Document:

Exhibit 10.1

 

SHARE REPURCHASE AGREEMENT

 

This SHARE REPURCHASE AGREEMENT
(this “Agreement”) is entered into as of December 8, 2022 by and between AmerisourceBergen Corporation, a Delaware
corporation (the “Company”), and Walgreens Boots Alliance Holdings LLC, a Delaware limited liability company and a
stockholder of the Company (the “Selling Stockholder”).

 

Background

 

A.       The
Selling Stockholder owns an aggregate of 39,620,714 shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”).

 

B.       The
Selling Stockholder intends to sell shares of Common Stock in an unregistered block trade
(the “144 Shares”) pursuant to Rule 144 under the Securities Act of 1933 (the “Rule 144 Sale”).

 

C.       The
Selling Stockholder wishes to sell to the Company, and the Company wishes to repurchase from the Selling Stockholder shares of the Common
Stock held by the Selling Stockholder in the amount based on the per share price at which the Selling Stockholder sells the 144 Shares
in the Rule 144 Sale (the “Per Share Purchase Price”) and upon the terms
and conditions provided in this Agreement (the “Repurchase”).

 

D.       The
Company intends to use cash on its balance sheet to complete the Repurchase.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the undersigned hereby agree as follows:

 

Agreement

 

1.            
Repurchase.

 

(a)              
Subject to the terms and conditions of this Agreement, at the Closing (as defined below), the Selling Stockholder shall sell to
the Company, and the Company shall purchase, acquire and accept from the Selling Stockholder shares of Common Stock equal to approximately
$200 million as calculated using the Per Share Purchase Price provided that the number of 144 Shares sold in the Rule 144 Sale multiplied
by the Per Share Purchase Price (the “Aggregate Sale Price”) equals $600 million or more.

 

(b)              
The obligations of the Company and the Selling Stockholder to consummate the transactions contemplated by this Agreement shall
be subject to the consummation, at or prior to the Closing, of the closing of the Rule 144 Sale.

 

(c)              
The closing of the sale of the Repurchase Shares (the “Closing”) shall take place upon the same day as the closing
of the Rule 144 Sale at the offices of Morgan, Lewis & Bockius LLP, 1701 Market Street, Philadelphia, Pennsylvania 19103, or at such
other time and place as may be agreed upon by the Company and the Selling Stockholder. At the Closing, the Selling Stockholder shall deliver
to the Company the Repurchase Shares, and the Company agrees to deliver to the Selling Stockholder by wire transfer of immediately available
funds that the Selling Stockholder shall designate in writing at least two business days prior to the Closing the Per Share Purchase Price
multiplied by the number of Repurchase Shares being sold by the Selling Stockholder (the “Aggregate Purchase Price”).

 

     

     

    

 

2.            
Company Representations. In connection with the transactions contemplated hereby, the Company represents and warrants to
the Selling Stockholder that:

 

(a)              
The Company is a corporation duly incorporated and validly existing under the laws of the State of Delaware. The Company has the
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions
contemplated hereby.

 

(b)              
This Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding agreement of
the Company enforceable in accordance with its terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency,
reorganization or other laws affecting enforcement of creditors’ rights or by general equitable principles.

 

(c)              
The compliance by the Company with this Agreement and the consummation of the transactions herein contemplated will not conflict
with, result in a breach or violation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or its
subsidiaries or constitute a default under (i) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan
agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party
or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries
is subject, (ii) any provision of the Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws of the Company
or organizational documents of the Company’s subsidiaries or (iii) any statute, law, order, rule, regulation, judgment or decree
of any court, regulatory body, administrative agency or governmental agency or body, arbitrator or other authority having jurisdiction
over the Company or any of its subsidiaries or any of their properties; except, in the case of clauses (i) and (iii), as would not impair
in any material respect the consummation of the Company’s obligations hereunder or reasonably be expected to have a material adverse
effect on the financial position, stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a
whole, in the case of each such clause, after giving effect to any consents, approvals, authorizations, orders, registrations, qualifications,
waivers and amendments as will have been obtained or made as of the date of this Agreement; and no consent, approval, authorization, order,
registration or qualification of or with any such court or governmental agency or body is required for the execution, delivery and performance
by the Company of its obligations under this Agreement, including the consummation by the Company of the transactions contemplated by
this Agreement.

 

(d)              
The Company will have as of the Closing sufficient cash available to pay the Aggregate Purchase Price to the Selling Stockholder
on the terms and conditions contained herein.

 

    2

     

    

 

3.            
Representations of the Selling Stockholder. In connection with the transactions contemplated hereby, the Selling Stockholder
represents and warrants to the Company that:

 

(a)              
The Selling Stockholder is duly organized or formed and validly existing under the laws of its state of organization or formation.

 

(b)              
All consents, approvals, authorizations and orders necessary for the execution and delivery by the Selling Stockholder of this
Agreement and for the sale and delivery of the Repurchase Shares to be sold by the Selling Stockholder hereunder, have been obtained,
except for such consents, approvals, authorizations and orders as would not impair in any material respect the consummation of the Selling
Stockholder’s obligations hereunder; and the Selling Stockholder has full right, power and authority to enter into this Agreement
and to sell, assign, transfer and deliver the Repurchase Shares to be sold by the Selling Stockholder hereunder.

 

(c)              
This Agreement has been duly authorized, executed and delivered by the Selling Stockholder and constitutes a valid and binding
agreement of the Selling Stockholder, enforceable in accordance with its terms, except to the extent that enforcement thereof may be limited
by bankruptcy, insolvency, reorganization or other laws affecting enforcement of creditors’ rights or by general equitable principles.

 

(d)              
The sale of the Repurchase Shares by the Selling Stockholder hereunder and the compliance by the Selling Stockholder with all of
the provisions of this Agreement and the consummation of the transactions contemplated herein (i) will not conflict with or result in
a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Selling Stockholder is a party or by which the Selling Stockholder is bound or
to which any of the property or assets of the Selling Stockholder is subject, (ii) nor will such action result in any violation of the
provisions of (x) the certificate of formation and limited liability company agreement of the Selling Stockholder or (y) any statute or
any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Selling Stockholder or any of its
properties or assets; except in the case of clause (i) or clause (ii)(y), for such conflicts, breaches or violations which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the Selling Stockholder’s ability
to perform its obligations hereunder.

 

(e)              
The Selling Stockholder is the record owner and shares beneficial ownership of the Repurchase Shares, as applicable, to be sold
by the Selling Stockholder hereunder free and clear of all liens, encumbrances, equities and claims other than any liens, encumbrances,
equities and claims arising under the Amended and Restated AmerisourceBergen Shareholders Agreement between the Selling Stockholder, or
its affiliates, and the Company, and, assuming that the Company purchases such Repurchase Shares without notice of any adverse claim (within
the meaning of Section 8-105 of the New York Uniform Commercial Code as in effect in the State of New York from time to time (the “UCC”)),
upon sale and delivery of, and payment for, such securities, as provided herein, the Company will own the securities, free and clear of
all liens, encumbrances, equities and claims whatsoever.

 

(f)               
The Selling Stockholder has received all information it considers necessary or appropriate for deciding whether to consummate the
Repurchase. The Selling Stockholder has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the Company’s purchase of the Repurchase Shares and the business and financial condition of the Company, and to obtain
additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense)
necessary to verify the accuracy of any information furnished to them or to which it had access. The Selling Stockholder has had the opportunity
to discuss with its tax advisors the consequences of the Repurchase. The Selling Stockholder has not received, nor is it relying on, any
representations or warranties from the Company other than as a provided herein, and the Company hereby disclaims any other express or
implied representations or warranties with respect to itself.

 

    3

     

    

 

4.            
Termination. This Agreement may be terminated by mutual written consent of the Company and the Selling Stockholder. This
Agreement shall automatically terminate and be of no further force and effect, in the event that the conditions in paragraphs 1(b) and
1(c) of this Agreement have not been satisfied.

 

5.            
Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this
Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered mail,
return receipt requested and postage prepaid, or sent via a nationally recognized overnight courier, or sent via email (receipt of which
is confirmed) to the recipient. Such notices, demands and other communications will be sent to the addresses indicated below:

 

To the Company:

 

AmerisourceBergen Corporation

1 West First Avenue

Conshohocken, Pennsylvania

	Attention:	 James Cleary
	 	Elizabeth Campbell
	 	Kourosh Pirouz

	E-mail Address: 	jcleary@amerisourcebergen.com
	 	kpirouz@amerisourcebergen.com
	 	ecampbell@amerisourcebergen.com

 

With a copy to (which shall not constitute notice):

 

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, Pennsylvania 19103

	Attention:	James W. McKenzie, Jr.
	 	Andrew T. Budreika

	E-mail Address:	 james.mckenzie@morganlewis.com
	 	andrew.budreika@morganlewis.com

 

    4

     

    

 

To the Selling Stockholder:

 

Walgreens Boots Alliance Holdings LLC

c/o Walgreens Boots Alliance, Inc

108 Wilmot Road

Deerfield, IL 60015

	Attention:	Omorlie Harris
	 	Joseph Greenberg
	 	Jordan Lenz

	E-mail Address:	Omorlie.harris@wba.com
	 	Joseph.greenberg@wba.com
	 	Jordan.lenz@wba.com

 

With a copy to (which shall not constitute notice):

 

Cleary Gottlieb Steen & Hamilton LLP, counsel to the Selling
Stockholder

One Liberty Plaza New York, New York 10006

Attention: Lillian Tsu

E-mail Address: ltsu@cgsh.com

Telephone: (212) 225-2130

 

or such other address or to the attention of such
other person as the recipient party shall have specified by prior written notice to the sending party.

 

6.            
Miscellaneous.

 

(a)              
Survival of Representations and Warranties. All representations and warranties contained herein or made in writing by any
party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby for a period of six (6) months.

 

(b)              
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision
or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
or unenforceable provision had never been contained herein.

 

(c)              
Complete Agreement. This Agreement and any other agreements ancillary hereto and executed and delivered on the date hereof
embody the complete agreement and understanding between the parties and supersede and preempt any prior understandings, agreements, or
representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

 

(d)              
Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all
of which taken together constitute one and the same agreement.

 

    5

     

    

 

(e)              
Assignment; Successors and Assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder shall
be assigned, in whole or in part, by any of the parties without the prior written consent of the other parties. Subject to the preceding
sentence, this Agreement shall bind and inure to the benefit of and be enforceable by the Selling Stockholder and the Company and their
respective successors and permitted assigns. Any purported assignment not permitted under this paragraph shall be null and void.

 

(f)               
No Third Party Beneficiaries or Other Rights. This Agreement is for the sole benefit of the parties and their successors
and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or
remedies to any person other than the parties to this Agreement and such successors and permitted assigns.

 

(g)              
Governing Law; Jurisdiction. The Agreement and all disputes arising out of or related to this Agreement (whether in contract,
tort or otherwise) will be governed by and construed in accordance with the laws of the State of New York. EACH OF THE PARTIES TO THIS
AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.
Each of the parties (i) irrevocably submits to the personal jurisdiction of any state or federal court sitting in Manhattan, as well as
to the jurisdiction of all courts to which an appeal may be taken from such courts, in any suit, action or proceeding relating to or arising
out of, under or in connection with this Agreement, (ii) agrees that all claims in respect of such suit, action or proceeding, whether
arising under contract, tort or otherwise, shall be brought, heard and determined exclusively in such courts, (iii) agrees that it shall
not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court, and (iv) agrees not to
bring any action or proceeding relating to or arising out of, under or in connection with this Agreement or the Company’s business
or affairs in any other court, tribunal, forum or proceeding. Each of the parties waives any defense of inconvenient forum to the maintenance
of any action or proceeding brought in accordance with this paragraph. Each of the parties agrees that service of any process, summons,
notice or document by U.S. registered mail to its address set forth herein shall be effective service of process for any action, suit
or proceeding brought against it in accordance with this paragraph, provided that nothing in the foregoing sentence shall affect the right
of any party to serve legal process in any other manner permitted by law.

 

(h)              
Mutuality of Drafting. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event
an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties, and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of the Agreement.

 

(i)                
Remedies. The parties hereto agree and acknowledge that money damages will not be an adequate remedy for any breach of the
provisions of this Agreement, that any breach of the provisions of this Agreement shall cause the other parties irreparable harm, and
that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit)
for specific performance or other injunctive relief in order to enforce, or prevent any violations of, the provisions of this Agreement.

 

    6

     

    

 

(j)               
Amendment and Waiver. The provisions of this Agreement may be amended, modified or waived only with the prior written consent
of the Selling Stockholder and the Company. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions of this Agreement, nor shall any waiver constitute a continuing waiver. No failure by any party to insist
upon strict performance of any of the provisions of this Agreement or to exercise any right or remedy arising out of a breach thereof
shall constitute a waiver of any other provisions or any other breaches of this Agreement.

 

(k)              
Further Assurances. Each of the Company and the Selling Stockholder shall execute and deliver such additional documents
and instruments and shall take such further action as may be necessary or appropriate to effectuate fully the provisions of this Agreement.

 

(l)               
Expenses. Each of the Company and the Selling Stockholder shall bear its own respective expenses in connection with the
drafting, negotiation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

(m)            
Interpretation. The definitions in this Agreement are applicable to the singular as well as the plural forms of such terms. 

 

[Signatures appear on following page.]

 

    7

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Share Repurchase Agreement as of the date first written above. 

 

	 	Company: 
	 	 
	 	AMERISOURCEBERGEN CORPORATION
	 	 
	 	By:	/s/ James F. Cleary
	 	Name: James F. Cleary
	 	Title: Executive Vice President and
    Chief Financial Officer 
	 	 
	 	Selling Stockholder: 
	 	 
	 	walgreens
    boots alliance holdings llc
	 	 
	 	By:	/s/ Joseph B. Amsbary, Jr.
	 	Name: Joseph B. Amsbary, Jr.
	 	Title: Senior Vice President and Secretary

 

[Signature Page to Share Repurchase Agreement]EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 4 TO CREDIT AND SECURITY AGREEMENT, dated as of December 9, 2022 (this “Amendment”), among Cardinal
Funding LLC, as borrower (the “Borrower”), Apollo Debt Solutions BDC, in its capacity as collateral manager (the “Collateral Manager”) and in its capacity as equityholder (the “Equityholder”), the
Lenders from time to time party thereto, Citibank, N.A., as administrative agent (the “Administrative Agent”), The Bank of New York Mellon Trust Company, National Association, as collateral agent (the “Collateral
Agent”), custodian (the “Custodian”) and collateral administrator (the “Collateral Administrator”). 

WHEREAS, the Borrower, the Collateral Manager, the lenders from time to time parties thereto (the “Lenders”), the
Equityholder, the Administrative Agent, the Custodian, the Collateral Agent and the Collateral Administrator are party to the Credit and Security Agreement, dated as of January 7, 2022 (as amended or otherwise modified prior to the date hereof,
the “Credit Agreement”); 
 WHEREAS, the parties hereto desire to amend the Credit Agreement in accordance with
Section 12.01 of the Credit Agreement and subject to the terms and conditions set forth herein. 
 NOW THEREFORE, in consideration of
the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows: 
 ARTICLE I 

Definitions 
 Terms used
but not defined herein have the respective meanings given to such terms in the Credit Agreement. 
 ARTICLE II 

SECTION 2.1. Amendment to the Credit Agreement. 

As of the date of this Amendment, (a) the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same
manner as the following example: stricken text) and to add the bold and double-underlined text (indicated
textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages of
the Credit Agreement attached as Appendix A hereto, and (b) the Schedules and Exhibits are hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the
following example: bold and double-underlined text) as set forth on the pages of the Schedules and Exhibits attached
as Appendix B hereto. 

  
 1 

 ARTICLE III 

Representations and Warranties 

SECTION 3.1. The Borrower hereby represents and warrants to each other party hereto that, as of the date first written above, (i) no
Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Credit Agreement and the other Facility Documents are true and correct in all material respects on and as of
such day (other than any representation and warranty that is made as of a specific date), except for any such representations and warranties that are qualified by materiality which shall be true and correct in all respects. 

ARTICLE IV 
 Conditions
Precedent 
 SECTION 4.1. This amendment shall become effective upon satisfaction of each of the following conditions: 

   (a) the execution and delivery of this Amendment by the parties hereto; 

   (b) the Administrative Agent’s receipt of a good standing certificate for the Borrower issued by the
applicable office body of its jurisdiction of organization and a certified copy of the resolutions of the board of managers or directors (or similar items) of the Borrower approving this Amendment and the transactions contemplated hereby, certified
by its secretary or assistant secretary or other authorized officer; 
    (c) the Administrative Agent’s
receipt of the executed legal opinion of Dechert LLP counsel to the Borrower, in form and substance acceptable to the Administrative Agent in its reasonable discretion; and 

   (d) the payment by the Borrower in immediately available funds of all fees required to be paid on the date
hereof, and the reasonable and documented fees, disbursements and other charges of outside counsel to be received on the date hereof in accordance with Section 12.04 of the Credit Agreement. 

ARTICLE V 
 Miscellaneous

 SECTION 5.1. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 SECTION 5.2. Severability Clause. Any provision of
this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the
validity or enforceability of such provision in any other jurisdiction. 

  
 2 

 SECTION 5.3. Ratification. Except as expressly amended hereby, the Credit Agreement
is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Credit Agreement for all purposes. 

SECTION 5.4. Counterparts. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together
shall constitute one and the same agreement. Counterparts may be executed and delivered via facsimile, electronic mail or other transmission method and may be executed by electronic signature (including, without limitation, any .pdf file, .jpeg
file, or any other electronic or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce Act or the New York Electronic Signatures and Records Act, which includes any
electronic signature provided using Orbit, Adobe Sign, Adobe Fill & Sign, DocuSign, or any other similar platform identified by the Borrower and reasonably available at no undue burden or expense to The Bank of New York Mellon Trust
Company, National Association) and any counterpart so delivered shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes
hereunder. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 5.5. Headings. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not
be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 SECTION 5.6. Collateral Agent, Custodian and
Collateral Administrator Direction. By its execution hereof (i) the Administrative Agent hereby authorizes and directs the Collateral Agent and the Custodian to execute and deliver this Amendment on the date hereof and (ii) the
Collateral Manager hereby authorizes and directs the Collateral Administrator to execute and deliver this Amendment on the date hereof. 

[Signature pages follow] 

  
 3 

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

			
	CARDINAL FUNDING LLC, as Borrower
	
	By: APOLLO DEBT SOLUTIONS BDC, its sole member
		
	By:	 	 /s/ Kristin Hester

		 	Name: Kristin Hester
		 	Title: Chief Legal Officer

  
 [Signature Page to
Amendment No. 4 to Credit Agreement] 

 
			
	APOLLO DEBT SOLUTIONS BDC, as Collateral Manager and Equityholder
		
	By:	 	 /s/ Kristin Hester

		 	Name: Kristin Hester
		 	Title: Chief Legal Officer

  
 [Signature Page to
Amendment No. 4 to Credit Agreement] 

 
			
	CITIBANK, N.A., as Administrative Agent and as a Lender
		
	By:	 	 /s/ Vincent Nocerino

		 	Name: Vincent Nocerino
		 	Title:   Attorney in Fact

  
 [Signature Page to
Amendment No. 4 to Credit Agreement] 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Richard Tantone

		 	Name: Richard Tantone
		 	Title:   Authorized Signatory
		
	By:	 	 /s/ Ricardo Hipolito

		 	Name: Ricardo Hipolito
		 	Title:   Authorized Signatory

  
 [Signature Page to
Amendment No. 4 to Credit Agreement] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Agent and Collateral Administrator
		
	By:	 	 /s/ Agnes Leung

		 	Name: Agnes Leung
		 	Title:   Vice President

  
 [Signature Page to
Amendment No. 4 to Credit Agreement] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Custodian
		
	By:	 	 /s/ Agnes Leung

		 	Name: Agnes Leung
		 	Title:   Vice President

  
 [Signature Page to
Amendment No. 4 to Credit Agreement] 

 APPENDIX A 

 EXECUTION VERSION 

CONFORMED THROUGH AMENDMENT NO. 34 DATED AUGUST 17DECEMBER 9, 2022 

CREDIT AND SECURITY AGREEMENT 

Dated as of January 7, 2022 

among 
 CARDINAL FUNDING LLC, 

as Borrower, 
 APOLLO DEBT
SOLUTIONS BDC, 
 as Collateral Manager and Equityholder 

THE LENDERS FROM TIME TO TIME PARTIES HERETO, 

CITIBANK, N.A., 
 as Administrative
Agent, 
 and 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, 
 as Custodian, Collateral Agent, and Collateral Administrator 

 “Aggregate Principal Balance” means, when used with respect to all or a
portion of the Collateral Assets, the sum of the Principal Balances of all or of such portion of such Collateral Assets (other than Ineligible Collateral Assets). 

“Aggregate Unfunded Spread” means, as of any date, the sum of the products obtained by multiplying (a) for each Delayed
Drawdown Collateral Asset and Revolving Collateral Asset, the related commitment fee or other analogous fees (expressed at a per annum rate) then in effect for such Delayed Drawdown Collateral Asset or Revolving Collateral Asset as of such date and
(b) the unfunded commitments of each such Delayed Drawdown Collateral Asset and Revolving Collateral Asset as of such date. 

“Agreement” means this Credit and Security Agreement. 

“Amortization Period” means the period beginning on the Commitment Termination Date and ending on the date on which all
Obligations are Paid in Full. 
 “Anti-Corruption Laws” means (a) the U.S. Foreign Corrupt Practices Act of 1977, as
amended; (b) the U.K. Bribery Act 2010, as amended; and (c) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which the Borrower or any of its Subsidiaries is located or doing business. 

“Anti-Money Laundering Laws” means Applicable Law in any jurisdiction in which the Borrower or any of its Subsidiaries are
located or doing business that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto. 

“Applicable Conversion Rate” means, with respect to any Collateral Asset denominated and payable in an Eligible Currency
(other than Dollars) on any date of determination (x) for an actual currency exchange, the applicable currency-Dollar spot rate obtained by the Collateral Manager through customary banking channels or (y) for all other purposes, the
applicable currency-Dollar spot rate that appeared on the Bloomberg screen for such currency (i) if such date is a Determination Date, at the end of such day if such day is a Business Day or if such date is not a Business Day, the end of the
immediately preceding Business Day or (ii) otherwise, at the end of the immediately preceding Business Day. 
 “Applicable
Law” means any Law of any Governmental Authority, including all federal and state banking or securities laws, to which the Person in question is subject or by which it or any of its assets or properties are bound. 

“Applicable Margin” means, on any day with respect to any Advance in respect of (a) a Broadly Syndicated Loan (x) prior
to the Commitment Termination Date, 1.70% per annum or (y) on and after the Commitment Termination Date, 2.20% per annum, (b) a Bond (x) prior to the Commitment Termination Date, 2.00% per annum or
(y) on and after the Commitment Termination Date, 2.50% per annum, (c) a Private Credit Loan (x) prior to the Commitment Termination Date,
2.202.75% per annum or (y) on and
after the Commitment Termination Date,
2.703.25
% per annum and (d) with respect to any Advance in respect of any other Eligible Collateral Asset (x) prior to the Commitment Termination Date, 2.453.25% per annum or (y) on and after the Commitment Termination Date, 2.953.75% per annum. 

  
 -4- 

 “Applicable Reference Rate” means, collectively or individually, Term SOFR,
the CDOR Rate, SONIA or the EURIBOR Rate. 
 “Approval Request” has the meaning assigned to such term in
Section 2.01(a). 
 “Approved Broker Dealer” means each qualified broker-dealer listed on Schedule 5 or
approved by the Administrative Agent in its reasonable discretion. 
 “Approved Valuation Firm” means each of
Duff & Phelps Corp., FTI Consulting, Inc., Houlihan Lokey, Lincoln International LLC, Murray Devine, Valuation Research Corp., and any other nationally recognized accounting firm or valuation firm approved by the Administrative Agent and
the Borrower, each in its reasonable discretion. 
 “Asset Advance Rate” means, as of any date of determination with
respect to each Eligible Collateral Asset, the Asset Advance Rate set forth on the related Approval Request by the Administrative Agent, which shall be based on the lowest applicable indicative levels for the type of such Eligible Collateral Asset
set forth below: 
  

					
	 Type of Eligible Collateral Asset
	  	Asset Advance
Rate	 
	 Broadly Syndicated Loans with a Moody’s Rating of “B3” or higher and an S&P
Rating of “B-” or higher
	  	 	75.0	% 
	 Private Credit Loans
	  	 	72.5	% 
	 Senior Secured Bonds
	  	 	70.0	% 
	 Middle Market Loans (that are not Private Credit Loans)
	  	 	70.0	% 
	 Broadly Syndicated Loans with a Moody’s Rating of less than “B3” or an S&P
Rating of less than “B-” after the related Acquisition Date
	  	 	40.0	% 
	 Second Lien Loans
	  	 	40.0	%. 
	 Senior Unsecured Bonds
	  	 	35.0	% 

 “Asset Value” means, with respect to any Collateral Asset on the relevant date of
determination, 
 (a) prior to the occurrence of an Asset Value Adjustment Event its Original Asset Value; and 

(b) (i) after the occurrence of an Asset Value Adjustment Event set forth in clause (a), (c) or (d) of the
definition thereof below, zero (unless otherwise expressly determined by the Administrative Agent in its sole discretion); and 

  
 -5- 

 “Concentration Denominator” means (x) during the Fourth Amendment Ramp-Up Period, $750,000,0001,150,000,000
 and (y) after the end of the Fourth Amendment Ramp-Up Period, the sum of (1) the Aggregate Principal Balance of the Eligible Collateral Assets owned (and, solely in relation to a proposed purchase of an Eligible Collateral Asset, proposed to be owned) by
the Borrower and (2) the Principal Proceeds and Eligible Investments made with Principal Proceeds on deposit in the Principal Collection Account as of such date, and in each case in accordance with the procedures set forth in
Section 1.04; provided that, for purposes of calculating the Concentration Denominator, the Principal Balance of any Collateral Asset denominated in an Eligible Currency other than Dollars shall be calculated using the Applicable
Conversion Rate as of the applicable Acquisition Date unless such Applicable Conversion Rate as of the applicable Acquisition Date varies by more than 2% from the then-current Applicable Conversion Rate, in which case, the then-current Applicable
Conversion Rate shall be used. 
 “Concentration Limitations” means, as of any date of determination, the following
limitations measured by Principal Balance and calculated as a percentage of the Concentration Denominator: 

   (a) not more than 3.0% consists of Collateral Assets of any one (1) Obligor (and Affiliates thereof);
provided that, Collateral Assets to the largest three Obligors (and Affiliates thereof), may each constitute up to 5.0%; 

   (b) not more than 12.0% consists of Collateral Assets with Obligors in any one GICS Industry Classification;
provided that (x) Collateral Assets with Obligors in the largest GICS Industry Classification may constitute up to 20.0% and (y) Collateral Assets with Obligors in the second-largest GICS Industry Classification may constitute up to
17.5%; 
    (c) not more than 10.0% consists of MRR Loans; 

   (d) not more than 20.0% consists of Collateral Assets denominated in a currency other than Dollars; 

   (e) not more than 15.0% consists of Revolving Collateral Assets and Delayed Drawdown Collateral Assets; 

   (f) not more than 10.0% consists of Collateral Assets that provide for payment of interest in cash less
frequently than quarterly; 
    (g) not more than 5.0% consists of Collateral Assets (excluding MRR Loans)
with respect to which the Obligor has EBITDA as of the Relevant Test Period most recently ended prior to such date of determination of less than $40,000,000; 

   (h) not more than 5.0% consists of DIP Loans; 

   (i) not more than 10.0% consists of First Lien Last Out Loans and Second Lien Loans (excluding the portion of
any Collateral Assets that are considered Second Lien Loans pursuant to the final proviso of the definition thereof); 

  
 -18- 

    (j) not more than 20.0% consists of First Lien Last Out
Loans and Second Lien Loans (including the portion of any Collateral Assets that are considered Second Lien Loans pursuant to the final proviso of the definition thereof); 

   (k) not more than 60.0% consists of Covenant Lite Loans; provided that not more than 25% consists of
Covenant Lite Loans with an EBITDA as of the Relevant Test Period most recently ended prior to such date of determination of less than $100,000,000; 

   (l) not more than 5.0% consists of PIK Loans; 

   (m) not more than 15.0% consists of Bonds, provided that no more than 7.5% may consist of Senior Unsecured
Bonds; 
    (n) not more than 10.0% consists of Fixed Rate Obligations other than Bonds; 

   (o) not more than 10.0% consists of Participation Interests; 

   (p) not more than 10.0% consists of Broadly Syndicated Loans with (i) a Moody’s Rating of below
“B3” or (ii) an S&P Rating of below “B-”; and 

   (q) not more than
2.55.0% consists of Collateral Assets organized or
incorporated in any Qualified Jurisdiction specified in clause (vi) of the definition thereof;
and 
    (r) not more than the greater of (x) $780,520,337.62 and (y) 50.0% consists of Broadly Syndicated Loans and
Bonds. 
 provided that, for purposes of calculating the Concentration Limitations, the
Principal Balance of any Collateral Asset denominated in an Eligible Currency other than Dollars shall be calculated using the Applicable Conversion Rate as of the applicable Acquisition Date unless such Applicable Conversion Rate as of the
applicable Acquisition Date varies by more than 2% from the then-current Applicable Conversion Rate, in which case, the then-current Applicable Conversion Rate shall be used. 

“Conforming Changes” means, with respect to the use or administration of any Benchmark or the use, administration, adoption
or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Accrual
Period,” the definition of U.S. Government Securities Business Day,” the timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the
applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of “Benchmark Replacement” (including whether such formula shall
be cumulative or non-cumulative), the formula, methodology or convention for applying the successor Floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent in
consultation with the Collateral Manager decides may be appropriate to reflect the adoption and implementation of such Benchmark 

  
 -19- 

 fees (including origination, agency, structuring, management or other up-front fees) that are for the
account of the applicable Person from whom the Borrower purchased such Collateral Asset to the extent such amount is attributable to a time before the Acquisition Date thereof, (iii) any reimbursement of insurance premiums not paid by the
Borrower using Collections, (iv) any escrows relating to Taxes, insurance and other amounts in connection with Collateral Asset which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow
arrangements as Related Security under the Related Documents securing the obligations represented by such Collateral Asset or (v) any amount deposited into the Collection Account in error (including any amounts relating to any portion of an
asset sold by the Borrower in accordance with this Agreement, in each case to the extent such amount is attributable to a time after the effectiveness of such sale). 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or
deducted from a payment to a Secured Party (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision thereof)
under the laws of which such Secured Party is organized or in which its principal office is located, or in the case of any Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes, (b) in the case
of a Lender, 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 Commitment or an Advance pursuant to a Law in effect on the date on which (i) such Lender
acquires such interest in such Commitment or Advance or (ii) such Lender designates a new lending office, except in each case to the extent that, pursuant to Section 12.03, 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 Secured Party’s failure to comply with
Section 12.03(f), and (d) Taxes imposed by FATCA. 
 “Facility Amount” means during the Reinvestment
Period,
$500,000,000800,000,000
 (as such amount may be reduced from time to time pursuant to Section 2.06, increased pursuant to Section 2.22 or as otherwise agreed to by the Borrower, the applicable
Lenders, the Collateral Manager and the Administrative Agent); provided, that following the Commitment Termination Date, the Facility Amount will equal the Advances Outstanding as of the applicable date of determination. 

“Facility Documents” means this Agreement, the Notes, the Account Control Agreement, the Sale Agreement, the Administrative
Agent Fee Letter, the Lender Fee Letter, the Collateral Administration and Agency Fee Letter and any other security agreements and other instruments entered into or delivered by or on behalf of the Borrower in favor of the Collateral Agent, the
Administrative Agent or any Lender from time to time pursuant to this Agreement. 
 “Facility Increase” has the meaning
specified in Section 2.22. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended versions of Sections 1471 through 1474 of the Code that are substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements
entered into pursuant to Section 

  
 -34- 

 on specified collateral securing the Obligor’s obligations under such Collateral Asset (whether or not
such Collateral Asset is also secured by any lower priority Lien on other collateral) subject to customary permitted Liens (including any such Lien securing a Permitted Working Capital Facility); and (iii) the Collateral Manager determines in
good faith in accordance with the Collateral Management Standard that the value of the collateral securing such Collateral Asset together with other attributes of the Obligor (including, without limitation, the Obligor’s cash flow, enterprise
value and general financial condition) on or about the Acquisition Date is at all times adequate to repay the outstanding Principal Balance of such Collateral Asset plus the aggregate outstanding Principal Balances of all other loans of equal
seniority secured by a first priority Lien in the same collateral. 
 “Fitch” means Fitch Ratings, Inc., Fitch Ratings Ltd.
and their subsidiaries, including Derivative Fitch Inc. and Derivative Fitch Ltd. and any successor thereto. 
 “Fitch
Rating” means, with respect to any Collateral Asset, either (i) the public rating issued by Fitch (based on tranche rating and not corporate family rating) or (ii) any credit estimate issued by Fitch received by the Borrower or
the Collateral Manager. 
 “Fixed Rate Obligation” means any Collateral Asset that bears a fixed rate of interest. 

“Floor” means, with respect to any Eligible Currency, the benchmark rate floor, if any, provided in this Agreement initially
(as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the applicable initial Benchmark for such Eligible Currency provided for hereunder. 

“Floor Obligation” means, as of any date: 

   (a) a Collateral Asset (i) for which the Related Documents provides for a London interbank offered rate
(or any successor index therefor) option and that such rate is calculated as the greater of a specified “floor” rate per annum and such rate for the applicable Interest Accrual Period and (ii) that, as of such date, bears interest
based on such rate option, but only if as of such date the applicable rate for the applicable Interest Accrual Period is less than such floor rate; and 

   (b) a Collateral Asset (i) for which the Related Documents provides for a base or prime rate option and
such base or prime rate is calculated as the greater of a specified “floor” rate per annum and the base or prime rate for the applicable Interest Accrual Period and (ii) that, as of such date, bears interest based on such base or
prime rate option, but only if as of such date the base or prime rate for the applicable Interest Accrual Period is less than such floor rate. 

“Fourth
Amendment Closing Date” means December 9, 2022. 
 “Fourth Amendment Closing Date Advances Amount” means an amount equal to $500,000,000.00, calculated as the sum of
(x) the Advances Outstanding financing the purchase or origination of Broadly Syndicated Loans as of the Fourth Amendment Closing Date and (y) the Advances Outstanding financing the purchase or origination of Bonds as of the Fourth Amendment Closing Date. 

  
 -36- 

“Fourth
Amendment Ramp-Up Period” means the period from and including the Fourth Amendment Closing Date through the earlier to occur of (a) the first date on which the Aggregate Principal Balance of the Collateral Assets equals or exceeds
$1,150,000,000 and (b) the three-month anniversary of the Fourth Amendment Closing Date. 

“Fundamental Amendment” means any amendment, modification, waiver or supplement of or to this Agreement that would (as
determined by the Administrative Agent) (a) increase or extend the term of the Commitments or change the Final Maturity Date, (b) extend the date fixed for the payment of principal of or interest on any Advance or any fee hereunder, (c)
reduce the amount of any scheduled payment of principal or the amount of any other payment due to any Lender, (d) reduce the rate at which interest is payable thereon or any fee is payable hereunder (other than any waiver or rescission of the
Default Rate), (e) release any material portion of the Collateral, except in connection with dispositions expressly permitted hereunder, (f) alter the terms of Section 9.01 or Section 12.01(b) or, for purposes of
Sections 9.01 or 12.01(b), alter any defined term or alter any other provision of this Agreement to the extent such alteration would alter the order of application of proceeds or the pro rata sharing of payments required thereby or
(g) modify the definitions of the terms “Required Lenders” or “Fundamental Amendment” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or
to modify any provision hereof. 
 “FX Terms” has the meaning assigned to such term in Section 2.15(c)(iv).

 “FX Transaction” has the meaning assigned to such term in Section 2.15(c)(iv). 

“GAAP” means generally accepted accounting principles in effect from time to time in the United States or, with respect to an
Obligor located outside the United States, such other generally accepted accounting principles in effect from time to time in the jurisdiction of such Obligor. 

“GBP” means the lawful currency of the United Kingdom. 

“GICS Industry Classification” means the industry classifications set forth in Schedule 4, as such industry
classifications shall be updated at the mutual agreement of the Administrative Agent and the Borrower if MSCI Inc. publishes revised industry classifications. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, administrative tribunal, central bank, public office, court, arbitration or mediation panel, or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of government, including the SEC, the stock exchanges, any federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board, body, branch, bureau, commission, court, department, instrumentality,
master, mediator, panel, referee, system or other political unit or subdivision or other entity of any of the foregoing, whether domestic or foreign. 

  
 -37- 

 hereto or containing the information set forth in Exhibit A hereto (together with any attachments or
responses required in connection therewith, an “Approval Request”). Such approval may take the form of a standing list of pre-approved assets containing the characteristics of each pre-approved asset (other than purchase price),
together with a notice of intention to trade containing the par amount and purchase price of the Collateral Asset(s) being acquired delivered on or prior to 11:00 a.m. on the proposed trade date. 

(b) The Administrative Agent shall have the right to approve or reject any Approval Request in its sole discretion and/or to request additional
information regarding any proposed Collateral Asset. The Administrative Agent shall promptly after receipt by the Administrative Agent of all required information and documentation notify the Collateral Manager and the Borrower (with a copy to the
Collateral Agent and the Collateral Administrator) in writing (including via electronic mail) whether each Approval Request has been approved or rejected; provided that if the Administrative Agent shall fail to so notify the Collateral
Manager and the Borrower, the Administrative Agent shall be deemed to have rejected such Approval Request. Any approval may be withdrawn at any time at least three (3) Business Days prior to the time at which the Borrower actually becomes
obligated to purchase or enter into documents governing such proposed Collateral Asset by written notice (including via e-mail) of such withdrawal from the Administrative Agent to the Collateral Manager. If the Borrower has not entered into a
binding obligation to purchase such Collateral Asset within thirty (30) Business Days of the date of such approval or a material and adverse change occurs with respect to such Collateral Asset or the related Obligor, then, except as provided in
the next succeeding sentence, the Borrower shall re-submit an Approval Request and shall not be authorized to purchase such proposed Collateral Asset until the Administrative Agent approves such updated Approval Request in its sole discretion. If
the Administrative Agent has rejected an Approval Request, or withdrawn or withheld its approval of any such request, then the Borrower shall not be authorized to purchase such proposed Collateral Asset unless, in the case of a withdrawn approval
(including any withdrawal or requirement to re-submit an Approval Request pursuant to the immediately preceding sentence), the Administrative Agent has not withdrawn its approval at least three (3) Business Days prior to the time at which the
Borrower enters into a commitment to purchase such proposed Collateral Asset. 
 (c) On the terms and subject to the conditions hereinafter
set forth, including Article III, each Lender severally agrees to make loans to the Borrower to (x) finance the purchase or origination of Eligible Collateral Assets that are Middle Market Loans and/or Private Credit Loans (each, an
“Advance (Specified)”) and (y) finance the purchase or origination of other Eligible Collateral Assets (each, an “Advance (Other)”), in each case from time to time on any Business Day during the Reinvestment
Period, on a pro rata basis in each case in an aggregate principal amount at any one time outstanding up to but not exceeding (x) in the case of Advances (Specified), such Lender’s Commitment (Specified), (y) in the case of Advances
(Other), such Lender’s Commitment (Other) and (z) in the aggregate, such Lender’s Commitment and, as to all Lenders, in an aggregate principal amount up to but not exceeding the Borrowing Base (Aggregate) as then in effect; provided that the Advances Outstanding financing the purchase or origination of Broadly Syndicated Loans or Bonds shall not
exceed the Fourth Amendment Closing Date Advances Amount on or after the Fourth Amendment Closing Date. Each such borrowing of an Advance on any single day is referred to herein as a
“Borrowing”. 

  
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 APPENDIX B 

EXECUTION VERSION

 CONFORMED THROUGH AMENDMENT NO. 14 DATED APRIL 7DECEMBER 9, 

2022 
 SCHEDULE 1 

Initial Commitments and Percentages 
  

									
	Lender	  	Commitment (Other)	 	  	Percentage	 
	 Citibank, N.A.
	  	$	314,814,815414,814,815	 	  	 	62.963%51.852	% 
	 Royal Bank of Canada
	  	$	185,185,185385,185,185	 	  	 	37.037%48.148	% 
	 Total
	  	$	500,000,000800,000,000	 	  	 	100	% 

 Sch. 1-1

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