Certain
Restrictions on Subsidiaries. The Borrowers will not permit any of their Subsidiaries to enter into or suffer to exist any
indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits or restrains, in each case
in any material respect, or imposes materially adverse conditions upon, the incurrence or payment of Indebtedness, the granting
of Liens, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments or the sale, assignment,
transfer or other disposition of property; provided that the foregoing shall not apply to (i) indentures, agreements, instruments
or other arrangements pertaining to Permitted Indebtedness (provided that such restrictions would not adversely affect
the exercise of rights or remedies of the Lenders hereunder or under any other Loan Document or restrict any Subsidiary in any
manner from performing its obligations under the Loan Documents) and (ii) indentures, agreements, instruments or other arrangements
pertaining to any lease, sale or other disposition of any asset or Lien permitted by this Credit Agreement on such asset so long
as the applicable restrictions only apply to such assets.  

 

9.8.        Alternative
Investment Vehicles. The Borrowers shall not (a) transfer the Uncalled Capital Commitment of any Investor to any Alternative
Investment Vehicle or similar vehicle; or (b) cause Capital Contributions to be made or directed to an Alternative Investment
Vehicle or similar vehicle, in each case, unless such Alternative Investment Vehicle or similar vehicle has joined the Credit
Facility as an Additional Borrower or a Guarantor in accordance with the terms hereof. The Borrowers shall not cause Capital Contributions
to be made to any Affiliate of a Borrower that is not a Borrower hereunder or directly to any Investment.

 

9.9.        Limitation
on Indebtedness. Borrowers shall not incur Indebtedness, or permit any Special Purpose Entity to do so (to the extent such
Indebtedness of such Special Purpose Entity is recourse to the Borrower), other than the Indebtedness pursuant to the Credit Facility
and Permitted Indebtedness.

 

9.10.      Capital
Commitments. No Borrower shall relieve, excuse, delay, postpone, compromise or abate any Investor from the making of any Capital
Contribution pursuant to a Capital Call by the applicable Borrower, provided that the Borrowers may excuse any Investor from funding
a Capital Call with respect to which an Investor Exclusion Event applies.

 

9.11.      Capital
Calls. Except as set forth in the Constituent Documents and the Side Letters, no Borrower shall make any contractual agreement
which shall restrict, limit, penalize or control its ability to make Capital Calls or the timing thereof.

 

9.12.      ERISA
Compliance. No Borrower shall fail to satisfy an exception under the Plan Asset Regulation which failure causes the assets
of such Borrower to be deemed “plan assets” within the meaning of the Plan Asset Regulation. No Borrower shall take
any action, or omit to take any action, which would give rise to a non-exempt prohibited transaction under Section 4975(c)(1)(A)
- (D) of the Internal Revenue Code or Section 406(a) of ERISA that would subject Administrative Agent or the Lenders to any tax,
penalty, damages or any other claim or relief under the Internal Revenue Code or ERISA with respect to transactions contemplated
by this Credit Agreement and the other Loan Documents. The covenant in the immediately preceding sentence is being given on the
assumption that no portion of a Borrowing shall be funded with “plan assets” within the meaning of the Plan Asset
Regulation of any Plan, unless Administrative Agent and the Lenders relied on an available prohibited transaction exemption, all
of the conditions of which are satisfied. No Borrower nor any member of any Borrower’s Controlled Group shall establish,
maintain or have any obligation to contribute to any Plan, except as could not reasonably be expected to result in a material
adverse effect on the business or operations of such Borrower.

 

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9.13.      Limitations
on Distributions. No Borrower shall make, pay or declare any Distribution (as defined below) at any time that (i) an Event
of Default or Potential Default under Section 10.1(a) or (h) has occurred and is continuing, (ii) the Borrowers fail to be in
compliance with the financial covenant contained in Section 9.24 either immediately before or after giving effect to such
Distribution or (iii) a mandatory prepayment has been triggered pursuant to Section 3.4(b) that is unpaid; provided
that any Additional Borrower may, at any time, make Distributions solely to another Borrower. “Distribution”
means any distributions (whether or not in cash) on account of any equity interest in any Borrower, including as a dividend or
other distribution.

 

9.14.      Limitation
on Withdrawals from Collateral Account and Investment Collection Account. Without the prior written consent of Administrative
Agent, no Borrower shall withdraw or transfer funds from the Collateral Account or the Investment Collection Account if it has
actual knowledge that an Event of Default has occurred and is continuing or a mandatory prepayment has been triggered pursuant
to Section 3.4(b) that is unpaid (other than the withdrawal of Excluded Amounts and amounts applied to the payment of Obligations).
No Borrower shall make or cause the making of any withdrawal or transfer of funds from any Investment Collection Account at a
time when the Borrower has not provided a Borrowing Base Certificate or Investment Report required by Section 8.1(n), unless
such Borrower provides the Administrative Agent with advance written notice of such withdrawal or transfer.

 

9.15.      Transactions
with Affiliates. No Borrower shall sell, lease or otherwise transfer any of its property or assets to, or purchase, lease
or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except
(a) transactions in the ordinary course of business at prices and on terms and conditions not less favorable to such Borrower
than could be obtained in an arm’s length transaction with a non-affiliated Person and (b) operations in accordance with
the Investment Advisory Agreement and the Administration Agreement.

 

9.16.      Investment
Company. Other than the Initial Borrower, which is an “investment company” that has elected to be regulated as
a “business development company” within the meaning of the Investment Company Act of 1940, as amended, no Borrower
shall become required to be registered as an “investment company” as defined in the Investment Company Act of 1940,
as amended.

 

9.17.      Deemed
Capital Contributions. The applicable Borrowers shall not reinvest current cash flow received by them from Investments and/or
net proceeds from Investment dispositions if (a) it has actual knowledge that an Event of Default has occurred and is continuing
or (b) such reinvestment would reduce the Unfunded Capital Commitment of any Investor and thereby trigger a mandatory prepayment
under Section 3.4(b), including by causing the Dollar Equivalent of the Principal
Obligations to exceed the Available Commitment, unless with respect to this clause (b), prior to such reinvestment, Borrowers
shall first make any resulting prepayment required under Section 3.4(b).

 

9.18.      Transactions
with Lenders or Affiliates. Unless disclosed to Administrative Agent in the applicable Request for Borrowing and approved
by Administrative Agent and any applicable Lender in their sole discretion, Borrowers shall not knowingly cause or permit the
funds received from any Lender hereunder to be used to acquire an asset from, or otherwise used for the benefit of, or transferred
to, any Lender’s “affiliate” as such term is defined in Regulation W, 12 C.F.R. Part 223.

 

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9.19.      Investor
Liens. No Borrower will consent to any Investor creating, permitting or suffering to exist any Lien on such Investor’s
partnership interest in a Borrower.

 

9.20.      Limitation
on Investments. No Borrower will make Investments other than in compliance with its Operative Documents. No Additional Borrower
will: (i) commit to sell, assign, transfer or otherwise dispose of, (ii) sell, assign, transfer or otherwise dispose of, or (iii)
designate in writing that an Investment is no longer an Eligible Investment, unless, in each of the foregoing cases, the Dollar
Equivalent of the Principal Obligations do not exceed the Available Commitment after giving effect thereto (including
application of the proceeds of any such sale, assignment, transfer or other disposition) or sufficient replacement Collateral
that satisfies the definition of Eligible Investment is pledged to the Administrative Agent as determined in the sole discretion
of the Administrative Agent exercised in its commercially reasonable judgment.

 

9.21.      Use
of Proceeds; Sanctions. (a) No part of the proceeds of any Loan will be used by any Borrower for any purpose that entails
a violation of any of the Regulations of the Board of Governors of the Federal Reserve System, including Regulation T, Regulation
U and Regulation X and (b) the applicable Borrower will not request any Borrowing, and Borrower shall not use, and shall procure
that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any
Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything
else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities,
businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or
in a European Union member state, or (iii) in any manner that would result in the violation of any Sanctions applicable to any
party hereto.

 

9.22.      No
Cancellations, Withdrawals or Reductions of Capital Commitments. Without Administrative Agent’s prior written consent,
no applicable Borrower shall cancel, withdraw or reduce any Investor’s Capital Commitment, or permit any Investor to cancel,
withdraw or reduce such Investor’s Capital Commitment, for any reason, but not including any cancellation, withdrawal or
reduction effected by means of a transfer of such Investor’s interest pursuant to Section 7(o)(iv) of the form Subscription
Agreement.

 

9.23.      Net
Asset Value. The Additional Borrowers shall not permit, as of the last day of any fiscal quarter, the Fair Market Value of
the aggregate Eligible Investments to be less than seventy-five percent (75%) of the aggregate Cost Basis of such Eligible Investments
and such failure shall not be cured within ten (10) Business Days by designating that certain Investments will no longer constitute
Eligible Investments and the repayment of any amounts required by Section 3.4(b).

 

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9.24.      Debt
Coverage Test. The Borrowers shall not permit, at any time, their “asset coverage” ratio for purposes of applicable
laws and regulations applicable to the Initial Borrower’s status as a “business development company” under the
Investment Company Act of 1940, as amended, to be less than the amount required to be maintained by the Initial Borrower under
such laws and regulations. For the avoidance of doubt, as of the Closing Date, the “asset coverage” requirement for
the Initial Borrower under such laws and regulations is 2:1.

 

9.25.      Investor
Documents. The Borrowers, the Investment Adviser or any of the Covered Associates (as such term is used and defined in the
applicable Operative Document and/or Side Letters) shall not permit, at any time, the Borrowers, the Investment Adviser or any
of the Covered Associates to make any Contribution (as such term is used and defined in the applicable Operative Document and/or
Side Letters) or coordinate or solicit any person or political action committee to make any Contribution to, the (a) Governor
of the State of Ohio; (b) Treasurer of the State of Ohio, (c) Speaker of the Ohio House of Representatives; or (d) President of
the Ohio Senate, other than as permitted by Rule 206(4)-5 under the Investment Advisers Act of 1940, as amended.

 

Section
10.          EVENTS OF DEFAULT

 

10.1.      Events
of Default. An “Event of Default” shall exist if any one or more of the following events (collectively,
“Events of Default”) shall occur:

 

(a)        the
applicable Borrowers shall fail to pay when due (i) any Principal Obligations, including, without limitation, any failure to pay
any amount required under Section 3.4(b); or (ii) any interest or any fee, expense, indemnity or other payment required
under any Loan Document, and such failure under this clause (ii) shall continue for three (3) Business Days;

 

(b)        any
representation or warranty made or deemed made by or on behalf of the Borrowers under any Loan Document, or in any certificate
or statement furnished or made by the Borrowers to induce Administrative Agent and/or any Lender to enter into this Credit Agreement
or any other Loan Documents, shall prove to be untrue or inaccurate in any material respect as of the date made;

 

(c)        default
shall occur in the performance of: (i) any of the covenants or agreements contained herein (other than the covenants contained
in Sections 3.4(b), 8.1, 8.3 and Sections 9.1 through 9.25) by the Borrowers; or (ii) the covenants
or agreements of the Borrowers contained in any other Loan Documents executed by such Person, and in each case, if such default
is susceptible to cure, such default shall continue uncured for thirty (30) days;

 

(d)        default
shall occur in the performance of any of the covenants or agreements of any Borrower contained in any one of Section 8.3,
or Sections 9.1 through 9.25;

 

(e)        default
shall occur in the performance of any of the covenants or agreements of any Borrower contained in Section 8.1 and such default
shall continue uncured for five (5) Business Days;

 

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(f)         any
of the Loan Documents executed by the Borrowers: (i) shall cease, in whole or in part, to be legal, valid, binding agreements enforceable
against the Borrowers, as the case may be, in accordance with the terms thereof (except as enforceability may be limited by Debtor
Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law)); (ii) shall in any way be
terminated or become or be declared ineffective or inoperative (except as enforceability may be limited by Debtor Relief Laws and
general equitable principles (whether considered in a proceeding in equity or at law); or (iii) shall in any way whatsoever cease
to give or provide the respective first priority Liens, security interest, rights, titles, interest, remedies, powers, or privileges
intended to be created thereby;

 

(g)        any
Borrower shall be in default of its obligations under any Indebtedness in excess of $1,000,000;

 

(h)        any
Borrower, the Investment Adviser or the Administrator shall become a debtor under any Debtor Relief Law;

 

(i)         any
final judgment(s) for the payment of money in excess of $1,000,000 in the aggregate shall be rendered against any Borrower alone
or against one or more of the Borrowers and such judgment shall remain undischarged for a period of ten (10) days unless (i) execution
is effectively stayed, (ii) such judgment is covered by insurance, or (iii) a bond or cash collateral is posted with the court
against such judgment (and any related Lien is removed);

 

(j)         [reserved];

 

(k)        Investors
having Capital Commitments aggregating ten percent (10%) or greater of the total Capital Commitments of Investors shall default
in their obligation to fund any Capital Call when due and such failure shall not be cured within thirty (30) Business Days (without
regard to any cure or notice periods in the Subscription Agreements);

 

(l)         the
applicable Investment Adviser or any Investor that is an Affiliate thereof or of Borrower (i) fails to fund any Capital Call when
due and such failure shall not be cured within thirty (30) days (without regard to any cure or notice periods contained in the
Subscription Agreements); or (ii) shall repudiate, challenge, or declare unenforceable its Capital Commitment or its obligation
to make Capital Contributions pursuant to a Capital Call;

 

(m)       [reserved];

 

(n)        any
Investment Advisory Agreement shall cease to be in full force and effect or any Investment Adviser resigns or is removed from said
role and a similarly situated and experienced successor Investment Adviser acceptable to 100% of the Lenders in their sole discretion
(it being understood that any Affiliate of the applicable Investment Adviser shall be acceptable to the Lenders) is not appointed
within ten (10) days; 

 

(o)        the
Administration Agreement shall cease to be in full force and effect or the Administrator resigns or is removed from said role and
a similarly situated and experienced successor Administrator acceptable to 100% of the Lenders in their sole discretion (it being
understood that any Affiliate of the Administrator shall be acceptable to the Lenders) is not appointed within ten (10) days; and

 

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(p)        (i)
any guaranty of any Obligations terminates or ceases for any reason to be in full force and effect; (b) any Guarantor does not
perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in clauses (b),
(g), (h) or (l) of this Section 10.1 occurs with respect to any Guarantor; or (d) the liquidation,
provisional liquidation, winding up, or termination of existence of any Guarantor. 

 

10.2.      Remedies
Upon Event of Default.

 

(a)        If
an Event of Default shall have occurred, then Administrative Agent may (and shall at the direction of the Required Lenders): (i)
suspend the Commitments with respect to such Borrowers; (ii) terminate the Commitments with respect to such Borrowers hereunder
and declare the occurrence of the Maturity Date; (iii) declare the principal of, and all interest then accrued on, the applicable
Obligations of such Borrowers to be forthwith due and payable, whereupon the same shall forthwith become due and payable without
presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind
(other than notice of such declaration) all of which the Borrowers hereby expressly waive, anything contained herein or in any
other Loan Document to the contrary notwithstanding; (iv) exercise any right, privilege, or power set forth in Section 5
or this Section 10.2 (except, in the case of clauses (i), (iii), (iv), (v), (vii) and (ix) of the first sentence of Section
10.2(b), during the Standstill Period) or in the other Loan Documents with respect to such Borrowers; (v) suspend the obligation
of the Lenders to make Loans, and (vi) without notice of default or demand, pursue and enforce any of Administrative Agent’s
or the Lenders’ rights and remedies under the Loan Documents, or otherwise provided under or pursuant to any Applicable Law
or agreement; provided that if any Event of Default specified in Section 10.1(h) shall occur, the Commitments hereunder
shall automatically terminate, the principal of, and all interest on, the Obligations shall thereupon become due and payable concurrently
therewith, without any further action by Administrative Agent or the Lenders, and without presentment, demand, protest, notice
of default, notice of acceleration, or of intention to accelerate or other notice of any kind, all of which the Borrowers hereby
expressly waive.

 

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(b)        Actions
with Respect to the Collateral. Administrative Agent, for the benefit of each Lender, is hereby authorized by the Borrowers,
at any time or from time to time during the existence of an Event of Default (and shall upon the direction of the Required Lenders
do each of the following) to: (i) initiate one or more Capital Calls in order to pay the Obligations then due and owing and enforce
the obligations of the Investors to make Capital Contributions, (ii) take or bring in any Borrower’s name, or that of the
Lenders, all steps, actions, suits, or proceedings deemed by Administrative Agent necessary or desirable to effect possession
or collection of payments of the Collateral, (iii) complete any contract or agreement of any Borrower in any way related to payment
of any of the Capital Commitments, (iv) make allowances or adjustments related to the Capital Commitments of the Investors, or,
following acceleration of the Obligations by the Administrative Agent, with respect to any Eligible Investment, including under
any Investment Document, (v) compromise any claims related to the Capital Commitments of the Investors, or, following acceleration
of the Obligations by the Administrative Agent, Eligible Investments, (vi) following acceleration of the Obligations by the Administrative
Agent, notify Investment Obligors of any Additional Borrower to make all payments with respect to their obligations under any
Investment directly to the Administrative Agent or to an account other than the Investment Collection Account, (vii) exercise
any other right, privilege, power, or remedy provided to any Borrower under its respective Constituent Documents and the Subscription
Agreements with respect to the Investors, (viii) provide instruction and direction to the Account Bank as to the application of
monies in the Collateral Account (including taking exclusive control thereof), and apply such monies to the payment of the Obligations,
(ix) notify any or all Investors to make all payments due or to become due in connection with Capital Calls directly to Administrative
Agent, (x) to sell the Collateral or any part thereof, upon giving at least ten (10) days’ prior written notice to Borrowers
of the time and place of sale (which notice each Borrower and Administrative Agent agree is commercially reasonable), for cash
or upon credit or for future delivery, and the Borrowers hereby waive all rights, if any, of marshalling the Collateral and any
other security for the Obligations, and at the option and in the complete discretion of Administrative Agent, either at public
sale or at private sale, in which event such notice shall also contain the terms of the proposed sale, and the Borrowers shall
have until the time of such proposed sale in which to redeem the Collateral or to procure a purchaser willing, ready and able
to purchase the Collateral on terms more favorable to the Borrowers and the Lenders, and if such a purchaser is so procured, then
Administrative Agent shall sell the Collateral to the purchaser so procured, (xi) to bid for and to acquire, unless prohibited
by Applicable Law, free from any redemption right, the Collateral, or any part thereof, and, in lieu of paying cash therefor,
Administrative Agent may make settlement for the selling price by crediting the net selling price, if any, after deducting all
costs and expenses of every kind, upon the outstanding principal amount of the Obligations, in such order and manner as Administrative
Agent, in its discretion, may deem advisable, and (xii) exercise all rights, remedies and recourse granted in the Loan Documents
and any other instruments executed to provide security for or in connection with the payment and performance of the Obligations
or existing at common law or equity (including those granted by the UCC) and such rights and remedies in clauses (i) through
(xii) above: (A) shall be cumulative and concurrent; (B) may be pursued separately, successively or concurrently against
any or all Borrowers and any other party obligated under the Obligations, or against the Collateral, or any of such Collateral,
or any other security for the Obligations, or any of them, at the sole discretion of Administrative Agent; (C) may be exercised
as often as occasion therefor shall arise, it being agreed by the Borrowers that the exercise or failure to exercise any of the
same shall in no event be construed as a waiver or release thereof or of any other right, remedy or recourse; and (D) are intended
to be and shall be, non-exclusive. Regardless of any provision hereof, in the absence of bad faith, gross negligence or willful
misconduct by Administrative Agent or the Lenders, neither Administrative Agent nor the Lenders shall be liable for failure to
collect or for failure to exercise diligence in the collection, possession, or any transaction concerning, all or part of the
Capital Calls or the Capital Commitment or sums due or paid thereon, nor shall it be under any obligation whatsoever to anyone
by virtue of Liens relating to the Collateral, subject to the Internal Revenue Code. Administrative Agent shall give Borrowers
notice of actions taken pursuant to this Section 10.2(b) promptly after the taking of such action, but its failure to give
such notice shall not affect the validity of such action, nor shall such failure give rise to defenses to any Borrower’s
obligations hereunder.

 

Notwithstanding anything
contained in this Credit Agreement to the contrary, except with respect to an Event of Default occurring pursuant to Section
10.1(h), clauses (i), (iii), (iv), (v), (vi) and (viii) of the first sentence above shall not be exercised by Administrative
Agent until the date that is ten (10) Business Days after the date Administrative Agent has made a written request of the applicable
Borrower to issue a Capital Call to the Investors in an amount sufficient to repay the Obligations (provided that such ten (10)
Business Day period shall only apply if the applicable Borrower shall have provided Administrative Agent with adequate evidence
that Borrower has issued such a Capital Call within two (2) Business Days after such request by Administrative Agent and shall
not apply if an Event of Default has occurred under Section 10.1(h)) (such period, the “Standstill Period”).

 

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(c)        Additional
Action by Administrative Agent. Administrative Agent is hereby authorized and empowered, during the continuance of an Event
of Default, on behalf of any Borrower (and shall upon the direction of the Required Lenders do each of the following), to endorse
the name of any Borrower upon any check, draft, instrument, receipt, instruction, or other document or items, including, but not
limited to, all items evidencing payment upon a Capital Contribution to any Borrower coming into Administrative Agent’s
possession, and to receive and apply the proceeds therefrom in accordance with the terms hereof. During the continuance of an
Event of Default, Administrative Agent, on behalf of the Lenders, is hereby granted an irrevocable power of attorney, which is
coupled with an interest and granted as security for the obligations of the Borrowers herein and in the other Loan Documents,
to (i) carry out all actions and exercise all rights referred to in Section 10.2(b) hereof (except, in the case of clauses
(i), (iii), (iv), (v), (vi) and (viii) of the first sentence of Section 10.2(b), during the Standstill Period); and (ii)
execute all checks, drafts, receipts, instruments, instructions, or other documents, agreements, or items on behalf of any Borrower,
either before or after demand of payment of the Obligations, as shall be deemed by Administrative Agent to be necessary or advisable,
in the sole discretion of Administrative Agent, to protect the first priority Liens in the Collateral or the repayment of the
Obligations, and neither Administrative Agent nor the Lenders, in the absence of bad faith, gross negligence and willful misconduct,
shall incur any liability in connection with or arising from its exercise of such power of attorney.

 

(d)        Actions
with Respect to Investments Owned by Additional Borrowers. Upon the occurrence and during the
continuance of an Event of Default, the Administrative Agent (i) may realize upon and foreclose on any Investment pledged by an
Additional Borrower as Collateral in accordance with the terms of this Credit Agreement and (ii) to the extent an Investment is
able to be sold through commercially reasonable efforts, may direct the applicable Additional Borrower to promptly (but in any
event with a trade date within fifteen (15) Business Days) sell such Investment to a purchaser on commercially reasonable terms
as determined by the Additional Borrower, and either direct the net cash proceeds relating thereto to be paid into such Additional
Borrower’s Investment Collection Account or within two (2) Business Days distribute such proceeds to the Administrative Agent.
Upon the occurrence and during the continuance of an Event of Default, the Additional Borrowers shall, within one (1) Business
Day, instruct any applicable custodian (or any other Person providing similar services to the Additional Borrowers in respect of
the Investments) to follow the Administrative Agent’s direction for purposes of giving effect to the remedies contemplated
in this Section 10.2(d). The Additional Borrowers hereby agree that they shall not rescind or otherwise amend such direction notice
without the prior written consent of the Administrative Agent exercised in its good faith sole discretion until such time as any
Event of Default is no longer continuing.

 

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The
Additional Borrowers shall cooperate and do all things that the Administrative Agent considers to be reasonably required to give
full effect to this Section 10.2(d) and to enable the Administrative Agent to obtain the intended benefits of the Loan Documents.
The Administrative Agent, in the absence of gross negligence or willful misconduct, shall not be liable for any loss, cost, expense
or damage in connection with, or arising in connection with, or arising from, the exercise of this Section 10.2(d). For
the avoidance of doubt, the rights and remedies set forth in this Section 10.2(d) are in addition to, and in no way limit,
any and all rights and remedies that the Administrative Agent has pursuant to the Loan Documents, under the UCC or otherwise in
equity or at law. The Additional Borrowers are not aware of any other material authorizations, approvals or consents that are,
or would be, required as of the date hereof or as of any date following the occurrence and during the continuation of an Event
of Default, which if not obtained, would prohibit or otherwise materially limit the ability of the Administrative Agent to exercise
the rights and remedies set forth in this Section 10.2(d), other than customary loan agreement requirements for consents
to assignment by the applicable obligor and the administrative agent, which consents may not be unreasonably withheld (subject
to customary and market restrictions on assignment to non-bank lenders).

 

10.3.      Lender
Offset. If an Event of Default shall have occurred and be continuing, Administrative Agent is hereby authorized, to the fullest
extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender
to or for the credit or the account of a Borrower against any and all of the obligations of such Borrower now or hereafter existing
under the Loan Documents; provided, that in the event that any Defaulting Lender or any of its Affiliates shall exercise
any such right of setoff, (a) all amounts so set off shall be paid over immediately to Administrative Agent for further application
in accordance with the provisions of this Credit Agreement and, pending such payment, shall be segregated by such Defaulting Lender
or Affiliate thereof from its other funds and deemed held in trust for the benefit of Administrative Agent and the Lenders, and
(y) the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender or Affiliate thereof as to which it exercised such right of setoff.

 

10.4.      Good
Faith Duty to Cooperate. In the event Administrative Agent or Lenders elect to commence the exercise of remedies pursuant
to Section 10 as a result of the occurrence of any Event of Default, the Borrowers agree to cooperate in good faith with
Administrative Agent to enable Administrative Agent to issue Capital Calls and enforce the payment thereof by the Investors, subject
to the limitations of Section 10.2, including but not limited to providing the then current contact information for each
Investor within three (3) Business Days of request.

 

Section
11.          MISCELLANEOUS

 

11.1.      Amendments.
Neither this Credit Agreement (including the exhibits hereto) nor any other Loan Document to which any Borrower is a party,
nor any of the terms hereof or thereof, may be amended, waived, discharged or terminated, unless such amendment, waiver, discharge,
or termination is in writing and signed by Administrative Agent and the Required Lenders, on the one hand, and the Borrowers on
the other hand; and, if the rights or duties of an Agent are affected thereby, by such Agent; provided that no such amendment,
waiver, discharge, or termination shall, without the consent of:

 

(a)          each
Lender affected thereby:

 

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(i)          reduce
or increase the amount or alter the term of the Commitment of such Lender, alter the provisions relating to any fees (or any other
payments) payable to such Lender, or accelerate the obligations of such Lender to advance its portion of any Borrowing;

 

(ii)         extend
the time for payment for the principal of or interest on the Obligations, or fees or costs, or reduce the principal amount of the
Obligations (except as a result of the application of payments or prepayments), or reduce the rate of interest borne by the Obligations
(other than as a result of waiving the applicability of the Default Rate), or otherwise affect the terms of payment of the principal
of or any interest on the Obligations or fees or costs hereunder;

 

(iii)        release
or subordinate any Liens granted under the Loan Documents, except as otherwise contemplated herein or therein; or

 

(iv)        release
any Borrower from its obligations under the Loan Documents, except as otherwise contemplated herein or therein; and

 

(b)          all
Lenders:

 

(i)          amend
the definition of “Available Commitment”, “Eligible Investment”, “Fair Market Value”, “Maturity
Date”, “Pro Rata Share”, “Required Lenders” (or any other provision hereof specifying the number
or percentage of the Lenders which are required to amend, waive or modify any rights hereunder or otherwise make any determination
or grant any consent hereunder), or the definition of any of the defined terms used therein;

 

(ii)         consent
to the assignment or transfer by any Borrower of any of its rights and obligations under (or in respect of) the Loan Documents;
or

 

(iii)        amend
the terms of Section 3.4(b) or this Section 11.1.

 

11.2.      Waiver.
No failure to exercise, and no delay in exercising, on the part of Administrative Agent or the Lenders, any right or power
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other further exercise thereof or the exercise of any other right or power.
The rights and remedies of Administrative Agent and the Lenders under the Loan Documents shall be in addition to all other rights
provided by law. No modification or waiver of any provision of any of the other Loan Documents, nor consent to departure therefrom,
shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved.

 

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11.3.       Payment
of Expenses; Indemnity.

 

(a)        Cost
and Expenses. Borrowers shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative
Agent (including but not limited to the reasonable and documented fees, charges and disbursements, and due diligence expenses
of outside counsel for the Administrative Agent), lien searches, and any other customary fees and expenses, in connection with
the preparation, negotiation, execution, delivery and administration of the Loan Documents and any amendments, modifications,
addition of Investors, amendments to any Constituent Document, joinder, or waivers of the provisions hereof or thereof (whether
or not the transactions contemplated shall be consummated), and (ii) all reasonable and documented out of pocket expenses incurred
by Administrative Agent or any Lender (including the reasonable and documented fees, charges and disbursements of any one counsel,
plus local counsel, for Administrative Agent and one counsel for all other Lenders) in connection with the enforcement or protection
of its rights (A) in connection with the Loan Documents, including its rights under this Section, or (B) in connection with the
Loans made hereunder, including all such out of pocket expenses incurred during any workout, restructuring or related negotiations.

 

(b)        Indemnification
by Borrowers. Borrowers shall indemnify Administrative Agent and the Lenders and each Related Party of Administrative Agent
or any Lender (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from,
and shall pay or reimburse any such Indemnitee for, any and all losses, claims, damages, liabilities and related expenses (including
the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee) (collectively, the “Indemnified
Liabilities”), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including Borrowers or any
other Borrower), arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or the
performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby (including, without limitation, the Credit Facility), (ii) any Loan or the use or proposed use
of the proceeds therefrom, (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower or any Subsidiary
thereof, and regardless of whether any Indemnitee is a party thereto, or (iv) any claim, investigation, litigation or other proceeding
and the prosecution and defense thereof, arising out of or in any way connected with the Loans, any Loan Document, or any documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including without limitation,
reasonable and documented attorneys’ fees; provided that, Borrowers shall not be required to indemnify any Indemnitee
pursuant to this Section 11.3(b) to the extent such Indemnified Liabilities result from any such Indemnitee’s gross
negligence, bad faith, or willful misconduct or material breach by a Lender of its obligations hereunder, in each case as finally
determined by a non-appealable judgment of a court of competent jurisdiction. This Section 11.3(b) shall not apply
with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)        Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, Borrowers shall not assert, and hereby waive,
any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of, the Loan Documents or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
by it through telecommunications, electronic or other information transmission systems in connection with the Loan Documents or
the transactions contemplated hereby or thereby.

 

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(d)        Payments.
All amounts due under this Section shall be payable by the Required Payment Time.

 

(e)        Survival.
Each party’s obligations under this Section shall survive the termination of the Loan Documents and the Commitments
and payment of the Obligations hereunder.

 

11.4.       Notice.

 

(a)        Notices
Generally.  Any notice, demand, request or other communication which any party hereto may be required or may desire to give
hereunder shall be in writing (except where telephonic instructions or notices are expressly authorized herein to be given).

 

If to a Borrower:

 

At the addressed specified with respect thereto on Schedule
I hereto.

 

If to Administrative Agent:

 

Signature Bank

2 Penn Plaza, Suite 1712

New York, New York 10121

Attention: Trevor Freeman

Telephone: (646) 968-4337

Email: trfreeman@signatureny.com

 

With copies to (which shall not constitute notice
hereunder):

 

Cadwalader, Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

Attention: Michael Mascia

Telephone: (704) 348-5160

Email: michael.mascia@cwt.com

 

If to any Lender, at
the address specified for it on Schedule II hereto.

 

Any party hereto may
change its address for purposes of this Credit Agreement by giving notice of such change to the other parties pursuant to this
Section 11.4.

 

(b)        Electronic
Communication. Notices and other communications to Administrative Agent and Lenders hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by Administrative
Agent and Lenders. Any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications.

 

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11.5.      Governing
Law. This Credit Agreement and any other Loan Document, and any claim, controversy or dispute arising under or related to
or in connection therewith, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties
of the parties will be governed by the laws of the State of New York without regard to any conflicts of law principles other than
Section 5-1401 of the New York General Obligations Law.

 

11.6.      Choice
of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury. Any suit, action or proceeding against
any Borrower with respect to the Loan Documents or any judgment entered by any court in respect thereof, may be brought in the
courts of the State of New York, or in the United States Courts located in the Borough of Manhattan in New York City, pursuant
to Section 5-1402 of the New York General Obligations Law, as Administrative Agent in its sole discretion may elect and each Borrower
hereby submits to the non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding. Each Borrower
hereby irrevocably consents to the service of process in any suit, action or proceeding in said court by the mailing thereof by
Administrative Agent by registered or certified mail, postage prepaid, to such Borrower’s address set forth in Section
11.4. Each Borrower hereby irrevocably waives any objections which it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to the Loan Documents brought in the courts located in the State of
New York, Borough of Manhattan in New York City, and hereby further irrevocably waives any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL
BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THE LOAN DOCUMENTS, WHICH WAIVER IS INFORMED AND VOLUNTARY.

 

11.7.      Invalid
Provisions. If any provision of this Credit Agreement is held to be illegal, invalid, or unenforceable under present or future
laws effective during the term of this Credit Agreement, such provision shall be fully severable and this Credit Agreement shall
be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Credit Agreement,
and the remaining provisions of this Credit Agreement shall remain in full force and effect and shall not be affected by the illegal,
invalid or unenforceable provision or by its severance from this Credit Agreement, unless such continued effectiveness of this
Credit Agreement, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein.
If any provision of this Credit Agreement shall conflict with or be inconsistent with any provision of any of the other Loan Documents,
then the terms, conditions and provisions of this Credit Agreement shall prevail.

 

11.8.      Entirety.
The Loan Documents embody the entire agreement between the parties and supersede all prior agreements relating to the subject
matter hereof.

 

11.9.          Successors
and Assigns; Participations.

 

(a)        Successors
and Assigns Generally. The provisions of this Credit Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither Borrowers nor any other Borrower may
assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender.

 

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(b)        Assignments
by Lenders. Any Lender may at any time assign to one or more assignees (each, an “Assignee”) all or a portion
of its rights and obligations under this Credit Agreement (including all or a portion of its Commitment and the Loans at the time
owing to it); provided that, in each case, any such assignment shall be subject to the following conditions:

 

(i)         Minimum
Amounts. The aggregate amount of the Commitment or, if the applicable Commitment is not then in effect, the outstanding balance
of the Loans of the assigning Lender subject to each such assignment (determined as of the date the assignment) shall not be less
than $5,000,000 (or the entire remaining amount of the assigning Lender’s Commitment and/or Loans).

 

(ii)        Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Credit Agreement with respect to the Loan or the Commitment assigned.

 

(iii)       Required
Consents. No consent shall be required for any assignment except:

 

		(A)	the consent of Borrowers (such consent not to be unreasonably
withheld or delayed) unless an Event of Default has occurred and is continuing at the time of such assignment; and

 

		(B)	the consent of Administrative Agent (such consent not to
be unreasonably withheld or delayed) if such assignment is to a Person that is not a Lender or an Affiliate of such Lender.

 

(iv)       Assignment
Agreement. The parties to each assignment shall execute and deliver to Administrative Agent an assignment agreement reasonably
acceptable to Administrative Agent, together with a processing and recordation fee of $3,500 for each assignment; provided that
Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.

 

(v)        No
Assignment to Certain Persons. No such assignment shall be made to (A) any Borrower, the Investment Adviser or any Borrower’s
Subsidiaries or Affiliates, (B) a Competitor, or (C) any Defaulting Lender or any of its Affiliates, or any Person who, upon becoming
a Lender hereunder, would constitute any of the foregoing Persons described in this clause (C).

 

(vi)       No
Assignment to Natural Persons. No such assignment shall be made to a natural Person.

 

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(vii)      Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to Administrative Agent in an aggregate amount sufficient, upon distribution thereof
as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating
actions, including funding, with the consent of Borrowers and Administrative Agent, the applicable Pro Rata Share of Loans previously
requested, but not funded by, the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),
to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent and each other
Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full share of all Loans in accordance
with its Pro Rata Share. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the
assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Credit Agreement until such compliance
occurs.

 

(viii)     Notice
to Borrowers. Each assigning Lender shall promptly notify Borrowers of any assignment of such Lender’s rights and obligations
under this Credit Agreement.

 

(c)        Consequences
of Assignment. Subject to acceptance and recording thereof by Administrative
Agent pursuant to Section 11.9(d), from and after the effective date specified in the assignment agreement, the assignee
thereunder shall be a party to this Credit Agreement and, to the extent of the interest assigned thereby, have the rights and
obligations of a Lender under this Credit Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned thereby, be released from its obligations under this Credit Agreement (and, in the case of an assignment covering all
of the assigning Lender’s rights and obligations under this Credit Agreement, such Lender shall cease to be a party hereto)
but shall continue to be entitled to the benefits of Article IV and Section 11.3 with respect to facts and circumstances
occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed
by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations
under this Credit Agreement that does not comply with this paragraph shall be treated for purposes of this Credit Agreement as
a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.9(e).

 

(d)        Register.
Administrative Agent, acting solely for this purpose as an agent of Borrowers, shall maintain at one of its offices in Santa
Clara, California, or other office as it may elect, a copy of each assignment agreement delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of
the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be conclusive absent manifest or demonstrable error, and Borrowers, Administrative Agent and the Lenders
shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Credit Agreement. The Register shall be available for inspection by Borrowers and any Lender, at any reasonable time and
from time to time upon reasonable prior notice.

 

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(e)        Participations.
Any Lender may at any time sell participations to any Person (other than a natural Person or Borrowers or any of Borrower’s
Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Credit Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided
that (i) such Lender’s obligations under this Credit Agreement shall remain unchanged, (ii) such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations, (iii) Borrowers shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Credit Agreement
and (iv) such Participant is not a Competitor. Borrowers agree that each Participant shall be entitled to the benefits of Sections
4.1 and 4.2 (subject to the requirements and limitations therein, including the requirements under Section 4.1(g)
(it being understood that the documentation required under Section 4.1(g) shall be delivered to the participating Lender))
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.9(b); provided
that such Participant shall not be entitled to receive any greater payment under Section 4.1 or 4.2, with respect
to any participation, than its participating Lender would have been entitled to receive in the absence of such participation.
To the extent permitted by Applicable Law, each Participant also shall be entitled to the benefits of Section 10.3 as though
it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of Borrowers, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other Obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters
of credit or its other Obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary
to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest or demonstrable
error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Credit Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(f)         Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Credit
Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to
a Federal Reserve Bank; provided that no such pledge shall release such Lender from any of its obligations hereunder or
substitute any such pledgee for such Lender as a party hereto.

 

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11.10.   Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent and each Lender agrees to maintain the confidentiality
of the Information (as defined below) and exercise the same degree of care that it exercises to maintain the confidentiality of
its own proprietary information, but in any event not less than reasonable care, except that Information may be disclosed (a) to
its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential); provided that, in
no event will the disclosure of Information to such Affiliates or Related Parties facilitate any activity that competes directly
with the business activities of any Borrower or the Investment Adviser as such business activities have been disclosed to Administrative
Agent as of the Closing Date; (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction
over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance
Commissioners) (in which case the Administrative Agent or such Lender, as the case may be, agrees to inform the Initial Borrower
promptly thereof and provide an opportunity to contest such disclosure, in each case to the extent not prohibited by applicable
law); (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process (in which
case the Administrative Agent or such Lender, as the case may be, agrees to inform the Initial Borrower promptly thereof and provide
an opportunity to contest such disclosure, in each case to the extent not prohibited by applicable law); (d) to any other
Lender; (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Credit Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; (f) subject
to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant
in, or any prospective assignee of or Participant in, but not including a Competitor, any of its rights and obligations under
this Credit Agreement, or (ii) any actual or prospective party (or its Related Parties), but not including a Competitor,
to any swap, derivative or other transaction under which payments are to be made by reference to the Borrowers and their obligations,
this Credit Agreement or payments hereunder; (g) on a confidential basis to (i) any rating agency in connection with
rating the Borrowers or the Credit Facility or (ii) the CUSIP Service Bureau or any similar agency in connection with the
issuance and monitoring of CUSIP numbers with respect to the Credit Facility; (h) with the consent of the Borrowers; or (i) to
the extent such Information (x) becomes publicly available other than as a result of a breach of this Section by Administrative
Agent, any Lender or any of their respective Affiliates or Related Parties, or (y) becomes available to Administrative Agent,
any Lender or any of their respective Affiliates on a non-confidential basis from a source other than the Borrowers if Administrative
Agent, such Lender or such Affiliate (as applicable) does not know that such source is prohibited from disclosing such Information.
In addition, Administrative Agent, the Lenders, and any of their respective Related Parties, may (A) disclose the existence
of this Credit Agreement and information about this Credit Agreement to market data collectors, similar service providers to the
lending industry and service providers to Administrative Agent or the Lenders in connection with the administration of this Credit
Agreement, the other Loan Documents, and the Commitments; and (B) use any information (not constituting Information subject
to the foregoing confidentiality restrictions) related to the syndication and arrangement of the credit facilities contemplated
by this Credit Agreement in connection with marketing, press releases, or other transactional announcements or updates provided
to investor or trade publications, including the placement of “tombstone” advertisements in publications of its choice
at its own expense.

 

Notwithstanding anything
herein to the contrary, any party to this Credit Agreement (and any employee, representative, or other agent of any party to this
Credit Agreement) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
transactions contemplated by this Credit Agreement and all materials of any kind (including opinions or other tax analyses) that
are provided to it relating to such tax treatment and tax structure. However, any such information relating to the tax treatment
or tax structure is required to be kept confidential to the extent necessary to comply with any applicable federal or state securities
laws, rules, and regulations.

 

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For purposes of this
Section, “Information” means all information received from the Borrowers relating to (a) the Borrowers,
(b) any of the Borrowers’ respective businesses, Subsidiaries or Investments or (c) the Investors.

 

11.11.   All
Powers Coupled with Interest. All powers of attorney and other authorizations granted to Administrative Agent and/or Lenders
pursuant to any provisions of any Loan Document shall be deemed coupled with an interest and granted by way of security for the
obligations owed therein and shall be irrevocable so long as any Obligations remain unpaid, the Commitments remain in effect or
the Credit Facility has not been terminated.

 

11.12.   Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Credit Agreement.

 

11.13.   Survival.
All representations and warranties made by the Borrowers herein shall survive the making of the Loans.

 

11.14.   Full
Recourse. The payment and performance of the Obligations shall be fully recourse to the applicable Borrowers and their properties
and assets. The Principal Obligations shall not be recourse to the applicable Investment Adviser or Administrator, and the Lenders
shall not have the right to pursue any claim or action against such Investment Adviser or Administrator, except for any claim
or action for actual damages of Administrative Agent or the Lenders or specific performance as a result of any breach of a contractual
obligation under a Loan Document, fraud, willful misrepresentation or willful misappropriation of proceeds from the Credit Facility
in which event there shall be full recourse against such Investment Adviser or Administrator.

 

11.15.   USA
PATRIOT Act Notice. Each Lender and Administrative Agent hereby notifies each Borrower that pursuant to the requirements of
the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it
is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and
address of each Borrower and other information that will allow such Lender or Administrative Agent, as applicable, to identify
each Borrower in accordance with the PATRIOT Act.

 

11.16.   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.

 

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11.17.   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 indemnification obligations not then due) arising hereunder or under any other Loan Document
shall have been indefeasibly and irrevocably paid and satisfied in full and the 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 which survives such termination.

 

11.18.   Conflicts.
Borrowers acknowledge that Lenders and their Affiliates may be providing financing or other services to other companies in
respect of which Borrowers or their Affiliates may have conflicting interests. Borrowers acknowledge that the Lenders and their
Affiliates have no obligation to use in connection with the transactions contemplated herein, or to furnish to Borrowers, confidential
information obtained from such other companies.

 

11.19.   Borrower
Liability. Each Borrower may, acting singly, request Loans hereunder. Each Borrower hereby appoints each other Borrower as
agent for the other for all purposes hereunder, including with respect to requesting Loans hereunder. Each Borrower hereunder
shall be jointly and severally obligated to repay all Loans made hereunder, regardless of which Borrower actually receives said
Loans, as if each Borrower hereunder directly received all Loans. Each Borrower waives (a) any suretyship defenses available to
it under the UCC or any other applicable law, and (b) any right to require Administrative Agent or any Lender to: (i) proceed
against any Borrower or any other Person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Administrative
Agent and/or any Lender may exercise or not exercise any right or remedy it has against any Borrower or any security it holds
(including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding
any other provision of this Credit Agreement or other related document, each Borrower irrevocably waives all rights that it may
have at law or in equity (including, without limitation, any law subrogating such Borrower to the rights of Administrative Agent
and/or any Lender under this Credit Agreement) to seek contribution, indemnification or any other form of reimbursement from any
other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment
made by such Borrower with respect to the Obligations in connection with this Credit Agreement or otherwise and all rights that
it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by such
Borrower with respect to the Obligations in connection with this Credit Agreement or otherwise. Any agreement providing for indemnification,
reimbursement or any other arrangement prohibited under this Section 11.19 shall be null and void. If any payment is made
to a Borrower in contravention of this Section, such Borrower shall hold such payment in trust for Administrative Agent and such
payment shall be promptly delivered to Administrative Agent, for the benefit of the Lenders, for application to the Obligations,
whether matured or unmatured.

 

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Section
12.         AGENCY PROVISIONS

 

12.1.       Appointment
and Authorization of Administrative Agent.

 

(a)         Authority.
Each Lender (including any Person that is an assignee, participant, secured party or other transferee with respect to the
interest of such Lender in any Principal Obligation or otherwise under this Credit Agreement) (collectively with such Lender,
a “Lender Party”) hereby irrevocably appoints, designates and authorizes Administrative Agent to take such
action on its behalf under the provisions of this Credit Agreement and the other Loan Documents and to exercise such powers and
perform such duties as are expressly delegated to Administrative Agent by the terms hereof and of the other Loan Documents, together
with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and
in the other Loan Documents, Administrative Agent shall not have any duties or responsibilities, except those expressly set forth
herein and therein, nor shall Administrative Agent have or been deemed to have any fiduciary relationship with any Lender Party,
and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement
or any of the other Loan Documents or otherwise exist against Administrative Agent. Without limiting the generality of the foregoing
sentence, the use of the term “agent” herein and in the other Loan Documents with reference to Administrative Agent
is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable
Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. The provisions of this Section 12 are solely for the benefit of Administrative
Agent and the Lenders and none of the Borrowers, any Investor, or any Affiliate of the foregoing (each, a “Borrower Party”)
shall have any rights as a third-party beneficiary of the provisions hereof (except for the provisions that explicitly relate
to the Borrowers in Section 12.10).

 

(b)        Release
of Collateral. Upon (i) termination of this Credit Agreement and the other Loan Documents, termination of the Commitments
and payment in full of all of the Obligations, including all fees and indemnified costs and expenses that are then due and payable
pursuant to the terms of the Loan Documents or (ii) approval by each of the Lenders pursuant to the terms of Section 11.1,
the Lenders irrevocably authorize Administrative Agent, at Administrative Agent’s option and in its sole discretion, to
release any security interest in or Lien on any Collateral granted to or held by Administrative Agent. Upon the request of Administrative
Agent, the Lenders will confirm in writing Administrative Agent’s authority to release particular types or items of Collateral
pursuant to this Section 12.1(b).

 

12.2.      Delegation
of Duties. Administrative Agent may execute any of its duties hereunder or under the other Loan Documents by or through agents
or attorneys-in-fact and shall be entitled to advice of legal counsel, accountants, and other professionals selected by Administrative
Agent concerning all matters pertaining to such duties. Administrative Agent shall not be responsible to any Lender for the negligence
or misconduct of any agents or attorneys-in-fact selected by it with reasonable care, nor shall it be liable for any action taken
or suffered in good faith by it in accordance with the advice of such Persons. The exculpatory provisions of this Section 12
shall apply to any such sub-agent of Administrative Agent.

 

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12.3.      Exculpatory
Provisions. Neither Administrative Agent nor any of its Affiliates, nor any of their respective officers, directors, employees,
agents or attorneys-in-fact (each such person, an “Agent-Related Person”), shall be liable for any action taken
or omitted to be taken by it under or in connection herewith or in connection with any of the other Loan Documents (except for
its own gross negligence or willful misconduct) or be responsible in any manner to any Lender Party for any recitals, statements,
representations or warranties made by any of Borrower Parties contained herein or in any of the other Loan Documents or in any
certificate, report, document, financial statement or other written or oral statement referred to or provided for in, or received
by Administrative Agent under or in connection herewith or in connection with the other Loan Documents, or enforceability or sufficiency
therefor of any of the other Loan Documents, or for any failure of any Borrower Party to perform its obligations hereunder or
thereunder. No Agent-Related Person shall be responsible to any Lender for the effectiveness, genuineness, validity, enforceability,
collectability or sufficiency of this Credit Agreement, or any of the other Loan Documents or for any representations, warranties,
recitals or statements made herein or therein or made by any Borrower Party in any written or oral statement or in any financial
or other statements, instruments, reports, certificates or any other documents in connection herewith or therewith furnished or
made by the Agent-Related Person to the Lenders or by or on behalf of the Borrower Parties to the Agent-Related Person or any
Lender or be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions,
covenants or agreements contained herein or therein or as to the use of the proceeds of the Loans or of the existence or possible
existence of any Potential Default or Event of Default or to inspect the properties, books or records of the Borrower Parties.
Administrative Agent is not a trustee for the Lenders and owes no fiduciary duty to the Lenders. Each Lender Party recognizes
and agrees that Administrative Agent shall not be required to determine independently whether the conditions described in Section
6.2 have been satisfied and, when Administrative Agent disburses funds to a Borrower, it may rely fully upon statements contained
in the relevant requests by a Borrower Party.

 

12.4.      Reliance
on Communications. Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any note,
writing, resolution, notice, consent, certificate, affidavit, letter, email, cablegram, telegram, telecopy, telex or teletype
message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons. Administrative Agent may deem and treat each Lender as the owner of its interests
hereunder for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been received by
Administrative Agent. Administrative Agent shall be fully justified in failing or refusing to take any action under this Credit
Agreement or under any of the other Loan Documents unless it shall first receive such advice or concurrence of the Lenders as
it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such action. Administrative Agent shall in all cases
be fully protected in acting, or in refraining from acting, hereunder or under any of the other Loan Documents in accordance with
a request of the Required Lenders (or to the extent specifically required, all of the Lenders) and such request and any action
taken or failure to act pursuant thereto shall be binding upon all the Lenders (including their successors and assigns).

 

12.5.      Notice
of Default. Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Potential Default
or Event of Default hereunder unless Administrative Agent has received notice from a Lender or a Borrower Party referring to the
Loan Document, describing such Potential Default or Event of Default and stating that such notice is a “notice of default.”
Administrative Agent will notify the Lenders of its receipt of any such notice and shall take such action with respect to such
Potential Default or Event of Default as shall be reasonably directed by the Required Lenders and as is permitted by the Loan
Documents.

 

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12.6.      Non-Reliance
on Administrative Agent and Other Lenders. Each Lender expressly acknowledges that no Agent-Related Person has made any representations
or warranties to it and that no act by any Agent-Related Person hereafter taken, including any review of the affairs of any Borrower
Party, shall be deemed to constitute any representation or warranty by the Agent-Related Person to any Lender. Each Lender represents
to Administrative Agent that it has, independently and without reliance upon any Agent-Related Person or any other Lender, and
based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
assets, operations, property, financial and other conditions, prospects and creditworthiness of Borrower Parties and made its
own decision to make its Loans hereunder and enter into this Credit Agreement. Each Lender also represents that it will, independently
and without reliance upon any Agent-Related Person or any other Lender, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Credit Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself
as to the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of Borrower Parties.
Except for notices, reports and other documents expressly required to be furnished to the Lenders by Administrative Agent hereunder,
Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning
the business, operations, assets, property, financial or other conditions, prospects or creditworthiness of Borrower Parties which
may come into the possession of any Agent-Related Person.

 

12.7.      Indemnification.
Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify, upon demand, each Agent-Related
Person (to the extent not reimbursed by a Borrower Party and without limiting the obligation of Borrower Parties to do so), ratably
in accordance with the applicable Lender’s respective Pro Rata Share of the Commitments, and hold harmless each Agent-Related
Person from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind whatsoever which may at any time (including without limitation at any time following payment in full
of the Obligations) be imposed on, incurred by or asserted against it in its capacity as such in any way relating to or arising
out of this Credit Agreement or the other Loan Documents or any documents contemplated by or referred to herein or therein or
the transactions contemplated hereby or thereby or any action taken or omitted by it under or in connection with any of the foregoing;
provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Person’s gross negligence or
willful misconduct, or related to another Lender; provided, further, that no action taken in accordance with the
directions of the Required Lenders or all Lenders, as applicable, shall be deemed to constitute gross negligence or willful misconduct
for purposes of this Section 12.7. Without limitation of the foregoing, each Lender shall reimburse Administrative Agent
upon demand for its ratable share of any costs or out-of-pocket expenses (including attorney costs) incurred by Administrative
Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether
through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Credit Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that Administrative
Agent is not reimbursed for such expenses by or on behalf of Borrower Parties. The agreements in this Section 12.7 shall
survive the termination of the Commitments, payment of all of the Obligations under the Loan Documents or any documents contemplated
by or referred to therein, as well as the resignation or replacement of Administrative Agent.

 

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12.8.      Administrative
Agent in Its Individual Capacity. Administrative Agent (and any successor acting as Administrative Agent) and its Affiliates
may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in, and generally
engage in any kind of banking, trust, financial advisory, underwriting or other business with any Borrower Party (or any of their
Subsidiaries or Affiliates) as though Administrative Agent were not Administrative Agent or a Lender hereunder and without notice
to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, Administrative Agent or its Affiliates
may receive information regarding Borrower Parties or their Affiliates (including information that may be subject to confidentiality
obligations in favor of such Person) and acknowledge that Administrative Agent shall be under no obligation to provide such information
to them except as otherwise provided in this Credit Agreement. With respect to the Loans made and all obligations owing to it,
Administrative Agent acting in its individual capacity shall have the same rights and powers under this Credit Agreement as any
Lender and may exercise the same as though it were not Administrative Agent, and the terms “Lender” and “Lenders”
shall include Administrative Agent in its individual capacity.

 

12.9.      Resignation
of Administrative Agent. Administrative Agent may at any time give notice of its resignation to the Lenders and Borrowers.
Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor, which shall
be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days
after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required
Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated
to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or
not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation
Effective Date.

 

12.10.    Administrative
Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to any Borrower Party, Administrative Agent (irrespective
of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether Administrative Agent shall have made any demand on Borrower Parties) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

 

(a)         to
file and prove a claim for the whole amount of the Obligations that are owing and unpaid and to file such other documents as may
be necessary or advisable in order to have the claims of Administrative Agent and the Lenders (including any claim for the reasonable
compensation, expenses, disbursements and advances of Administrative Agent and the Lenders and their respective agents and counsel
and all other amounts due Administrative Agent and the Lenders hereunder) allowed in such judicial proceeding; and

 

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(b)        to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and

 

(c)        any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lender to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent
to the making of such payments directly to the Lender, to pay to Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative
Agent hereunder.

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES FOLLOW.

 

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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:
	 	 
	 	GOLUB CAPITAL BDC 3, INC., a Maryland corporation, as Initial Borrower
	 	 	                          
	 	By: 	 
	 	Name:	 
	 	Title: 	 

 

Signature Bank – Golub BDC
3

Revolving Credit and Security
Agreement

 

     

     

    

 

Acknowledged and agreed to with respect to Section 5.4 only:

 

	 	INVESTMENT ADVISER:
	 	 
	 	GC ADVISORS LLC, a Delaware limited liability company, as Investment Adviser
	 	 	                          
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	ADMINISTRATOR:
	 	 
	 	GOLUB CAPITAL LLC, a Delaware limited liability company, as Administrator
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Bank – Golub BDC
3

Revolving Credit and Security
Agreement

 

     

     

    

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 
	 	SIGNATURE BANK
	 	 	                          
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Bank – Golub BDC
3

Revolving Credit and Security Agreement

 

     

     

    

 

SCHEDULE I

 

Borrower Information

 

	Name	 	Type
    of

    Borrower	 	Jurisdiction
    of

    Formation	 	Type
    of Entity	 	Collateral
    Account	 	Investment

    Collection Account
	Golub Capital BDC 3, Inc.	 	Initial Borrower	 	Maryland	 	Corporation	 	3302226750	 	Not applicable

 

Notice Information:

 

GOLUB CAPITAL BDC 3, INC.:

 

	Chief Executive Office /	 
	Principal Place of Business:	Golub Capital BDC 3, Inc.
	 	666 Fifth Avenue, 18th Floor
	 	New York, New York 10103
	 	 
	Notice Address:	Golub Capital BDC 3, Inc.
	 	666 Fifth Avenue, 18th Floor
	 	New York, New York 10103
	 	Attention: David B. Golub 
	 	Email: StructuredProducts@golubcapital.com 
	 	 
	 	With a copy to: 
	 	Golub Capital LLC
	 	130 Harbour Place, Suite 340
	 	Davidson, North Carolina 28036
	 	Attention: Daniel Colaizzi
	 	Email: dcolaizzi@golubcapital.com
	 	 
		And:
	 	 
	 	Foley Hoag LLP
	 	155 Seaport Boulevard
	 	Boston, Massachusetts 02210 
	 	Attention: Thomas B. Draper
	 	Email: tdraper@foleyhoag.com

 

     

     

    

 

SCHEDULE II

 

Lender Commitments

 

	Lender	Commitment
	Signature Bank	$175,000,000225,000,000
	Total	$175,000,000225,000,000

 

     

     

    

 

SCHEDULE III

 

Eligible Investments as of the Closing
Date

 

None

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